# Voltamp Transformers share price today (Voltamp Transformers Ltd, NSE: VOLTAMP)

> Voltamp Transformers share price today: ₹10,016.00 at the NSE close on 4 November 2026, up 39.9% in a year. Voltamp Transformers (NSE: VOLTAMP) is worth ₹10,133 crore, trades at a P/E of 31.4 and has closed between ₹6,826.00 and ₹11,742.00 over the past 52 weeks. > Voltamp Transformers Ltd's share price has risen faster than its earnings: +39.9% in a year, against −6.2% for earnings per share. VOLTAMP · Capital Goods - Transformers · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/voltamp-transformers-ltd

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## Key numbers

- Business trend: Getting worse, from the last 12 quarters
- Price: ₹10,016.00 (+39.9% in a year)
- P/E: 31.4× (higher than 89% of the last 11 years)
- Revenue (Sep 2026): ₹684 Cr (+41.6% on a year ago)
- Profit (Sep 2026): ₹85.0 Cr (+7.6% on a year ago)
- Operating margin: 15.0% (−4.0 points on a year ago)
- ROCE: 24%, FY26
- ROIC: 15.8%, against a 12.0% cost of capital: +3.8 points

The main question: the share price moved +39.9% in a year while yearly earnings per share moved −6.2%. The difference came from the market paying a higher multiple. ## What is the Voltamp Transformers share price today? Voltamp Transformers Ltd's share price was ₹10,016.00 at the close on 4 November 2026. It has been rising for 31 weeks. That is 3.1% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹6,826 and ₹11,742, and at that close it sat 65% of the way up from that low. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 13 weeks in a row. Over the last 11 years the share price moved +1,277% while the NIFTY 500 moved +249%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Voltamp Transformers this quarter? Three changes stood out: indian funds and insurers (DIIs) raised their stake for 5 quarters in a row, highest quarterly revenue in 16 quarters and operating margin down 4 points on a year earlier. 1. Indian funds and insurers (DIIs) raised their stake for 5 quarters in a row From 23.4% to 35.5% of the company by the September 2026 quarter. 2. Highest quarterly revenue in 16 quarters Revenue of ₹684 crore in the September 2026 quarter is the highest of the last 16 quarters. 3. Operating margin down 4 points on a year earlier 15% in the September 2026 quarter, from 19%. ## What are Voltamp Transformers' latest quarterly results? For July to September 2026 (the quarter ended 30 September 2026), Voltamp Transformers reported revenue of ₹684 crore, up 41.6% from ₹483 crore a year earlier, and a profit of ₹85.0 crore, up 7.6% from ₹79.0 crore. ### Voltamp Transformers results: July to September 2026 against a year earlier

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹684 crore | ₹483 crore | +41.6% |
| Profit | ₹85.0 crore | ₹79.0 crore | +7.6% |
| Earnings per share | ₹84.10 | ₹77.94 | +7.9% |
| Operating margin | 15.0% | 19.0% | −4.0 points |

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). (From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.)

## What is the Voltamp Transformers share price history? Voltamp Transformers closed at ₹10,016.00 on 4 November 2026, up 39.9% from ₹7,158.00 a year earlier (7 November 2025) and up 527.0% over five years. Its highest weekly close since March 2016 was ₹14,457.60 on 23 August 2024. ### Voltamp Transformers share price: then and now

| When | Close | Change to 4 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 30 Oct 2026 | ₹10,351.00 | −3.2% |
| 1 month ago · 1 Oct 2026 | ₹10,426.00 | −3.9% |
| 6 months ago · 8 May 2026 | ₹9,535.00 | +5.0% |
| 1 year ago · 7 Nov 2025 | ₹7,158.00 | +39.9% |
| 3 years ago · 3 Nov 2023 | ₹5,251.60 | +90.7% |
| 5 years ago · 4 Nov 2021 | ₹1,597.55 | +527.0% |
| 10 years ago · 4 Nov 2016 | ₹809.25 | +1,137.7% |
| Earliest weekly close in our records · 4 Mar 2016 | ₹727.15 | +1,277.4% |
| Highest weekly close since March 2016 · 23 Aug 2024 | ₹14,457.60 | −30.7% |
| Lowest weekly close since March 2016 · 11 Mar 2016 | ₹711.65 | +1,307.4% |
| 52-week high (weekly close) · 30 Apr 2026 | ₹11,742.00 | −14.7% |
| 52-week low (weekly close) · 23 Jan 2026 | ₹6,826.00 | +46.7% |

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (565 weekly closes from 4 March 2016 to 4 November 2026.)

