Shares of Transformers and Rectifiers (India) Ltd tanked 20% to Rs 313.55, hitting the lower circuit in early trade on Monday, after the company reported a sharp decline in earnings for the quarter ended September 2025 (Q2 FY26).
The company’s net profit dropped 24% year-on-year (YoY) to Rs 34 crore, compared to Rs 45 crore in the same quarter last year. Revenue remained nearly flat at Rs 460 crore versus Rs 462 crore a year earlier, indicating muted topline growth.
Operationally, EBITDA fell 27% YoY to Rs 51.3 crore, down from Rs 70 crore in Q2 FY25, while EBITDA margin contracted to 11.15% from 15.13%, reflecting higher costs and weaker project execution efficiency.
In a key management update, the company announced the elevation of Chanchal SS Rajora—currently CFO and advisor to the board—to Director (Finance) with immediate effect. It also reappointed Ajay Shriram Patil as Independent Director for a five-year term effective November 8, 2025.
Patil, a veteran with over 36 years of experience, currently serves as Global CFO at RSB Transmission (India) Ltd, a Bain Capital portfolio company, and previously worked as Group CFO at Cummins India Ltd.
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