Voltamp Transformers Ltd
VOLTAMPVoltamp Transformers Ltd's price has outrun its earnings. +53.9% in a year against EPS −6.2% — the market is paying now for delivery later.
The sharpest disagreement: the price moved +53.9% in a year while annual EPS moved −6.2% — the difference is re-rating, and re-rating has to be repaid with earnings.
The price is in a confirmed uptrend (24 weeks in) while the P/E sits at the 96th percentile of its own 11-year range. Underneath, the last four quarters read improving — profit +13.7% year on year, and 61% of the last 3 years' profit arrived as cash. What settles it: whether earnings grow into a price that has already moved.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Voltamp Transformers Ltd trades at ₹11,217, in a confirmed uptrend and 24 weeks into that stage. That is +18.7% against its own 200-day average. It sits at 89% of a 52-week range of ₹6,826 to ₹11,742. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 4 straight weeks.
Today the stock is in a confirmed uptrend — week 24 of stage 2, confirmed. At ₹11,217 it trades +18.7% versus its 200-day average and sits at 89% of its 52-week range (₹6,826–₹11,742).
Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +1,443% while the NIFTY 500 moved +264% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 4 straight weeks — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
Story check
Voltamp Transformers Ltd's story is not scored yet against the markers our research file set on 27 June 2026. Where it sits in its own cycle: EARLY_CONTRACTION. Our fortnightly research layers last read it on 27 June 2026.
Our read, 27 June 2026. India's highest-quality transformer manufacturer — debt-free, ROCE twenty-four percent, inside a structural T&D supercycle — but a Q4 margin reset and PE at ninetieth-percentile history demand discipline on entry.
From the numbers. PE cycle shows CYCLICAL_TROUGH / FALLING_KNIFE per the system: PE at 1.8x its own 10Y median (16.95x), earnings declining YoY (-6% FY26 EPS). This is a dangerous combination — not a depressed setup, but an…
From the price. Price stage 2, week 24 — above its 200-day line, relative strength rising.
From the research. India's highest-quality transformer manufacturer — debt-free, ROCE twenty-four percent, inside a structural T&D supercycle — but a Q4 margin reset and PE at ninetieth-percentile history demand discipline on entry.
🚨 Where they disagree. PE cycle shows CYCLICAL_TROUGH / FALLING_KNIFE per the system: PE at 1.8x its own 10Y median (16.95x), earnings declining YoY (-6% FY26 EPS). This is a dangerous combination — not a depressed setup, but an expensive-on-declining-earnings setup. The PE percentile at 90th is a caution flag. FII_SELLING signal reflects recent reduction from 28.5% (Sep 2024) to 21.78% (Dec 2025). Structural case is intact for recovery when capacity comes online in July 2026 and Q4 one-times reverse.
What is proven. India's highest-quality transformer manufacturer — debt-free, ROCE twenty-four percent, inside a structural T&D supercycle — but a Q4 margin reset and PE at ninetieth-percentile history demand discipline on entry.
What is not proven yet. If Q1 FY27 EBITDA margin drops below fifteen percent despite stabilizing transformer oil prices, indicating structural pricing pressure from sector-wide capacity additions rather than just one-time commodity spikes.
🚨 What would change our mind. If Q1 FY27 EBITDA margin drops below fifteen percent despite stabilizing transformer oil prices, indicating structural pricing pressure from sector-wide capacity additions rather than just one-time commodity spikes.
🚨 Layer 1 read, 27 June 2026 — DROP. Best-in-class debt-free transformer maker, but the stock is at a 10-year-high PE just as Q4 profit halved on cost shocks. Voltamp is the quality anchor of Indian transformers — debt-free, 24% ROCE, a 6,000 MVA plant commissioning in July 2026 and an order book up 28% — but FY26 EPS slipped 6% and the March quarter's profit halved (EPS 97.93→47.35, margin to 13%) on a Labour-Code provision, employee incentives and rupee/transformer-oil cost spikes. With the price-to-earnings at the most expensive 10% of its history (34x, 92.5th percentile) and a -62% margin of safety, the valuation prices in flawless execution exactly as earnings rolled over.