## What is the latest news on Voltamp Transformers? 4 Nov 2026: Voltamp Transformers closed at ₹10,016.00, down 3.2% on the week and down 3.9% on the month. Results for July to September 2026: Revenue up 41.6% and profit up 7.6% on a year earlier. ### Earlier

- 24 Jul 2026: ex-date for a dividend of ₹100 a share. ## What dividend does Voltamp Transformers pay? Voltamp Transformers paid ₹100 a share in regular dividends in the 12 months to 5 November 2026 (1 payment), a yield of 1.00% at the ₹10,016.00 close on 4 November 2026. The last was a dividend of ₹100 a share, ex-date 24 July 2026. ### Voltamp Transformers dividends since 1 April 2021

| Ex-date | Dividend per share | Type |
| --- | --- | --- |
| 24 Jul 2026 | ₹100 | Dividend |
| 22 Jul 2025 | ₹100 | Dividend |
| 22 Jul 2024 | ₹90 | Dividend |
| 31 Jul 2023 | ₹60 | Dividend + Special |
| 4 Aug 2022 | ₹35 | Dividend |
| 22 Sep 2021 | ₹25 | Dividend |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. The record date is the same day as the ex-date for every payment here. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

Yes. Voltamp Transformers Ltd paid out 33% of its profit as dividends in FY26, and it paid a dividend in each of its last 13 reported years. (From the NSE corporate-actions record, read 5 November 2026.)

## What did Voltamp Transformers management say on the latest results call? Voltamp Transformers' management made 0 promises we could check against what it later reported. (Our read after the January to March 2026 results, written 27 June 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.)

## What is the future of Voltamp Transformers? What is changing in the business? What is changing at Voltamp Transformers, from the latest results and calls: capacity expansion, six thousand mva greenfield (july 2026), ehv product mix shift, 160/220mva transformer deliveries and tam expansion, data centers, renewables, ev, green hydrogen. - Capacity Expansion, six thousand MVA Greenfield (July 2026). ₹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. ⚠ estimate
- TAM Expansion, Data Centers, Renewables, EV, Green Hydrogen. 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'. ⚠ estimate
- Order Book Rebuild, ₹1,two hundred Cr FY27 Launch + ₹310 Cr April Inflows. FY27 entered with order book ₹1,two hundred Cr (10,270 MVA, +28% on a year earlier), April 2026 fresh orders ₹310 Cr (2,107 MVA) secured in the first month, enquiry pipeline described as robust. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown. (Our read after the January to March 2026 results, written 27 June 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.)

## What is Voltamp Transformers' order book? Demand-side catalyst intact: order backlog ₹1,200 Cr (+28% on a year earlier) entering FY27; enquiry pipeline described as robust. - Selective order booking strategy, delivery within 9-month window, maintained to protect margins against raw material pass-through risk. ⚠ estimate
- FY27 entered with order backlog ₹1,200 Cr (10,270 MVA, +28% on a year earlier vs FY25 ₹841 Cr / 7,839 MVA) ✓ fact
- G4: Order book ₹1,200 Cr entering FY27 (+28% on a year earlier) + April inflow ₹310 Cr, confirms demand robustness post Q4 miss, BEAT. ✓ fact

(Our read after the January to March 2026 results, written 27 June 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.)

## What could change the Voltamp Transformers story? What are the risks? If April to June 2026 operating 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 main risks

- CRGO Steel + Transformer Oil Cost Inflation (Middle East / INR): January to March 2026 margin collapse (operating profit -546 basis points on a year earlier to low double-digit) driven by rupee depreciation raising CRGO import costs and Middle East conflict spiking transformer oil prices, both risks remain live. ⚠ estimate

(Our read after the January to March 2026 results, written 27 June 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.)

