Heavy Electrical Equipment company Transformers & Rectifiers (India) announced Q4FY26 & FY26 results Q4FY26 Financial Highlights: Revenue from operations: Rs 78,267 lakh against Rs 67,648 lakh during Q4FY25, change 16%. EBITDA: Rs 14,085 lakh against Rs 13,819 lakh during Q4FY25, change 2%. EBITDA Margin: 17.5% for Q4FY26. PBT: Rs 11,947 lakh against Rs 11,599 lakh during Q4FY25, change 3%. PAT: Rs 9,110 lakh against Rs 9,417 lakh during Q4FY25, change -3%. PAT Margin: 11.3% for Q4FY26. FY26 Financial Highlights: Revenue from operations: Rs 2,50,880 lakh against Rs 2,01,938 lakh during FY25, change 24%. EBITDA: Rs 44,403 lakh against Rs 35,914 lakh during FY25, change 24%. EBITDA Margin: 17.3% for FY26. PBT: Rs 36,304 lakh against Rs 28,158 lakh during FY25, change 29%. PAT: Rs 27,209 lakh against Rs 21,658 lakh during FY25, change 26%. PAT Margin: 10.6% for FY26. Jitendra Mamtora, Chairman, said: Commercial production of new capacity addition of 15,000 MVA at Changodar plant will start during Q2FY26 (project is delayed by 4-5 months). New capacity addition planned at Moraiya for 22,000 MVA. With this Expansions, the capacity of the Company will be around 75,000 MVA combining for all three plants. Phase 1 of the journey towards USD 1 billion Revenue during next 3 Financial Years has started by achieving the target revenue ofaround 2,500 crore during FY26. New Capex infusion of Rs 600 crore in next 15 months of time. Implementation of 4 new backward integration facilities started –CTC, Bushing, Pressboard and Fabrication. Target to be 100% backward integrated organization by Q1FY28 (slightly delayed due to slow progress at site and late arrival ofP&M;) Satyen Mamtora, MD & CEO, said: New Orders during the quarter - Rs 244 crore. Strategicallydelaying new orders so that we can select orders with better margin, better payment terms and new orders are more aligned with ourproduction cycle. Inquires under Negotiation – Rs 23,000+ crore. Continuous order inflow, leading to very healthy unexecuted orderbook as of March 31, 2026 – of around Rs 5,005 crore. Secured landmark order from PGCIL of repairing of HVDC transformer. On successful completion, our technology of HVDC transformer manufacturing will get approval from PGCIL. 1st Indian Company to get such type of repairing order. Highest ever production of around 33,000 MVA in FY26 withconsistent EBITDA and PAT margins. Organization is geared up for upcoming challenges in terms ofexecution, working capital etc. Received a prestigious order for Power & EHV transformer ofvarious ratings for Rs. 473 crore from GETCO. Mehul Shah, CFO, said: Q4FY26 revenue Rs 752 crore; FY26 revenue Rs 2,395 crore. Q4FY26 EBIDTA Rs 117 crore and EBIDTA margin 15.1%; FY26 EBIDTA Rs 370 crore and EBIDTA margin 15.1%. Q4FY26 PAT Rs 77 crore and PAT margin 10.0%; FY26 PAT Rs 225crore and PAT margin 9.2%. Improvement in revenue are due to faster execution of major orders, better production planning, internal control & systems, etc. Expect tailwinds to continue and good improvement going forward due to infrastructure push by the Government through Budget 2026 and Viksit Bharat 2047. Changodar and Moraiya Expansion will start yielding results fromthe next FY i.e. FY28. Backward integrated facilities will be fully operational from Q1FY28. Result PDF