### **Overview** **Transformers and Rectifiers (India) Limited (TARIL)**, headquartered in Ahmedabad, Gujarat, is the **second-largest transformer manufacturer in India by installed capacity** and a leading global player in the design, manufacturing, and servicing of high-voltage transformers and reactors. Established in 1981 by electrical engineer Mr. Jitendra U. Mamtora, TARIL operates as a B2B supplier to power, industrial, infrastructure, and renewable energy sectors. With a legacy spanning over **45 years**, the company has grown into the **largest private-sector transformer manufacturer in India by product range**. TARIL manufactures a comprehensive portfolio of transformers and reactors, including: - **Power Transformers** up to **500 MVA and 1200 kV class** - **Furnace & Rectifier Transformers** up to **250 MVA / 160 kA DC** - **Distribution Transformers** (up to 10 MVA / 33 kV) - **Shunt & Series Reactors** (up to 135 MVAr / 765 kV) - **Specialty Transformers** for **locomotive traction, green hydrogen, solar, and mobile substations** The company operates **three advanced manufacturing plants** near Ahmedabad and exports to **over 25 countries** across Asia, Africa, the Middle East, Europe, and the Americas. --- ### **Business Model & Market Position** - **B2B Focus**: Serves **power generation, transmission, distribution, railways, petrochemicals, cement, mining, green energy, and pharma industries**. - **Customer Base**: Includes PGCIL, NTPC, GETCO, Adani, ReNew, Arcelor Mittal, and international utilities. - **Global Footprint**: Over **18,000 transformers installed globally**, with growing export momentum. - **Revenue Mix (FY24)**: - **Power Transformers**: 58% - **Furnace Transformers**: 12% - **Rectifier Transformers**: 4% - **Distribution Transformers**: 6% - **Shunt Reactors**: 5% --- ### **Financial & Operational Performance (Latest: FY25)** - **Revenue**: Projected at **₹1,950 crores** (FY25), up significantly from previous years. - **EBITDA Margin**: Expected to improve to **16.41%**. - **Order Inflow**: **₹4,504 crores** in FY25 – a record in company history. - **Order Book (Unexecuted)**: - **₹5,132 crores** as of March 2025 (providing ~15 months of revenue visibility). - **₹6,310 crores** of inquiries in bidding/negotiation stage, including a major **₹800 crore** inquiry from Africa. - **Production Volume**: **29,118 MVA in FY25**, up from 16,428 MVA in FY24 – reflecting strong capacity utilization. --- ### **Strategic Growth Initiatives (2024–2026)** #### 1. **Capacity Expansion** - **+15,000 MVA** for Inverter Duty & Mid-Voltage Transformers (up to 220 kV): - Capital outlay: **₹150 crores** - **Phase 1 began commercial production in May 2025** - **+22,000 MVA** expansion at Extra High Voltage (EHV) unit: - To be operational by **February 2026** - **Total Capacity Post-Expansion**: To reach **75,000 MVA**, up from current ~40,000 MVA. #### 2. **Backward Integration** - **CRGO Steel Processing Unit**: Acquired majority stake to reduce dependency on external suppliers; now **self-sufficient in core material** (~1/3 of transformer cost). - Cuts production lead time and improves margins. - **In-House Component Manufacturing**: - **Bushings, CTCs, Pressboard** – in development via tech collaborations. - **Transformer Tank Fabrication**: - Expanding facility to meet **100% internal demand** (currently 40%). - Expected to sell **50% externally**; high-margin opportunity in supply-constrained market (prices up 60–70%). - **Automated Radiator Manufacturing**: Fully automated facility for up to **765 kV applications**, targeted for completion by FY26. #### 3. **Fundraising & Capital Allocation** - Raised **₹500 crores via QIP** in **April 2025** (completed in **3 weeks** – among fastest in Indian market history). - Funds allocated to: - Backward integration - Automation - Capacity expansion - Also raised **₹120 crores via preferential issue (Oct 2023)**. --- ### **Technological & Product Innovation** - **Global Firsts**: - World’s **first 420 kV ester fluid-filled shunt reactor**. - Early mover in **“Green Transformers”** using **natural/synthetic ester fluid** (environmentally friendly, high fire safety). - **R&D Focus**: - **Smart & grid-resilient transformers** for India’s renewable energy transition. - **Green hydrogen and electrolyzer transformers** – only Indian manufacturer currently serving this segment. - **Testing & Certification**: - **Dynamic short-circuit tests passed** on over **150 transformers** globally (KEMA, CPRI, NHPTL). - Recently tested a **500 MVA, 400/220/33 kV transformer** and an **8.8 MVA inverter duty transformer (aluminum winding)** at CPRI. --- ### **Key Orders & Milestones (FY25)** - **Largest single order in history**: **₹740 crore** from **GETCO** in March 2025. - Secured **₹1,031 crore in a single quarter** (Oct 2024). - Won **₹400 crore export order** and a **$35 million** order from **Arcelor Mittal Mexico** for **175 MVA EAF transformer**. - First order for **40 STATCOM transformers** – new product line. - Exported a **220/253 MVA EAF transformer** – one of the **highest rated globally**. - Supplied **420 kV three-phase reactors** with **synthetic ester fluid** to **Power Grid Corporation**. --- ### **Export Strategy & International Growth** - **Target**: **20–25% of order book from exports** over the next 2–3 years. - **Focus Markets**: US, Europe, Mexico, Middle East, Africa. - **Geopolitical Advantage**: Supply chain disruptions (Russia-Ukraine) accelerating demand shift to **India-made transformers**. - Strategic partnerships being developed with **European and North American utilities**. - **US Market Entry**: Planning dedicated **sales & after-sales network**; cost advantage estimated at **~20% vs. local competitors**. --- ### **Leadership & Company Background** - **Founder & Chairman**: **Mr. Jitendra U. Mamtora** – pioneered furnace transformers, led company expansion into high-voltage space. - **Managing Director**: **Mr. Satyen Mamtora** – spearheading modernization, exports, and strategic growth. - **Employees**: Approximately **1,200 skilled professionals** across engineering, design, and manufacturing. - **Subsidiaries**: - **Transweld Mechanical Engineering, TARIL Infrastructure, Savas Engineering** - **TARIL Switchgear Pvt. Ltd. (60% JV)** - **Transpares Ltd. (51% owned)**