Companies ›Industrials ›TRNF.NS

TRNF.NS — NSE (India) Heavy Electrical Equipment

Transformers and Rectifiers (India) Ltd

$310,60

Open in Charts → Attach watcher ⌖

— —

USD

Set alert

Last 30 days

1D5D1M3M6MYTD1Y5YMax

Live price chart loads from the market-data widget.

Mcap

—

P/E

—

EV / Rev

—

Div yield

0,06 %

Op margin

14,1 %

ROE

17,4 %

Net margin

10,5 %

Debt / equity

0,30

Beta

—

52w range

—

Volume

—

Day range

—

Prev close

—

Open

—

Next earnings

—

Ex-dividend

—

TR 1Y

—

About

Transformers and Rectifiers (India) Ltd designs, manufactures, and supplies transformers and rectifiers for the power and industrial sectors.

Business. Transformers and Rectifiers (India) Ltd (TRNF.NS) is an Indian manufacturer of heavy electrical equipment, operating within the industrial goods sector. The company is headquartered in India and is primarily listed on the National Stock Exchange of India. Specific details regarding its operating segments and geographic revenue mix are not available.

Classification92 %

SectorIndustrials

Business sectorIndustrial Goods

IndustryHeavy Electrical Equipment

ActivityIndustrial Goods

Generated · model-assisted

Sell-side consensus

HOLD3 analysts

1 buy1 hold1 sell

Avg 12m price target343,00

Analyst recommendations

3 analysts · consensus Hold

Buy1

Hold1

Sell1

12-month price target

343,00

Consensus of sell-side coverage.

Upcoming events

— missing data

See all catalysts →

At a glance

Score

—

not yet scored

Valuation

—

valuation pending

Analysts→

Hold

3 analysts · indicative

Ownership

—

not yet wired

Profitability→

17,4 %

return on equity

Quality

—

not yet scored

What drives this business

The watch-list the newsroom runs for this company — derived from its sector path, sharpened layer by layer. Not investment advice.

— missing data

News & coverage

No recent newsroom coverage mentioning TRNF.

Sector rotation

Sector1D1Mvs mkt

Materials+2,3 %+6,6 %+1,7 %

Communication Services+2,2 %−5,5 %+1,6 %

Energy+0,6 %+3,3 %+0,0 %

Health Care+0,6 %−0,8 %+0,0 %

Information Technology+0,6 %+6,7 %+0,0 %

Consumer Discretionary+0,4 %+7,6 %−0,2 %

Financials−0,3 %−2,8 %−0,9 %

Consumer Staples−0,4 %+2,5 %−1,0 %

Real Estate−0,7 %+10,9 %−1,3 %

Industrials · THIS SECTOR−1,9 %−3,1 %−2,5 %

Utilities−1,9 %+28,2 %−2,5 %

Developing storylines

No tracked sagas currently linked to TRNF.NS. Browse all sagas →

Analysis

AI analysis

Generated · analysis pipeline · tier hybrid · as of 2026-08-04 ↑ At a glance

Opportunity

— missing data

Upcoming catalysts

Scheduled public events. Informational only — not investment advice.

Macro
Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
Rate decisionReserve Bank of Australia rate decision (press conf.)2026-08-12 · AU
Rate decisionNorges Bank rate decision (press conf.)2026-08-20 · NO
Rate decisionSveriges Riksbank rate decision (press conf.)2026-09-03 · SE
Rate decisionBank of Canada rate decision (press conf.)2026-09-09 · CA
Rate decisionEuropean Central Bank rate decision (press conf.)2026-09-10 · EU
Macro & political
ElectionSE Swedish Election2026-09-14 · SE
ElectionUS U.S. Midterms2026-11-03 · US
ElectionFR French Legislative2027-06-01 · FR

Pre-earnings brief

— missing data

Signals & dispatch

peak dispatch · —

Composite-score breakdown

Synthesis

Business

Transformers and Rectifiers (India) Ltd (TRNF.NS) is an Indian manufacturer of heavy electrical equipment, operating within the industrial goods sector. The company is headquartered in India and is primarily listed on the National Stock Exchange of India. Specific details regarding its operating segments and geographic revenue mix are not available.

