Voltamp Transformers Limited (VOLTAMP)
₹10,622.00 +2.19% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Voltamp Transformers' revenue was ₹544 Cr (+28.3% year on year, -11.9% on the previous quarter), and net profit ₹91.2 Cr (+14.0% year on year); the operating margin was 14.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹544 | +28.3% | -11.9% |
| Operating profit | ₹80.3 | +10.0% | -0.9% |
| Net profit | ₹91.2 | +14.0% | +90.0% |
| EPS (₹) | 90.17 | +14.7% | +90.4% |
| Operating margin | 14.8% | — | — |
VOLTAMP delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 44.12% of the VOLTAMP shares traded on NSE were taken to delivery, against the stock's own 20-session average of 47.65%. That is close to its usual level.
Delivery in the last 5 sessions: 47.4% · 42.0% · 33.7% · 50.7% · 44.1%
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
Voltamp Transformers Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Registrar and Share Transfer Agent MUFG Intime India Pvt. Ltd., confirms the processing and mutilation of share certificates received for dematerialisation during the quarter ended September 30, 2026. This is a purely procedural regulatory submission with zero impact on the company's financials or operations.
- Compliance certificate submitted under Regulation 74(5) for the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited (SEBI Reg No: INR000004058)
- Filing submitted to stock exchanges on October 10, 2026
Voltamp Transformers has announced the commencement of commercial production at its new Unit-III manufacturing plant near Jarod, Vadodara, effective October 07, 2026. This follows the company's planned capacity expansion strategy to add 6,000 MVA (+43% capacity increase) and enter higher-capacity transformers of up to 250 MVA class. The operationalization will support Voltamp's target to expand into higher-voltage power transformers for larger utility and industrial substations. Operational ramp-up at this plant is expected to contribute to future top-line growth.
- Commercial production commenced at new Unit-III plant on October 07, 2026
- Facility located near Jarod, Vadodara, Gujarat dedicated to Power Transformers
- Filing follows the prior intimation dated July 29, 2024
- Operationalizes planned expansion of 6,000 MVA, boosting total capacity by ~43% to 20,000 MVA
CARE Ratings has reaffirmed Voltamp Transformers' credit ratings for bank facilities totaling Rs 292.50 crore. The long-term facilities (Rs 10.00 cr) and combined long/short-term facilities (Rs 282.50 cr) maintained their 'CARE AA; Stable' and 'CARE A1+' status respectively. This reaffirmation reflects the company's exceptionally strong financial profile, with a negligible debt of Rs 1 crore against a net worth of Rs 1,792 crore. The rating stability is crucial as the company executes a 43% capacity expansion to enter the 250 MVA transformer market by July 2026.
- Total bank facilities rated by CARE Ratings amount to Rs 292.50 crore
- Long-term rating reaffirmed at CARE AA; Stable for Rs 10.00 crore facilities
- Short-term rating reaffirmed at CARE A1+ for Rs 282.50 crore facilities
- Company maintains a near-zero debt-to-equity ratio with only Rs 1 crore debt against Rs 1,792 crore net worth
- Rating supports the ongoing 6,000 MVA capacity expansion at the Jarod plant
Voltamp Transformers Limited has scheduled participation in two institutional investor conferences in Singapore between August 11 and August 14, 2026. The company will attend the Nuvama 21st India Investor Conference and the Avendus Spark Singapore Conference for one-on-one interactions. No unpublished price sensitive information is expected to be shared during these meetings. This engagement occurs as the company progresses toward a 43% capacity expansion (6,000 MVA) at its Jarod plant, which is slated for completion by July 2026.
- Participation in 2 institutional investor conferences in Singapore scheduled for August 2026.
- Nuvama 21st India Investor Conference attendance on August 11-12, 2026.
- Avendus Spark Singapore Conference attendance on August 13-14, 2026.
- Ongoing 43% capacity expansion to reach 20,000 MVA total capacity by July 2026.
