NSE: VOLTAMP · BSE: 532757
VOLTAMP TRANSFORMERS LTD
Manufactures power and distribution transformers from a base in Vadodara, Gujarat, operating across 19 Indian locations. Q1 FY27 revenue from operations rose 28% year-on-year to Rs 543.78 crore, while full-year FY26 revenue stood at Rs 2,153.69 crore. The order book was Rs 1,510 crore as disclosed in the FY26 annual report, and existing manufacturing capacity was running above 100% utilisation, prompting a Rs 90 crore capex plan (funded entirely through internal accruals) for a new 2,300 MVA dry-type transformer facility near Vadodara, to be built in 12-14 months. A new EHV (extra high voltage) facility is expected to be operational from July 2026 to serve demand over the next 5-6 years. Materials are the dominant cost at 77.9% of revenue, with employee costs at 3.5% and other operating expenses at 6.2%. Exports contributed 3.24% of FY26 revenue, shipped to 27 countries. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Transformers. Capital-goods, asset-heavy transformer manufacturer in the heavy electrical equipment industry.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,127 | 1,385 | 1,616 | 1,934 | 2,154 |
| EBITDA (ex other income) | 139 | 231 | 322 | 366 | 355 |
| margin % | 12.3 | 16.7 | 19.9 | 18.9 | 16.5 |
| Owners' profit | 133 | 200 | 307 | 325 | 305 |
| EPS, as reported (₹) | 131.30 | 197.63 | 303.80 | 321.65 | 301.85 |
| ROE % · ROCE % | 14.1 · 18.2 | 18.1 · 23.3 | 22.7 · 29.1 | 20.5 · 27.1 | 17.0 · 22.3 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 66 | 168 | 216 | 219 | 140 |
| Capex | (19) | (8) | (19) | (60) | (125) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 398 | 484 | 625 | 424 | 483 | 630 | 617 | 544 |
| Profit before tax | 104 | 102 | 129 | 105 | 104 | 130 | 67 | 118 |
| Net profit | 76 | 73 | 97 | 80 | 79 | 99 | 48 | 91 |
| EPS (₹) | 74.87 | 72.55 | 95.70 | 78.63 | 77.94 | 97.94 | 47.35 | 90.17 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BHEL | 1,41,563 | 58.2 | 5.41 | 47.1 | 6.1 | 4.7 | 14.3 | 9.3 |
| ABB INDIA LIMITED | 1,37,523 | 46.0 | 14.72 | — | 23.0 | 10.2 | — | 15.2 |
| CG POWER AND IND SOL LTD | 1,31,087 | 85.8 | 15.99 | 71.3 | 14.6 | 19.2 | 33.2 | 14.7 |
| HITACHI ENERGY INDIA LTD | 1,26,820 | 110.2 | 24.50 | — | 19.1 | 24.7 | — | 16.9 |
| SIEMENS LTD | 1,20,079 | 36.7 | 8.67 | 33.8 | 19.9 | 20.6 | 31.1 | 11.6 |
| GE VERNOVA T&D INDIA LTD | 1,04,269 | 79.9 | 38.76 | — | 45.8 | 57.9 | — | 27.4 |
| SIEMENS ENERGY INDIA LTD | 1,01,282 | 68.1 | 21.05 | — | 14.3 | 15.8 | — | 25.9 |
| SUZLON ENERGY LIMITED | 51,299 | 16.4 | 5.42 | 15.9 | 33.4 | 22.7 | 38.0 | 16.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 33.1 | 36.5 | 16 of 34 | 55% |
| P/B | 5.9 | 5.4 | 18 of 33 | 47% |
| ROCE | 22.3 | 16.6 | 11 of 36 | 71% |
| ROE | 17.0 | 14.7 | 16 of 34 | 55% |
| Debt / Equity | 0.0 | 0.1 | 1 of 34 | 67% |
| EBITDA margin | 22.4 | 16.4 | 11 of 35 | 71% |
| Revenue growth | 28.4 | 17.7 | 12 of 33 | 66% |
| Profit growth | 14.7 | 6.7 | 15 of 32 | 55% |
| Market cap | 10492 | 6267 | 14 of 35 | 62% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 21 Oct 2026 · Board meeting on Oct 29, 2026 to approve Q2 and H1 FY26-27 results | results | low | — | — |
| 10 Oct 2026 · RTA confirms share dematerialisation for quarter ended Sept 2026 | compliance | minimal | — | — |
| 7 Oct 2026 · Voltamp Transformers starts commercial production at new Unit-III plant | business updates | high | — | — |
| 24 Sept 2026 · Trading window closed from Oct 1, 2026 ahead of Q2 results | compliance | minimal | — | — |
| 12 Aug 2026 · CARE Ratings reaffirms Voltamp Transformers bank facility ratings | credit debt | medium | — | — |
| 6 Aug 2026 · Voltamp Transformers to attend investor conferences in Singapore | board shareholder meetings | low | — | — |
| 1 Aug 2026 · Newspaper publication of Q1 FY27 unaudited financial results | compliance | minimal | — | — |
| 31 Jul 2026 · Voltamp Transformers AGM 2026: All 4 resolutions passed, Rs 100 dividend declared | compliance | minimal | — | — |
| 31 Jul 2026 · Proceedings of 59th Annual General Meeting filed with BSE | board shareholder meetings | low | — | — |
| 31 Jul 2026 · Press release for Q1 FY27 results (quarter ended June 30, 2026) | compliance | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.