VOLTAMP
Voltamp Transformers share price & financials
- Price
- ₹9,522
- Market cap
- ₹11.3k Cr
- Sector
- Capital Goods
What Voltamp Transformers Limited does
Voltamp Transformers designs, manufactures and supplies oil-filled power and distribution transformers, dry-type (cast resin) transformers, compact substations and ring main units, sold to power utilities, PSUs, EPC contractors and industrial customers in sectors such as power, oil & gas, petrochemicals, steel, cement, data centres and green energy. It also runs a full-service unit offering maintenance, testing, repairs/overhaul and spares support across its installed base. Revenue comes from manufacturing and selling these transformers and related equipment/services out of its Gujarat factories, both to domestic customers and export markets.
Segments
- Power & Distribution Transformers
- Dry-Type Transformers, Compact Substations & RMUs
- After-sales Service
- Total installed manufacturing capacity
- 14,000 MVA
- Manufacturing facilities
- 4 in Gujarat (Makarpura & Savli, Vadodara); a new power-transformer plant under construction at Jarod, Vadodara
- Cumulative transformer installations
- Over 80,000, across domestic and international markets
- Cast-resin dry-type transformer installations
- Over 22,500 nationwide
- Power transformer rating range
- Up to 160 MVA, 11-220 kV
- Branch network
- 15 branch offices across India (Ahmedabad, Bangalore, Bhubaneshwar, Chandigarh, Chennai, Coimbatore, Guwahati, Jaipur, Jamshedpur, Kolkata, Mumbai, Nagpur, New Delhi, Pune, Secunderabad)
Quarterly results
Q1 FY27: revenue up 28.3%, net profit up 13.8% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 398 | 484 | 625 | 424 | 483 +21% | 630 +30% | 617 −1% | 544 +28% |
| EBITDA | 75 | 99 | 116 | 73 | 94 +25% | 108 +9% | 81 −30% | 80 +10% |
| Net profit | 76 | 73 | 97 | 80 | 79 +4% | 99 +36% | 48 −51% | 91 +14% |
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 +49.6% 1Y
1Y: ₹7,500 on 10 Sept 2025 → ₹11,217. High ₹12,520 (4 May 2026), low ₹6,778.5 (21 Jan 2026).
Financials, as filed
Revenue grew 15.9% a year over 3 years, FY23 to FY26. Operating margin held at 16.5%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹1.4k Cr | ₹1.6k Cr | ₹1.9k Cr | ₹2.2k Cr |
| Operating profit | ₹230 Cr | ₹323 Cr | ₹366 Cr | ₹356 Cr |
| Operating margin | 16.6% | 20.0% | 18.9% | 16.5% |
| Interest | ₹0 Cr | ₹1 Cr | ₹0 Cr | ₹1 Cr |
| Depreciation | ₹10 Cr | ₹11 Cr | ₹13 Cr | ₹15 Cr |
| Net profit | ₹201 Cr | ₹308 Cr | ₹325 Cr | ₹306 Cr |
| Net margin | 14.5% | 19.1% | 16.8% | 14.2% |
| Cash from operations | ₹168 Cr | ₹216 Cr | ₹219 Cr | ₹140 Cr |
| Free cash flow | ₹161 Cr | ₹199 Cr | ₹159 Cr | ₹15 Cr |
| ROCE | 25.0% | 32.0% | 29.0% | 24.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹10 Cr | ₹10 Cr | ₹10 Cr | ₹10 Cr | ₹10 Cr | ₹10 Cr |
| Reserves | ₹824 Cr | ₹932 Cr | ₹1.1k Cr | ₹1.3k Cr | ₹1.6k Cr | ₹1.8k Cr |
| Borrowings | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹3 Cr | ₹1 Cr | ₹1 Cr |
| Other liabilities | ₹82 Cr | ₹119 Cr | ₹115 Cr | ₹164 Cr | ₹255 Cr | ₹226 Cr |
| Total liabilities | ₹916 Cr | ₹1.1k Cr | ₹1.2k Cr | ₹1.5k Cr | ₹1.9k Cr | ₹2.0k Cr |
| Fixed assets | ₹53 Cr | ₹62 Cr | ₹67 Cr | ₹77 Cr | ₹115 Cr | ₹118 Cr |
| Capital work in progress | ₹8 Cr | ₹8 Cr | ₹0 Cr | ₹1 Cr | ₹37 Cr | ₹108 Cr |
| Investments | ₹492 Cr | ₹561 Cr | ₹718 Cr | ₹922 Cr | ₹1.0k Cr | ₹995 Cr |
| Other assets | ₹363 Cr | ₹431 Cr | ₹437 Cr | ₹522 Cr | ₹702 Cr | ₹797 Cr |
| Total assets | ₹916 Cr | ₹1.1k Cr | ₹1.2k Cr | ₹1.5k Cr | ₹1.9k Cr | ₹2.0k 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 Jun 2026
Since Jun 2025, DIIs added +10.44 pp while promoters trimmed −7.80 pp. The shareholder count shrank 15% to 52,732.