What would change Layer 1’s mind. If Q1/Q2 FY27 delivers a SECOND consecutive quarter of EBITDA-margin pressure (margin staying below ~15% after the one-time items unwind), the CONTRACTION is confirmed structural and — at a 92.5th-percentile PE with -62% MoS — triggers a second de-rating, flipping this to a discretionary exit; conversely Q1 FY27 margin normalising back toward 17-18% as one-times unwind restores the hold.
🚨 CIO read, 27 June 2026 — EXIT. EXIT · forward-asymmetry 27/100 · CONTESTED. Weakest forward asymmetry in the batch: rating STRETCHED at the 92.5th percentile (1.9x its 10Y median, P_PE_EXPANSION_DONE ) into a FALLING EPS curve — Q4 EPS halved to 47.35, OPM cut to 13%, true_story flagged is_trap. Negative sustain gap (~6% deliverable vs 19.4% implied), two exit triggers (rating_spent + rerating_ahead), L1 RANKED_OUT 201/205, and the transformers sector is TOPPING with a capex flood. Quality engine intact but the move is spent and rolling over.
The test written in advance. If Q1 FY27 EBITDA margin drops below fifteen percent despite stabilizing transformer oil prices, indicating structural pricing pressure from sector-wide capacity additions rather than just one-time commodity spikes. — the thesis as written as stated by the next result.
The test written in advance. CRGO Steel + Transformer Oil Cost Inflation (Middle East / INR) — CRGO Steel + Transformer Oil Cost Inflation (Middle East / INR) by the next result.
The test written in advance. Valuation Overextension — PE at ninetieth Percentile, EPS Declining YoY — Valuation Overextension — PE at ninetieth Percentile, EPS Declining YoY Q1 FY27 EPS trajectory — needs to recover above ₹80/quarter (annualized ~₹320+) to justify current PE by the next result.
| Dial | Now | Was | Why it matters | Watch line |
|---|---|---|---|---|
| Capacity Expansion — six thousand MVA… | HIGH | — | ₹two hundred Cr greenfield at Jarod, Vadodara adds six thousand MVA of 220kV-class power transformers (up to 250 MVA rating)… | If Q1 FY27 EBITDA margin drops below fifteen percent despite stabilizing transformer oil prices, indicating structural pricing pressure from… |
| EHV Product Mix Shift — 160/220MVA… | HIGH | — | Q2 FY26 delivered highest-rated 160MVA/220kV transformer ahead of schedule — EHV segment entry opening a premium-price… | If Q1 FY27 EBITDA margin drops below fifteen percent despite stabilizing transformer oil prices, indicating structural pricing pressure from… |
| TAM Expansion — Data Centers, Renewables… | MEDIUM_HIGH | — | Expanding TAM across renewables, EV charging infrastructure, green hydrogen, and data centers broadens demand beyond traditional… | If Q1 FY27 EBITDA margin drops below fifteen percent despite stabilizing transformer oil prices, indicating structural pricing pressure from… |
| Order Book Rebuild — ₹1,two hundred Cr… | MEDIUM | — | FY27 entered with order book ₹1,two hundred Cr (10,270 MVA, +28% YoY), April 2026 fresh orders ₹310 Cr (2,107 MVA) secured in… | If Q1 FY27 EBITDA margin drops below fifteen percent despite stabilizing transformer oil prices, indicating structural pricing pressure from… |
| Services & Spares — High-Margin Recurring… | MEDIUM | — | 22,500+ dry-type transformer installed base and 70,000+ total installations create a recurring services and spares revenue… | If Q1 FY27 EBITDA margin drops below fifteen percent despite stabilizing transformer oil prices, indicating structural pricing pressure from… |
🚨 What the surface reading misses. The surface reading is: Surface metric reading The research reads it further: Deep dive into metric context
🚨 What the surface reading misses. The surface reading is: Surface metric reading The research reads it further: Deep dive into metric context
Lever 6 · Order-book wins — BUILDING. ₹two hundred Cr greenfield at Jarod, Vadodara adds six thousand MVA of 220kV-class power transformers (up to 250 MVA rating) — lifting total to twenty thousand MVA — commissioned July 2026, funded via internal accruals. What proves it keeps working: Capacity Expansion — six thousand MVA Greenfield (July 2026). It stops working if If Q1 FY27 EBITDA margin drops below fifteen percent despite stabilizing transformer oil prices, indicating structural pricing pressure from sector-wide capacity additions rather than just one-time commodity spikes.