## What to watch in Voltamp Transformers' next results? When Voltamp Transformers reports October to December 2026, these are the 4 checks that show whether the story is still on course. First: April to June 2026 operating margin, recovery above 16% would signal one-time costs unwound; below fifteen percent signals persistent structural pressure. | What to check | Why |
| --- | --- |
| April to June 2026 operating margin, recovery above 16% would signal one-time costs unwound; below fifteen percent signals persistent structural pressure. | CRGO Steel + Transformer Oil Cost Inflation (Middle East / INR) |
| Order realization trends, if revenue per MVA drops more than 5% on a year earlier in FY28, margin compression has arrived. | Industry Margin Normalization from Sector-Wide Capacity Additions |
| Any further promoter stake disclosures below 28% or additional block deal announcements. | Promoter Stake Reduction, 50% to 30% Dilution Signal |
| April to June 2026 result announcement, commissioning status and first month production data. | July 2026 Commissioning Delay Risk |

## Which stock lists is Voltamp Transformers on? Voltamp Transformers is on 2 of our India lists: Momentum stocks and Power & green energy stocks. - [Momentum stocks Market cap cr: 10133.083953241232](https://www.sectoralpha.in/momentum-stocks-india)
- [Power & green energy stocks Group on the list: Power equipment, transformers and cables](https://www.sectoralpha.in/sectors/power-stocks-india)

## Is Voltamp Transformers profitable? Voltamp Transformers Ltd earned ₹85.0 Cr of net profit in the Sep 2026 quarter, +7.6% on the same quarter a year earlier. That is the 2nd quarter in a row of profit growth. Full-year FY26 profit was ₹305 Cr. Over 10 years profit has grown 21.4% a year on average. That is 12.4% of the quarter's revenue. The same quarter a year earlier earned ₹79.0 Cr. For the full year, FY26 profit was ₹305 Cr (−6.2% on the year before). Why profit moved: revenue changed +41.6% on a year earlier and the margin moved −4.0 percentage points. Sales did the work while the margin got thinner. On average over the last four quarters, profit changed +1.6% and revenue +24.7%. Profit is growing slower than sales: rising costs are taking part of the growth. FY27-Q1. revenue ₹544 Cr and profit ₹91 Cr as reported. FY27-Q2. revenue ₹684 Cr and profit ₹85 Cr as reported. Why-sources: our stock research file (27 June 2026) and the company’s own results for those quarters. ## How much revenue does Voltamp Transformers make, and is it growing? Voltamp Transformers Ltd reported ₹684 Cr of revenue in the Sep 2026 quarter, +41.6% on the same quarter a year earlier. That is the 2nd quarter in a row with growth on the year before. Over 10 years it has grown 14.4% a year on average. The last full year, FY26, came in at ₹2,154 Cr. Why this happened. At current 14,000 MVA fully utilized, Voltamp is capacity-constrained. The Jarod facility (six thousand MVA, first phase) goals 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. The last four reported quarters add to ₹2,475 Cr. FY26 revenue was ₹2,154 Cr, +11.4% on the year before. Recent pace: the last four quarters grew +24.7% on average, against 14.4% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +22.8%, against +19.3% a year over the last 8 quarters (accelerating); profit over the last 12 months grew −1.8%, against −3.1% a year (stabilising). FY27-Q1. revenue ₹544 Cr and profit ₹91 Cr as reported. FY27-Q2. revenue ₹684 Cr and profit ₹85 Cr as reported. Why-sources: our stock research file (27 June 2026) and the company’s own results for those quarters. ## How much of every ₹100 of sales does Voltamp Transformers keep? Voltamp Transformers Ltd's operating margin was 15.0% in the Sep 2026 quarter, 4.0 percentage points lower than the same quarter a year ago. Across 13 years it has been between 3.0% and 20.0%. The latest quarter is within that range. 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. Why the margin moved: operating margin changed −3.9 percentage points on the year while gross margin changed −5.4 points. So the drop came mostly from the gross margin, which means input costs and prices charged. FY27-Q1. revenue ₹544 Cr and profit ₹91 Cr as reported. FY27-Q2. revenue ₹684 Cr and profit ₹85 Cr as reported. Why-sources: our stock research file (27 June 2026) and the company’s own results for those quarters. ## Is Voltamp Transformers' profit turning into cash? Over the last 3 years, 61% of Voltamp Transformers Ltd's reported profit came in as cash from its operations, so most of the profit is real cash. In FY26 it brought in ₹140 Cr of operating cash against ₹305 Cr of profit. After ₹120 Cr of spending on assets, ₹20.0 Cr was left over as free cash. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 61% of profit came in as cash: the cash cycle got 37 days shorter between FY21 and FY26, so cash that used to wait in the business now arrives sooner. When less than 70% of profit comes in as cash, it is the thing to watch on this page. What to look at next: the bigger use of cash is spending on new assets, at 5.1× depreciation over three years. The next section checks what that spending is building. ## Where does Voltamp Transformers' cash go? Voltamp Transformers Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 169 days in FY26, down from 206 days in FY21. It spent ₹198 Cr on assets over the last 3 years. Customers take 46 days to pay, and stock sits for 126 days on average. At FY26 sales of ₹2,154 Cr, each day of that cycle ties up about ₹5.9 Cr, so roughly ₹997 Cr is tied up in the business at any time. FY26: customers took 46 days to pay and stock sat for 126 days, about 4.1 months of sales sitting as stock, for a full cycle of 169 days, shorter than FY21's 206. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 126 days. Customers pay about 46 days after that. Suppliers are paid at 3 days. Together that makes the 169-day cycle. Spending on assets: ₹198 Cr over the last 3 years, against ₹39.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹108 Cr (FY26): assets paid for that are not earning yet. In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns. ## What is Voltamp Transformers' P/E ratio, and how does it compare with its own history? Voltamp Transformers Ltd's P/E is 31.4×, near the high end of its own history: higher than 89% of past readings. Its usual P/E (the middle reading) is 16.9×, over 11 years of weekly prices. This compares the share price with the company’s own past. It does not say 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 goal ≤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. Why the multiple is where it is: over the past year earnings per share moved −6.2% while the price moved +39.9%. The price did better than earnings, which pushed the multiple up within its own range. Where the price move came from: over 5 years the price moved +44.4% a year; about +23.2% a year came from earnings growth and about +21.2 percentage points from the multiple (the market paying more); over 10 years the price moved +28.6% a year; about +16.8% a year came from earnings growth and about +11.8 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is high against its own past, so the earnings trend underneath matters more than the multiple. ## Is the Voltamp Transformers business getting better or worse? Voltamp Transformers Ltd's business is getting worse. Profit and EPS growth are shrinking: profit growth is −1.8% in the latest quarter, against +65.3% at its best in 12 quarters, with ROCE falling at 23.7%. This is based on 12 quarters of 4 measures. Why it matters: falling lines mean any ratio below that looks low should be read with that direction in mind. ## What is the Voltamp Transformers story, and has it been checked? Voltamp Transformers Ltd's story is not scored yet against the checks our research set on 27 June 2026. Where it sits in its own cycle: EARLY CONTRACTION. From the numbers. This is a dangerous combination, not a depressed setup, but an…

