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Transformers and Rectifiers (India) Limited (532928) fair value: what the stock is really worth

As of Oct 1, 2026: fair value of Transformers and Rectifiers (India) Limited ₹319, price ₹281, upside +13.5%, quality 36 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
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Industrial Goods · IN · ISIN INE763I01026

TA Thin data Sep 24, 2026

Transformers and Rectifiers (India) Limited

532928 · BSE

SpeculativeUpside exists, but weak quality makes the signal speculative.

✓Fair value ₹318.52 · Undervalued (+13.5%)
!Quality 36/100
!Expensive Growth (revenue 5y +23.6 %/yr)
!Loss over the last twelve months · -0.6% net margin (TTM) · fiscal year 2025 10.6%
✓Low debt
!Narrow moat 34/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

₹623.64 ₹11.40 Fair Value ₹318.52 May 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range ₹11.40 – ₹623.64 · fair‑value band ₹237.45 – ₹399.60 · the ₹280.60 price screens below the ₹318.52 fair value. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

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

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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.

Stock analysis

Transformers and Rectifiers (India) Limited (532928) currently trades at ₹280.60, while our model-based Fair Value estimate is ₹318.52, implying the stock looks roughly 11.9% undervalued today.

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Valuation

Bull case: the Growth Earnings group reads highest at a median of ₹407.00 per share, and 8 of the 17 models we run sit above the ₹280.60 price.

Bear case: the Asset-Based group reads lowest at ₹63.27, and 9 of the 17 models stay below the price. Evidence for this calculation is low.

Scenario range: ₹237.45 (bear) to ₹399.60 (bull), the price of ₹280.60 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 36/100 (below-average quality), in the Industrial Goods sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

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. FY2021 was a trough year, so the rate overstates the trend.

Key figures

Market cap ₹1.2B (≈ $12.3M) · P/E ratio 17.1 · P/S ratio 1.82 · EPS (TTM) ₹1.14 · Dividend yield 2.4% · Net margin 10.6% · Return on assets (EBIT) 8.3% · Operating margin 5.7%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 46 out of 100 (low confidence).

What moves the price

The share trades about 44% below its 52-week high and 22% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Industrial Goods peers we cover trades at −37% fair-value upside, at 14%, 532928 screens cheaper than that median.

Fair Value models

Bear ₹237.45 Fair Value ₹318.52 Bull ₹399.60
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then (₹1.14 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
EPV ₹181.69 ₹211.29 ₹236.83 74
Residual Income ₹102.66 ₹145.92 ₹267.86 72
ROIC Compounder ₹220.22 ₹314.74 ₹445.05 71
All 17 models by family
DCF Models
Owner Earnings ₹1.03 ₹8.39 ₹22.51 65
Earnings-Based
Graham-Dodd ₹109.91 ₹693.82 ₹969.37 63
Lynch FV ₹200.27 ₹286.10 ₹371.93 61
PEG = 1.0 ₹200.27 ₹286.10 ₹371.93 57
EPV ₹181.69 ₹211.29 ₹236.83 74
Dividend Discount
Gordon GGM ₹1.89 ₹3.76 ₹5.70 67
DDM Multi-Stage ₹1.89 ₹3.25 ₹3.97 67
Multiples
P/E Multiple ₹254.58 ₹339.44 ₹424.30 63
P/S Multiple ₹206.09 ₹274.78 ₹343.48 58
P/B Multiple ₹206.09 ₹274.78 ₹343.48 55
EV/EBIT ₹286.36 ₹383.74 ₹481.12 66
EV/EBITDA ₹237.45 ₹318.52 ₹399.60 67
EV/Revenue ₹186.16 ₹268.42 ₹350.68 53
Asset-Based
NCAV (Graham) ₹47.22 ₹63.27 ₹94.44 54
Economic Profit
Residual Income ₹102.66 ₹145.92 ₹267.86 72
ROIC Compounder ₹220.22 ₹314.74 ₹445.05 71
Growth Earnings
Growth-Adj P/E ₹284.90 ₹407.00 ₹529.09 67

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Quality Score breakdown

Overall quality 36/100

Of which business quality 39 · Market factors (momentum, volatility) 22

Profitability 59
Margins and returns on capital today
Quality Growth 73
Are margins and returns improving?
Cashflow 18
Earnings quality: real cash, not paper profit
Fin. Strength 46
Balance sheet, leverage, solvency risk
Investment 16
Disciplined investing over empire-building
Low Volatility 33
Calm price path (market factor)
Momentum 22
Price trend over the last 3–12 months (market factor)
52W Momentum 8
Distance to the 52-week high (market factor)
Net Issuance 14
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+56.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+20.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+23.6%
Start year 2020 (pandemic). Over 10 years: +13.8% a year
Revenue growth 11 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.7%
What shareholders gained per year (last 5 years), in INR (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+100.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+98.1%
Dividend (yield on the price)2.4%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.5% → 15%
2025 sits 365% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
⚠ Revenue per share shrinking 3.5%/yr over ~6Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.