Lever 2 · Value-added mix — BUILDING. Q2 FY26 delivered highest-rated 160MVA/220kV transformer ahead of schedule — EHV segment entry opening a premium-price, higher-margin product tier. What proves it keeps working: EHV Product Mix Shift — 160/220MVA transformer deliveries. It stops working if If Q1 FY27 EBITDA margin drops below fifteen percent despite stabilizing transformer oil prices, indicating structural pricing pressure from sector-wide capacity additions rather than just one-time commodity spikes.
Lever 14 · A bigger market to sell into — BUILDING. Expanding TAM across renewables, EV charging infrastructure, green hydrogen, and data centers broadens demand beyond traditional T&D — Emkay: 'further broaden Voltamp's addressable market and support its long-term growth outlook'. What proves it keeps working: TAM Expansion — Data Centers, Renewables, EV, Green Hydrogen. It stops working if If Q1 FY27 EBITDA margin drops below fifteen percent despite stabilizing transformer oil prices, indicating structural pricing pressure from sector-wide capacity additions rather than just one-time commodity spikes.
Lever 8 · Demerger or value unlock — BUILDING. FY27 entered with order book ₹1,two hundred Cr (10,270 MVA, +28% YoY), April 2026 fresh orders ₹310 Cr (2,107 MVA) secured in the first month — enquiry pipeline described as robust. What proves it keeps working: Order Book Rebuild — ₹1,two hundred Cr FY27 Entry + ₹310 Cr April Inflows. It stops working if If Q1 FY27 EBITDA margin drops below fifteen percent despite stabilizing transformer oil prices, indicating structural pricing pressure from sector-wide capacity additions rather than just one-time commodity spikes.
Sources: our stock research file (27 June 2026) · quarterly results through Jun 26. The story check is re-scored every results season; the record below never changes.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Voltamp Transformers Ltd reported ₹544 Cr of revenue in the Jun 26 quarter, +28.3% year on year. Over 10 years it has compounded at 14.4% a year. The last full year, FY26, came in at ₹2,154 Cr. The last four reported quarters add to ₹2,274 Cr.
Why this happened. At current 14,000 MVA fully utilized, Voltamp is capacity-constrained. The Jarod facility (six thousand MVA, first phase) targets 220kV-class EHV transformers up to 250 MVA rating — a step up in product complexity and margin profile versus the existing Makarpura (up to 160 MVA) and Savli (distribution) facilities. Emkay estimates 50-60% utilization ramp in FY27 post-commissioning. A land bank of ₹25 Cr has been approved for future phases, signaling a staged expansion roadmap. The volume compounding from this capacity is the primary earnings growth driver for FY27-FY28.
FY26 revenue came in at ₹2,154 Cr (+11.4% on the year), capping 10 years at 14.4% compound. The latest quarter (Jun 26) printed ₹544 Cr, +28.3% year on year.
Pace check: the last four quarters averaged +19.6% growth against the decade's 14.4% — the current year is running faster than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +17.8% over the last 4 quarters against +14.9%/yr over the last 8 — stabilising; TTM profit −2.8% vs −2.9%/yr — stabilising.
FY26-Q4. revenue ₹617 Cr and profit ₹48 Cr as reported.
FY27-Q1. revenue ₹544 Cr and profit ₹91 Cr as reported.
Why-sources: our stock research file (27 June 2026) and the company’s own results for those quarters.
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Voltamp Transformers Ltd's operating margin is 15.0% in the Jun 26 quarter, −2.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 3.0% to 20.0%. The current quarter sits inside that band.
Why this happened. The 160MVA/220kV transformer delivered in Q2 FY26 demonstrated manufacturing capability at the premium EHV segment. The new Jarod facility expands this further to 250 MVA/220kV class. EHV transformers command structural pricing premium vs distribution transformers. Customer base for EHV includes large EPC firms (L&T, Thermax, Tata Projects), multinational giants (Siemens, ABB, GE, Hitachi), and PSUs. Each EHV win is a reference for future larger-scale orders.
The latest quarter's operating margin is 15.0%, −2.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 3.0%–20.0%.