From the price. Price stage 2, week 31, above its 200-day line, relative strength falling. Where they disagree. FII stake-cutting 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 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. 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. Measured by: the thesis as written as stated by the next result. The test written in advance. CRGO Steel + Transformer Oil Cost Inflation (Middle East / INR). Measured by: CRGO Steel + Transformer Oil Cost Inflation (Middle East / INR) by the next result. The test written in advance. 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 launch 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 serve: 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 Launch + ₹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 Sep 2026. The story check is re-scored every results season; the record below never changes. ## What is Voltamp Transformers management's track record? Voltamp Transformers maintains a track record of conservative operational guidance and robust execution. While the company does not issue formal numerical revenue or profit guidance, management consistently goals 100% capacity utilization, which was achieved in FY25 and is on track for FY26. In October to December 2025, the company reported revenue of ₹630.3 cr (+30.4% on a year earlier) and Adj. Profit of ₹100 cr (+40.4% on a year earlier), significantly beating analyst estimates (e.g., PL India's ₹530 cr revenue and ₹85.3 cr profit estimates). Management's strategy of selective order booking (limiting delivery to 9 months) has successfully protected margins against raw material volatility (Copper/CRGO), despite a 257 basis points on a year earlier operating margin contraction in October to December 2025 due to gross margin pressure. ### Regulatory and governance record

