Transformers & Rectifiers (India) Limited (TRIL) is a leading player in the Indian transformer manufacturing industry, renowned for its high-quality products and innovative solutions. Established in 1981 by Mr. Jitendra Mamtora, the company has grown from a modest repair shop into one of India’s largest private-sector transformer manufacturers. This WordPress post provides an in-depth exploration of TRIL, drawing exclusively from the company’s 30th Annual Report for the financial year 2024-25.
Introduction to Transformers & Rectifiers (India) Limited
Transformers & Rectifiers (India) Limited (TRIL) stands as a cornerstone in India’s transformer manufacturing sector. Based in Ahmedabad, Gujarat, TRIL operates three cutting-edge manufacturing facilities located in Moraiya, Changodar, and Odhav. The company excels in producing a diverse array of transformers, such as power transformers, distribution transformers, furnace transformers, rectifier transformers, and specialized units tailored for renewable energy applications. With a legacy spanning over four decades, TRIL has established itself as a trusted name both domestically and internationally.
TRIL’s dedication to excellence is reflected in its certifications: ISO 9001:2015 for quality management, ISO 14001:2015 for environmental responsibility, and ISO 45001:2018 for occupational health and safety. The company has been honored with prestigious awards, including the “Best Under 1 Billion” recognition from Forbes Asia and the “Best Equipment Supplier” title from the Gujarat Energy Transmission Corporation (GETCO), a distinction it has earned three times. Boasting over 16,000 installations across more than 25 countries, TRIL’s global reach underscores its reputation as an industry leader.
This post delves into TRIL’s journey, operations, financial performance, and future aspirations, offering a detailed narrative rooted in the data from its FY 2024-25 annual report. From its humble beginnings to its current stature, TRIL’s story is one of resilience, innovation, and strategic growth.
Company History and Evolution
TRIL’s evolution from a small-scale operation to a global powerhouse is a testament to its visionary leadership and adaptability. Below is a detailed chronicle of its milestones, segmented by key periods in its history.
1980–1993: The Early Years
The origins of TRIL trace back to 1981, when Mr. Jitendra Mamtora founded the company with a focus on transformer repairs. This initial phase was marked by hands-on expertise and a deep understanding of transformer mechanics. Recognizing the growing demand for reliable power solutions, TRIL transitioned into manufacturing, initially producing transformers in the 33 kV to 66 kV range. By the early 1990s, the company had achieved a remarkable feat, capturing an 80% share of India’s furnace transformer market—a clear indicator of its early dominance and technical prowess.
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During these formative years, TRIL laid the groundwork for its future success. The focus on quality and customer satisfaction became the bedrock of its operations, setting the stage for expansion and innovation in the decades to come.
1994–2000: Expansion and Growth
In 1994, TRIL marked a significant milestone with the establishment of its Changodar manufacturing facility. This plant enabled the production of transformers up to the 110 kV class, broadening the company’s offerings. By 2000, TRIL had further advanced its capabilities, successfully manufacturing transformers in the 245 kV class. This period was characterized by rapid growth and technological upgrades, as the company invested in modern equipment and skilled personnel to meet the rising needs of India’s power sector.
The Changodar facility became a symbol of TRIL’s ambition, allowing it to cater to a wider range of industrial applications while maintaining stringent quality standards. These developments positioned TRIL as a competitive player in the national market.
2001–2006: Global Expansion
The early 2000s marked TRIL’s entry into the international arena. In 2001, the company secured its first overseas order, supplying a 7.5 MVA series reactor to Fluor Daniel, UK, for a project in Kazakhstan. This achievement opened doors to global markets and highlighted TRIL’s ability to meet international standards. During this period, TRIL achieved several technical milestones, including the production of its first 100 MVA, 220 kV power transformer and gaining approval from the Power Grid Corporation of India Limited (PGCIL).
TRIL also secured significant domestic contracts, such as supplying 36 transformers to the Tamil Nadu Electricity Board (TNEB) and 10 to GETCO. These orders reinforced its reputation as a reliable supplier to India’s power utilities, paving the way for further growth.
2007–2010: Public Listing and Recognition
In 2007, TRIL achieved a landmark moment by listing on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), enhancing its visibility and access to capital. This period also brought accolades, including three consecutive “Best Supplier Awards” from GETCO and recognition as a “Star Export House” by the Government of India. Technologically, TRIL pushed boundaries by executing a 315 MVA, 400 kV transformer and a 1200 kV class auto transformer for PGCIL, showcasing its expertise in high-voltage applications.
The public listing not only bolstered TRIL’s financial standing but also elevated its profile among investors and industry peers, solidifying its status as a market leader.
2011–2015: Strategic Alliances
TRIL’s growth trajectory continued with strategic partnerships that enhanced its technological capabilities. Collaborations with ZTR Ukraine for 765 kV transformers and a technology license agreement with Fuji Electric Co. Ltd. enabled TRIL to expand its product range. A standout achievement was the development of India’s highest-rated 75 MVA, 115 kV green transformer using natural ester fluid—a pioneering step in sustainable transformer technology.