🚨 Why the margin moved: operating margin went −2.4 pp year on year while gross margin went −3.0 pp — the loss came mostly from the gross line: input costs and pricing.
FY26-Q4. revenue ₹617 Cr and profit ₹48 Cr as reported.
FY27-Q1. revenue ₹544 Cr and profit ₹91 Cr as reported.
Why-sources: our stock research file (27 June 2026) and the company’s own results for those quarters.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Voltamp Transformers Ltd earned ₹91.0 Cr of net profit in the Jun 26 quarter, +13.7% year on year. Full-year FY26 profit was ₹305 Cr. The 10-year compound rate is 21.4%. That is 16.7% of the quarter's revenue. The same quarter a year earlier earned ₹80.0 Cr.
Jun 26 profit was ₹91.0 Cr, +13.7% year on year. On the full year, FY26 printed ₹305 Cr (−6.2%), and the 10-year compound rate is 21.4%.
Why profit moved: revenue contributed +28.3% and the margin −2.0 pp — the quarter was revenue-led despite a thinner margin.
Pace comparison, last four quarters: profit +0.7% vs revenue +19.6%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.
FY26-Q4. revenue ₹617 Cr and profit ₹48 Cr as reported.
FY27-Q1. revenue ₹544 Cr and profit ₹91 Cr as reported.
Why-sources: our stock research file (27 June 2026) and the company’s own results for those quarters.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 61% of Voltamp Transformers Ltd's reported profit arrived as operating cash — most of the profit is real cash. In FY26 that was ₹140 Cr of operating cash against ₹305 Cr of profit. After ₹120 Cr of capital spending, ₹20.0 Cr was left as free cash.
FY26: operating cash of ₹140 Cr against reported profit of ₹305 Cr, leaving free cash of ₹20.0 Cr after ₹120 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 61% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
🚨 Why conversion sits at 61%: the cash cycle tightened 37 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner. Less than 70% of profit arriving as cash is the thing to watch on this page.
Router verdict: the bigger cash user is investment — capital spending ran 5.1× depreciation over three years, so the next section's job is to check what that build-out is buying.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Voltamp Transformers Ltd's cash conversion cycle runs 169 days in FY26, down from 206 days in FY21. Capital spending ran ₹198 Cr over the last 3 years. At FY26 sales of ₹2,154 Cr each day of that cycle holds about ₹5.9 Cr, so roughly ₹997 Cr sits inside the business at any moment.
FY26: debtors at 46 days, inventory at 126 days — roughly 4.1 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 169 days, tighter than FY21's 206.
The full loop: cash goes out to suppliers and production on day 0; stock waits 126 days to sell; customers pay about 46 days after that; and suppliers themselves are paid at 3 days — netting out to the 169-day cycle.
In money terms: at FY26 sales of ₹2,154 Cr, each day of the cycle holds about ₹5.9 Cr — so the 169-day loop keeps roughly ₹997 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹198 Cr over the last 3 fiscal years against ₹39.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹108 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
Voltamp Transformers Ltd earns a ROCE of 24% in FY26. That is up from a trough of 6% in FY15. Return on invested capital clears the cost of that capital by +3.7 percentage points, so growth here adds value rather than only size. The wiring behind it is 14.2% net margin on 1.07× asset turns.
FY26 ROCE is 24%, recovered from a FY15 trough of 6% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 14.2% net margin × 1.07× asset turns × 1.13× balance-sheet leverage ≈ 17.2% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.
The capstone test — ROIC − WACC: 15.7% − 12.0% = a +3.7 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Positive but thin — value creation with little room for error.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
Voltamp Transformers Ltd carries total debt of ₹1.0 Cr against shareholder equity of ₹1,792 Cr as of Mar 26, a debt-to-equity of 0.00 — effectively unlevered. On the annual view that ratio went from 0.00 in FY24 to 0.00 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.
Mar 26: total debt of ₹1.0 Cr against shareholder equity of ₹1,792 Cr — a debt-to-equity of 0.00. On the annual view, debt-to-equity went from 0.00 (FY24) to 0.00 (FY26). The returns on this page are earned, not borrowed.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Domestic institutions added 9.6 points of Voltamp Transformers Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 33.9% of the company. Promoters moved −8.0 points over the same window, to 30.0%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Domestic institutions: +9.6 points over 8 quarters to 33.9%; Promoters: −8.0 points over 8 quarters to 30.0%; Foreign institutions: −5.8 points over 8 quarters to 21.5%.