Voltamp Transformers Ltd (VOLTAMP) is classified as CLEAN. No SEBI penalties, promoter fraud, or regulatory red flags were identified in the 2024-2026 period. Recent disclosures from November 2025 confirm a significant ₹85.05 crore order from Gujarat Energy Transmission Corp. Financial results from May 2025 report a robust order book of ₹1,129 crore and a record 1000% dividend payout. A historical 2021 NCLT order sanctioned the merger of Kunjal Investments Pvt Ltd into the company after addressing standard observations from the Regional Director regarding SEBI and FEMA compliance. A 2022 CGST tax appeal was also settled in the company's favor, with no material adverse impact on operations. (Checked 20 April 2026.)

## How much does Voltamp Transformers earn on its capital? Voltamp Transformers Ltd earned a ROCE of 24% in FY26. That is up from a low of 6% in FY15. Its return on capital used (ROIC) is 3.8 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 14.2% net margin and 1.07× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 14.2% net margin × 1.07× asset turnover × 1.13× leverage (assets divided by equity) ≈ 17.2% on equity. The margin does its share; borrowing plays a small part, so this return is earned, not borrowed. The key test, return on capital used minus the cost of capital: 15.8% − 12.0% = +3.8 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Positive but thin: it creates value with little room for error. ## Does Voltamp Transformers have too much debt? Voltamp Transformers Ltd has total debt of ₹5.0 Cr against shareholder equity of ₹1,867 Cr as of Sep 2026, so its debt is 0.00× its equity, which is very little. Year by year, that ratio went from 0.00 in FY24 to 0.00 in FY26. So the returns on this page come from the business, not from borrowed money. ## What is the Voltamp Transformers shareholding pattern? Domestic institutions raised their stake in Voltamp Transformers Ltd by 12.9 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 35.5% of the company. Promoters moved −8.0 points over the same period, to 30.0%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Domestic institutions: +12.9 points over 8 quarters, to 35.5%; Promoters: −8.0 points over 8 quarters, to 30.0%; Foreign institutions: −8.0 points over 8 quarters, to 20.5%. Why the owners changed: foreign institutions moved −8.0 points and domestic institutions +12.9 points over 8 quarters, while promoters moved −8.0 points. One group of institutions took over shares from the other; it is not a change of mind by the people running the company. ## How far is Voltamp Transformers from balance-sheet trouble? For Voltamp Transformers Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Voltamp Transformers rank in its industry? 44.8 out of 100, rank 6 of 12 in Capital Goods - Transformers, with 100% of the evidence available. Voltamp Transformers Ltd scores 44.8 out of 100 against the 12 companies it is compared with in Capital Goods - Transformers, ranking 6. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 13.9 + 15.6 + 3.2 + 12.1 = 44.8. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Voltamp Transformers compared with? Voltamp Transformers ranks 6 of 12 Capital Goods - Transformers companies on the 4-Factor Sector Score, with 44.8 out of 100. 1. [Indo Tech Transformers Ltd](https://www.sectoralpha.in/stocks/indo-tech-transformers-ltd) INDOTECH · losing its lead · Most evidence points up · 96% evidence 72.