Transformers & Rectifiers India - Firing On All Cylinders: ICICI Direct

ICICI Direct Report

Transformer and Rectifier India Ltd. is a leading manufacturer of transformers up to 1200 kilovolt class. The company has a wide range of transformers, like power and distribution transformers, furnace transformers, rectifier transformers and special transformers. It has strong in-house design and technical expertise; combined with technical collaboration/joint venture relationship for 765 kilovolt transformers and reactors.

Key triggers for future price performance:

• Robust outlook coupled with an all-time high order backlog will allow the company to post a robust performance, going ahead.

• Transformer and Rectifier is likely to expand its capacity in FY24E for hydrogen powered transformers in its existing manufacturing unit and will tap players that have mega plans in setting up facilities for producing green hydrogen.

• It is aggressively targeting export markets like Middle East, Russia, Africa and the U.S. for enhancing export segment revenues. Export orders generally have the best gross margin profile vis-a-vis domestic orders.

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