Why the register moved: rotation — foreign institutions −5.8 points against domestic institutions +9.6 points over 8 quarters, with promoters −8.0 points — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Voltamp Transformers Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
Voltamp Transformers Ltd trades at 35.8× P/E, at the pricey end of its own range (96th percentile). Its long-run median P/E is 16.9×, measured across 10.5 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Why this happened. The ₹1,two hundred Cr order book represents 7-8 months of forward revenue coverage at current run rate. The order-to-execution conversion cycle (delivery target ≤9 months per management's selective booking strategy) implies strong FY27 H1 revenue visibility. April 2026 ₹310 Cr inflow in just 30 days demonstrates demand momentum has not softened despite Q4 earnings miss.
Today's P/E of 35.8× is at the pricey end of its own range (96th percentile), against a long-run median of 16.9× measured over 10.5 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
🚨 Why the multiple sits where it does: over the past year annual EPS moved −6.2% against a +53.9% price move — the price outran earnings, pushing the multiple UP its own range.
The price move, decomposed: over 5y, of the +51.5%/yr price move, ~+23.9%/yr came from earnings growth and ~+27.6 pp from the multiple (expanding); over 10y, of the +30.1%/yr price move, ~+20.6%/yr came from earnings growth and ~+9.5 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.
What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.
Solved at its 29 June 2026 price, Voltamp Transformers Ltd was paying for profit growth of about 19.4% a year. Profit itself has compounded 21.4% a year over the past 10 years. Today the market pays 35.8× P/E, the 96th percentile of its own 11-year range.
What the two numbers say together. The multiple is full against its own past, and the growth the price is paying for is close to what this company has actually delivered.
How to hold this number: it is a reading of one day's price, taken on 29 June 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.
Stage: Deteriorating Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Voltamp Transformers Ltd reads as deteriorating on its fundamental arc. Deteriorating — profit and EPS growth are shrinking (profit growth −2.8% latest against +65.3% at its 12-quarter best), ROCE slipping at 23.7%. The read is built from 12 quarters across 4 curves, on full evidence.
🚨 Why it matters: falling curves mean every cheap-looking ratio below needs a discount for direction.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +11.4% | +15.9% | +25.5% | +14.4% |
| Profit | −6.2% | +15.1% | +22.2% | +21.4% |
| EPS | −6.2% | +15.2% | +22.2% | +21.4% |
| Share price | +53.9% | +28.4% | +51.5% | +30.1% |
4-Factor Sector Score
49.1/100 — rank 4 of 12 in Capital Goods - Transformers · 100% evidence confidence
Voltamp Transformers Ltd scores 49.1 out of 100 against the 12 companies it is compared with in Capital Goods - Transformers, ranking 4. Price leads the evidence: RS versus the benchmark is 28.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
The four contributions add to the total exactly: 14.6 + 14.8 + 2.5 + 17.2 = 49.1. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Indo Tech Transformers LtdINDOTECH | 79.5/100Favorable setup100% evidence | LEADER | 29.1/35 Revenue 22.1% · PAT 29.9% · OPM change -1 pp 100% evidence | 18.3/25 ROCE 40.4% · OPM 14% 100% evidence | 12.1/20 P/E 37.7× · PEG 0.74 100% evidence | 20.0/20 RS sector 40.3% · RS bench 64.3% · 1Y 93%12 of 12 weeks ahead 100% evidence |