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.9/35 · Revenue 22.1% · Profit 29.9% · Operating margin change -1 points · 88% evidence Capital efficiency 20.2/25 · ROCE 40.4% · Operating margin 14% · 100% evidence Valuation 15.5/20 · P/E 29× · PEG 0.74 · 100% evidence Relative strength 13.4/20 · Lead over its industry 6.5% · Lead over NIFTY 500 20.6% · 1 year 60.8% · 100% evidence · 8 of 12 weeks ahead Exact sum: 22.9 + 20.2 + 15.5 + 13.4 = 72 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [Supreme Power Equipment Ltd](https://www.sectoralpha.in/stocks/supreme-power-equipment-ltd) SUPREMEPWR · turning · Evidence leans up · 78% evidence 62.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.2/35 · Revenue 23.9% · Profit 3.6% · Operating margin change -1.4 points · 83% evidence Capital efficiency 14.9/25 · ROCE 22% · Operating margin 17.3% · 76% evidence Valuation 11.8/20 · P/E 24.6× · PEG n/a · 50% evidence Relative strength 19.3/20 · Lead over its industry 4.9% · Lead over NIFTY 500 22.3% · 1 year 17.4% · 100% evidence · 4 of 12 weeks ahead Exact sum: 16.2 + 14.9 + 11.8 + 19.3 = 62.2 · What this means: Relative strength against the index is 22.3%, and revenue and profit growth are weak. 3. [CG Power & Industrial Solutions Ltd](https://www.sectoralpha.in/stocks/cg-power-industrial-solutions-ltd) CGPOWER · turning · Evidence leans up · 100% evidence 57.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.5/35 · Revenue 23.8% · Profit 28.3% · Operating margin change 1 points · 100% evidence Capital efficiency 18.8/25 · ROCE 26.7% · Operating margin 14% · 100% evidence Valuation 4.3/20 · P/E 90.6× · PEG 6.43 · 100% evidence Relative strength 6.8/20 · Lead over its industry -8% · Lead over NIFTY 500 7.2% · 1 year 9.1% · 100% evidence · 0 of 12 weeks ahead Exact sum: 27.5 + 18.8 + 4.3 + 6.8 = 57.4 · What this means: Earnings are strong; relative strength in its sector is -8% and the one-year return is 9.1%. 4. [Transformers & Rectifiers India Ltd](https://www.sectoralpha.in/stocks/transformers-rectifiers-india-ltd) TARIL · turning · Evidence leans up · 75% evidence 57.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.1/35 · Revenue 27.3% · Profit 23.3% · Operating margin change 6 points · 95% evidence Capital efficiency 14.6/25 · ROCE 23.3% · Operating margin 17% · 76% evidence Valuation 10.1/20 · P/E 29.4× · PEG n/a · 15% evidence Relative strength 9.5/20 · Lead over its industry -11.3% · Lead over NIFTY 500 4.6% · 1 year -32.9% · 100% evidence · 2 of 12 weeks ahead Exact sum: 23.1 + 14.6 + 10.1 + 9.5 = 57.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [Marsons Ltd](https://www.sectoralpha.in/stocks/marsons-ltd) MARSONS · breaking out · Evidence leans up · 81% evidence 52.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.3/35 · Revenue 33.5% · Profit 43.6% · Operating margin change -0.9 points · 88% evidence Capital efficiency 13.7/25 · ROCE 24.4% · Operating margin 14.7% · 100% evidence Valuation 7.0/20 · P/E 57.8× · PEG 7.62 · 100% evidence Relative strength 11.3/20 · Lead over its industry n/a · Lead over NIFTY 500 14.1% · 1 year -13.7% · 25% evidence · 9 of 12 weeks ahead Exact sum: 20.3 + 13.7 + 7 + 11.3 = 52.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. Voltamp Transformers Ltd this page VOLTAMP · breaking out · Evidence leans down · 100% evidence 44.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 13.9/35 · Revenue 22.8% · Profit -1.8% · Operating margin change -4 points · 100% evidence Capital efficiency 15.6/25 · ROCE 23.5% · Operating margin 15% · 100% evidence Valuation 3.2/20 · P/E 32.4× · PEG 4.92 · 100% evidence Relative strength 12.1/20 · Lead over its industry 0.3% · Lead over NIFTY 500 16.9% · 1 year 39.8% · 100% evidence · 11 of 12 weeks ahead Exact sum: 13.9 + 15.6 + 3.2 + 12.1 = 44.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Ujaas Energy Ltd](https://www.sectoralpha.in/stocks/ujaas-energy-ltd) UEL · leader · Evidence leans down · 77% evidence 43.