Voltamp Transformers Limited (VOLTAMP) AI Stock Analysis

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Voltamp Transformers Limited

(NSE:VOLTAMP)

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Rating:65Neutral

Price Target:INR 10,461.00▲(6.77% Upside)

Action:downgraded

Date:11/10/26

The score is primarily supported by strong fundamentals—robust growth and an exceptionally low-debt balance sheet—tempered by weaker FY2026 cash conversion and margin compression. Technical indicators are notably weak (below key moving averages with negative MACD and low RSI), and valuation looks demanding with a high P/E and modest yield.

Positive Factors

Strong Revenue GrowthSustained revenue growth through FY2026 indicates healthy demand for Voltamp’s transformer products and services. Continued top-line expansion can support operating scale, strengthen customer relationships, and provide a durable base for future earnings even as recent profitability has moderated.

Negative Factors

Margin CompressionMeaningful margin contraction indicates that rising costs, an adverse mix, or other operating pressures are reducing the benefit of revenue growth. If this trend persists, it could limit earnings expansion, weaken returns on incremental sales, and make future profitability more dependent on cost control.

Voltamp Transformers Limited (VOLTAMP) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 98.90B
Dividend Yield: 1.02%
Average Volume (3M): 2,256
Price to Earnings (P/E): 30.6
Beta (1Y): 1.28
Revenue Growth: 17.84%
EPS Growth: -2.60%
Country: India
Employees: 440
Sector: General
Sector Strength: 55
Industry: Electrical Equipment & Parts

Voltamp Transformers Limited Business Overview & Revenue Model

Company Description

Established in 1963 and based in Vadodara, India, Voltamp Transformers Limited specializes in the manufacturing and distribution of a wide array of electrical transformers. Their product offerings include oil-filled, cast resin, unitized sub-stations...

Voltamp Transformers Limited Financial Statement Overview

Summary

Strong multi-year revenue growth and still-healthy profitability, supported by an exceptionally conservative balance sheet with minimal leverage. Offsetting these positives are meaningful margin compression and a sharp drop in FY2026 free cash flow, indicating weaker recent cash conversion.

Income Statement

78Positive

Balance Sheet

92Very Positive

Cash Flow

62Positive

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	22.74B	21.54B	19.25B	16.09B	13.76B	11.22B
Gross Profit	4.68B	4.74B	5.32B	4.79B	3.44B	2.44B
EBITDA	3.69B	4.22B	4.51B	4.11B	2.71B	1.82B
Net Income	3.17B	3.05B	3.25B	3.07B	2.00B	1.33B
Balance Sheet
Total Assets	0	20.18B	17.76B	15.21B	12.23B	10.61B
Cash, Cash Equivalents and Short-Term Investments	1.01B	1.02B	1.63B	606.00M	850.15M	950.68M
Total Debt	0	5.43M	21.28M	32.14M	16.63M	0
Total Liabilities	-17.92B	2.26B	1.88B	1.67B	1.15B	1.19B
Stockholders Equity	17.92B	17.92B	15.88B	13.54B	11.07B	9.42B
Cash Flow
Free Cash Flow	402.80M	499.35M	1.59B	1.97B	1.60B	469.40M
Operating Cash Flow	810.61M	1.75B	2.19B	2.16B	1.68B	655.81M
Investing Cash Flow	124.04M	-377.15M	-1.16B	-1.41B	-1.27B	-463.11M
Financing Cash Flow	-1.03B	-1.03B	-938.07M	-633.29M	-363.00M	-260.90M

Voltamp Transformers Limited Technical Analysis

Technical Analysis SentimentNegative

Last Price9797.85

Price Trends

50DMA10505.73Negative

100DMA10198.37Negative

200DMA9552.27Positive

Market Momentum

MACD-168.94Positive

RSI41.64Neutral

STOCH38.49Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:VOLTAMP, the sentiment is Negative. The current price of 9797.85 is below the 20-day moving average (MA) of 10124.36, below the 50-day MA of 10505.73, and above the 200-day MA of 9552.27, indicating a neutral trend. The MACD of -168.94 indicates Positive momentum. The RSI at 41.64 is Neutral, neither overbought nor oversold. The STOCH value of 38.49 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:VOLTAMP.

Voltamp Transformers Limited Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:VOLTAMP against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:TARIL	83Outperform	INR 93.02B	30.97	―	0.08%	27.23%	21.70%
IN:CGPOWER	70Outperform	INR 1.26T	94.12	―	0.16%	23.76%	25.93%
IN:INDOTECH	70Outperform	INR 28.58B	29.92	―	0.36%	21.99%	28.73%
IN:VOLTAMP	65Neutral	INR 99.66B	30.64	―	1.02%	17.84%	-2.60%
IN:APARINDS	60Neutral	INR 594.80B	41.58	―	0.42%	23.42%	46.04%
IN:BBL	57Neutral	INR 30.54B	23.71	―	1.29%	26.44%	-11.83%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%

* General Sector Average

Performance Comparison

IN:VOLTAMP and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:VOLTAMP	Voltamp Transformers Limited	9797.85	1586.40	19.32%
IN:APARINDS	APAR Industries Limited	14191.20	5363.84	60.76%
IN:BBL	Bharat Bijlee Limited	2707.85	-192.42	-6.63%
IN:CGPOWER	CG Power & Industrial Solutions Ltd	821.00	77.44	10.42%
IN:INDOTECH	Indo Tech Transformers Ltd.	2790.90	986.51	54.67%
IN:TARIL	Transformers and Rectifiers (India) Limited	316.55	27.46	9.50%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Nov 10, 2026

Voltamp Transformers Limited AI Stock Analysis