Voltamp Transformers Limited (VOLTAMP) AI Stock Analysis

• Market Cap: ₹92.04B
• Dividend Yield: 1.27%
• Average Volume (3M): 7.97K
• Price to Earnings (P/E): 26.0
• Beta (1Y): 2.16
• Revenue Growth: 15.87%
• EPS Growth: -4.28%
• Country: IN
• Employees: 352
• Sector: Industrials
• Sector Strength: 72
• Industry: Electrical Equipment & Parts
• EPS (TTM): 99.85
• Shares Outstanding: 10,117,120
• 10 Day Avg. Volume: 1,560
• 30 Day Avg. Volume: 7,971
• PEG Ratio: 3.73
• Price to Book (P/B): 4.50
• Price to Sales (P/S): 3.69
• P/FCF Ratio: 44.93
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 335.98
• Revenue Forecast (FY): ₹20.91B

• Rating: 73 Outperform
• Price Target: ₹10,143.00 ▲(31.51% Upside)
• Action: Upgraded Date: 11/11/25
• Date: Action: Upgraded 11/11/25

Voltamp Transformers Limited's overall stock score is driven by its strong financial performance, which is the most significant factor. The technical analysis shows mixed signals, with some bullish momentum but potential resistance. The valuation is moderate, indicating the stock is fairly priced. The absence of earnings call and corporate events data means these factors do not influence the score.

Positive Factors

Revenue growth trend

Sustained ~19% revenue growth demonstrates the firm's ability to win orders and expand shipments in transmission, distribution and industrial segments. Over 2–6 months this supports scale benefits, steadier cash conversion and a stronger base for reinvesting in capacity or product development.

Margin and operational efficiency

Robust gross and healthy net margins plus solid EBIT/EBITDA indicate durable cost control in manufacturing and favorable product mix. This operational efficiency supports sustained profitability through commodity cycles and underpins long-term ability to fund capex, R&D or margin-enhancing initiatives.

Strong balance sheet & cash generation

Low financial leverage, an impressive ROE and positive free cash flow trend provide financial flexibility to meet tender performance guarantees, invest in capacity, and withstand demand cycles. A strong equity base reduces refinancing risk and supports longer-term strategic initiatives.

Negative Factors

Raw-material cost exposure

Material inputs like copper and electrical steel are a structural cost exposure for transformer makers. Volatile commodity prices can compress margins between order award and delivery, requiring either price pass-throughs or margin absorption, which poses lasting margin volatility risk.

Tender-driven revenue cyclicality

Dependence on tenders and discrete customer orders makes top-line delivery lumpy and timing-sensitive. This structural revenue cyclicality increases working-capital swings, creates execution risk around large contracts, and can weaken predictability of cash flows month-to-month.

EPS growth lagging revenue

EPS growth materially trailing revenue growth suggests lower earnings leverage per rupee of sales, which could reflect margin pressure, higher operating expenses, or capital intensity. If persistent, this limits shareholder return even as top-line expands.

Voltamp Transformers Limited Business Overview & Revenue Model

Company Description

Voltamp Transformers Limited manufactures and sells various electrical transformers. It offers oil filled transformers, cast resin transformers, unitized sub-stations, induction furnace transformers, and lighting transformers. The company also provides repair, overhauling, conversion, and maintenance services for transformers; and supplies spares for transformers. It serves government and semi-government projects, refineries, and fertilizer plants; and the power, pharma, paper, steel, and cement sectors, as well as various other industries and state electricity boards in India and internationally. The company was founded in 1963 and is based in Vadodara, India.

How the Company Makes Money

Voltamp Transformers Limited generates revenue primarily through the sale of its transformers and ancillary services. The company has multiple revenue streams, including direct sales to utility companies and industrial clients, as well as contracts for custom-designed transformers tailored to specific client needs. Additionally, VOLTAMP earns money through maintenance and repair services, ensuring long-term relationships with clients. Strategic partnerships with engineering firms and participation in government contracts for infrastructure projects also contribute to its earnings, as these collaborations often lead to large-scale orders and steady revenue influx.

Voltamp Transformers Limited Financial Statement Overview

Summary

Voltamp Transformers Limited exhibits strong financial health with robust revenue growth, efficient cost management, and a solid balance sheet with low leverage. Cash flow generation is positive, though there is potential for further enhancement in growth.

Income Statement

Voltamp Transformers Limited demonstrates strong revenue growth, with a consistent increase in total revenue over the years. The gross profit margin is robust, reflecting efficient cost management. The net profit margin is healthy, showing effective control over expenses. EBIT and EBITDA margins also indicate strong operational efficiency, contributing to the overall profitability.

