Vilas Transcore Limited (VILAS)
Latest quarterly results (H2 FY26)
VILAS delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 68.38% of the VILAS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 75.3%. That is close to its usual level.
Delivery in the last 5 sessions: 81.0% · 91.2% · 70.7% · 88.5% · 68.4%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Vilas Transcore Limited has submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate issued by Registrar and Share Transfer Agent Accurate Securities & Registry Private Limited confirms that dematerialisation requests received during the period July 1, 2026 to September 30, 2026 were processed within the mandated timelines. The physical share certificates were mutilated or cancelled post-verification, and depository names were updated accordingly. This is a purely procedural regulatory filing with no financial or operational impact.
- Compliance certificate filed for the quarter ended September 30, 2026
- Issued by Registrar and Share Transfer Agent Accurate Securities & Registry Private Limited
- Covers dematerialisation requests processed during the period July 1, 2026 to September 30, 2026
- Confirmed timely mutilation/cancellation of physical share certificates under Regulation 74(5)
Vilas Transcore Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. Issued by its Registrar and Share Transfer Agent, Accurate Securities & Registry Private Limited, the certificate covers the quarter from July 1, 2026, to September 30, 2026. The RTA confirmed that all securities received for dematerialisation were processed and listed within the mandated timelines, and physical certificates were duly mutilated and cancelled. This is a standard procedural filing with no operational or financial impact.
- Compliance certificate pertains to the period from July 1, 2026, to September 30, 2026
- Issued by Registrar and Share Transfer Agent Accurate Securities & Registry Private Limited on October 1, 2026
- Confirms dematerialisation requests were processed and listed within SEBI stipulated time limits
- Securities received were duly verified, mutilated, and cancelled as per regulatory guidelines
Shareholders of Vilas Transcore Limited approved the re-appointment of key leadership at the 20th Annual General Meeting held on September 28, 2026. Founder promoter Nilesh Jitubhai Patel was re-appointed as Managing Director, and Vipulkumar Patel was re-appointed as Whole-time Director. Additionally, Natasha Patel's re-appointment upon retirement by rotation as Non-Executive Director was approved. All appointments conform to regulatory norms with no debarment under SEBI orders.
- Shareholder approval granted at the 20th AGM held on September 28, 2026
- Founder promoter Nilesh Jitubhai Patel re-appointed as Managing Director (effective March 1, 2026)
- Vipulkumar Patel re-appointed as Whole-time Director and CFO (effective March 1, 2026)
- Natasha Patel re-appointed as Non-Executive Director following retirement by rotation
Vilas Transcore Limited reported the voting results of its 20th Annual General Meeting held on September 28, 2026. All six resolutions were approved by shareholders with the requisite majority, including the re-appointment of Managing Director Nilesh Jitubhai Patel and Whole-time Director Vipulkumar Patel. Additionally, an ordinary resolution to approve material related party transaction limits with Atlas Transformers India Limited was passed, receiving 99.76% votes in favour among non-promoter voters.
- All 6 resolutions passed at the 20th AGM with over 99.7% approval on votes polled
- Managing Director Nilesh Jitubhai Patel re-appointed via special resolution with 99.99% votes in favour
- Material Related Party Transaction limits approved with Atlas Transformers India Limited (4,08,500 votes in favour vs 1,000 against)
- Total voter participation was 1,83,06,330 shares, representing 74.78% of outstanding shares (promoters did not vote on the RPT item)
Credit rating agency ICRA has reaffirmed Vilas Transcore Limited's credit ratings for bank facilities totaling Rs 44.98 crore. The company's long-term cash credit facility of Rs 3.00 crore was reaffirmed at [ICRA]A- with a Stable outlook. Meanwhile, the short-term letter of credit facilities of Rs 41.98 crore were reaffirmed at [ICRA]A2+. The total rated facilities are supported by lenders ICICI Bank and HDFC Bank.