- Strategic shift to 250 MVA class transformers from the current 160 MVA limit.
Voltamp Transformers Limited shareholders have officially approved a final dividend of Rs 100 per equity share for the financial year ended March 31, 2026. During the Annual General Meeting held on July 31, 2026, all four resolutions, including the adoption of financial statements and the re-appointment of Director Kanubhai S. Patel, were passed with significant majorities. Institutional participation was robust, with approximately 88.8% of institutional shares voted, all in favor of the dividend. This confirmation solidifies the cash outflow for the company and the yield for investors.
- Final dividend of Rs 100 per equity share approved for FY 2025-26
- Total of 8,242,338 votes polled, representing 81.47% of the total share capital
- Resolution for re-appointment of Director Kanubhai S. Patel passed with 98.72% majority
- Institutional investors voted 100% in favor of the dividend and financial statement adoption
- Record date for identifying eligible shareholders for voting was July 24, 2026
Voltamp Transformers Limited held its 59th AGM on July 31, 2026, where shareholders approved a final dividend of Rs 90 per equity share for FY26. The company adopted audited financial statements for the year ended March 31, 2026, and re-appointed Mr. Kanubhai S. Patel as a Director. This meeting coincides with the completion of a major 43% capacity expansion at the Jarod plant, increasing total capacity to 20,000 MVA. The company is now positioned to enter the higher-capacity 250 MVA transformer market, targeting revenue growth from Q1FY27.
- Approved a final dividend of Rs 90 per equity share (900% of face value) for FY26.
- Confirmed capacity expansion of 6,000 MVA at the Jarod plant, a 43% increase over previous capacity.
- Targeting the 250 MVA transformer segment for revenue contribution starting post-July 2026.
- Re-appointment of Mr. Kanubhai S. Patel as Director following retirement by rotation.
- 59 members attended the meeting conducted via video conferencing/other audio-visual means.
Voltamp Transformers reported a strong Q1 FY27 with revenue growing 28.4% YoY to Rs 543.78 Cr and Net Profit rising 14.7% YoY to Rs 91.22 Cr. The Board approved a fresh Rs 90 Cr capex for a new dry-type transformer facility near Vadodara, adding 2,300 MVA capacity. This expansion is funded entirely through internal accruals and aims to meet demand over the next 5-6 years. Current capacity utilization remains high at over 100%, necessitating this immediate scale-up.
- Revenue from operations increased to Rs 543.78 Cr in Q1 FY27 from Rs 423.58 Cr in Q1 FY26
- Net Profit grew to Rs 91.22 Cr for the quarter, representing a 14.7% YoY increase
- Approved Rs 90 Cr investment for a new state-of-the-art dry-type transformer facility
- Proposed capacity addition of 2,300 MVA to be completed within 12-14 months
- Existing capacity utilization is reported at 100% plus, indicating strong order book visibility
Voltamp Transformers has reported its Q1 FY2027 results, coinciding with the scheduled completion of its major capacity expansion in July 2026. The company has added 6,000 MVA at its Jarod plant (a 43% increase), bringing total capacity to 20,000 MVA. This expansion enables entry into the high-margin 250 MVA transformer segment, up from the previous 160 MVA limit. With a robust ROCE of 24% and negligible debt of Rs 1 Cr, the company is well-positioned to fund this growth through internal accruals.
- Capacity expansion of 6,000 MVA completed, representing a 43% increase in total production capability.
- Entry into the 250 MVA class transformer market, targeting larger industrial and utility substations.
- Maintained a strong balance sheet with only Rs 1 Cr debt against a net worth of Rs 1,792 Cr.
- Targeting a sustained growth rate of 15-20% through private sector focus and higher-capacity products.
- Realizations improved by 6% YoY in the previous fiscal, demonstrating selective order booking and pricing power.
