Satyen Mamtora, MD & CEO of Transformers and Rectifiers (India) Limited (TRIL), said the company does not expect any impact on pricing or order inflows, as its production capacity is already committed well into the future. “As far as we see… we don’t see any major impact in terms of pricing or in terms of orders,” he said. “We are also booked pretty much for the next 30 months.”
Mamtora added that the policy could even benefit domestic manufacturers by easing shortages of critical raw materials. He said some of the Chinese companies are ancillary suppliers that manufacture components such as bushings, which could improve the availability of inputs and help Indian transformer makers increase production and deliver orders faster.
He also downplayed concerns over Chinese manufacturing capacity. Based on the company’s estimates, only one of the four Chinese firms manufactures transformers in India, with an expected output of around 144 transformers a year. “I don’t see a lot of pressure on the price or a lot of pressure on the orders,” he said.
Harshit Kapadia, Vice President-Industrial, Defence, Railway, Consumer Electrical/Durables/Electronics at Elara Securities, echoed that view. He said only one Chinese company is currently operational, while the remaining three would need considerable time to restart operations, hire employees and update technology. Since the exemption is valid for only two years, he believes the near-term competitive risk remains limited.
Kapadia estimates that Chinese manufacturers could add around 120 transformers annually, representing only a single-digit share of India’s overall transformer market. As a result, he expects the impact on domestic players to remain minimal unless the exemption period is extended.
The confidence also reflects the industry’s strong demand outlook. Mamtora said the supply-demand gap remains significant, as seen from TRIL’s 30-month order book, and expects the sector’s growth momentum to continue for years. “The tailwind… will last until 2037,” he said.
Despite growing export opportunities, Mamtora said the company’s immediate priority is to serve the domestic market, where demand remains exceptionally strong. According to him, Indian manufacturers will focus on meeting local requirements first before expanding aggressively into overseas markets.
Watch the full conversation here
Ahmedabad-based Transformers and Rectifiers (India) Ltd (TRIL) has a market capitalisation of around ₹10,145.61 crore. The stock has fallen nearly 31% over the past year.
Catch all the latest updates from the stock market here