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 13.4/35 · Revenue -26% · Profit -3.5% · Operating margin change 9.5 points · 100% evidence Capital efficiency 6.8/25 · ROCE 3.9% · Operating margin 20.4% · 100% evidence Valuation 8.5/20 · P/E 378× · PEG n/a · 15% evidence Relative strength 15.1/20 · Lead over its industry 4.4% · Lead over NIFTY 500 21.2% · 1 year 58.8% · 70% evidence · 12 of 12 weeks ahead Exact sum: 13.4 + 6.8 + 8.5 + 15.1 = 43.8 · What this means: Relative strength against the index is 21.2%, and revenue and profit growth are weak. 8. [Bharat Bijlee Ltd](https://www.sectoralpha.in/stocks/bharat-bijlee-ltd) BBL · turning · Evidence leans down · 100% evidence 40.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.5/35 · Revenue 26.4% · Profit -11.6% · Operating margin change 1 points · 100% evidence Capital efficiency 4.9/25 · ROCE 8.4% · Operating margin 8% · 100% evidence Valuation 10.7/20 · P/E 20.3× · PEG 4.48 · 100% evidence Relative strength 5.1/20 · Lead over its industry -20.6% · Lead over NIFTY 500 -5.2% · 1 year -22.8% · 100% evidence · 0 of 12 weeks ahead Exact sum: 19.5 + 4.9 + 10.7 + 5.1 = 40.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 9. [Schneider Electric Infrastructure Ltd](https://www.sectoralpha.in/stocks/schneider-electric-infrastructure-ltd) SCHNEIDER · quiet · Evidence leans down · 96% evidence 35.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 7.2/35 · Revenue 9.5% · Profit -29.9% · Operating margin change -6 points · 88% evidence Capital efficiency 15.5/25 · ROCE 29.6% · Operating margin 5% · 100% evidence Valuation 5.8/20 · P/E 135× · PEG 2.78 · 100% evidence Relative strength 6.7/20 · Lead over its industry -5.2% · Lead over NIFTY 500 9% · 1 year 30.7% · 100% evidence · 1 of 12 weeks ahead Exact sum: 7.2 + 15.5 + 5.8 + 6.7 = 35.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. [Shilchar Technologies Ltd](https://www.sectoralpha.in/stocks/shilchar-technologies-ltd) SHILCTECH · quiet · Most evidence points down · 82% evidence 33.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 3.6/35 · Revenue -9.2% · Profit -29.9% · Operating margin change -10 points · 95% evidence Capital efficiency 21.2/25 · ROCE 50.7% · Operating margin 21% · 76% evidence Valuation 7.2/20 · P/E 32.8× · PEG n/a · 50% evidence Relative strength 1.1/20 · Lead over its industry -21.7% · Lead over NIFTY 500 -7.7% · 1 year -17.5% · 100% evidence · 0 of 12 weeks ahead Exact sum: 3.6 + 21.2 + 7.2 + 1.1 = 33.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 11. [Danish Power Ltd](https://www.sectoralpha.in/stocks/danish-power-ltd) DANISH · breaking out · Too little evidence to rank firmly · 32% evidence 52.9 out of 100 Growth Capital Valuation Relative
12. [Vilas Transcore Ltd](https://www.sectoralpha.in/stocks/vilas-transcore-ltd) VILAS · breaking out · Too little evidence to rank firmly · 32% evidence 45.6 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. 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 path the industry 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 growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Capital Goods - Transformers](https://www.sectoralpha.in/sectors/capital-goods-transformers), all 12 compared on one page. ## Which companies are close to Voltamp Transformers in size? Voltamp Transformers is the 3rd largest of 12 Capital Goods - Transformers companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: CG Power & Industrial Solutions and Schneider Electric Infrastructure. Just below it: Transformers & Rectifiers India, Shilchar Technologies, Indo Tech Transformers and Bharat Bijlee. ### Capital Goods - Transformers companies close in size

