Transformer and Rectifiers Stock Soars with HVDC Entry

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This PowerGrid order marks TARIL’s entry into the HVDC transformer space, which is a niche, high-technology, and high-barrier segment.

By S JHA

Mumbai, December 12, 2025 — Shares of Transformers India Limited (TARIL) and Rectifiers gained over 15% in trades on Friday after bagging a key order from the PowerGrid Corporation. Brokerages are betting on a rerating of TARIL as the company gets a pivotal entry into the HVDC transformer space.

The TARIL stock has corrected over 40% in the last six months. But the Friday trades brought a turnaround in the fortunes of heavily battered stock.

“TARIL has secured a domestic order worth ₹53.33 crore from Power Grid Corporation of India (PGCIL). The project involves repair, erection, testing, and commissioning of a 397 MVA HVDC Converter Transformer,” said ICICI Direct in a research note on Friday.

The brokerage stated that “delivery under the contract is scheduled by FY27. This order marks TARIL’s entry into the HVDC transformer space, which is a niche, high-technology, and high-barrier segment.”

“Breaking into this market strengthens the company’s technical credentials and opens the door to more specialised grid-modernisation projects ahead,” added the brokerage.

In the recent months, several of the companies operating in the transformer manufacturing space have heavily corrected. The likes of Shilcher Technologies and Voltamp Transformers are also trading below their peaks.

TARIL is a leading Indian manufacturer of power, furnace, and rectifier transformers. It’s known for critical infrastructure components. “Operating from plants in Ahmedabad, the company serves power/industrial sectors globally, focusing on high-capacity, high-voltage transformers, with strategic expansion, R&D in green tech, and strong financial growth though managing receivables and expansion,” added the brokerage.

(Disclaimer: This article makes no recommendation for buy or sell of shares of any company)