Shares of Transformers & Rectifiers (India) Ltd. (TRIL) extended losses for the second straight session, falling 10% to Rs 282.20 on Tuesday, November 11, after hitting the 20% lower circuit a day earlier. The stock has now lost nearly 30% in two days, erasing a large part of its 2025 gains.
The sharp sell-off follows a double blow for the company — a weak Q2 FY26 performance and a World Bank debarment that bars TRIL from participating in projects financed by the global lender.
On the earnings front, TRIL’s consolidated revenue slipped 0.2% year-on-year to Rs 460 crore, while both net profit and EBITDA declined 25% YoY. The company’s EBITDA margin contracted sharply to 11.2% from 14.9% in the same quarter last year — the lowest level since Q3 FY24. Management attributed the pressure on margins to higher staff and operating costs, which offset steady topline growth.
The stock’s decline accelerated after the World Bank’s debarment notice, citing alleged involvement of Transformers & Rectifiers in fraud and corruption related to a $486 million Nigerian Electric Grid Improvement Project.
With today’s fall, TRIL shares hit a new year-low of Rs 282.20, compared to a 52-week high of Rs 648.90. The company’s market capitalization now stands at Rs 8,471 crore, with the stock trading at a P/E ratio of 32.3.
Despite the slump, analysts expect heightened volatility to persist until clarity emerges on the company’s future eligibility for global projects and its strategy to recover margins.
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