TARIL drops after CEO resigns
Transformer & Rectifiers appoints new CEO as Q3 net profit rises 37% year-on-year on robust revenue growth
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India, Gujarat, Ahmedabad: Transformer & Rectifiers (TARIL) saw its share price fall 9.15 % to $14.33 (Rs 291.85) following the resignation of CEO Mukul Srivastava, effective at the close of business on 7 January 2026. The company cited personal reasons for his departure.
Satyen J. Mamtora, the company’s managing director and a second-generation entrepreneur with over 30 years of experience in the transformer and power equipment sector, has been appointed CEO from 8 January 2026. Mamtora joined TARIL in 1997 as director of marketing and has been instrumental in expanding its market reach and strengthening global customer relationships, helping the company evolve from a regional manufacturer to a globally recognised transformer firm.
Despite the leadership change, TARIL reported strong Q3 results. Consolidated net profit rose 36.93 % year-on-year to $8.4 M (Rs 75.97 crore), while revenue from operations increased 31.71 % to $81.7 M (Rs 736.76 crore) compared with Q3 FY25. Profit before tax jumped 46.2 % to $12 M (Rs 107.79 crore), and EBITDA rose 38 % to $14.3 M (Rs 129.24 crore), with margins improving to 17.54 % from 16.76 % the previous year.
The company’s unexecuted order book stood at $604 M (Rs 5,450 crore=, up 47.86% year-on-year. TARIL has set a revenue target of $288 M (Rs 2,600 crore) for the current financial year.
Headquartered in Ahmedabad, TARIL manufactures a broad range of transformers and reactors for power generation, transmission, distribution, and industrial sectors. Its portfolio includes single-phase transformers up to 500 MVA and 1200 kV, furnace and rectifier transformers, distribution units, and specialised products for solar power, green hydrogen, locomotive traction, and mobile substations.
Source: Business Standard
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