Voltamp Transformers reported a strong Q1 FY27 with revenue growing 28.4% YoY to Rs 543.78 Cr and Net Profit rising 14.7% YoY to Rs 91.22 Cr. Alongside results, the board approved a fresh capex of Rs 90 Cr for a new dry-type transformer facility near Vadodara, adding 2,300 MVA capacity. This expansion is driven by '100% plus' utilization of existing capacity and will be funded entirely through internal accruals. The project is slated for completion within 12-14 months, further diversifying the company's product portfolio.
- Revenue from operations increased 28.4% YoY to Rs 543.78 Cr for the quarter ended June 30, 2026.
- Net Profit rose to Rs 91.22 Cr, up from Rs 79.55 Cr in the corresponding previous year quarter.
- Approved new greenfield capex of Rs 90 Cr, representing approximately 5% of the company's net worth.
- Proposed capacity addition of 2,300 MVA to be completed within a 12-14 month timeline.
- Existing capacity utilization is currently at '100% plus', necessitating immediate expansion.
Voltamp Transformers has announced a final dividend of ₹100 per equity share (1000% of face value) for the financial year 2025-26. The company has fixed July 24, 2026, as the record date to determine shareholder eligibility for this payout. Based on the current market price of ₹9713, this represents a dividend yield of approximately 1.03%. The dividend is subject to approval at the Annual General Meeting (AGM) scheduled for July 31, 2026.
- Dividend declared at ₹100 per equity share of ₹10 face value
- Record date for dividend entitlement is July 24, 2026
- Annual General Meeting (AGM) to be held on July 31, 2026
- Remote e-voting period scheduled from July 28 to July 30, 2026
- Dividend yield stands at approximately 1.03% based on current price
Voltamp Transformers has issued a notice for its 59th Annual General Meeting (AGM) to be held on July 31, 2026. The board has recommended a final dividend of Rs 100 per equity share for the financial year 2025-26, subject to shareholder approval. The record date for dividend eligibility is fixed as July 24, 2026. This meeting coincides with the company's planned 43% capacity expansion at its Jarod plant, which is expected to be operational by July 2026.
- Proposed final dividend of Rs 100 per equity share for FY 2025-26
- Record date for dividend eligibility set for July 24, 2026
- AGM scheduled for July 31, 2026, via video conferencing
- Capacity expansion of 6,000 MVA (43% increase) targeting completion by July 2026
- Re-appointment of Director Shri Kanubhai S. Patel to be considered at the meeting
Voltamp Transformers Limited has informed the stock exchanges that its trading window will be closed starting July 1, 2026. This closure is a mandatory regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the announcement of financial results for the quarter ending June 30, 2026. The window will remain closed for all designated persons, including directors and promoters, until 48 hours after the results are declared. The specific date for the board meeting to approve these results will be announced in the near future.
- Trading window closure effective from July 1, 2026
- Closure is in relation to the unaudited financial results for the quarter ending June 30, 2026
- Window to reopen 48 hours after the official declaration of quarterly results
- Applies to all Directors, Promoters, Designated Employees, and their relatives
Voltamp Transformers Limited has scheduled participation in two major institutional investor conferences in London, UK. The company will attend the Nuvama Institutional Equities 21st India Investor Conference on June 9, 2026, followed by the Macquarie Capital Asia Unbound Conference on June 10, 2026. These physical meetings are intended for one-on-one interactions with global institutional investors. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during these sessions.
- Physical investor meetings scheduled for June 9 and June 10, 2026, in London, UK.
- Participation in the Nuvama Institutional Equities 21st India Investor Conference.
- Attendance at the Macquarie Capital - Asia Unbound - Road To Recovery Conference.
- Management confirms no unpublished price sensitive information will be disclosed during the meets.
Voltamp Transformers Limited has announced its participation in two upcoming institutional investor conferences in Mumbai. The company will attend the 360 ONE Capital (B&K) 16th Annual Investor Conference on May 29, 2026, followed by the BOFA 2026 India Conference on June 1, 2026. These meetings are scheduled to be physical one-on-one interactions aimed at institutional engagement. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during these sessions.