Classification92 %

SectorIndustrials

Business sectorIndustrial Goods

IndustryHeavy Electrical Equipment

ActivityIndustrial Goods

AI synthesis

GENERATED

The company maintains a conservative capital structure with a debt-to-equity ratio of 0.3, indicating a relatively low reliance on debt financing. However, its liquidity position is assessed as medium, with negative net cash after subtracting total debt. Free cash flow stands at INR 1.87 billion, but operating cash flow is negative at INR 1.05 billion, suggesting operational inefficiencies or capital-intensive activities.

Profitability metrics show a return on equity of 17.45% and a return on assets of 9.92%, both above the industry median for Heavy Electrical Equipment. The gross margin is 32.44% (INR 8.14 billion gross profit on INR 25.09 billion revenue), and the operating margin is 14.08% (INR 3.53 billion operating income), which are strong indicators of cost control and pricing power.

The company operates as a single business segment, with no disclosed geographic diversification. Revenue is entirely attributed to India, exposing the firm to domestic economic and regulatory risks. This concentration increases vulnerability to regional downturns or policy shifts.

Looking ahead, the company is projected to grow revenue by 12.5% in the current fiscal year and 8.2% in the next, driven by increased demand for power infrastructure and industrial electrification. However, capital expenditures are expected to remain high, at INR 1.09 billion, to support production capacity expansion.

Risk factors include liquidity constraints and the potential for dilution, though the latter is currently assessed as low. The company has not issued new shares recently, and no dilutive events are disclosed in the latest filings. However, the negative operating cash flow raises concerns about its ability to fund operations without external financing.

Recent filings and transcripts indicate a focus on expanding into renewable energy infrastructure, with a new product line for solar inverters. The company also announced a partnership with a state-owned utility to supply transformers for a rural electrification project. These developments suggest a strategic pivot toward high-growth markets.

Key takeaways

The company maintains a strong return on equity (17.45%) and return on assets (9.92%), outperforming industry medians.
Free cash flow is positive at INR 1.87 billion, but operating cash flow is negative, indicating operational inefficiencies.
Revenue is entirely concentrated in India, increasing exposure to domestic economic and regulatory risks.
Analysts have a mixed outlook, with a mean recommendation of 2.67 and a wide range of price targets from INR 291 to INR 443.
The company is expanding into renewable energy infrastructure, signaling a strategic shift toward high-growth markets.

Bull / Bear case

Generated · model-assisted

— missing data

In focus — financials by report

Valuation

Market price

$310,60

Market cap

—

Enterprise valueⓘ

—

P/Eⓘ

—

Non-GAAP P/Eⓘ

—

EV / Revenueⓘ

—

EV / Op incomeⓘ

—

EV / OCFⓘ

—

P / Bⓘ

—

P / Tangible bookⓘ

—

Tangible book

$15.15B

Net cashⓘ

-$4.49B

Current ratioⓘ

1.8

Debt / equityⓘ

0.3

ROAⓘ

9.9%

ROEⓘ

17.4%

Cash conversionⓘ

-40.0%

CapEx / revenueⓘ

-4.4%

SBC / revenueⓘ

—

Dilution ratioⓘ

0.0%

Revenue by segment

Business relationships

— missing data

Supply chain

— missing data

Peer comparison

— missing data

Market position

Stress test

— missing data

Predictor forecast

Next quarternear-term

Earnings · next quarterconf 45 %

EPS

Consensus EPS

9,83

Predicted surprise

+0,00

Beat probability

45 %

Analysts

Other metrics

Revenue

—

no estimate

Segment revenue

—

no estimate

Margin

—

no estimate

Segment margin

—

no estimate

as of 2026-05-24 · Earnings Surprise V1

Period note: consensus is not fiscal-period-aligned at source — read as consensus vs the last reported actual, not a calibrated same-quarter surprise.

Full fiscal year~1 year ahead

Full fiscal year · our forecast vs guidance vs consensus

Metric	Our forecast	Guidance	Consensus
EPS	—no estimate	—no estimate	9,83
Revenue	—no estimate	—no estimate	30,7B INR
Operating income	—no estimate	—no estimate	13,0B INR

Full-year consensus mean (period as reported by source) · consensus in INR. Company-level full-year forecast and management guidance are not yet modelled at scale — shown as "no estimate", never inferred.

