Power Grid Corporation Places Rs 53.33-Crore HVDC Project Order with Transformers and Rectifiers

Transformers and Rectifiers (India) has bagged an order worth Rs 53.33 crore from Power Grid Corporation of India for works related to HVDC converter transformers.

In a regulatory filing, the company said the contract covers the repair, erection, testing, and commissioning of a 397 MVA HVDC converter transformer. The work is expected to be completed by the next financial year.

The company also clarified that neither its promoters nor its promoter group have any interest in the awarding authority, adding that the order does not qualify as a related-party transaction under applicable regulations.

Transformers and Rectifiers (India) is among the country’s leading transformer manufacturers, serving power generation, transmission, distribution, and industrial sectors. Its product portfolio includes single-phase power transformers up to 500 MVA and 1200 kV, furnace and rectifier transformers, distribution transformers, and specialised units for locomotives, solar projects, green hydrogen systems, and mobile substations. With an installed manufacturing capacity of 40,000 MVA, the company caters to clients in over 25 countries.

Financially, the company reported consolidated revenue of Rs 460 crore in Q2 FY26, nearly flat compared with Rs 462 crore a year earlier. Its profit after tax declined 19% to Rs 37.5 crore, with the PAT margin dropping to 7.9% from 9.7%. Shares of the company slipped 0.54% to Rs 246.70 on the BSE.

Power Grid Corporation of India, a Maharatna PSU and the country’s central transmission utility, is majority-owned by the Government of India with a 51.34% stake as of 30 September 2025. The company posted a 5.98% year-on-year decline in consolidated net profit to Rs 3,566.08 crore in Q2 FY26, even as revenue rose 1.75% to Rs 11,475.95 crore. Its stock gained 0.48% to Rs 269.60 on the BSE.