| Exact sum: 29.1 + 18.3 + 12.1 + 20 = 79.5 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 2Marsons LtdMARSONS | 59.2/100Mixed-positive evidence81% evidence | TURNING | 26.3/35 Revenue 33.5% · PAT 43.6% · OPM change -0.9 pp 95% evidence | 15.0/25 ROCE 25.4% · OPM 14.7% 95% evidence | 12.2/20 P/E 49.5× · PEG — 50% evidence | 5.7/20 RS sector -14.5% · RS bench -10.4% · 1Y -34.6%2 of 11 weeks ahead 70% evidence |
| Exact sum: 26.3 + 15 + 12.2 + 5.7 = 59.2 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -14.5% and the one-year return is -34.6%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 3Supreme Power Equipment LtdSUPREMEPWR | 55.7/100Mixed-positive evidence87% evidence | ASLEEP | 20.5/35 Revenue 23.9% · PAT 3.6% · OPM change -0.6 pp 95% evidence | 17.1/25 ROCE 22% · OPM 18.3% 95% evidence | 11.7/20 P/E 25.9× · PEG — 50% evidence | 6.4/20 RS sector -10.6% · RS bench 7.7% · 1Y 6%3 of 12 weeks ahead 100% evidence |
| Exact sum: 20.5 + 17.1 + 11.7 + 6.4 = 55.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4Voltamp Transformers Ltdthis pageVOLTAMP | 49.1/100Mixed-negative evidence100% evidence | BREAKING OUT | 14.6/35 Revenue 17.8% · PAT -2.8% · OPM change -2 pp 100% evidence | 14.8/25 ROCE 23.5% · OPM 15% 100% evidence | 2.5/20 P/E 35.8× · PEG 4.92 100% evidence | 17.2/20 RS sector 6.7% · RS bench 28.3% · 1Y 42.7%5 of 12 weeks ahead 100% evidence |
| Exact sum: 14.6 + 14.8 + 2.5 + 17.2 = 49.1 · Decision use: Price leads the evidence: RS versus the benchmark is 28.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 5CG Power & Industrial Solutions LtdCGPOWER | 48.7/100Mixed-negative evidence100% evidence | TURNING | 18.9/35 Revenue 21.4% · PAT 24% · OPM change -1 pp 100% evidence | 16.4/25 ROCE 26.7% · OPM 12% 100% evidence | 3.7/20 P/E 113× · PEG 5.21 100% evidence | 9.7/20 RS sector -0.8% · RS bench 19.1% · 1Y 23.5%4 of 12 weeks ahead 100% evidence |
| Exact sum: 18.9 + 16.4 + 3.7 + 9.7 = 48.7 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. | ||||||
| 6Transformers & Rectifiers India LtdTARIL | 43.8/100Mixed-negative evidence75% evidence | ASLEEP | 14.9/35 Revenue 14.7% · PAT 2.3% · OPM change -1 pp 95% evidence | 14.3/25 ROCE 23.3% · OPM 16% 76% evidence | 10.4/20 P/E 33.5× · PEG — 15% evidence | 4.2/20 RS sector -26.1% · RS bench -10.3% · 1Y -42.7%3 of 12 weeks ahead 100% evidence |
| Exact sum: 14.9 + 14.3 + 10.4 + 4.2 = 43.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7Shilchar Technologies LtdSHILCTECH | 42.9/100Mixed-negative evidence82% evidence | TURNING | 5.5/35 Revenue -7.1% · PAT -16.5% · OPM change -17 pp 95% evidence | 20.3/25 ROCE 50.7% · OPM 16% 76% evidence | 9.1/20 P/E 34.7× · PEG — 50% evidence | 8.0/20 RS sector -15.9% · RS bench 1.8% · 1Y -10.2%2 of 12 weeks ahead 100% evidence |
| Exact sum: 5.5 + 20.3 + 9.1 + 8 = 42.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 8Schneider Electric Infrastructure LtdSCHNEIDER | 37.9/100Mixed-negative evidence100% evidence | TURNING | 5.8/35 Revenue 9.5% · PAT -29.9% · OPM change -6 pp 100% evidence | 14.1/25 ROCE 29.6% · OPM 5% 100% evidence | 5.4/20 P/E 151× · PEG 2.79 100% evidence | 12.6/20 RS sector 4.1% · RS bench 23.4% · 1Y 37.8%7 of 12 weeks ahead 100% evidence |
| Exact sum: 5.8 + 14.1 + 5.4 + 12.6 = 37.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 9Ujaas Energy LtdUEL | 36.4/100Mixed-negative evidence74% evidence | BREAKING OUT | 8.9/35 Revenue -26.9% · PAT -47.7% · OPM change 30.2 pp 95% evidence | 2.8/25 ROCE 3.9% · OPM -92.1% 95% evidence | 8.5/20 P/E 701× · PEG — 15% evidence | 16.2/20 RS sector 15.8% · RS bench 40.1% · 1Y 82.3%6 of 12 weeks ahead 70% evidence |
