Voltamp Transformers share price & results
- Jun 2026
- Sept 2026
Vadodara-based manufacturer of oil-filled and dry-type power transformers up to 220kV, market leader in India
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 544 | +28.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 15.0 | −2.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 91.0 | +13.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 18.76 | −4.0 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 0.70 | −7.5 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 17.76 | −8.3 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Price
Performance +35.8% 1Y
1Y: ₹7,217 on 24 Oct 2025 → ₹9,799. High ₹12,520 (4 May 2026), low ₹6,778.5 (21 Jan 2026).
- Previous close
- ₹9,615
- Market cap
- ₹9.9k Cr
- 52-week range
- ₹6,778.5 – ₹12,520
- One year
- +37.00%
- Price to earnings (TTM to Jun 2026)
- 31.27×
- Return on equity (TTM to Jun 2026)
- 18.76%
Overview
- Symbol
- NSE:VOLTAMP
- Sector
- Capital Goods
- Industry
- Industrials
- Exchange
- NSE
- Currency
- INR
What Voltamp Transformers Limited does
Based on the company's own presentations, annual report and earnings calls.
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)
Fundamentals
Ratios, each with its period
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
What the filings say
Net profit, year on year: +14% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 398 | 484 | 625 | 424 | 483 | 630 | 617 | 544 |
| Expenses | 323 | 384 | 508 | 351 | 389 | 523 | 536 | 463 |
| Operating profit | 75 | 99 | 116 | 73 | 94 | 108 | 81 | 80 |
| Operating margin | 19.0% | 20.0% | 19.0% | 17.0% | 19.0% | 17.0% | 13.0% | 15.0% |
| Other income | 32 | 7 | 17 | 36 | 15 | 26 | -10 | 42 |
| Interest | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 |
| Depreciation | 3 | 3 | 4 | 3 | 4 | 4 | 4 | 4 |
| Profit before tax | 104 | 102 | 129 | 105 | 104 | 130 | 67 | 118 |
| Tax rate | 27.0% | 28.0% | 25.0% | 24.0% | 24.0% | 24.0% | 29.0% | 23.0% |
| Net profit | 76 | 73 | 97 | 80 | 79 | 99 | 48 | 91 |
| EPS (₹ per share) | 74.86 | 72.55 | 95.71 | 78.63 | 77.94 | 97.93 | 47.35 | 90.16 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 1,385 | 1,615 | 1,935 | 2,154 |
| Expenses | 1,154 | 1,294 | 1,567 | 1,799 |
| Operating profit | 230 | 323 | 366 | 356 |
| Other income | 41 | 89 | 85 | 67 |
| Interest | 0 | 1 | 0 | 1 |
| Depreciation | 10 | 11 | 13 | 15 |
| Profit before tax | 260 | 397 | 436 | 406 |
| Net profit | 201 | 308 | 325 | 306 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 10 | 10 | 10 | 10 | 10 | 10 |
| Reserves | 932 | 1,097 | 1,344 | 1,578 | 1,635 | 1,782 |
| Borrowings | 0 | 0 | 3 | 2 | 1 | 1 |
| Other liabilities | 119 | 115 | 164 | 186 | 255 | 226 |
| Total liabilities | 1,061 | 1,223 | 1,521 | 1,776 | 1,901 | 2,018 |
| Fixed assets | 62 | 67 | 77 | 118 | 115 | 118 |
| Capital work in progress | 8 | 0 | 1 | 3 | 37 | 108 |
| Investments | 561 | 718 | 922 | 1,056 | 1,047 | 995 |
| Other assets | 431 | 437 | 522 | 599 | 702 | 797 |
| Total assets | 1,061 | 1,223 | 1,521 | 1,776 | 1,901 | 2,018 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 20 | 66 | 168 | 216 | 219 | 140 |
| Cash from investing | 21 | -46 | -127 | -141 | -116 | -1 |
| Cash from financing | -26 | -26 | -36 | -63 | -94 | -104 |
| Net cash flow | 14 | -7 | 4 | 12 | 9 | 34 |
| Free cash flow | 10 | 47 | 161 | 199 | 159 | 15 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 90 | 62 | 60 | 54 | 55 | 46 |
| Inventory days | 123 | 123 | 83 | 108 | 85 | 126 |
| Days payable | 7 | 1 | 1 | 4 | 2 | 3 |
| Cash conversion cycle | 206 | 184 | 142 | 158 | 139 | 169 |
| Working capital days | 130 | 99 | 82 | 76 | 74 | 87 |
| Return on capital employed | 15.0% | 19.0% | 25.0% | 32.0% | 29.0% | 24.0% |
| Dividend payout | 23.0% | 27.0% | 30.0% | 30.0% | 31.0% | 33.0% |
What the price assumes
ExpensiveTo justify its price of ₹9799, this stock must grow earnings at 23% every year for 7 years. Our analysis caps realistic growth at ~15%. At that growth it is worth ₹6630 — downside of 32%.
- Growth the price implies
- 22.7% 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
- -32% downside if it only repeats history
Ownership
Who owns it
Domestic institutions hold 35.48% as of Sept 2026; institutions added 0.58 pts since Jun 2026.
- Promoters 30.00%
- Foreign institutions 20.48%
- Domestic institutions 35.48%
- Government 0.05%
- Public 13.99%
Who bought this quarter
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Mutual fund +0.86 pp 4.78% held
- Mutual fund +0.55 pp 2.70% held
- Mutual fund +0.43 pp 3.29% held
- Mutual fund +0.22 pp 2.79% held
The same filing shows 4 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Sep 2026 filing
Every holder of Voltamp Transformers Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 30.00% | unchanged | |
| Mutual fund | 6.69% | −0.11 pp |
| Mutual fund | 6.35% | unchanged |
| FPI fund | 6.00% | −0.08 pp |
| Mutual fund | 4.78% | +0.86 pp |
| Mutual fund | 3.29% | +0.43 pp |
| Mutual fund | 2.79% | +0.22 pp |
| Mutual fund | 2.70% | +0.55 pp |
| Insurer | 1.73% | −0.18 pp |
| FPI fund | 1.70% | unchanged |
| Mutual fund | 1.24% | unchanged |
| Insurer | 1.04% | −0.46 pp |
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 Sep 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
- ₹675 Cr · 0.8% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹675 Cr | held | Sep '16 |
| HDFC Small Cap Fund HDFC Mutual Fund | ₹422 Cr | held | Dec '22 |
| HDFC Children's Fund HDFC Mutual Fund | ₹184 Cr | held | Nov '24 |
| HDFC Retirement Fund - Hybrid-Equity Plan HDFC Mutual Fund | ₹53 Cr | held | Dec '22 |
| HDFC Infrastructure Fund HDFC Mutual Fund | ₹33 Cr | held | Nov '23 |
| HDFC Dividend Yield Fund HDFC Mutual Fund | ₹10 Cr | held | Nov '23 |
| HDFC Retirement Fund - Hybrid-Debt Plan HDFC Mutual Fund | ₹0 Cr | held | Aug '26 |
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 Sep 2026
0 added, 0 trimmed — net 0 shares (+0.0%)
- Funds are sitting on
- +185%
- vs est. average cost
- Held by funds
- ₹1.4k Cr
- 7 schemes · ≈ 13% of the company
- Biggest holder
- Nippon India Small Cap Fund
- ₹675 Cr · 0.8% of that fund
Shares held by these funds −11%
Oct '23 13.11 L shares Sep '26
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