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Shares of Transformers & Rectifiers (India) Ltd. (TARIL) jumped more than 10% on Thursday, October 1, after the Union Cabinet approved the ₹1.86 lakh crore PM-DHARA Scheme a day earlier. The government's large-scale investment in power transmission infrastructure has brought transformer manufacturers into focus, as the planned expansion of electricity networks could create additional demand for power transformers.
The PM-DHARA scheme, or PM-Developing Harmonized and Accelerated Renewable-energy Access, is aimed at strengthening intra-state transmission infrastructure and deploying 50 GWh of battery storage to facilitate the evacuation of up to 135 GW of renewable energy. The initiative assumes importance as India works towards its target of 500 GW of renewable energy capacity by 2030.
Under the scheme, ₹1.36 lakh crore has been earmarked for intra-state transmission infrastructure. The planned investment is expected to support the expansion and modernisation of electricity networks across states, potentially creating opportunities for transmission equipment manufacturers and project developers.
For transformer makers such as TARIL, increased investment in transmission infrastructure could support demand as utilities expand capacity and upgrade existing networks.
The stock rose as much as 10.5% to hit an intraday high of ₹298.70 on Thursday. Despite the sharp move, the stock remained below its 52-week high of ₹501.25, recorded in October 2025. Its 52-week low stands at ₹224.30, touched in February 2026.
On a shorter-term basis, TARIL has declined around 6% in one month and 10% over three months. The stock has fallen more than 40% over the past year. However, its longer-term performance remains significant, with the shares delivering multibagger returns of more than 2,000% over five years.
According to Jigar S Patel, Senior Manager - Technical Research at Anand Rathi Share and Stock Brokers Limited, TARIL is likely to remain in a sideways consolidation phase unless it decisively moves beyond key support or resistance levels.
“Immediate support is placed at ₹280–285, aligned with the 200-week EMA, while ₹325 remains the major resistance. Until a decisive breakout, the stock is likely to remain range-bound between these key levels,” Patel said.
The ₹280-285 zone is therefore considered an important long-term support area, while ₹325 represents the key resistance level. A sustained move above ₹325 could signal renewed upward momentum, whereas a decisive fall below ₹280 could weaken the current technical structure.
TARIL has significantly expanded its manufacturing footprint, taking installed capacity to more than 75,000 MVA from 40,000 MVA earlier. Production also reached a record 33,763 MVA in FY26, compared with 29,118 MVA in FY25.
The company is strengthening its manufacturing capabilities through backward integration into CTC, pressboard, RIP bushings and fabrication. These facilities are eventually expected to fulfil around 80%-85% of the company's raw-material requirements internally.
TARIL ended FY26 with an unexecuted order book of ₹5,005 crore, while inquiries under negotiation exceeded ₹23,000 crore. In the June quarter, order inflow jumped 218% year-on-year to ₹2,114 crore, taking the order book to ₹6,630 crore as of June 30.
Order momentum has continued into FY27. On August 14, TARIL received a large order from APTRANSCO for transformer manufacturing, with deliveries scheduled over 13 months. On August 29, it secured another large order from Megha Engineering and Infrastructures, to be executed over 35 months.
The latter order marks TARIL's entry into the nuclear power sector. The company will supply generator transformers for NPCIL's Kaiga Units 5 and 6 project in Karnataka, comprising two 700 MWe reactors. This is TARIL's first nuclear-sector order.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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