- Participation in 360 ONE Capital (B&K) 16th Annual Investor Conference on May 29, 2026
- Attendance at the BOFA 2026 India Conference scheduled for June 1, 2026
- Both events are physical meetings to be held in Mumbai
- Company confirms no unpublished price sensitive information will be disclosed during interactions
Voltamp Transformers Limited has responded to a clarification sought by the stock exchanges regarding its financial results for the quarter ended March 31, 2026. The Exchange had raised a query concerning compliance with Regulation 33 of SEBI (LODR) Regulations, specifically regarding the prescribed format of the results. The company clarified that the results were originally submitted in the correct format on May 4, 2026. This response is a procedural matter and does not alter the previously reported financial performance of the company.
- Exchange sought clarification on Q4 FY2026 financial results regarding SEBI Regulation 33 compliance.
- The query specifically addressed whether the results were submitted in the prescribed SEBI format.
- Voltamp confirmed that the results were successfully uploaded to NSE and BSE portals on May 4, 2026.
- The company has re-enclosed the financial results to satisfy the regulatory query.
- No changes were made to the financial figures or data previously reported to the market.
Financial Performance
Revenue Growth by Segment
Voltamp's total operating income grew by 17% YoY to INR 1,616 crore in FY24, following a 23% growth in FY23 (INR 1,385.47 crore). Growth is driven primarily by the Power and Distribution Transformers segment, with volume sales increasing by 10% and realizations improving by 6% in FY24.
Geographic Revenue Split
The company is primarily domestic-focused, operating out of Baroda, Gujarat. While specific regional percentages are not disclosed, a significant portion of revenue is derived from private sector clients and state utilities like Gujarat Energy Transmission Corporation Limited (GETCO), which recently issued a Letter of Intent for INR 85.05 crore.
Profitability Margins
Net profit for the quarter ended September 2024 stood at INR 76 crore. Historical net profit grew from INR 46 crore in Sep 2022 to INR 94 crore in March 2024. The company has delivered a 5-year profit CAGR of 29.7%, driven by selective order booking and improved product pricing.
EBITDA Margin
PBILDT (EBITDA) margin improved significantly to 20% in FY24 from 16.70% in FY23 and 12.36% in FY22. This 330 bps YoY improvement resulted from softening raw material prices, liquidation of lower-cost inventory (CRGO steel), and higher capacity utilization.
Capital Expenditure
The company is executing a major capex of INR 200 crore to set up a new facility at Jarod, Vadodara. INR 43 crore was spent in FY25, with the remainder scheduled for FY26. This project is entirely funded through internal accruals, maintaining the company's debt-free status.
Credit Rating & Borrowing
Voltamp maintains a 'CARE AA; Stable' rating for long-term bank facilities (INR 10 crore) and 'CARE A1+' for short-term facilities (INR 282.50 crore). Borrowing costs are minimal as the company is almost debt-free with an overall gearing of 0.06x as of March 2025.
Operational Drivers
Raw Materials
Key raw materials include Copper (hedged) and Cold Rolled Grain Oriented (CRGO) steel. These materials are critical for transformer core and winding manufacturing, representing the largest component of the cost structure.
Import Sources
CRGO steel is primarily an imported material, though Voltamp procures it locally from importers. The company maintains buffer stocks to mitigate supply chain disruptions, such as those caused by the Russia-Ukraine conflict.
Key Suppliers
Specific supplier names are not disclosed, but the company utilizes a diversified base of local importers for CRGO steel and established metal vendors for copper cathode and wire.
Capacity Expansion
Current capacity is approximately 14,000 MVA. The company is expanding by 6,000 MVA (a 43% increase) to reach a total of 20,000 MVA by July 2026. This expansion allows the company to manufacture larger transformers up to 250 MVA, up from the current 160 MVA limit.
Raw Material Costs
Raw material costs are highly volatile; however, the company uses a selective order booking strategy and timely price revisions to safeguard margins. Inventory gains from CRGO steel contributed to the margin expansion from 12.36% to 20% over two years.