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Peer GroupⓘHow this stock ranks against its sector: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median. (Industry “Diversified Machinery” was too small, so the broader sector is used.)Industrials · 5266 stocks

Beats the sector median on 5/10 measures
A mixed picture versus its sector peers.
Valuation
Quality Score 36 · Bottom 25%
Fair Value upside −49.8% · Below median
Profitability
Return on assets 5.2% · Above median
Net margin (TTM) −0.6% · Bottom 25%
Operating margin (TTM) 5.7% · Below median
Growth and dividend
Revenue growth −33.7% · Bottom 25%
Dividend yield (TTM) 2.4% · Above median
Balance sheet
Debt / equity 0.07× · Below median

Valuation Multiplesvs Industrials median · lower = cheaper

P/E (TTM) 17.1× · Cheaper than median
EV/EBITDA 1.4× · Cheapest 25%

Context: sector, industry, market

Values & ESG

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

None of the checked exposures detected

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Transformers and Rectifiers (India) Limited · Fair Value
₹318.52 +12%Fair Value
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Cite: Fair Value Calculator (2026). "Transformers and Rectifiers (India) Limited Fair Value". https://www.fairvalue-calculator.com/stock/532928

Frequently asked questions

Is Transformers and Rectifiers (India) Limited (532928) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of ₹318.52 versus a price of ₹280.60, about +14% upside (undervalued).
What is the fair value of 532928?
Our model-based fair value for Transformers and Rectifiers (India) Limited is ₹318.52 (as of Sep 24, 2026), built from audited fundamentals. The current price: ₹280.60.
What is the quality score of 532928?
Transformers and Rectifiers (India) Limited has a Quality Score of 36/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Transformers and Rectifiers (India) Limited (532928)?
Our model-based price target is the fair value of ₹318.52 (as of Sep 24, 2026) from 17 valuation models. Cautious scenario ₹237.45, optimistic scenario ₹399.60. It is a calculation from audited fundamentals, not an analyst target.
What is the Transformers and Rectifiers (India) Limited stock forecast for 2026?
Our models put fair value at ₹318.52, about +14% upside versus a price of ₹280.60 (undervalued). Cautious scenario ₹237.45, optimistic scenario ₹399.60. The calculation is refreshed regularly with new filings.
Does Transformers and Rectifiers (India) Limited pay a dividend?
Transformers and Rectifiers (India) Limited currently shows a dividend yield of about 2.42% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Transformers and Rectifiers (India) Limited (532928)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Transformers and Rectifiers (India) Limited it is ₹318.52 per share (as of Sep 24, 2026), against a price of ₹280.60. It is the blended result of 17 valuation models (cash flow, earnings, asset, dividend).
Is Transformers and Rectifiers (India) Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 532928 trades below its calculated fair value: price ₹280.60, fair value ₹318.52, a gap of about +14% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 532928?
No. The price is what the market pays today (₹280.60); the fair value is what the company's own numbers justify (₹318.52). For Transformers and Rectifiers (India) Limited the two are ₹37.92 per share apart. That gap is exactly why we show both numbers side by side.
How much is Transformers and Rectifiers (India) Limited worth?
The market values Transformers and Rectifiers (India) Limited at about ₹1.2B (market capitalisation, as of Sep 24, 2026). Per share that is ₹280.60; our models calculate a fair value of ₹318.52 per share.
What do the bullish and bearish scenarios say about 532928?
Our models span a range for Transformers and Rectifiers (India) Limited: cautious scenario ₹237.45, base ₹318.52, optimistic ₹399.60 per share (as of Sep 24, 2026, price ₹280.60). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 532928?
Transformers and Rectifiers (India) Limited trades at a price-to-earnings ratio of 17.1 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹318.52 is built from several models across several years. Other multiples: EV/EBITDA 1.4.
How solid is the balance sheet of Transformers and Rectifiers (India) Limited (532928)?
Balance-sheet figures for Transformers and Rectifiers (India) Limited (as of Sep 24, 2026): debt of 0.07 per unit of equity. They feed the Quality Score of 36/100, which measures business quality independently of the share price.
How far is 532928 from its 52-week high?
Transformers and Rectifiers (India) Limited trades at ₹280.60, about 44% below its 52-week high of ₹497.15 and 22% above the low of ₹230.20 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹318.52 is for.
Which stocks are comparable to Transformers and Rectifiers (India) Limited?
From the same area (Industrial Goods) we also value DISAQ, BATLIBOI, Axtel Industries Limited, T & I Global Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Transformers and Rectifiers (India) Limited stock attractive at the current price?
The data as of Sep 24, 2026: price ₹280.60, calculated fair value ₹318.52 (+14%), Quality Score 36/100, from 17 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 532928 calculated?
We run Transformers and Rectifiers (India) Limited through 17 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹318.52, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Transformers and Rectifiers (India) Limited currently trades 12 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Transformers and Rectifiers (India) Limited (532928)?
The closing price on Oct 1, 2026 was ₹280.60. Our model-based fair value is ₹318.52, about +14% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Transformers and Rectifiers (India) Limited right now?
Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.

Key figures of Transformers and Rectifiers (India) Limited

How large is the market capitalisation of Transformers and Rectifiers (India) Limited (532928)?
The market capitalisation of Transformers and Rectifiers (India) Limited is ₹1.2B (≈ $12.3M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Transformers and Rectifiers (India) Limited (532928)?
The price-to-sales ratio of Transformers and Rectifiers (India) Limited is 1.82 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Transformers and Rectifiers (India) Limited (532928)?
Earnings per share at Transformers and Rectifiers (India) Limited are ₹1.14 (price ÷ EPS = P/E 17.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Transformers and Rectifiers (India) Limited (532928)?
The dividend yield of Transformers and Rectifiers (India) Limited is 2.4%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Transformers and Rectifiers (India) Limited (532928)?
The net margin of Transformers and Rectifiers (India) Limited is 10.6% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the EBIT return on assets of Transformers and Rectifiers (India) Limited (532928)?
On an EBIT basis the return on assets of Transformers and Rectifiers (India) Limited is 8.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Transformers and Rectifiers (India) Limited (532928)?
The operating margin of Transformers and Rectifiers (India) Limited is 5.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Transformers and Rectifiers (India) Limited (532928)?
Revenue at Transformers and Rectifiers (India) Limited is growing −33.7% versus a year earlier (3y avg +20.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
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