New Delhi/Mumbai — December 15, 2025: Transformers and Rectifiers (India) Limited (NSE: TARIL, BSE: 532928) is back on traders’ radar after a sharp rebound from last week’s 52-week low, powered by heavy volumes, fresh order momentum headlines, and management commentary that the company expects to close the year with a much larger order book.
On Monday, TARIL shares rose as much as ~11% intraday to around ₹312, extending gains for a second straight session and taking the two-day rally to roughly 30% from the recent trough. [1]
This bounce comes after a bruising slide that dragged the stock to a 52-week low of ₹230.10 on December 11, while the 52-week high stands at ₹648.90—a reminder that the counter remains highly volatile even after today’s relief rally. [2]
What’s driving the TARIL share price jump on 15 December 2025?
The market is reacting to a mix of “bad news digestion” + “order-flow narrative”—a classic small/mid-cap cocktail where sentiment can turn faster than fundamentals.
1) A high-volume rebound after a steep drawdown
According to LiveMint, TARIL had been under sustained pressure between Nov 10 and Dec 12, losing nearly 40% over that stretch before snapping back sharply. [3]
MarketsMojo also flagged exceptional trading activity on Dec 15: about 2.37 crore shares traded (value ~₹698 crore), with the session seeing a wide range from roughly ₹271–₹312, underscoring both interest and volatility. [4]
2) Management says “₹8,000 crore order book” is the year-end goal
In a key catalyst headline on Dec 15, Chanchal S. Rajora (Group CFO & Advisor) told NDTV Profit the company expects to close the year with an order book of ~₹8,000 crore, adding that the firm intends to maintain its order guidance and is seeing enquiries “well into the line of execution.” [5]
He also pointed to a “landmark transformer repair order” as opening a new avenue—important because repair/refurbishment work can sometimes mean steadier demand and potentially different margin dynamics than pure manufacturing cycles. [6]
3) Recent “signature” HVDC order adds a premium narrative
The rebound is also being linked to a domestic order win disclosed earlier this month: TARIL announced an order of ₹53.33 crore from Power Grid Corporation of India for repair, erection, testing and commissioning of a 397 MVA HVDC Converter Transformer and related works, with delivery by the next financial year. [7]
In the same filing, the company described it as an HVDC converter transformer order and said it is the first Indian-origin private-sector company to receive such an order, positioning it as entry into a “unique club” of HVDC transformer manufacturers—language that tends to excite markets when the broader grid capex theme is hot. [8]
The context investors are not forgetting: Q2 disappointment + World Bank-related overhang
Today’s rally doesn’t erase the reasons the stock fell in the first place. Two issues dominated the downswing:
Weak September-quarter (Q2 FY26) performance and margin pressure
Economic Times reported that the stock’s decline accelerated after a weak quarter ended Sept 30, with profit down year-on-year and margins compressing. [9]
A separate ICICI Securities result update (Nov 11, 2025) described Q2 FY26 as disappointing, with revenue ~₹460 crore, profitability hit by costs and execution disruptions, and the quarter impacted by raw material shortage and heavier-than-normal monsoons (including delayed site readiness pushing deliveries into H2). [10]
World Bank sanctions/debarment headlines, followed by a partial relief update
LiveMint notes that negative news flow included reports that the company was debarred from World Bank–financed projects, adding to the sell-off pressure. [11]
The company made exchange disclosures around this issue in November:
- Nov 10, 2025 (exchange disclosure): TARIL said it received a World Bank notice related to a sanctions proceeding connected with a Nigeria electricity transmission project, and that it would contest the matter and submit its reply; it also stated the debarment was limited to participation in World Bank-funded projects and that it had no ongoing/pending orders under such projects (hence “no material impact,” per the disclosure). [12]
- Nov 14, 2025 (exchange update): TARIL disclosed that the World Bank removed the company’s name from the debarred list on its website, and granted an extension to submit the company’s explanation, with a new deadline of 12 January 2026. [13]
For the market, this creates a “two-sided” setup: relief that the listing changed, but also a calendar risk because the matter is not fully closed until the process concludes.
