1. Opening Hook
So TARIL walked into Q2 with transformer demand booming, capex cycle hot, and utilities throwing tenders like confetti—and still managed to trip over copper, customs, rain, and an old World Bank skeleton. Impressive multitasking.
Revenue stayed flat, profits slipped, and suddenly a four-year-old Nigeria project decided to trend on WhatsApp forwards. Management responded the only way Indian promoters know: long explanation + absolute confidence + “don’t worry”.
But beneath the drama, something interesting is brewing—capacity expansion, backward integration, a ₹18,700 cr inquiry pipeline, and management openly admitting they intentionally slowed order intake. That’s either discipline… or fear.
Is this a temporary hiccup in a multi-year power capex story, or the start of a credibility tax?
Read on. Things get spicier once the numbers start talking back.
2. At a Glance
- Revenue ₹460 cr (flat YoY) – Growth took a rain check, literally.
- EBITDA ₹65 cr (↓ sharply) – Low-margin orders took a final revenge lap.
- EBITDA margin ~14% – Fixed costs said hello, volumes said goodbye.
- PAT ₹37 cr (consolidated) – Still profitable, but vibes were better last year.
- Order book ₹5,500 cr – Not huge, but management says “quality over quantity.”
- Inquiry pipeline ₹18,700 cr – Everyone loves optionality, until it converts.
3. Management’s Key Commentary
“Revenue was lower due to
temporary operational challenges.”
(Translation: Copper shortage + rain + customs = perfect excuse cocktail. 😏)
“We deliberately moderated order intake in H1.”
(Translation: We didn’t want bad-margin baggage haunting FY27.)
“Margins were impacted due to delivery of last batch of low-margin orders.”
(Translation: Good riddance, finally.)
“None of our current orders are World Bank funded.”
(Translation: Please stop panicking on Twitter. 😬)
“We aim for ₹2,600 cr revenue with 16% EBITDA margin.”
(Translation: Trust us, Q2 is the ugly duckling.)
“Backward integration will improve margins by 200–250 bps.”
(Translation: Next year’s PPT looks much prettier.)
4. Numbers Decoded
| Metric | Q2 FY26 | YoY Trend |
|---|---|---|
| Revenue | ₹460 cr | Flat |
| EBITDA | ₹65 cr | ↓ |
| EBITDA Margin | ~14% | Compressed |
| PAT (Consol.) | ₹37 cr | ↓ |
| Inventory | ₹310+ cr | Elevated |
| Order Book | ₹5,500 cr | Moderate |
- ~₹100 cr revenue slipped due to site unreadiness—not production failure.
- Inventory spike = finished goods waiting for roads, not buyers.
- Subsidiaries quietly did well—backward integration starting to whisper benefits.
