Voltamp Transformers Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹10,152 Cr
- P/E
- 31.40
- ROE
- 17.35%
- PEG
- 2.20
- Price to sales
- 4.10
- Debt to equity
- 0.00
- 52W high / low
- ₹12,520 / ₹6,778
- Sales growth (5Y)
- 25.48%
- EBITDA margin
- 15.16%
- Net profit margin
- 13.61%
- Promoter holding
- 30.00%
- Sales (last year)
- ₹2,476 Cr
Voltamp Transformers Ltd is a Baroda based company and is mainly into manufacturing of various types of Oil filled Power & Distribution Transformers of various classes.[1]
Potential multibaggers · Q2 FY27
Potential multibaggers in Electrical Equipment
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Peers
Electrical Equipment companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹66,283 Cr | 16.5 | |
| 2 | 40%+ | Up 2%+ | ₹464 Cr | 11.6 | |
| 3 | 40%+ | Up 0–2% | ₹12,066 Cr | 47.0 | |
| 4 | 40%+ | Up 0–2% | ₹500 Cr | 6.7 | |
| 5 | 40%+ | Flat | ₹20,621 Cr | 111.2 | |
| 6 | 40%+ | Flat | ₹15,855 Cr | 11.2 |
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Pro shows every company guiding 40%+ revenue growth →Full Electrical Equipment rankingVoltamp Transformers announcements
All announcements →- Capex / expansionNotableVoltamp Transformers Limited begins commercial production at new plant Unit-III
Financials of Voltamp Transformers
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Voltamp Transformers
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 38.00% | 38.00% | 38.00% | 38.00% | 38.00% | 38.00% | 37.80% | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% |
| FIIs + | 23.23% | 24.84% | 27.28% | 28.50% | 26.70% | 23.91% | 23.23% | 22.85% | 21.78% | 22.82% | 21.53% | 20.48% |
| DIIs + | 28.69% | 26.88% | 24.30% | 22.60% | 23.70% | 23.53% | 23.41% | 29.69% | 31.38% | 31.66% | 33.85% | 35.48% |
| Government + | 0.07% | 0.07% | 0.07% | 0.07% | 0.07% | 0.07% | 0.08% | 0.05% | 0.05% | 0.05% | 0.06% | 0.05% |
| Public + | 10.00% | 10.19% | 10.35% | 10.82% | 11.51% | 14.48% | 15.49% | 17.39% | 16.79% | 15.47% | 14.57% | 13.99% |
| No. of Shareholders | 30,223 | 26,754 | 32,028 | 37,198 | 45,154 | 56,960 | 61,983 | 66,973 | 60,919 | 56,679 | 52,732 | 49,435 |
Financials of Voltamp Transformers
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 381 | 408 | 504 | 428 | 398 | 484 | 625 | 424 | 483 | 630 | 617 | 544 | 684 |
| Expenses + | 313 | 304 | 403 | 352 | 323 | 384 | 508 | 351 | 389 | 523 | 536 | 463 | 578 |
| Operating Profit | 69 | 105 | 101 | 76 | 75 | 99 | 116 | 73 | 94 | 108 | 81 | 80 | 106 |
| OPM % | 18% | 26% | 20% | 18% | 19% | 20% | 19% | 17% | 19% | 17% | 13% | 15% | 15% |
| Other Income + | 18 | 25 | 23 | 29 | 32 | 7 | 17 | 36 | 15 | 26 | -10 | 42 | 8 |
| Interest | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 |
| Depreciation | 3 | 3 | 3 | 3 | 3 | 3 | 4 | 3 | 4 | 4 | 4 | 4 | 4 |
| Profit before tax | 84 | 126 | 119 | 101 | 104 | 102 | 129 | 105 | 104 | 130 | 67 | 118 | 110 |
| Tax % | 18% | 25% | 22% | 22% | 27% | 28% | 25% | 24% | 24% | 24% | 29% | 23% | 22% |
| Net Profit + | 68 | 95 | 94 | 79 | 76 | 73 | 97 | 80 | 79 | 99 | 48 | 91 | 85 |
| EPS in Rs | 67.65 | 93.51 | 92.45 | 78.52 | 74.86 | 72.55 | 95.71 | 78.63 | 77.94 | 97.93 | 47.35 | 90.16 | 84.10 |
Financials of Voltamp Transformers
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 517 | 563 | 611 | 639 | 829 | 859 | 692 | 1,127 | 1,385 | 1,616 | 1,934 | 2,154 | 2,476 |
| Expenses + | 497 | 526 | 551 | 571 | 735 | 744 | 615 | 988 | 1,154 | 1,294 | 1,568 | 1,798 | 2,100 |
| Operating Profit | 20 | 37 | 60 | 67 | 94 | 114 | 77 | 139 | 231 | 322 | 366 | 355 | 375 |
| OPM % | 3.8% | 7% | 10% | 11% | 11% | 13% | 11% | 12% | 17% | 20% | 19% | 16% | 15% |