- Promoters
- 30.0%
- FIIs
- 21.5%
- DIIs
- 33.9%
- Government
- 0.1%
- Public
- 14.6%
Since Jun 2025
- DIIs +10.44 pp
- Promoters −7.80 pp
- FIIs −1.70 pp
How it drifted, 12 quarters
Over this window promoters fell from 38.0% to 30.0% — −8.0 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 38.0%, FIIs 22.3%, DIIs 28.4%, Government 0.0%, Public 11.2%.Dec '23: Promoters 38.0%, FIIs 23.2%, DIIs 28.7%, Government 0.1%, Public 10.0%.Mar '24: Promoters 38.0%, FIIs 24.8%, DIIs 26.9%, Government 0.1%, Public 10.2%.Jun '24: Promoters 38.0%, FIIs 27.3%, DIIs 24.3%, Government 0.1%, Public 10.3%.Sep '24: Promoters 38.0%, FIIs 28.5%, DIIs 22.6%, Government 0.1%, Public 10.8%.Dec '24: Promoters 38.0%, FIIs 26.7%, DIIs 23.7%, Government 0.1%, Public 11.5%.Mar '25: Promoters 38.0%, FIIs 23.9%, DIIs 23.5%, Government 0.1%, Public 14.5%.Jun '25: Promoters 37.8%, FIIs 23.2%, DIIs 23.4%, Government 0.1%, Public 15.5%.Sep '25: Promoters 30.0%, FIIs 22.9%, DIIs 29.7%, Government 0.1%, Public 17.4%.Dec '25: Promoters 30.0%, FIIs 21.8%, DIIs 31.4%, Government 0.1%, Public 16.8%.Mar '26: Promoters 30.0%, FIIs 22.8%, DIIs 31.7%, Government 0.1%, Public 15.5%.Jun '26: Promoters 30.0%, FIIs 21.5%, DIIs 33.9%, Government 0.1%, Public 14.6%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- ICICI Prudential Manufacturing Fund Mutual fund newly disclosed 3.92% held
- Mirae Asset Small Cap Fund Mutual fund newly disclosed 1.22% held
- UTI-Mid Cap Fund Mutual fund +0.50 pp 2.86% held
- HDFC Small Cap Fund Mutual fund +0.17 pp 6.80% held
- Mahindra Manulife Small Cap Fund Mutual fund +0.06 pp 2.15% held
The same filing shows 2 holders trimming and 5 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Voltamp Transformers Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Kunjal Lalitkumar Patel | 30.00% | unchanged |
| HDFC Small Cap Fund Mutual fund | 6.80% | +0.17 pp |
| Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund | 6.35% | unchanged |
| Nalanda India Equity Fund Limited FPI fund | 6.08% | unchanged |
| ICICI Prudential Manufacturing Fund Mutual fund | 3.92% | newly disclosed |
| UTI-Mid Cap Fund Mutual fund | 2.86% | +0.50 pp |
| DSP Small Cap Fund Mutual fund | 2.57% | unchanged |
| Mahindra Manulife Small Cap Fund Mutual fund | 2.15% | +0.06 pp |
| Axis Max Life Insurance Limited A/C - Ulif01311/02/08lifehighgr104 - High Growth Fund Insurer | 1.91% | −0.05 pp |
| Nalanda India Fund Limited FPI fund | 1.70% | unchanged |
| The Prudential Assurance Company Limited Insurer | 1.50% | −0.67 pp |
| Mirae Asset Small Cap Fund Mutual fund | 1.22% | newly disclosed |
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.
Mutual funds in VOLTAMP
Filings to Aug 2026
0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).
- Held by funds
- ₹1.4k Cr
- 7 schemes
- Biggest holder
- Nippon India Small Cap Fund
- ₹701 Cr · 0.8% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹701 Cr | held | Sep '16 |
| HDFC Small Cap Fund HDFC Mutual Fund | ₹399 Cr | held | Dec '22 |
| HDFC Children's Fund HDFC Mutual Fund | ₹173 Cr | held | Nov '24 |
| HDFC Retirement Savings Fund - Equity Plan HDFC Mutual Fund | ₹60 Cr | held | Dec '22 |
| HDFC Infrastructure Fund HDFC Mutual Fund | ₹31 Cr | held | Nov '23 |
| HDFC Retirement Savings Fund - Hybrid-Equity Plan HDFC Mutual Fund | ₹10 Cr | held | Dec '22 |
| HDFC Dividend Yield Fund HDFC Mutual Fund | ₹10 Cr | held | Nov '23 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
0 added, 0 trimmed — net 0 shares (+0.0%)
- Funds are sitting on
- +177%
- vs est. average cost
- Held by funds
- ₹1.4k Cr
- 7 schemes · ≈ 11% of the company
- Biggest holder
- Nippon India Small Cap Fund
- ₹701 Cr · 0.8% of that fund
Shares held by these funds −9%
Aug '23 13.30 L shares Jul '26
What the price assumes
ExpensiveTo justify its price of ₹11217, this stock must grow earnings at 25% every year for 7 years. Our analysis caps realistic growth at ~15%. At that growth it is worth ₹6630 — downside of 41%.
- Growth the price implies
- 25.4% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 15.0% a year
- net profit, FY23–FY26 · EPS 15.2%
- The gap
- 0.1 pp
- -41% downside if it only repeats history
Learn to analyse Voltamp Transformers Limited
Guides on how to read this kind of business and the numbers that matter.