Balance Sheet

The company maintains a strong equity base with a low debt-to-equity ratio, indicating low financial leverage and reduced risk. The return on equity (ROE) is impressive, signaling effective use of shareholder funds. The equity ratio reflects a solid capital structure with a high proportion of equity financing, enhancing financial stability.

Cash Flow

Voltamp shows a positive trend in free cash flow, suggesting good cash management and profitability. The operating cash flow to net income ratio indicates strong cash generation relative to earnings. The free cash flow to net income ratio supports the company's ability to generate cash from its operations, although there is room for improvement in cash flow growth rate.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	19.30B	19.34B	16.09B	13.85B	11.27B	6.92B
Gross Profit	5.25B	5.41B	4.79B	2.73B	2.50B	1.63B
EBITDA	4.37B	3.66B	4.11B	2.71B	1.82B	1.50B
Net Income	3.26B	3.25B	3.07B	2.00B	1.33B	1.12B
Balance Sheet
Total Assets	0.00	17.76B	15.21B	12.23B	10.61B	9.10B
Cash, Cash Equivalents and Short-Term Investments	1.62B	1.63B	606.00M	850.15M	950.68M	485.56M
Total Debt	0.00	21.28M	32.14M	16.63M	0.00	0.00
Total Liabilities	-15.88B	1.88B	1.67B	1.15B	1.19B	819.58M
Stockholders Equity	15.88B	15.88B	13.54B	11.07B	9.42B	8.34B
Cash Flow
Free Cash Flow	0.00	1.59B	1.97B	1.60B	469.40M	88.32M
Operating Cash Flow	0.00	2.19B	2.16B	1.68B	655.81M	196.14M
Investing Cash Flow	0.00	-1.16B	-1.41B	-1.27B	-463.11M	207.38M
Financing Cash Flow	0.00	-938.07M	-633.29M	-363.00M	-260.90M	-252.85M

Voltamp Transformers Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 7712.90
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:VOLTAMP, the sentiment is Positive. The current price of 7712.9 is below the 20-day moving average (MA) of 8214.13, below the 50-day MA of 7766.42, and below the 200-day MA of 8063.69, indicating a bullish trend. The MACD of 336.50 indicates Negative momentum. The RSI at 76.17 is Negative, neither overbought nor oversold. The STOCH value of 85.58 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:VOLTAMP.

Voltamp Transformers Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VOLTAMP	73 Outperform	₹92.04B	25.98	―	1.27%	15.87%	-4.28%
ELECON	73 Outperform	₹93.36B	19.38	―	0.41%	20.94%	45.63%
BBL	70 Outperform	₹27.62B	21.07	―	1.27%	16.36%	21.58%
INDOTECH	68 Neutral	₹16.77B	18.67	―	―	34.48%	40.61%
TARIL	65 Neutral	₹93.07B	34.56	―	0.07%	33.60%	100.44%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
HIRECT	58 Neutral	₹24.38B	48.24	―	0.13%	35.05%	99.65%

Voltamp Transformers Limited Corporate Events

Voltamp Board Clears Q3 and Nine-Month FY26 Unaudited Results, Auditors Flag No Irregularities

Voltamp Transformers Limited’s board of directors has approved the unaudited financial results for the quarter and nine months ended December 31, 2025, at a meeting held on February 5, 2026. The results, reviewed by independent auditors CNK & Associates LLP, were found to comply with Indian Accounting Standards and SEBI’s listing regulations, with the auditors reporting no material misstatements, thereby reinforcing the company’s financial reporting integrity and providing investors with regulatory-compliant interim performance data.

Voltamp Transformers Posts Strong Q3 and Nine-Month Results Amid Evolving Trade Landscape

Voltamp Transformers Limited reported strong financial performance for the quarter and nine months ended 31 December 2025, with third-quarter net sales and services income rising 30% year-on-year to Rs 630.32 crore and total income up 34%, while net profit before tax increased 27%. For the first nine months of FY 2025-26, net sales grew 17% to Rs 1,536.46 crore and net profit before tax rose 10% to Rs 338.72 crore, reflecting robust operational momentum. Management noted that the recently concluded India–EU trade deal and positive developments in US-India tariff settlements are expected to support export-oriented sectors, including engineering goods, though they also cautioned that global geopolitical tensions and volatility may pose risks to capital flows and broader economic stability, underscoring the need for financial and operational buffers.