| Exact sum: 8.9 + 2.8 + 8.5 + 16.2 = 36.4 · Decision use: Price leads the evidence: RS versus the benchmark is 40.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 10Bharat Bijlee LtdBBL | 29.8/100Adverse evidence100% evidence | ASLEEP | 15.8/35 Revenue 18.2% · PAT -18.8% · OPM change -2 pp 100% evidence | 4.3/25 ROCE 8.4% · OPM 5% 100% evidence | 9.7/20 P/E 22.7× · PEG 4.48 100% evidence | 0.0/20 RS sector -31.3% · RS bench -16% · 1Y -25.5%3 of 12 weeks ahead 100% evidence |
| Exact sum: 15.8 + 4.3 + 9.7 + 0 = 29.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 11Danish Power LtdDANISH | 52.6/100Thin evidence · provisional50% evidence | TURNING | 15.9/35 Revenue — · PAT — · OPM change -2 pp 26% evidence | 17.5/25 ROCE 23.4% · OPM 18% 95% evidence | 10.7/20 P/E 28.5× · PEG — 15% evidence | 8.5/20 RS sector -20.2% · RS bench 30.4% · 1Y 9%3 of 10 weeks ahead 70% evidence |
| Exact sum: 15.9 + 17.5 + 10.7 + 8.5 = 52.6 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 12Vilas Transcore LtdVILAS | 44.4/100Thin evidence · provisional50% evidence | ASLEEP | 17.6/35 Revenue — · PAT — · OPM change -5 pp 26% evidence | 8.8/25 ROCE 15.9% · OPM 9% 95% evidence | 11.5/20 P/E 21.9× · PEG — 15% evidence | 6.5/20 RS sector -9.6% · RS bench -12% · 1Y -34.6%0 of 10 weeks ahead 70% evidence |
| Exact sum: 17.6 + 8.8 + 11.5 + 6.5 = 44.4 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is Voltamp Transformers Ltd's share price today?
Voltamp Transformers Ltd trades at ₹11,217, +53.9% over the past year. The company is valued at ₹11,348 Cr. The stock sits at 89% of its 52-week range of ₹6,826–₹11,742, +18.7% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 24 weeks in. — as of 11 September 2026.
What were Voltamp Transformers Ltd's latest quarterly results?
Voltamp Transformers Ltd reported revenue of ₹544 Cr and net profit of ₹91.0 Cr for the Jun 26 quarter. Revenue rose 28.3% and profit rose 13.7% year on year. Earnings per share were ₹90.16. The operating margin was 15.0%, 2.0 pp lower than a year earlier. — as of 11 September 2026.
What is Voltamp Transformers Ltd's revenue?
Voltamp Transformers Ltd reported revenue of ₹544 Cr in the Jun 26 quarter, +28.3% year on year. For the full FY26 fiscal year, revenue was ₹2,154 Cr (+11.4%). Over the last 10 years revenue compounded at 14.4% a year. — as of 11 September 2026.
What is Voltamp Transformers Ltd's profit?
Voltamp Transformers Ltd earned ₹91.0 Cr of net profit in the Jun 26 quarter, +13.7% year on year. Full-year FY26 profit was ₹305 Cr. The operating margin ran 15.0% in the latest quarter. — as of 11 September 2026.
What is Voltamp Transformers Ltd's market cap?
Voltamp Transformers Ltd's market capitalisation is ₹11,348 Cr at a share price of ₹11,217. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 11 September 2026.
What is Voltamp Transformers Ltd's P/E ratio?
Voltamp Transformers Ltd trades at a P/E of 35.8×, at the 96th percentile of its own 11-year range, against a long-run median of 16.9×. This is a comparison with the stock's own history, not a value call — as of 11 September 2026.
Does Voltamp Transformers Ltd pay a dividend?
Yes — Voltamp Transformers Ltd's dividend payout was 33% of profit in FY26, and it recorded a payout in each of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 11 September 2026.
Is Voltamp Transformers Ltd overvalued?
