Transformers & Rectifiers (India) Ltd (TARIL) reported its highest-ever annual order inflow of approximately $54.3 million in FY25 (April 1, 2024 – March 31, 2025), marking a major milestone for the Indian transformer manufacturer.

This record was significantly bolstered by a $8.9 million order from Gujarat Energy Transmission Corporation Ltd (GETCO) in Q4 FY25—the largest single order in both companies’ histories.

As of March 31, 2025, TARIL’s order book stood at approximately $61.8 million, with export orders contributing around 15%. The company plans to maintain this share while focusing on India’s growing and efficient domestic market.

TARIL is preparing to enter the HVDC transformer space independently. While no firm orders have been secured, a trial order for HVDC transformer repair is anticipated from Power Grid Corporation of India Ltd (PGCIL).

To strengthen its operations, TARIL aims to become fully backward integrated by Q1 FY27. Recent steps include in-house manufacturing of transformer bushings (up to 245kV) and acquiring a majority stake in a CRGO steel processing facility.

The company has announced a $6.6 million capital expenditure plan over the next 18 months for capacity expansion and integration, financed by a recent $6 million qualified institutional placement and internal funds.

TARIL plans to increase its transformer manufacturing capacity by 37,000 MVA across different units, targeting a total annual capacity of 75,000 MVA. Production utilization is expected to rise from 65% to 80% by FY26.

Source: tndindia.com