1. [CG Power & Industrial Solutions Ltd](https://www.sectoralpha.in/stocks/cg-power-industrial-solutions-ltd) ₹1,26,668 crore
2. [Schneider Electric Infrastructure Ltd](https://www.sectoralpha.in/stocks/schneider-electric-infrastructure-ltd) ₹26,088 crore
3. Voltamp Transformers Ltd ₹10,472 crore
4. [Transformers & Rectifiers India Ltd](https://www.sectoralpha.in/stocks/transformers-rectifiers-india-ltd) ₹8,954 crore
5. [Shilchar Technologies Ltd](https://www.sectoralpha.in/stocks/shilchar-technologies-ltd) ₹4,091 crore
6. [Indo Tech Transformers Ltd](https://www.sectoralpha.in/stocks/indo-tech-transformers-ltd) ₹2,884 crore
7. [Bharat Bijlee Ltd](https://www.sectoralpha.in/stocks/bharat-bijlee-ltd) ₹2,634 crore

[All 12 Capital Goods - Transformers companies, largest first](https://www.sectoralpha.in/sectors/capital-goods-transformers#all-companies)

### Companies close in size in other industries

1. [Godrej Agrovet Ltd](https://www.sectoralpha.in/stocks/godrej-agrovet-ltd) ₹10,644 crore · FMCG - Animal/Polutry
2. [Saregama India Ltd](https://www.sectoralpha.in/stocks/saregama-india-ltd) ₹10,578 crore · Music Licensing
3. Voltamp Transformers Ltd ₹10,472 crore
4. [UTI Asset Management Company Ltd](https://www.sectoralpha.in/stocks/uti-asset-management-company-ltd) ₹10,417 crore · Finance - AMC
5. [Ujjivan Small Finance Bank Ltd](https://www.sectoralpha.in/stocks/ujjivan-small-finance-bank-ltd) ₹10,368 crore · Banks - Small Finance

## What else do people ask about Voltamp Transformers? ### What is Voltamp Transformers's share price today? Voltamp Transformers Ltd's share price is ₹10,016.00, +39.9% over the past year. The whole company is worth ₹10,133 Cr on the market. In the last 52 weeks it traded between ₹6,826 to ₹11,742; today it is 65% of the way up from the low, 3.1% above its 200-day average (as of 4 November 2026). ### What were Voltamp Transformers's latest quarterly results? Voltamp Transformers Ltd reported revenue of ₹684 Cr and net profit of ₹85.0 Cr for the Sep 2026 quarter. Revenue rose 41.6% and profit rose 7.6% compared with a year earlier. Earnings per share were ₹84.10. The operating margin was 15.0%, 4.0 percentage points lower than a year earlier (as of 4 November 2026). ### What is Voltamp Transformers's market cap? Voltamp Transformers Ltd's market capitalisation is ₹10,133 Cr at a share price of ₹10,016.00. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### How is Voltamp Transformers performing? Voltamp Transformers Ltd's share price has been rising for 31 weeks. In its latest quarter, revenue rose 41.6% and profit rose 7.6% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 13 weeks running (as of 4 November 2026). ### Will Voltamp Transformers's share price go up? This page does not forecast Voltamp Transformers Ltd's share price. What it shows instead: the share price is ₹10,016.00, and it has been rising for 31 weeks. Its P/E of 31.4× is higher than 89% of its own last 11 years (as of 4 November 2026). ### Who owns Voltamp Transformers? Promoters own 30.0% of Voltamp Transformers Ltd, foreign institutions 20.5%, domestic institutions 35.5% and the public 14.0% (latest quarter). The biggest change over the last two years: Domestic institutions raised their stake by 12.9 percentage points over 8 quarters (as of 4 November 2026). ### Does Voltamp Transformers have too much debt? No, Voltamp Transformers Ltd has little debt: its debt is 0.00× its equity, and its operating profit is more than 100 times its interest bill. FY26 borrowings were ₹1.0 Cr against equity of ₹1,792 Cr. So the returns on this page come from the business, not borrowed money (as of 4 November 2026). ### Where is Voltamp Transformers in its business cycle? Voltamp Transformers Ltd's FY26 operating margin was 16.0%, against a 13-year range of 3.0% to 20.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 15.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the Voltamp Transformers story? The main question: the share price moved +39.9% in a year while yearly earnings per share moved −6.2%. The difference came from the market paying a higher multiple. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026). ### Is Voltamp Transformers a stock worth studying right now? What the numbers show: Voltamp Transformers Ltd's share price has risen faster than its earnings: +39.9% in a year, against −6.2% for earnings per share. The main open question: whether earnings grow into a price that has already moved. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). ### Is there a Voltamp Transformers share price forecast for 2026? What is changing at Voltamp Transformers, from the latest results and calls: capacity expansion, six thousand mva greenfield (july 2026), ehv product mix shift, 160/220mva transformer deliveries and tam expansion, data centers, renewables, ev, green hydrogen. What would change the story: If April to June 2026 operating 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. ### Where does this page get Voltamp Transformers' management information? From Voltamp Transformers' results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. ## Lists

- Momentum stocks: https://www.sectoralpha.in/momentum-stocks-india
- Power & green energy stocks: https://www.sectoralpha.in/sectors/power-stocks-india

This is research, not advice. We’re not SEBI-registered.