On its own history, Voltamp Transformers Ltd looks expensive: its P/E of 35.8× sits at the 96th percentile of its 11-year range (long-run median 16.9×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 11 September 2026.
Is Voltamp Transformers Ltd growing?
Yes — Voltamp Transformers Ltd is growing: latest-quarter revenue +28.3% year on year, profit +13.7%, and the margin −2.0 pp at 15.0%. The 10-year compound rates are 14.4% (revenue) and 21.4% (profit). The earnings engine currently reads: improving — as of 11 September 2026.
How is Voltamp Transformers Ltd performing?
Voltamp Transformers Ltd is in a confirmed uptrend, 24 weeks in. Its latest quarter's revenue rose 28.3% and profit rose 13.7% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 4 weeks. This describes what the data did, not a rating. — as of 11 September 2026.
What stage is Voltamp Transformers Ltd in?
Deteriorating — profit and EPS growth are shrinking (profit growth −2.8% latest against +65.3% at its 12-quarter best), ROCE slipping at 23.7%. The read comes from the last 12 quarters of growth (revenue growth +17.8% latest, profit growth −2.8% latest, eps growth −2.6% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 11 September 2026.
Is Voltamp Transformers Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 24 of stage 2), trading +18.7% versus its 200-day average and at 89% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 11 September 2026.
Is Voltamp Transformers Ltd beating the market?
On recent form, yes — Voltamp Transformers Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 4 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.5 years the stock moved +1,443% against the NIFTY 500's +264% — ahead of the index over the full window. — as of 11 September 2026.
Will Voltamp Transformers Ltd's share price go up?
This page publishes no price forecast for Voltamp Transformers Ltd. What it measures instead: the share price is ₹11,217, the price is in a confirmed uptrend 24 weeks in. Its P/E of 35.8× sits at the 96th percentile of its own 11-year range. — as of 11 September 2026.
Who owns Voltamp Transformers Ltd?
Promoters hold 30.0% of Voltamp Transformers Ltd, foreign institutions 21.5%, domestic institutions 33.9% and the public 14.6% (latest quarter). The biggest move on the register over the last two years: Domestic institutions added 9.6 points over 8 quarters. — as of 11 September 2026.
Does Voltamp Transformers Ltd have too much debt?
No — Voltamp Transformers Ltd's debt-to-equity is 0.00, and operating profit covers the interest bill north of 100×. FY26 borrowings were ₹1.0 Cr against equity of ₹1,792 Cr. The returns on this page are earned, not borrowed — as of 11 September 2026.
What is Voltamp Transformers Ltd's capex?
Voltamp Transformers Ltd spent ₹198 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹120 Cr, with ₹108 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 11 September 2026.
What is Voltamp Transformers Ltd's cash flow?
Voltamp Transformers Ltd generated ₹140 Cr of operating cash flow in FY26 and ₹20.0 Cr of free cash flow after ₹120 Cr of capital spending. Reported profit that year was ₹305 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 11 September 2026.
Is Voltamp Transformers Ltd's profit real cash?
Mostly — over the last 3 fiscal years, 61% of Voltamp Transformers Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹140 Cr against reported profit of ₹305 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 11 September 2026.
Where is Voltamp Transformers Ltd in its business cycle?
Voltamp Transformers Ltd's FY26 operating margin was 16.0%, against a 13-year band of 3.0%–20.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 15.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 11 September 2026.
What growth does Voltamp Transformers Ltd's price assume?
At its price on 29 June 2026, Voltamp Transformers Ltd was priced for profit growth of about 19.4% a year. Profit itself has compounded 21.4% a year over the past 10 years. The figure reads the multiple backwards: the growth a buyer at that price was already paying for. — as of 11 September 2026.
What could break the Voltamp Transformers Ltd story?
The sharpest disagreement: the price moved +53.9% in a year while annual EPS moved −6.2% — the difference is re-rating, and re-rating has to be repaid with earnings. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 11 September 2026.
Is Voltamp Transformers Ltd a stock worth studying right now?
This is not investment advice. The machine read: Voltamp Transformers Ltd's price has outrun its earnings. +53.9% in a year against EPS −6.2% — the market is paying now for delivery later. The sharpest open question: whether earnings grow into a price that has already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 11 September 2026.
Not SEBI Registered !! Not Investment advice !!