India, July 21 -- Even a strong order book and a fresh billion-rupee win from a state utility weren't enough to cheer investors this week. Shares fell sharply after quarterly profit came in lower than expected, with the company blaming reduced plant capacity during an ongoing expansion for the miss. The bigger question now is whether the order pipeline can carry growth once the expansion wraps up.

With a market capitalization of around 9,505 crore, shares of Transformers and Rectifiers India Limited (TARIL) were trading at 317, with a 52-week range of 578.50 to 224.05, and they are trading at a P/E of approximately 37.

Q1 Numbers Tell a Mixed Story On a consolidated basis, revenue rose 8% year-on-year to 572 crore, though it was down 27...