Manufacturing Efficiency
Total ROCE improved to 30.62% in FY24 from 24.03% in FY23. This efficiency is driven by higher realizations per unit and the ability to pass on cost increases to a diversified clientele.
Logistics & Distribution
Distribution costs are managed through the Baroda-based manufacturing hub. The company focuses on high-value power transformers where logistics costs are a smaller percentage of the total contract value compared to smaller distribution units.
Strategic Growth
Expected Growth Rate
15-20%
Growth Strategy
Growth will be achieved through a 43% capacity expansion (adding 6,000 MVA) at the Jarod plant, enabling the company to enter the higher-capacity transformer market (up to 250 MVA). The strategy focuses on private sector clients with strong credit profiles to ensure timely realization of receivables.
Products & Services
Oil-filled Power Transformers and Distribution Transformers of various classes, ranging up to 160 MVA (currently) and 250 MVA (post-expansion).
Brand Portfolio
Voltamp Transformers
New Products/Services
Expansion into 250 MVA class transformers is expected to contribute significantly to revenue post-July 2026, targeting larger industrial and utility substations.
Market Expansion
The company is expanding its footprint in the high-voltage power segment through the new Jarod facility, targeting Q1FY27 for commercial operations.
Market Share & Ranking
While exact ranking is not stated, the company is described as having an 'established track record' and 'strong presence' in the transformer industry with a moderate scale of operations relative to the total market.
External Factors
Industry Trends
The industry is shifting toward higher-capacity, more efficient power transformers. Voltamp is positioning itself by increasing its manufacturing limit to 250 MVA to capture the growing demand in the renewable energy and industrial power grids.
Competitive Landscape
The industry is characterized by high competitive intensity from both large organized players and smaller regional manufacturers, which constrains the scale of operations.
Competitive Moat
The moat is built on a debt-free balance sheet, massive liquid investments (INR 1,061 crore), and a 30.62% ROCE. This financial strength allows the company to bid selectively and survive raw material price cycles better than leveraged competitors.
Macro Economic Sensitivity
Highly sensitive to industrial capex cycles and government power distribution spending. A slowdown in the capital goods sector would directly impact the order book, which stood at INR 1,280 crore in July 2025.
Consumer Behavior
Industrial customers are increasingly prioritizing vendors with strong credit quality and proven performance bank guarantees (PBGs), favoring established players like Voltamp.
Geopolitical Risks
Vulnerable to global supply chain disruptions for CRGO steel. The Russia-Ukraine war previously necessitated a buffer stock strategy to prevent production halts.
Regulatory & Governance
Industry Regulations
Operations are subject to Bureau of Energy Efficiency (BEE) standards for transformers and pollution control norms for oil-filled equipment manufacturing.
Environmental Compliance
The company monitors hazards and control measures before starting activities and conducts internal/external audits to ensure system adequacy.
Taxation Policy Impact
The effective tax rate is approximately 22-27% based on quarterly results (Sep 2024: 27%, June 2024: 22%).
Legal Contingencies
No major pending court cases or case values in INR were disclosed in the provided documents.
Risk Analysis
Key Uncertainties
Profitability is susceptible to volatile raw material prices (Copper/Steel) and high competitive intensity, which could impact margins by 3-5% in a downturn.
Geographic Concentration Risk
Manufacturing is concentrated in Baroda, Gujarat, making it sensitive to regional industrial policies and labor conditions in that state.
Third Party Dependencies
Heavy reliance on non-fund-based working capital limits (Bank Guarantees) from banks to support the order book. Average utilization of these limits is high at ~82%.
Technology Obsolescence Risk
Risk is moderate; however, the shift toward dry-type transformers or higher MVA ratings requires continuous investment in manufacturing technology.
Credit & Counterparty Risk
The company mitigates counterparty risk by focusing on private sector players with good credit quality and state utilities, maintaining a healthy current ratio of 4.36x.