The company also secured a ₹400 crore order for third-party exports, reflecting its growing influence in global supply chains. These alliances and innovations underscored TRIL’s commitment to staying ahead in a competitive industry.
2016–2019: Project Execution and Renewable Focus
Between 2016 and 2019, TRIL executed large-scale projects that highlighted its operational excellence. The company delivered 200 transformers to GETCO and 250 solar inverter transformers for solar farms, capitalizing on the renewable energy boom. Internationally, TRIL exported high-rating transformers to Mexico and Russia, further expanding its footprint. Sustainability remained a priority, with the production of 80 green transformers using natural ester fluid, aligning with global environmental trends.
This period demonstrated TRIL’s ability to balance domestic commitments with international ambitions while embracing eco-friendly technologies.
2020–2024: Sustainability and Financial Strength
In the lead-up to FY 2024-25, TRIL intensified its focus on sustainability and financial resilience. The company produced green transformers and reactors up to 400 kV using natural ester fluid, catering to environmentally conscious markets. In October 2023, TRIL raised ₹120 crores through a preferential issue, bolstering its capital base for future investments. Its NABL-accredited testing laboratory completed dynamic short-circuit tests on multiple transformers, reinforcing its reputation for quality assurance.
These efforts positioned TRIL as a forward-thinking enterprise, ready to tackle the challenges and opportunities of FY 2024-25 and beyond.
Core Operations and Manufacturing Facilities
TRIL’s operational strength lies in its three specialized manufacturing plants, each designed to meet specific production needs. Below is an in-depth look at these facilities and their contributions to the company’s success.
Moraiya Plant
Area: 33,856 sq. mt.
Capacity: 24,000 MVA per annum
Operational Since: 2010
Products:
- Large Power Transformers (up to 500 MVA, 1200 kV)
- Reactors (up to 765 kV)
- Generator Transformers (up to 500 MVA, 765 kV)
- Furnace Transformers (>100 MVA)
The Moraiya plant is TRIL’s flagship facility, equipped to handle the most complex and high-capacity transformer projects. Its advanced infrastructure supports the production of cutting-edge solutions for power transmission and industrial applications.
Changodar Plant
Area: 25,000 sq. mt.
Capacity: 12,000 MVA per annum
Operational Since: 1997
Products:
- Medium Power Transformers (up to 160 MVA, 220 kV)
- Renewable Sector Transformers
- Furnace Transformers (up to 100 MVA)
- Rectifier and Traction Duty Transformers
The Changodar plant plays a vital role in addressing mid-range transformer needs, with a growing emphasis on renewable energy solutions. Its versatility makes it a key asset in TRIL’s portfolio.
Odhav Plant
Area: 1,180 sq. mt.
Capacity: 1,200 MVA per annum
Operational Since: 1994
Products:
- Transformers up to 10 MVA, 66 kV
- Distribution Transformers (500 KVA to 5 MVA)
The Odhav plant, though smaller, is essential for producing distribution transformers that serve local power networks. Its long-standing operation reflects TRIL’s commitment to its roots.
TRIL’s in-house design and engineering capabilities, coupled with backward integration, enable it to deliver customized solutions efficiently. This operational synergy enhances its competitiveness in both domestic and international markets.
Products and Services
TRIL’s extensive product portfolio caters to a wide range of industries and applications. Below is a detailed breakdown of its offerings.
Power Transformers
Purpose: High-voltage transmission and distribution.
Specifications: Up to 500 MVA, 1200 kV class.
These transformers form the backbone of large-scale power networks, ensuring efficient energy transfer across vast distances.
Distribution Transformers
Purpose: Local power distribution.
Specifications: 500 KVA to 5 MVA, up to 66 kV.
Essential for delivering electricity to end-users, these units are designed for reliability and ease of maintenance.
Furnace Transformers
Purpose: Powering electric furnaces for industrial processes.
Specifications: Up to 100 MVA and beyond.
TRIL’s dominance in this segment reflects its expertise in meeting the demanding needs of heavy industries.
Rectifier Transformers
Purpose: Converting AC to DC for industrial applications.
Applications: Electroplating, metal refining, and power supply units.
These transformers showcase TRIL’s ability to serve niche markets with specialized solutions.
Special Transformers
Types: Includes transformers for solar, green hydrogen, and railway applications.
Innovation: TRIL pioneered Scott-Connected and V-Connected transformers for railways.
These innovations highlight TRIL’s role in advancing India’s renewable energy and transportation sectors.
Reactors
Shunt Reactors: Improve transmission efficiency (up to 765 kV).
Series Reactors: Stabilize furnace operations.
Reactors complement TRIL’s transformer offerings, enhancing the stability and efficiency of power systems.