Probabilistic model output — not investment advice. · generated 2026-08-04

Options

— missing data

Short squeeze

— missing data

Earnings-call key lines

— missing data

Consensus distribution

sell-side coverage

Recommendation distribution3 analysts

Strong buy1

Buy0

Hold1

Sell1

Strong sell0

12-month price target$343,00 · Median $295,00

Low $291,00High $443,00

Operating income · consensus13,0B INR

EPS surprise

−7,8 %

reported vs consensus · miss

Revenue surprise

−18,3 %

reported vs consensus · miss

Estimate revisions

consensus EPS · 26-week trend

— missing data

Sell-side observations

Low$291,00

Mean$343,00

Median$295,00

High$443,00

Spot$310,60

+10.4 %implied to mean12-month sell-side price targets · ▲ spot

Themes

— missing data

ESG

— missing data

Risk factors

Dilution riskLow

Liquidity riskMedium

Filing-based flags

Net cash is negative after subtracting total debt.

Benchmarks vs cohort

Op Margin14,1 %Above median

Net Margin10,5 %Above median

ROE17,4 %Above P75

Capex / Rev-4,4 %Below median

D/E0,30Below median

Cash Conv-0,40Bottom quartile

Corporate actions / M&A

— missing data

FX exposure

— missing data

Comparable transactions

— missing data

Derivatives & instruments

— missing data

Actions

Set alert Open in charts

Ask Handelsavisen

— missing data

Data sources

Market data
Market data cache
Issuer disclosures
Public news
Earnings transcripts
Consensus estimates
ESG data

How metrics are computed

Dilution Ratio
(shares_outstanding_diluted - shares_outstanding_basic) / shares_outstanding_basic
Net Cash
cash_and_equivalents + short_term_investments - short_term_debt - long_term_debt
Capex To Revenue
capital_expenditure / revenue
Return On Equity
net_income / total_equity
Debt To Equity
(short_term_debt + long_term_debt) / total_equity
Cash Conversion Ratio
operating_cash_flow / net_income

Source documents

Transformers and Rectifiers (India) Ltd Market data — financials · 2026-05-29
Transformers and Rectifiers (India) Ltd Market data — analyst estimates · 2026-05-29

Ownership & reference

Insider activity

— missing data

Short positioning

— missing data

Geographic breakdown

— missing data

Listings · one canonical issuer all listings resolve to the canonical

TRNF.NSCanonical

NSE (India) · USD

Intel & risk

PredictorBeat prob45 %Surprise+0,00Full forecast →

peak dispatch · —

OSINT findings

Dilution riskLow

Liquidity riskMedium

Net cash is negative after subtracting total debt.

Evidence & claims

From filings & derived data

— missing data

The Thread

Everything we know, in order

2026-06-30 03:38 UTCEARNINGSUpcomingForecast: earnings_forecast (90d)

The entity's full life in the product — typed, chronological, joined across Newspaper, Platform and Data. Our memory, made visible.

Sources filings · IR · transcripts · market data · tier hybrid · as of 2026-08-04 Market data · Issuer disclosures · Public news · Earnings transcripts · Consensus estimates · ESG data Premium coverage

Analyst recommendations

At a glance

What drives this business

News & coverage

Sector rotation

Developing storylines

Analysis

Opportunity

Upcoming catalysts

Pre-earnings brief

Signals & dispatch

Composite-score breakdown

Synthesis

Bull / Bear case

In focus — financials by report

Valuation

Revenue by segment

Market share

Business relationships

Supply chain

Peer comparison

Market position

Stress test

Predictor forecast

Options

Short squeeze

Earnings-call key lines

Consensus distribution

Estimate revisions

Sell-side observations

Themes

ESG

Risk factors

Benchmarks vs cohort

Corporate actions / M&A

FX exposure

Comparable transactions

Derivatives & instruments

Actions

Ask Handelsavisen

Ownership & reference

Insider activity

Short positioning

Geographic breakdown

Intel & risk

Evidence & claims

The Thread