Stockrabit · Analysts
Questions across 3 calls

Raj Sarraf

Finvestors

Transformers And Rectifiers (India) Limited

Transformers And Rectifiers (India) Limited CC-Apr26.pdf · 2026-04-21
Thank you very much for giving me the opportunity. Sir, I'm tracking and I'm invested in the company since last 2.5 years. I appreciate the journey that TARIL has been through. But sir, from last 1-year, what I'm seeing that there is a delay in some projects. If I compare the investor presentation of FY25 and now FY26, on the Chairman's comment. So what I can see that the capex -- all capex have been delayed by at least 1-year? And all the backward and all the integrations are also delayed with the same timeline and then the guidance also delayed. And when I watch interview, which is given by your Director of Finance, Mr. Chanchal Rajora, so that he guides on television and what we come through the conference call, there is a very significant difference in these two outcomes. So I want your take on that?
Sir, there are numerous things, sir, like order inflow. What you are mentioning that we are very concerned about the margins and the quality of the orders we are taking. Despite questioning on the same line to the Director of Finance, he then confidently on TV interviews, putting the number of 8,000 and close to 7,500 order book closer by FY26, the first thing. The second thing, the projects or capexs we are right now executing, the timeline of the project, which is right now delayed by at least 1-year, all the projects, vis-a-vis Changodar, or Moraiya? And the third thing is on the margin front, okay. What we are expecting as an investor from last 1-year that all the projects which are right now being done will increase the margin, whereas what we are going thr ough even in the last Q4, the recent concluded Q4, despite that we are having a greater number on the topline, the margin is still consistent, which we would have liked that it could have come the best margin of the year. So all these reasons, sir?
Transformers And Rectifiers (India) Limited CC-Dec24.pdf · 2025-01-08
Sir, congratulations on a very good set of numbers. And sir, while going through your presentation, I noticed that the order booking is in Q3 is INR631 crores, which was actually more than INR1,000 crores in Q2 and even in Q1 the number was very good. So t he dropping in order booking numbers, how to read that while going through media and all available resources, we are coming to know that the transformer is in a very right spot. So this is the question, sir. And the second question is, sir, the QIP, which we have planned for INR750 crores. So are we looking for any position near term or what is this for?
One question is, sir, the margin which I am seeing in Q3 is 16.5, which was about 17% in Q2. And we are actually on the scale of operation, we are producing so much now. So, why this scale of operation is not kicking in, sir? Am I reading something else?

Anant Raj Limited