1. At a Glance
TRIL’s stock is up more than a voltmeter on steroids, backed by booming order books, exports, and real margins. Once a dusty industrial B2B play, it’s now buzzing with ₹15,000 Cr market cap, juicy 28% ROCE, and an electrifying order pipeline.
2. Introduction with Hook
Imagine if your local transformer company suddenly hit gym, got a buzzcut, dropped the debt, doubled profits, and started pulling in export orders from Botswana.
That’s TRIL—once a “meh” manufacturing firm, now a midcap monster with:
– PAT up from ₹47 Cr (FY24) to ₹216 Cr (FY25)
– Revenue up 56% YoY
– Stock CAGR: 225% in 3 years
Electrifying? Absolutely. Sustainable? That’s what we’re here to diagnose.
3. Business Model (WTF Do They Even Do?)
TRIL designs and manufactures:
- Power Transformers (up to 500 MVA / 1200 kV)
- Furnace & Rectifier Transformers
- Shunt & Series Reactors
- Specialty & Mobile Substation Units
Customers:
- PowerGrid, NTPC, Adani, Tata, and now even exports (Jindal Botswana).
- Industries: Power gen, distribution, steel, renewables, infra.
It’s a classic B2B heavy-electrical business—but TRIL is standing out via in-house tech and value engineering.
4. Financials Overview
| FY | Revenue (₹ Cr) | EBITDA (₹ Cr) | PAT (₹ Cr) | Net Worth (₹ Cr) | Debt (₹ Cr) |
|---|---|---|---|---|---|
| 2023 | 1,396 | 121 | 42 | 381 | 330 |
| 2024 | 1,291 | 134 | 47 | 540 | 256 |
| 2025 | 2,017 | 327 | 216 | 1,222 | 283 |
Key Highlights:
- Revenue up 56% YoY in FY25
- EBITDA nearly 2.5x
- Net Worth: 3x jump in 2 years
- PAT Margin: Up from 3.3% to 10.7%
5. Valuation
Price: ₹501
EPS (FY25): ₹7.14
P/E: 70.95
Book Value: ₹41.7 → P/B: 12x
Market Cap: ₹15,028 Cr
Fair Value Range:
- Conservative (P/E 40x): ₹285
- Median (P/E 50x): ₹360
- Growth Premium (P/E 65x): ₹465
➡️ Fair Value Range: ₹285 – ₹465
At ₹501, this is priced for perfection. Any short circuit in earnings = risk of fuse blow.
6. What’s Cooking – News, Triggers, Drama
- Botswana Export Order (June 2025): $16.65M – shows TRIL’s global push
- ₹726 Cr order from Gujarat Energy (Mar 2025)
- Acquired Posco Poggenamp (CRGO steel) → backward integration jackpot
- Bonus shares + QIP approved (Jan 2025)
- Working capital discipline improved: Days down from 128 to 70.8
They aren’t just building transformers. They’re transforming themselves.
7. Balance Sheet
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net Worth | ₹381 Cr | ₹540 Cr | ₹1,222 Cr |
| Borrowings | ₹330 Cr | ₹256 Cr | ₹283 Cr |
| Total Assets | ₹1,187 Cr | ₹1,170 Cr | ₹2,187 Cr |
| Reserves | ₹343 Cr | ₹540 Cr | ₹1,222 Cr |
Key Points:
- Leverage manageable at ~0.2x
- Strong capital expansion post QIP
- Clean BS, no red flags
8. Cash Flow – Sab Number Game Hai
| FY | CFO | CFI | CFF | Net Flow |
|---|---|---|---|---|
| 2023 | ₹28 Cr | ₹9 Cr | ₹-45 Cr | ₹-7 Cr |
| 2024 | ₹29 Cr | ₹-22 Cr | ₹-10 Cr | ₹-3 Cr |
| 2025 | ₹157 Cr | ₹-625 Cr | ₹472 Cr | ₹4 Cr |
Translation:
Huge Capex in FY25 → likely Posco-Poggenamp buy + expansion
Still ended year cash-positive = powerful statement
9. Ratios – Sexy or Stressy?
| Metric | FY25 |
|---|---|
| ROE | 23.4% |
| ROCE | 28% |
| PAT Margin | 10.7% |
| EBITDA Margin | 16.2% |
| D/E | ~0.2 |
| P/E | 71 |
| P/B | 12 |
Verdict:
Fundamentals sexy. Valuation? Slightly stressy.
10. P&L Breakdown – Show Me the Money
| FY | Revenue | EBITDA | PAT | EPS |
|---|---|---|---|---|
| 2023 | ₹1,396 Cr | ₹121 Cr | ₹42 Cr | ₹1.54 |
| 2024 | ₹1,291 Cr | ₹134 Cr | ₹47 Cr | ₹1.56 |
| 2025 | ₹2,017 Cr | ₹327 Cr | ₹216 Cr | ₹7.14 |
Punchline:
EPS grew 4.5x in a year. This isn’t compounding—it’s a voltage spike.
11. Peer Comparison
| Company | Revenue | ROCE | PAT Margin | P/E | Market Cap |
|---|---|---|---|---|---|
| ABB India | ₹12,267 Cr | 38.65% | 15.4% | 64.6 | ₹1.2L Cr |
| CG Power | ₹9,908 Cr | 37.5% | 9.5% | 111 | ₹1.05L Cr |
| TRIL | ₹2,017 Cr | 28% | 10.7% | 71 | ₹15,000 Cr |
Observation:
TRIL is punching above its weight in margins and exports. But valuation is entering ABB/CG range without their scale.
12. Miscellaneous – Shareholding, Promoters
| Shareholder | Jun 2022 | Mar 2025 |
|---|---|---|
| Promoter | 74.91% | 64.36% |
| FIIs | 0.00% → 11.33% | |
| DIIs | 0.00% → 7.22% | |
| Public | 25.09% → 17.07% |
Why It Matters:
- FII entry from 0 to 11.3% in under 2 years = solid smart money entry
- Promoter dilution = funding expansion via QIP
13. EduInvesting Verdict™
TRIL has done the unthinkable—turn from a dull transformer stock to a 200% CAGR beast with margin muscle, export contracts, and backward integration.
But the current price already assumes a few more Botswana orders, several new Posco-style acquisitions, and no slip-ups in execution.
Still, if you believe India’s power capex cycle is just getting warmed up and electrification is the new infrastructure play, TRIL might just keep shocking us—for good reasons.
Just don’t buy it thinking it’s still undervalued. This stock already had its coming-out party. From here, it’s all about execution.
Metadata
– Written by EduInvesting Research Desk | July 13, 2025
– Tags: TRIL, Power Transformers, Electrical Infra, Export Contracts, Posco Poggenamp, High Growth, Capital Goods Multibagger