Global Presence and Market Reach
TRIL serves a diverse clientele across power generation, railways, and renewable energy sectors, with installations in over 25 countries. The company is actively working to increase its export revenue to 25% within two years, targeting growth in markets like the United States and Europe. This global expansion reflects TRIL’s ability to adapt its products to varying international standards and customer needs.
Financial Performance
For FY 2024-25, TRIL reported robust financial results, reflecting its operational success and market demand. Below is a detailed breakdown of the company’s financial performance, including key metrics and highlights from the annual report.
Key Financial Highlights (Standalone)
- Revenue from Operations: ₹1,27,331 lakhs
- Other Income (Operating): ₹491 lakhs
- Other Income: ₹378 lakhs
- Total Income: ₹1,28,200 lakhs
- EBITDA before exceptional items: ₹12,858 lakhs
- Depreciation & Amortization Expense: ₹2,273 lakhs
- Earnings before Finance Costs, Exceptional Items, and Tax: ₹10,585 lakhs
- Finance Costs: ₹4,976 lakhs
- Profit Before Taxes: ₹5,609 lakhs
- Provision for Taxation: ₹1,498 lakhs
- Profit Before Other Comprehensive Income: ₹4,111 lakhs
- Other Comprehensive Income: ₹41 lakhs
- Profit for the Year: ₹4,152 lakhs
Capital Accounts
- Gross Block: ₹26,356 lakhs
- Net Block: ₹12,903 lakhs
- Capital Work in Progress: ₹338 lakhs
- Total Debt: ₹25,048 lakhs
- Long Term Debt: ₹5,250 lakhs
- Short Term Debt: ₹19,798 lakhs
- Share Capital: ₹1,426 lakhs
- Reserves & Surplus: ₹52,513 lakhs
- Shareholders’ Funds: ₹53,939 lakhs
Key orders secured during the year include:
- ₹456 crore from PGCIL for reactors
- ₹232 crore from PGCIL for auto transformers
- ₹94.53 crore in export orders
In October 2023, TRIL raised ₹120 crores through a preferential issue, strengthening its financial
Leadership Insights
TRIL’s leadership team provides strategic direction and vision for the company’s future:
- Chairman Jitendra Mamtora: Highlighted the revival of the transformer industry and TRIL’s focus on renewable energy, exports, and technological innovation.
- Managing Director Satyen Mamtora: Emphasized India’s economic growth and TRIL’s investments in technology and workforce development.
- CFO: Stressed sustainable growth and the company’s strong financial performance in FY 2024-25.
These insights reflect a cohesive leadership approach aimed at balancing profitability with long-term sustainability.
Corporate Governance
TRIL’s board of directors ensures robust governance and accountability:
- Mr. Jitendra U. Mamtora (Chairman)
- Mr. Satyen J. Mamtora (Managing Director)
- Mrs. Karuna J. Mamtora (Executive Director)
- Independent Directors: Mr. Bhaskar Sen, Mr. Subir Kumar Das, Mr. Rajendra S. Shah, Mrs. Tanvi V. Rangwala
The board oversees critical committees, including Audit, Nomination and Remuneration, and Corporate Social Responsibility (CSR), fostering transparency and ethical practices across all operations.
Sustainability and CSR
TRIL integrates sustainability into its core operations, with initiatives such as:
- Producing green transformers with natural ester fluid to reduce environmental impact.
- Adopting energy-efficient manufacturing processes to lower its carbon footprint.
- Supporting community programs in education and healthcare, reflecting its commitment to social responsibility.
These efforts align with global sustainability goals and enhance TRIL’s reputation as a responsible corporate citizen.
Future Outlook
TRIL’s strategic roadmap for the coming years focuses on five key pillars:
- Renewable Energy Expansion: Establishing a dedicated manufacturing line for renewable transformers by December 2024 to capitalize on India’s clean energy push.
- Export Growth: Aiming to achieve 25% of revenue from exports within two years, targeting high-growth markets.
- Backward Integration: Enhancing efficiency by producing critical components in-house, reducing dependency on external suppliers.
- Operational Excellence: Optimizing costs and resources to maintain competitiveness.
- Technological Innovation: Investing in R&D to develop next-generation high-voltage transformers.
This forward-looking strategy positions TRIL to leverage emerging opportunities in the energy sector while reinforcing its market leadership.
Conclusion
Transformers & Rectifiers (India) Limited has come a long way from its origins as a small workshop in 1981. Today, it stands as a global leader in transformer manufacturing, driven by a commitment to quality, innovation, and sustainability. With a strong financial performance in FY 2024-25, a diverse product portfolio, and a clear vision for the future, TRIL is poised to play a pivotal role in shaping India’s energy landscape. As it continues to expand its reach and capabilities, TRIL remains dedicated to delivering value to its stakeholders and contributing to a sustainable tomorrow.