Transformers and Rectifiers (India) Limited (532928) Fair Value & Analysis

Industrial Goods · IN · Market cap ₹1.2B

Below-average quality, currently priced close to our fair value.

What matters now

• The price sits close to our fair value, market and models broadly agree here, little valuation tension.
• Our model range runs from ₹237.45 (bear) to ₹399.60 (bull), base ₹318.52. The closer the price sits to the lower half, the larger the margin of safety.
• Quality 31/100 (below-average quality) with high evidence: the data supports the verdict.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 2, 2026.

How to read this chart

60‑month range ₹8.06 – ₹623.64 · fair‑value band ₹237.45 – ₹399.60 · the ₹296.70 price screens below the ₹318.52 fair value. Dashed = 300-day average. As of Aug 2, 2026.

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Analysis

Transformers and Rectifiers (India) Limited (532928) currently trades at ₹296.70, while our model-based Fair Value estimate is ₹318.52, implying the stock looks roughly 7.4% fairly valued today. We read business quality at 31/100 (below-average quality), in the Industrial Goods sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Transformers and Rectifiers (India) Limited generated revenue of ₹6.4B at a net margin of -0.6%. Revenue declined 33.7% year over year. The stock trades on a trailing P/E of 17.1. Fundamentals as of Aug 2, 2026

Our scenario range runs from ₹237.45 (bear case) to ₹399.60 (bull case); at ₹296.70, the current price sits within that range. The share trades about 49% below its 52-week high and 32% above its 52-week low. For context, the median of 10 Industrial Goods peers we cover trades at -42% fair-value upside, at 7%, 532928 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Widest divergence: Growth Earnings (₹398.24) versus Dividend Discount (₹2.75). Highest evidence: Residual Income (76).

Key figures & financial health

Quality Score breakdown

About the company

Transformers and Rectifiers (India) Limited, together with its subsidiaries, manufactures, sells, and exports transformers in India and internationally.

Full company description

Transformers and Rectifiers (India) Limited, together with its subsidiaries, manufactures, sells, and exports transformers in India and internationally. It provides power transformers, such as generator transformers, unit and station auxiliary transformers, interconnecting transformers, and trackside transformers for railways; and rectifier transformers, including six and twelve pulse transformers with IPT, as well as transformers for bridge connection and railway traction. The company also offers distribution transformers comprising stepdown and step-up transformers, energy efficient transformers, transformers for solar and wind applications, and transformers for mines applications, as well as hermitically sealed and conservator type of construction transformers. In addition, it provides furnace transformers consisting of arc furnace and submerged arc furnace transformers, ladle furnace transformers, induction furnace transformers, and DC arc furnace transformers; specialty transformers, including testing transformers and transformers having multiple secondaries; and shunt and series reactors. The company was formerly known as Triveni Electric Company Limited and changed its name to Transformers and Rectifiers (India) Limited in March 1995. Transformers and Rectifiers (India) Limited was founded in 1981 and is headquartered in Ahmedabad, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Transformers and Rectifiers (India) Limited reported revenue of ₹20.2B in FY2025 versus ₹7.4B in FY2021, a compound +28.4%/yr. Reported net income was ₹2.1B in FY2025, compounding +134.7%/yr from FY2021.

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Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.