VILAS

Vilas Transcore financials

Market cap
₹847 Cr
Sector
Capital Goods
Calls analysed
3
Latest concall · Q4 FY26 · call held 19 May 2026

Vilas Transcore Q4 FY26

EBITDA Margin 11.17% −2%PAT Margin 8.6% −1%

What went well

  • Achieved 64% year-on-year volume growth, aligning with targets.
  • Successfully ramped up new Unit 3 facility, expanding CRGO lamination capacity by 3x to 36,000 MTPA.
  • Diversified product portfolio with new nanocrystalline cores (240 MTPA) and transformer radiators (7,200 MTPA) capacities.

What to watch

  • Revenue grew by 30% YoY, significantly lower than the 64% volume growth, primarily due to a 15-20% correction in CRGO steel prices.
  • EBITDA margin declined by 1.5% to 11.17% (from 12.68% last year) and PAT margin dropped by 1% to 8.6% (from 9.8% last year) due to Unit 3 ramp-up costs and pricing pressure.
Read the full call →

What Vilas Transcore does

Vilas Transcore processes Cold Rolled Grain-Oriented (CRGO) steel into laminations, slit coils, wound/toroidal cores and stacked core-coil assemblies used inside power and distribution transformers. It has since forward-integrated into transformer radiators and nanocrystalline cores, and is now setting up a copper conductors line (PICC, CTC and paper-insulated aluminium conductors) to move from a component supplier to a fuller transformer value-chain partner. It sells to transformer OEMs and EPC contractors domestically and exports to the Gulf, Europe and Canada.

Segments

  • CRGO Processing & Lamination
  • Transformer Core Solutions
  • Magnetic Shielding Solutions
  • Radiators
  • Nanocrystalline Cores
  • Copper Conductors
CRGO Lamination installed capacity
36,000 MTPA (up from 12,000 MTPA after Unit 3)
Manufacturing facilities
3 units across ~500,000 sq ft in Vadodara
CRGO Lamination production volume (FY26)
19,856 MT
Radiator installed capacity
7,200 MTPA
Copper Conductors Phase 1 capacity
1,500–1,800 MTPA (expected completion Sep 2026)
Nanocrystalline Core installed capacity
240 MTPA
Founded 2006Headquarters Vadodara, Gujarat, IndiaEmployees 290 (FY26) Company website

Guidance record · Q4 FY26

what the last two calls moved 17 tracked 1 delivered 5 missed 11 open
  • Commercial Operation of New Plant delivered said Q4 FY25 Promised: Full-scale commercial operation by July 2025 Q4 FY26: Achieved. The new Unit 3 facility is operational and ramping up, having expanded CRGO lamination capacity to 36,000 MTPA.
  • FY26 Total Turnover missed said Q4 FY25 Promised: INR 600 crores Q4 FY26: Missed. Final FY26 revenue growth was 30% YoY. While the absolute number was not disclosed, this is presumed to be below the revised target of INR 510-540 cr, as management commentary focused on price corrections impacting revenue.
  • Export Percentage of Sales diluted said Q4 FY25 Promised: 5-10% in the next 2 years Q4 FY26: Exports remain at 1-2% of revenue. Management now cites high shipment costs and orders from the Gulf being on hold, reinforcing the diluted stance.

All 17 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q4 FY26: revenue up 54.7%, net profit up 25.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY24Q4 FY24Q2 FY25Q4 FY25Q2 FY26Q4 FY26
Revenue159 150 162 191 229 +44%232 +55%
EBITDA15 15 18 27 31 +107%20 +33%
Net profit11 12 14 21 24 +118%15 +25%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −39.7% 1Y

₹400₹500₹600Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 14 Nov 2025Q4 FY26 — 19 May 2026

1Y: ₹573.55 on 10 Sept 2025 → ₹346. High ₹598.25 (12 Sept 2025), low ₹324.65 (30 Jan 2026).

How the price took the results

close before → close after

Q4 FY26
+7.5%
19 May
Q2 FY26
+6.4%
14 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹3 Cr₹3 Cr₹3 Cr₹18 Cr₹24 Cr₹24 Cr
Reserves₹97 Cr₹115 Cr₹134 Cr₹141 Cr₹289 Cr₹304 Cr
Borrowings₹8 Cr₹3 Cr₹5 Cr₹0 Cr₹11 Cr₹39 Cr
Other liabilities₹35 Cr₹52 Cr₹47 Cr₹42 Cr₹51 Cr₹39 Cr
Total liabilities₹143 Cr₹173 Cr₹189 Cr₹201 Cr₹375 Cr₹406 Cr
Fixed assets₹38 Cr₹37 Cr₹34 Cr₹33 Cr₹68 Cr₹81 Cr
Capital work in progress₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹30 Cr₹24 Cr
Investments₹0 Cr₹0 Cr₹11 Cr₹20 Cr₹13 Cr₹12 Cr
Other assets₹104 Cr₹136 Cr₹144 Cr₹148 Cr₹265 Cr₹289 Cr
Total assets₹143 Cr₹173 Cr₹189 Cr₹201 Cr₹375 Cr₹406 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Mar 2026

Since Mar 2025, DIIs added +0.34 pp while FIIs trimmed −0.19 pp. The shareholder count grew 26% to 4,254.

Promoters
73.1%
FIIs
2.1%
DIIs
3.2%
Public
21.6%

Since Mar 2025

  • DIIs +0.34 pp
  • FIIs −0.19 pp
  • Public −0.08 pp

How it drifted, 5 quarters

Over this window the public went from 16.4% to 21.6% — +5.2 pp.

May '24Mar '25Mar '26

Ownership split by quarter, oldest first. May '24: Promoters 73.2%, FIIs 5.0%, DIIs 5.5%, Public 16.4%.Sep '24: Promoters 73.2%, FIIs 2.0%, DIIs 2.6%, Public 22.1%.Mar '25: Promoters 73.2%, FIIs 2.3%, DIIs 2.8%, Public 21.6%.Sep '25: Promoters 73.2%, FIIs 2.1%, DIIs 3.1%, Public 21.5%.Mar '26: Promoters 73.1%, FIIs 2.1%, DIIs 3.2%, Public 21.6%.

Who was buying across the market this quarter →

Who bought this quarter

since Sep 2025

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Mar 2026 filing

Every holder of Vilas Transcore above SEBI's 1% disclosure line, and what changed since Sep 2025.

HolderStakeChange
Nilesh Jitubhai Patel 73.05%unchanged
India-Ahead Venture Fund VC / PE1.22%newly disclosed
PGIM India Equity Growth Opportunities Fund Series Ii Mutual fund1.21%newly disclosed
Meru Investment Fund Pcc-Cell 1 FPI fund1.03%newly disclosed
Tushar Patel 0.06%−0.07 pp
Lilaben Patel 0.02%unchanged
Jitubhai Patel 0.00%unchanged
Shital Rajabhai Patel 0.00%unchanged
Meeta Patel 0.00%unchanged
Natasha Nilesh Patel 0.00%unchanged
Nanocryst Transcore Private Limited 0.00%unchanged
Atlas Composite Private Limited 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Growth the price implies
3.4% a year
for 7 years, fading to 4%
It has actually compounded at
Not enough history
The gap
—
between what it did and what it must do
Price today ₹346

Change the assumptions yourself →

All earnings calls (3)

Read the Q4 FY26 call →

Learn to analyse Vilas Transcore

Guides on how to read this kind of business and the numbers that matter.