- Total bank facilities rated stand at Rs 44.98 crore across ICICI Bank and HDFC Bank
- Long-term cash credit facility of Rs 3.00 crore reaffirmed at [ICRA]A- with Stable outlook
- Short-term letter of credit facility of Rs 41.98 crore reaffirmed at [ICRA]A2+
- Ratings review completed based on evaluation dated September 11, 2026
Vilas Transcore Limited has commercially launched a new line of Paper Covered Copper Conductors (PCCS) and Paper Covered Aluminium Conductors (PCAS) effective September 15, 2026. The products cater to the transformer components and allied electrical products segment for both domestic and global markets. This move aligns with the company's stated strategy to broaden its portfolio into high-value transformer components beyond CRGO laminations. While the company stated that the launch does not currently trigger the quantitative materiality threshold under SEBI Listing Regulations, it expands their component footprint with more copper products planned.
- Commercial sales commenced on September 15, 2026 for PCCS and PCAS products
- Products targeted globally at the transformer components and allied electrical products segment
- Expands portfolio beyond existing CRGO Laminations, Nanocrystalline Cores, and Radiators
- Company clarified the launch does not yet cross the SEBI Schedule III materiality threshold
Vilas Transcore Limited has issued notice convening its 20th Annual General Meeting (AGM) on September 28, 2026, via video conferencing. Key agenda items include the re-appointment of Managing Director Nilesh Jitubhai Patel and Whole-Time Director Vipulkumar Patel for 5-year terms (March 1, 2026, to February 28, 2031). The company is also seeking shareholder approval for material related-party transactions with Atlas Transformers India Limited up to a limit of Rs 100 crore over a 12-month period. Remote e-voting is scheduled from September 25 to September 27, 2026, with the cut-off date set as September 18, 2026.
- 20th AGM scheduled for September 28, 2026, via Video Conferencing.
- Approval sought for material related-party transactions up to Rs 100 crore with Atlas Transformers India Limited.
- Re-appointment of Managing Director Nilesh Jitubhai Patel for a 5-year tenure through February 28, 2031.
- Remote e-voting open from September 25 to September 27, 2026, with record/cut-off date of September 18, 2026.
Vilas Transcore Limited has received manufacturer approval from Power Grid Corporation of India Limited (PGCIL) for its Unit-3 facility. This approval allows the company to supply Prime CRGO Coils Slitting and Laminations for transformers and reactors up to the 220 kV class for POWERGRID projects. The approval is valid until August 12, 2027, and is a critical milestone for the company's Unit-3, which is central to its plan to triple manufacturing capacity from 12,000 MTPA to 36,000 MTPA by Q2 FY2026.
- Received manufacturer approval from PGCIL on August 13, 2026, for Unit-3.
- Approval covers transformer and reactor components up to the 220 kV class.
- The manufacturer approval is valid for a period ending August 12, 2027.
- Supports the company's strategy to triple capacity to 36,000 MTPA from the current 12,000 MTPA.
- Unit-3 assessment was conducted by a nominated committee to ensure compliance with POWERGRID specifications.
Vilas Transcore reported a strong Q1 FY27 with revenue growing 18.2% YoY to Rs 132.4 Cr, despite a 20% decline in CRGO raw material prices. The growth was primarily driven by a 41.2% surge in CRGO lamination volumes to 6,550 MT, reflecting the ramp-up of its expanded 36,000 MTPA capacity. The company successfully commercialized its Radiator segment in April 2026 and is on track to start Copper Conductor production in September 2026. Additionally, the company invested Rs 9.06 Cr in land acquisitions to support future manufacturing expansion.
- Net revenue increased to Rs 132.4 Cr in Q1 FY27 from Rs 112.02 Cr in Q1 FY26.
- CRGO Lamination production volume grew 41.2% YoY to 6,550 MT for the quarter.
- New Radiator segment contributed Rs 1.2 Cr in revenue within two months of commencement.
- Acquired 12 acres of land and an adjacent building for a total of Rs 9.06 Cr for future expansion.
- Management maintains a volume growth target of 45%-50% for the CRGO Lamination business in FY27.
Financial Performance
Revenue Growth by Segment
Total Income grew 15% YoY to INR 362 Crore in FY25 from INR 313 Crore in FY24. In H1 FY26, revenue from operations reached INR 229 Crore, a 41% YoY increase, driven by full utilization of existing capacity and robust demand from transformer OEMs.
