Transformers and Rectifiers (India) has secured an order valued at Rs 53.33 billion from Power Grid Corporation of India for work related to HVDC converter transformers. In a regulatory filing, the company said the contract includes the repair, erection, testing and commissioning of a 397 MVA HVDC converter transformer, with completion expected in the next financial year.

The company clarified that neither its promoters nor its promoter group hold any interest in the awarding authority, and the contract does not fall under related-party transactions as per applicable regulations.

Transformers and Rectifiers (India) is one of the country’s leading transformer manufacturers, supplying power generation, transmission, distribution and industrial sectors. Its portfolio ranges from single-phase power transformers of up to 500 MVA and 1,200 kV to furnace and rectifier transformers, distribution units and specialised solutions for locomotives, solar projects, green hydrogen systems and mobile substations. With a manufacturing capacity of 40,000 MVA, the company serves customers in more than 25 countries.

For Q2 FY26, the firm reported consolidated revenue of Rs 4.60 billion, broadly unchanged from Rs 4.62 billion a year earlier. Profit after tax fell 19 per cent to Rs 375 million, with the PAT margin easing to 7.9 per cent from 9.7 per cent. Shares slipped 0.54 per cent to Rs 246.70 on the BSE.

Power Grid Corporation of India, a Maharatna PSU and the central transmission utility, holds majority government ownership at 51.34 per cent as of 30 September 2025. The company posted a 5.98 per cent year-on-year decline in consolidated net profit to Rs 35.66 billion in Q2 FY26, while revenue rose 1.75 per cent to Rs 114.76 billion. Its stock gained 0.48 per cent to Rs 269.60 on the BSE.