1. At a Glance – Shock, Awe, and a Slight Flex
Voltamp Transformers is what happens when a boring-sounding industrial company quietly compounds wealth while everyone is busy chasing EV buzzwords. Current market cap sits around ₹8,068 Cr, stock price hovering near ₹7,975, and a P/E of ~22.8—which, in a sector where peers trade at 70–110x, looks almost illegal.
Q3 FY26 numbers? Sales of ₹630 Cr (+30% YoY) and PAT of ₹99.1 Cr (+35% YoY). ROCE at 29%, ROE at 21.7%, debt close to zero, and dividend yield of 1.23% just to remind you this company believes in sharing.
Capacity utilisation is already 93%, order book stands at ₹1,022 Cr (8,730 MVA), and management still said, “Let’s add 6,000 MVA more.” Because why not?
Three-month return is +11%, six months basically flat, and one-year returns a sleepy 6.6%—classic “numbers improving, stock chilling” setup.
If this were a Bollywood character, Voltamp would be that quiet IAS officer who doesn’t speak much but owns half the city. Curious yet?
2. Introduction – The Silent Overachiever of Heavy Electricals
Transformers are not sexy. No one brags at a party saying, “Bro I invested in oil-filled power transformers.” And that’s exactly why Voltamp thrives.
While capital goods stocks swing wildly on defence orders, EV hype, or PSU rerating fever, Voltamp has been doing one boring thing consistently—manufacturing transformers, delivering on time, collecting cash, and reinvesting profits like a Gujarati uncle with an Excel sheet.
From FY22 to FY24, revenue grew 43%, driven by 17% volume growth and 22% price improvement. Even more impressive? Operating margins expanded from 12% to 20% in the same period. That’s not macro luck—that’s execution.
This is a company with 1,000+ customers, top 10 clients contributing only 27% of revenue, and domestic exposure of 98%, perfectly aligned with India’s transmission capex cycle.
Yet the stock trades at a valuation that suggests the market thinks
transformers are still powered by steam engines. Is the market underestimating Voltamp—or is something fishy? Let’s open the files.
3. Business Model – WTF Do They Even Do?
Voltamp makes transformers. Big ones. Small ones. Oil-filled ones. Dry-type ones. Compact substations. Ring main units. Basically, if electricity needs to behave itself before reaching your house, Voltamp probably touched it at some point.
Segment breakup:
- Products – 95% of FY24 revenue
Power & distribution transformers up to 120 MVA, dry-type transformers up to 10 MVA, compact substations, RMUs—you name it. - Services & Others – 5%
Repairs, refurbishments, diagnostics, condition monitoring, asset management. Boring? Yes. Sticky? Also yes.
The real edge?
- Technical collaboration with HTT Germany for cast resin dry-type transformers
- Aluminium foil winding tech licensed from PROCOM Germany
- 35% market share in cast resin transformers with 22,000 installations
This is not jugaad engineering. This is German-approved jugaad-free engineering.
Now ask yourself: when India is adding transmission lines like it’s adding Instagram reels, who supplies the transformers?
4. Financials Overview – The Table That Makes Fund Managers Smile
Quarterly Performance (₹ Cr)
| Metric | Latest Qtr (Dec-25) | YoY Qtr (Dec-24) | Prev Qtr (Sep-25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 630 | 484 | 483 | +30.4% | +30.5% |
| EBITDA | 108 | 99 | 94 | +9.1% | +14.9% |
| PAT | 99 | 73 | 79 | +35.0% | +25.3% |
| EPS (₹) | 97.93 | 72.55 | 77.94 | +35.0% | +25.7% |
Average of Q1–Q3 FY26 EPS ≈ (78.63 + 77.94 + 97.93) / 3 ≈ 84.83
Annualised EPS ≈ ₹339
At CMP ~₹7,975, recalculated P/E ≈
