Voltamp Transformers LimitedQuarter ended 30th September 2026 Results & Financial Update
Voltamp Transformers Limited: Quarter ended 30th September 2026 standalone results and company financials – revenue ₹684.19 Cr, PAT ₹85.08 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
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Quarterly Results AnalysisExplore Voltamp Transformers Quarter ended 30th September 2026 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Voltamp Transformers recorded a revenue from operations of ₹684.19 crore for the quarter ended September 30, 2026, marking a 41.78% increase compared to ₹482.56 crore in the corresponding period of the previous year.
Profit after tax (PAT) for the quarter was ₹85.08 crore, reflecting a 7.90% increase over ₹78.85 crore reported in the second quarter of fiscal 2026. On a sequential basis, PAT decreased by 27.83% compared to ₹117.90 crore in the preceding June quarter.
Operating profit (operating profit before other income/finance costs/tax) as cited in company disclosures reached ₹103.10 crore, up 15% from ₹90.00 crore in the year-ago quarter, while operating margins moderated to 15.46% from 19.39% due to heightened commodity and energy cost pressures.
Profit before tax (PBT) came in at ₹109.50 crore for the quarter, compared to ₹104.19 crore in the corresponding quarter of the previous year and ₹117.90 crore in the previous quarter.
Basic and diluted earnings per share (EPS) for the quarter stood at ₹84.10 (not annualised), compared to ₹77.94 in the second quarter of FY26 and ₹90.17 in the first quarter of FY27.
Material cost pressures, adverse currency movements, and elevated energy expenses constrained bottom-line expansion relative to top-line growth during the second quarter.
During the quarter, rising long-term GSEC yields resulted in negative MTM gains on company investments, which management noted were purely accounting book entries driven by long-term investment strategies rather than operational cash losses.
01 · Business model
What does Voltamp Transformers do?
Voltamp Transformers Limited manufactures a diverse range of electrical transformers, including oil-filled power and distribution transformers, resin-cast dry-type transformers, and specialized units used across heavy industries, utilities, and infrastructure projects.
The company operates its primary manufacturing facility at Makarpura in Vadodara, Gujarat, and has expanded its footprint with a new state-of-the-art Extra High Voltage (EHV) transformer manufacturing facility located at Jarod.
Its commercial model relies on direct sales and specialized bidding for industrial, commercial, and utility customers requiring custom power solutions and distribution infrastructure.
Voltamp serves a wide-spanning domestic customer base supported by an extensive network of regional branch offices across India, catering to cyclical capital-expenditure demand in sectors like power generation, transmission, oil and gas, and manufacturing.
02 · Historical context
What shaped the business before this quarter
The company commenced FY2027 with an order backlog of ₹1,200 crore (10,270 MVA).
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Quarter ended 30th September 2026 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹684.19 Cr | ₹482.56 Cr | ₹543.78 Cr |
| Total income | ₹692.12 Cr | ₹497.33 Cr | ₹543.78 Cr |
| Profit before tax | ₹109.50 Cr | ₹104.19 Cr | ₹117.90 Cr |
| Profit after tax | ₹85.08 Cr | ₹78.85 Cr | ₹117.90 Cr |
| EPS | ₹84.10 | ₹77.94 | ₹90.17 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 12.4% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 16.0% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹7.93 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Revenue from operations expanded to ₹684.19 crore, driven by robust execution against the active order book and healthy demand from industrial and infrastructure end-markets.
What drove margins
EBITDA margins moderated to 15.46% during the quarter compared to 19.39% a year ago, pressured by rising commodity prices, persistent inflationary pressures, and elevated energy costs.
Depreciation of the Indian Rupee by approximately 7.5% over the past year added input cost friction and compressed operating margins.
05 · Demand, customers & order book
Where demand is coming from
Fresh orders amounting to ₹1,941 crore (13,350 MVA) have been booked till date from April of the financial year, with a healthy enquiry pipeline supporting ongoing visibility.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The company's activities continue to relate to a single primary business segment, namely Electrical Transformers.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
The new state-of-the-art Extra High Voltage (EHV) transformer manufacturing facility at Jarod commenced operations on October 7, 2026.
08 · Reported developments
What changed operationally
Revenue from operations grew by 41.78% year-on-year to ₹684.19 crore for the second quarter.
09 · Pressure points & risks
What is not going smoothly
EBITDA margin contracted to 15.46% in Q2 FY27 from 19.39% in Q2 FY26 due to higher commodity prices, energy costs, and currency depreciation.
10 · Items worth noticing
The line items that can distort a quick read
The company recorded negative mark-to-market accounting adjustments on financial assets designated at FVTPL due to rising long-term GSEC yields during the quarter.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
For the half year ended September 30, 2026, net cash generated from operating activities stood at ₹124.37 crore, compared to ₹81.06 crore in the corresponding period of the previous year.
Net cash used in investing activities was ₹72.81 crore for the half year, driven by property, plant, and equipment purchases and capital work-in-progress additions of ₹89.59 crore, while financing outflows included dividend payments of ₹101.13 crore.
12 · Management guidance & targets
What management is targeting from here
Management is aiming for healthy growth in its top line in the current financial year, supported by active order inflows and incoming billing execution.
13 · Beyond the numbers
What changed beyond the numbers
Reported update
Macroeconomic Headwinds
Management noted that global macroeconomic conditions remain challenging, driven by continuing West Asia conflicts, Russia-Ukraine tensions, and elevated Brent crude oil prices staying above USD 100 per barrel alongside appreciating commodity price indices.
14 · Previous-quarter changes
What changed since the previous quarter
PAT decreased by 27.83% sequentially from ₹117.90 crore in Q1 FY27 to ₹85.08 crore in Q2 FY27, alongside a moderation in other income from ₹41.61 crore to ₹7.93 crore.
15 · Key Q&A
The quarter, answered directly
What does Voltamp Transformers do?
Voltamp Transformers Limited manufactures a diverse range of electrical transformers, including oil-filled power and distribution transformers, resin-cast dry-type transformers, and specialized units used across heavy industries, utilities, and infrastructure projects.
What is the clearest takeaway from Quarter ended 30th September 2026?
Voltamp Transformers recorded a revenue from operations of ₹684.19 crore for the quarter ended September 30, 2026, marking a 41.78% increase compared to ₹482.56 crore in the corresponding period of the previous year.
What drove revenue or demand?
Revenue from operations expanded to ₹684.19 crore, driven by robust execution against the active order book and healthy demand from industrial and infrastructure end-markets.
What mattered most for margins or profitability?
EBITDA margins moderated to 15.46% during the quarter compared to 19.39% a year ago, pressured by rising commodity prices, persistent inflationary pressures, and elevated energy costs.
What changed operationally beyond the headline numbers?
The new state-of-the-art Extra High Voltage (EHV) transformer manufacturing facility at Jarod commenced operations on October 7, 2026.
What is management guiding or targeting from here?
Management is aiming for healthy growth in its top line in the current financial year, supported by active order inflows and incoming billing execution.
16 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.
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The calculator holds the selected margin basis constant except for the basis-point adjustment you enter. It does not estimate tax, finance cost, dilution, working capital, valuation or share price.
17 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Jarod Facility Scaling: Monitor the production ramp-up and order execution trajectory from the newly operational Extra High Voltage (EHV) transformer plant at Jarod.
- 02
Order Book Conversion: Track the conversion of the robust order intake of ₹1,941 crore booked during the first half of FY27 into recognized revenue.
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Need the concepts first?
Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.