Geographic Revenue Split
Not disclosed in available documents, though the company serves both domestic and international markets and is actively looking to expand its international footprint.
Profitability Margins
PAT margin stood at 10.7% in H1 FY26. For FY25, PAT was INR 34 Crore, representing a 48% YoY increase from INR 23 Crore in FY24, driven by operating leverage and a better product mix.
EBITDA Margin
EBITDA margin improved to 14.8% in FY25 compared to 10.7% in FY24. In H1 FY26, EBITDA (excluding other income) was INR 31 Crore, up 74% YoY with a margin of 13.6%.
Capital Expenditure
The company raised approximately INR 95.25 Crore through an IPO in May 2024 to fund the setting up of a new factory (Unit 3) and working capital requirements. Total IPO proceeds utilized as of Nov 2025 were INR 79.85 Crore.
Credit Rating & Borrowing
ICRA upgraded the long-term rating to [ICRA]A- (Stable) from [ICRA]BBB+ (Positive) in June 2024 and reaffirmed it in July 2025. Short-term rating is [ICRA]A2+. The company is net-debt-free with no external debt as of mid-2025.
Operational Drivers
Raw Materials
CRGO (Cold Rolled Grain Oriented) coils are the primary raw material, representing the bulk of input costs.
Import Sources
Sourced from both domestic and international suppliers to maintain sourcing flexibility and mitigate supply chain disruptions.
Key Suppliers
Not disclosed in available documents; however, the company maintains a diversified supplier base to ensure supply chain continuity.
Capacity Expansion
Current manufacturing capacity is 12,000 MTPA. The company is tripling this to 36,000 MTPA through the commissioning of Unit 3, scheduled for Q2 FY2026.
Raw Material Costs
Raw material costs are influenced by global market trends and geopolitical factors. The company manages this through a disciplined procurement strategy and maintaining buffer inventory.
Manufacturing Efficiency
Total production volume in FY25 was 12,069 metric tons, reflecting 10% YoY growth and full utilization of existing capacity.
Strategic Growth
Expected Growth Rate
41%
Growth Strategy
Growth will be achieved by tripling manufacturing capacity to 36,000 MTPA by Q2 FY2026, expanding into high-value adjacent product segments, and increasing penetration in both domestic and international markets.
Products & Services
Transformer cores, laminations, and other critical components used in power transformers.
Brand Portfolio
Vilas Transcore.
New Products/Services
Expansion into high-value product segments and adjacent transformer components is expected to drive future revenue growth.
Market Expansion
Targeting expansion in international markets and widening the domestic market reach through enhanced production capabilities.
External Factors
Industry Trends
The industry is seeing robust demand from transformer OEMs. Vilas is positioning itself by scaling up precision manufacturing and adopting new technologies to meet higher precision requirements.
Competitive Landscape
Faces competition from domestic players scaling up and imported alternatives, leading to pricing challenges in large-scale contracts.
Competitive Moat
Moat is built on quality, reliability, and long-standing relationships with transformer OEMs. Sustainability is supported by the massive capacity expansion which provides economies of scale.
Macro Economic Sensitivity
Highly sensitive to the power infrastructure sector and demand for power transformers, which are linked to national grid expansions and industrial growth.
Consumer Behavior
Not applicable as the company is a B2B supplier to industrial OEMs.
Geopolitical Risks
Geopolitical risks impact the supply and pricing of imported CRGO coils, which are essential for production.
Regulatory & Governance
Industry Regulations
Operations are subject to regulatory developments and policy shifts in the power and manufacturing sectors.
Risk Analysis
Key Uncertainties
Execution risk associated with the Unit 3 capacity expansion and potential volatility in raw material prices (CRGO) which could impact margins by 2-3%.
Third Party Dependencies
High dependency on suppliers of CRGO coils; any supply disruption could halt production.
Technology Obsolescence Risk
Risk is managed through continuous focus on innovation in product and process and scaling into higher precision manufacturing.
Credit & Counterparty Risk
Trade receivables increased by INR 23.07 Crore in H1 FY26, suggesting a need for careful monitoring of counterparty credit quality.