Forecasts and analyst view: Big upside consensus vs “show me execution” caution
The forecasting picture is… gloriously inconsistent, which usually means uncertainty is high.
Consensus target snapshot (aggregators)
Trendlyne shows TARIL with an average share price target of ₹516, implying an upside of about 68.57% from the referenced last price on its page, based on two analysts/reports. [14]
A notable downgrade: ICICI Securities shifts to HOLD
ICICI Securities (Nov 11, 2025) explicitly downgraded the stock to HOLD with a revised target price of ₹275, arguing TARIL needs to materially improve order execution and order intake in H2 FY26 to regain its trajectory. [15]
The same note also highlighted what investors should watch operationally:
- Order backlog ~₹5,472 crore and bid prospects ~₹18,700 crore [16]
- A revised FY26 revenue guidance range of ~₹2,500–₹2,600 crore (down from a prior ₹3,500 crore guidance in the note) and margin expectations normalising later in the year [17]
- Capacity expansion plans (with timelines extending into 2026) that could influence execution capacity and growth [18]
How to read this split: optimistic targets generally assume TARIL converts its bid pipeline into executable orders and ramps delivery smoothly; cautious notes focus on the risk that execution delays and margins can disappoint again, especially in a stock that’s already proven it can move violently in both directions.
Technical and trading view on 15 Dec: Momentum is back, but the tape is still wild
MarketsMojo’s intraday data on Dec 15 shows a wide range and elevated volatility, with the stock trading above shorter moving averages but still dealing with longer-term repair work after the steep fall (a common pattern in sharp rebounds). [19]
Meanwhile, the macro “map” on the stock remains extreme: ₹230.10 (52-week low) to ₹648.90 (52-week high). That’s not a gentle slope—it’s a cliff face. [20]
What to watch next in Transformers and Rectifiers (India) Ltd stock
If you’re tracking TARIL from here, the next move is likely to be shaped by a few concrete triggers rather than vibes:
- Order book trajectory vs the ₹8,000 crore narrative
Management commentary has put ₹8,000 crore in the spotlight. The market will watch for follow-through via new wins and updates. [21] - Execution in H2 FY26 and margin recovery
Broker commentary has stressed that H2 execution is the real test after Q2 disruptions. [22] - HVDC segment optionality
The Power Grid HVDC order is small in value but big in signaling; investors will watch whether it becomes a repeatable category rather than a one-off headline. [23] - World Bank process timeline risk
The disclosed response deadline of 12 January 2026 is a date markets may front-run—either with fear, relief, or both. [24]
Bottom line
Transformers and Rectifiers (India) Ltd is staging a powerful rebound on Dec 15, 2025—driven by high-volume value buying, order-related optimism (including HVDC headlines), and management reaffirmation around a much larger year-end order book. [25]
But TARIL is not a “quiet compounding” story right now. It’s a stock where the market is aggressively repricing execution confidence—and that means every order update, margin datapoint, and regulatory headline can matter more than usual.
References
1. m.economictimes.com, 2. www.nseindia.com, 3. www.livemint.com, 4. www.marketsmojo.com, 5. www.ndtvprofit.com, 6. www.ndtvprofit.com, 7. bsmedia.business-standard.com, 8. bsmedia.business-standard.com, 9. m.economictimes.com, 10. www.icicidirect.com, 11. www.livemint.com, 12. nsearchives.nseindia.com, 13. bsmedia.business-standard.com, 14. trendlyne.com, 15. www.icicidirect.com, 16. www.icicidirect.com, 17. www.icicidirect.com, 18. www.icicidirect.com, 19. www.marketsmojo.com, 20. www.nseindia.com, 21. www.ndtvprofit.com, 22. www.icicidirect.com, 23. bsmedia.business-standard.com, 24. bsmedia.business-standard.com, 25. m.economictimes.com
