Shares of Transformers & Rectifiers (India) Limited (TARIL) came under sharp selling pressure on Wednesday, falling over 7%, after the company informed exchanges about a top-level management change shortly after announcing its Q3 financial results.
The Board of Directors noted the resignation of Mukul Srivastava, who stepped down from his role as Chief Executive Officer with effect from the close of business hours on 7 January 2026. According to the company’s regulatory filing, the resignation was tendered due to personal reasons. There were no additional disclosures relating to his profile or relationships with other directors, as the change was a cessation of office.
Following the resignation, the board approved the appointment of Satyen J. Mamtora as the new Chief Executive Officer, effective 8 January 2026. Mr. Mamtora will hold the combined designation of Managing Director and CEO of the company.
The management change came soon after Transformers and Rectifiers reported a strong operational performance for the third quarter. Net profit for Q3 rose 34.5% year-on-year to ₹74 crore, compared with ₹35 crore in the same period last year. Revenue from operations increased 32% year-on-year to ₹737 crore from ₹559 crore. EBITDA for the quarter grew 49% year-on-year to ₹125 crore, while EBITDA margins expanded to 17% from 15% a year ago, reflecting improved operating leverage and execution efficiency.