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Transformers & Rectifiers shares tank 10% after Q4 margins shrink to six-quarter lowFor FY27, the company has guided for revenue of ₹3,200 crore and EBITDA margins in the 15-17% range.By Meghna Sen  April 22, 2026, 10:17:05 AM IST (Updated)2 Min ReadShares of Transformers and Rectifiers (India) Ltd. declined as much as 10% on Wednesday, April 22, after the company's Q4FY26 results came in below expectations, weighed down by margin pressures and weak order trends.

Margins fell to their lowest level since Q2FY25, impacted by a sharp 64% YoY increase in employee costs.

The company has been seeing sluggish momentum, with order inflows remaining weak over the past four quarters. Its order backlog has also been declining for the last three quarters, indicating soft demand visibility.

Revenue for the quarter rose 15.7% YoY to ₹782.67 crore, compared with ₹676.48 crore in Q4FY25.

However, earnings before interest, tax, depreciation and amortisation (EBITDA) declined 9.79% YoY to ₹118.44 crore from ₹131.30 crore, leading to a contraction in EBITDA margin to 15.13% from 19.41% a year ago.

Profit after tax (PAT) stood at ₹91.4 crore, slightly lower than ₹94.2 crore in the year-ago quarter, showing a 2.97% YoY decline.

In ₹cr/td>

/tr>

Q4FY26

Q4FY25

YoY%

Rev

782.67

676.48

15.70%

Ebitda

118.44

131.30

-9.79%

EBITDA margin

15.13%

19.41%

Pat

91.4

94.2

-2.97%/tbody>

/table>

/div>

The company's FY26 order book stood at ₹5,005 crore, significantly below its guidance of ₹8,000 crore.

For FY27, the company has guided for revenue of ₹3,200 crore and EBITDA margins in the 15-17% range.

During the post-earnings call, management said that commissioning of the Changodar/Moraiya plant has been deferred to Q2-Q3FY27.

The company has also submitted its response to the World Bank and expects feedback within the next 45 days. It anticipates being empanelled in the near term, which would enable participation in upcoming HVDC tenders.

Shares of Transformers and Rectifiers were last trading 8.96% lower at ₹303.45. Despite the sharp fall, the stock is still up around 13% over the past month.Continue ReadingFirst Published: Apr 22, 2026 10:15 AM ISTTagsshare market today