| Other Income + | 21 | 28 | 39 | 39 | 36 | 9 | 72 | 43 | 40 | 89 | 85 | 67 | 66 |
| Interest | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 1 | 1 | 1 |
| Depreciation | 7 | 6 | 6 | 6 | 7 | 9 | 9 | 8 | 10 | 11 | 13 | 15 | 15 |
| Profit before tax | 33 | 59 | 93 | 100 | 123 | 113 | 140 | 173 | 260 | 398 | 436 | 406 | 424 |
| Tax % | 15% | 26% | 22% | 27% | 31% | 21% | 20% | 23% | 23% | 23% | 25% | 25% | |
| Net Profit + | 28 | 44 | 72 | 73 | 85 | 89 | 112 | 133 | 200 | 307 | 325 | 305 | 323 |
| EPS in Rs | 28.08 | 43.47 | 71.37 | 72.63 | 83.86 | 88.35 | 110.92 | 131.30 | 197.63 | 303.80 | 321.64 | 301.85 | 319.54 |
| Dividend Payout % | 36% | 29% | 21% | 21% | 27% | 28% | 23% | 27% | 30% | 30% | 31% | 33% |
Financials of Voltamp Transformers
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 |
| Reserves | 431 | 459 | 555 | 610 | 677 | 738 | 824 | 932 | 1,097 | 1,344 | 1,578 | 1,782 | 1,857 |
| Borrowings + | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 2 | 1 | 5 |
| Other Liabilities + | 55 | 51 | 48 | 50 | 64 | 69 | 82 | 119 | 115 | 164 | 186 | 226 | 344 |
| Total Liabilities | 495 | 521 | 613 | 670 | 751 | 817 | 916 | 1,061 | 1,223 | 1,521 | 1,776 | 2,018 | 2,216 |
| Fixed Assets + | 41 | 39 | 38 | 43 | 48 | 58 | 53 | 62 | 67 | 77 | 118 | 118 | 147 |
| CWIP | 1 | 0 | 1 | 3 | 0 | 1 | 8 | 8 | 0 | 1 | 3 | 108 | 172 |
| Investments | 211 | 220 | 313 | 352 | 381 | 454 | 492 | 561 | 718 | 922 | 1,056 | 995 | 1,020 |
| Other Assets + | 242 | 262 | 260 | 272 | 321 | 304 | 363 | 431 | 437 | 522 | 599 | 797 | 878 |
| Total Assets | 495 | 521 | 613 | 670 | 751 | 817 | 916 | 1,061 | 1,223 | 1,521 | 1,776 | 2,018 | 2,216 |
Financials of Voltamp Transformers
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | -10 | -1 | 78 | 43 | 32 | 108 | 20 | 66 | 168 | 216 | 219 | 140 |
| Cash from Investing Activity + | 24 | 12 | -60 | -20 | -11 | -86 | 21 | -46 | -127 | -141 | -116 | -1 |
| Cash from Financing Activity + | -12 | -12 | -16 | -18 | -18 | -27 | -26 | -26 | -36 | -63 | -94 | -104 |
| Net Cash Flow | 2 | -2 | 2 | 4 | 3 | -5 | 14 | -7 | 4 | 12 | 9 | 34 |
| Free Cash Flow | -13 | -4 | 72 | 30 | 22 | 88 | 10 | 47 | 161 | 199 | 159 | 15 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | -22% | -3% | 165% | 105% | 74% | 120% | 56% | 75% | 99% | 94% | 88% | 68% |
Financials of Voltamp Transformers
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 102 | 96 | 92 | 83 | 78 | 64 | 90 | 62 | 60 | 54 | 55 | 46 |
| Inventory Days | 70 | 78 | 63 | 96 | 84 | 94 | 123 | 123 | 83 | 108 | 85 | 126 |
| Days Payable | 11 | 4 | 1 | 1 | 1 | 6 | 7 | 1 | 1 | 4 | 2 | 3 |
| Cash Conversion Cycle | 161 | 171 | 154 | 177 | 161 | 152 | 206 | 184 | 142 | 158 | 139 | 169 |
| Working Capital Days | 130 | 135 | 120 | 118 | 106 | 91 | 130 | 99 | 82 | 76 | 74 | 87 |
| ROCE % | 6% | 11% | 17% | 16% | 18% | 15% | 15% | 19% | 25% | 32% | 29% | 24% |
Momentum score · price trend
28 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +36.8% | 81% |
| Last 6 months | −19.1% | 22% |
| Last 3 months | +1.1% | 70% |
The price is 29.9% below its all-time high of ₹14,457.6 (23 Aug 2024). Stocks more than 20% below their peak have their score halved, so 55 became 28.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Voltamp Transformers: 0.4 × 81 + 0.4 × 22 + 0.2 × 70 = 55, halved to 28 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 2 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
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What Voltamp Transformers's management said in earlier quarters
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