Transformers and Rectifiers (India) Ltd (TARIL) traded firm today, rising 6.9% to Rs. 305.05 from the previous close of Rs. 285.25. The stock moved in an intraday band of Rs. 288.15–311.45, with VWAP at Rs. 305.65. Volumes were higher, with TTQ at 9.36 lakh shares versus the 2-week average of 1.52 lakh shares, indicating renewed participation in the counter. The stock remains within its 52-week range of Rs. 230.00–650.23, implying a market capitalisation of about Rs. 9,157 crore.

The immediate trigger is order momentum and a re-rating of execution visibility in the domestic transformer cycle. The company has recently secured an order of Rs. 53 crore from Power Grid Corporation of India for repair, erection, testing and commissioning of a 397 MVA HVDC converter transformer and related works. Investors are also reading the sharp move as the stock putting the World Bank-related overhang behind it, with the company indicating that none of its current or upcoming orders involve World Bank funding.

Mr. SP Tulsian said the stock has seen renewed buying interest from informed circles after a phase of accumulation, which typically precedes a breakout in such counters. He added that the recent order wins have improved confidence on the order pipeline and that TARIL, as India’s largest private sector transformer maker with a net debt-free balance sheet, remains well placed to benefit from the long-term growth opportunity in the transformer industry. He also flagged that similar breakout patterns are often seen in select capital goods and defence-linked names once accumulation gets over, advising investors to keep an eye on the broader space.

On the fundamentals, TARIL’s order book has risen to about Rs. 5,500 crore after multiple wins in the past month, and the company has indicated enquiries worth around Rs. 18,700 crore under discussion, largely domestic. Near-term execution, however, remains sensitive to the pace of capacity additions, with the delay in ramp-up at the Moraiya and Changodar facilities having moderated FY26 growth expectations versus FY25, while backward integration initiatives such as CRGO are expected to support margins from FY27 onwards. At current levels, the stock trades at a standalone P/E of about 44.9x, and market participants will track order inflows, commissioning timelines and margin trajectory through FY26–FY27 as key drivers.

The Board is scheduled to meet on 8th Jan to announce its Q3FY26 and 9MFY26 earnings, which will mean the stock will remain in the limelight in the coming days.