In summary
Kamath’s capacity (similar to voltamps 15000 MVA) and focus on solar and distribution transformers does not appear as a direct competitor to TARIL, which excels in grid-scale and industrial applications with a planned 70,000 MVA capacity. While Waaree’s financial resources could scale Kamat’s capabilities in the medium term, entering TARIL’s HV/UHV market would require substantial investment and technological upgrades, making direct competition unlikely in the near future.
Pls check below comparison.
Detail
Waaree Energies (via KTPL)
TARIL
Transformer Order Book
Current (FY25): 500–800 crore - Total order book: 25 GW (47,000 crore, including solar modules) Transformer portion: 3,000 crore (25 GW × 120 crore/GW)Transformer Realistic estimate: 500–800 crore, including 390 crore for 3 GW EPC orders By FY27 (20 GW module capacity): 1,000–1,500 crore (assuming all modules use KTPL transformers, adjusted for capacity constraints)
Waaree Energies: 3,123crore (FY25, guidance 5,500–6,000 crore for FY26)
320 crore (FY25, +149% YoY)
Order Book Revenue Visibility
Moderate, tied to solar EPC (12–15 months execution) and regional orders; potential growth to 1,000–1,500 crore by FY27
Strong, with 5,100 crore unexecuted and 22,000 crore inquiries
Backward Integration
None for KTPL; Waaree focuses on solar cell/wafer integration
- CRGO Steel for laminations up to 765 kV/500 MVA, expandable to 1,200 kV/1,000 MVA - Tank Fabrication - Transformer Bushings- Radiators: Part of component integration to reduce lead times and costs -
Market Positioning
Regional player (KTPL) supporting Waaree’s solar projects; 15 GW module capacity, targeting 20 GW by FY27
National/global leader in HV/UHV transformers; 10% power transformer share, 50% furnace transformer share
Strategic Focus
Solar EPC and renewable energy integration; KTPL acquisition for transformer supply
HV/UHV grid infrastructure, industrial, railway, and renewable projects; backward integration for cost efficiency
Notes
Waaree Energies (KTPL) :
Transformer order book estimate (500–800 crore in FY25, 1k–1.5k crore by FY27) assuming KTPL supplies transformers for Waaree’s 20 GW module capacity, adjusted for capacity constraints (8k–10k MVA, up to 110 kV) and partial external sourcing.
KTPL’s capacity of 8k–10k MVA aligns with FY24 revenue (1,227 crore) at 0.1–0.15 crore/MVA, focusing on high-volume distribution transformers.
Waaree’s total order book (25 GW, 47k crore) is dominated by solar modules.
TARIL :
Order book (5k crore + 22k crore inquiries) reflects strong demand for HV/UHV transformers, driven by grid upgrades and renewable energy targets.
Backward integration (CRGO steel, tank fabrication, RIP bushings, radiators) enhances margins and reduces production lead times, targeting completion by Q1 FY26.
Planned 70k MVA capacity solidifies economies of scale.
Market Context : India’s 500 GW renewable energy target by 2030 (280 GW solar) drives demand for both distribution transformers (KTPL’s strength) and HV/UHV transformers (TARIL’s strength).
https://youtu.be/bjuNKEDGAEo?si=d9AnrQAwAg6XtQJb Management has guided for revenue of Rs 3,500 crore in FY26. This same target was previously guided for FY27 in earlier conference calls. So, management is now indicating that the target could be achieved earlier than expected. Am I understanding this correctly? Also, I’m new to ValuePickr—thanks!
Last 2 days fall is because of a negative news for TARIL. TGV SRAAC’s production got halted because of transformer failure supplied by taril. Details in below link:
when i was in Transmission industry, our procurement team never touched TRIL transformer as their quality was really in question, it was only Hitachi, GE, BHEL or CG power especially for higher MVA transformers like 500 MVA, but in the last 2 years, the demand outstripped supply TRIL made a windfall. their quality was always in question
@bajji_s
TRIL’s been cranking out 500 MVA transformers since 2013—first dispatch to PGCIL that year, followed by batches like 20 nos. 765 kV/500 MVA autos (2006-11) + 14 nos. (FY18) for PGCIL (34+ total there), and 200+ units up to 500 MVA (incl. multiple 500 MVA autos) for GETCO (2016-19). NTPC: Prestigious high-capacity orders since 2001, though 500 MVA specifics are in broader utility wins.
