(₹482.6 crore quarterly revenue, ₹78.8 crore PAT, and ₹1,377 crore orders — because why let competitors have any voltage left?)
1. At a Glance
Voltamp Transformers Ltd — the Baroda-based transformer veteran — just delivered a jolt strong enough to wake up even the sleepiest capital goods analyst. For Q2 FY26, the company reported revenue of ₹482.56 crore and a net profit of ₹78.85 crore, marking a21% YoY jump in salesand a modest4% growth in profit, proving that even in transformers, some current losses are inevitable.
At ₹7,158 per share, the stock sits nearly31% below its 52-week high of ₹11,548, which makes itsP/E of 22xlook… surprisingly grounded for a company generatingROE of 21.7% and ROCE of 29.1%. The market cap hovers around ₹7,242 crore, withdividend yield of 1.4%, because Voltamp believes in giving investors a small recharge between shocks.
But the bigger spark? A record₹1,377 crore order book, including multiple contracts from Gujarat Energy Transmission Corp. and other heavy hitters — enough to keep the furnaces glowing and the CFO smiling well into FY26. Oh, and they appointed a new COO, Vijay Gupta, on November 8, 2025 — probably to handle all that extra current.
2. Introduction – The Baroda Dynamo with a 50Hz Sense of Humour
Voltamp Transformers Ltd is what happens when old-school manufacturing meets steady execution. While the market screams “AI,” Voltamp quietly produces the one thing AI still can’t run without — electricity.
Founded decades ago and headquartered in Baroda, the company has become apowerhouse in oil-filled and dry-type transformers, supplying to every possible industry that can blow a fuse — from refineries to real estate. When your transformers are found in factories owned by Tata, L&T, ABB, GE, and Siemens, you know your brand voltage is real.
FY24 and H1 FY25 tell a story of consistency. Fromrevenue of ₹1,127 crore in FY22 to ₹2,014 crore in FY25 (TTM)— that’s a 79% growth in just three years, with operating margins powering up from12% to 19%. But what’s even better?Zero debt, ₹995 crore parked in investments, anda ₹200 crore capex planfor a new Vadodara facility. Essentially, the company’s cash flows are doing yoga — stretching, but balanced.
Promoters recently reduced holding from38% to 30%, transferring more power to FIIs and DIIs (who now control 52%). The market read it as a lightning warning — but with institutional funds holding their charge, Voltamp still stands grounded.
So, what’s really going on? Let’s find out before the circuit trips.
3. Business Model – WTF Do They Even Do?
Voltamp’s business is simple but electrifying — it makesoil-filled power and distribution transformers(up to 120 MVA) anddry-type transformers(up to 10 MVA). Think of them as the middlemen between electricity generation and the end user — ensuring your lights stay on while you binge-watch Netflix.
The company earns95% of its revenue from productsand the rest 5% from services — things like diagnostics, asset management, and factory overhauls. Basically, it not only builds the transformers but also gives them spa treatments when they’re tired.
Key products include:
- Oil-filled transformers(the bread and butter)
- Cast resin dry-type transformers(the healthy gluten-free variant)
- Compact substationsup to 2.5 MVA
- Ring Main Unitsof 12 KV, 630 Amps
It’s backed byGerman technology partners HTT and PROCOM, which means desi manufacturing with videshi voltage precision. The company has installedover 22,000 dry-type transformersacross India — a testament to its grip on the market.
In short: Voltamp doesn’t sell electricity; it sells reliability. When power projects, refineries, and industrial plants want no excuses, they call these Baroda boys.
4.
Financials Overview – Numbers Don’t Lie, But Margins Glow
Quarterly Performance (₹ crore)
| Metric | Latest Qtr (Sep’25) | YoY Qtr (Sep’24) | Prev Qtr (Jun’25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 482.56 | 398.00 | 424.00 | 21.3% | 13.8% |
| EBITDA | 94.00 | 75.00 | 73.00 | 25.3% | 28.7% |
| PAT | 78.85 | 76.00 | 80.00 | 4.11% | -1.4% |
| EPS (₹) | 77.94 | 74.86 | 78.63 | 4.1% | -0.9% |
Annualised EPS = ₹77.94 × 4 =₹312At CMP ₹7,158 → P/E =22.9x
Not bad for a company that literally transforms metal and copper into margins.
Commentary:Operating margins have stabilised at ~19%, a far cry from 12% two years ago. The small dip in sequential profit looks more like a scheduling blip than a systemic issue — considering order inflows and 93% utilisation, FY26 is already buzzing.
5. Valuation Discussion – The Fair Value Shock Range
Let’s charge up the fair value calculation with some voltage:
1. P/E Method:Industry P/E: 48xVoltamp’s trailing EPS: ₹325
- Conservative Fair Value: 20× EPS = ₹6,500
- Aggressive Fair Value: 30× EPS = ₹9,750
2. EV/EBITDA Method:EV/EBITDA = 15.8xEBITDA (FY25 TTM): ₹382 croreEnterprise Value = ₹7,214 croreAt 14–18x range → Fair Value = ₹6,200–₹8,000 crore
3. DCF Approach (Simplified):Assume free cash flow ~₹170 crore growing at 10% for 5 years, discount at 12% → fair value ≈ ₹7,000–₹8,200 crore
Fair Value Range:₹6,500 – ₹9,800 per share
Disclaimer: This fair value range is for educational purposes only and is not investment advice.
6. What’s Cooking – Orders, Capex, and Promoter Drama
If business updates were a power grid, Voltamp’s switchboard would be glowing red hot.
Recent sparks include:
- ₹1,022 crore unexecuted order book (Oct’24)and₹263 crore LOI (Nov’24)from Gujarat Energy Transmission Corporation.
- Another₹149 crore order (Oct’25)and₹41 crore order (Jan’25)— because apparently, everyone in Gujarat wants a Voltamp transformer.
- New ₹200 crore capex projectin Vadodara for a 6,000 MVA power transformer plant, to be operational byQ1 FY26.
Then came thepromoter lightning bolt— promoter stake dropped from 38% to 30%.