Key customers:
PGCIL (ongoing mega-orders),
GETCO (“Best Supplier” awards x3),
NTPC, Karnataka/Madhya Pradesh utilities.
Not a “last 2 years windfall”—they’ve been PGCIL’s go-to for grid-critical gear for over a decade.
Failure history? Sparse.
Recent publicized incident: 600 MVA winding failure at TGV SRAAC (supplied 2015, failed Oct 25 after 10 yrs service; TRIL sent engineers/quote immediately). No pattern of high-MVA issues in filings/news—India’s overall transformer failure rate is 12-25% yearly (overloads/maintenance, not maker-specific). If quality was “really in question,” why the repeat PGCIL billion-rupee contracts?
I might be biased here but i think state/national utilities have checks for ensuring quality of a material they want to use for 10-20 years…Were you in transmission, before 2013 ? Any specific TRIL failures your team dealt with, or just hearsay?
atleast private companies like Adani, Sterlite power, Apraava, Tata power have not procured much from TRIL for their TBCB projects from whatever field information and may be here and there, for PGCIL its a different equation, dont want to dwell on that, one more company we used to rely was Toshiba. the above companies that i had listed plus toshiba.. i am in the electricity sector from 2004. for 500 MVA and 400/765 KV voltage level, these are the companies which manufactures as well as TRIL. Below 500 MVA, many companies are there but currently if you see the bids at TBCB in the last 3-4 years, most of the lines that are bid out are 765 KV with 500 MVA transformers in the substation.
The World Bank has debarred Transformers and Rectifiers (India) Ltd. for 3 years and 7 months for fraudulent and corrupt practices in a Nigeria power project, involving undisclosed commissions and improper payments. The sanction, effective November 4, 2025, applies to all its affiliates and may be cross-enforced by other multilateral banks.
As a fellow investor, I tried studying into it – here’s a my view it might be biased..as i am invested
The Issue: TRIL debarred for 3.7 yr (conditional release possible) over alleged fraud (undisclosed agent commissions) and corruption (improper payments to Nigerian officials) during bidding/execution. They didn’t contest it, so it kicked in Nov 4, 2025. High-level involvement noted, but credit for cooperating with the probe.
Key Context – Not as Dire as It Sounds:
No Equipment Problems: Zero mention of quality issues with the transformers supplied. It’s purely about procurement ethics.
Tiny Exposure: Nigeria’s a blip – exports are just 14.6% of FY25’s 2019 Cr revenue, and this project likely <50 Cr (under 3%). TRIL’s bread-and-butter is domestic orders (85%+), with a 5250 Cr order book that’s mostly India-focused.
Common but Risky Practice: “Keeping officials happy” is unfortunately routine in emerging markets like Nigeria, but WB/MDBs are cracking down. it may hit future global tenders, but TRIL’s not WB-dependent (historical exposure <1% revenue).
Short-term dip (-5% post-notice) is noise (hopefully price finds a floor as issue is known now)– Q1 FY26 already +64% YoY to 511 Cr Expected to give good Q2. Long-term, TRIL’s scaling to $1B revenue by FY28 via capacity ramps in Gujarat. Lets Watch for compliance fixes to lift this ban early.
Not financial advice, DYOR. Bullish here – fundamentals trump one-off ethics slip. Thoughts?
Pathetic results along with this WB negative news. FIIs will be the first to dump this stock in my opinion.
Such corrupt practice is a big red flag and who knows it it might also nudge Indian Government Authoritis also to begin investigations and blacklisting TRIL for any Govt tenders.
Nothing like that imho . African countries are like this . You won’t have any business unless you grease some palms but things like this can happen too ,if the palm you greased is replaced due to political shifts .
This is all very common in India as well and it happens to big companies as well ..that does not stop them from doing business .
One example is the below case … This company has not stopped doing business in India or America ,has it ?
Someone will be pushed under the legal bus just like this …company will be fine .
