🔔 🔔 Click here to get all the updates delievered straight to your WhatsApp!


Price on the date this report is published – 1000 Rs

Voltamp transformers is a 52 Year old 100% debt free leading transformer manufacturing company in India. The company is engaged in the business of offering distribution transformers, power transformers and dry type transformers, in which the distribution and power transformers are oil-filled transformers.

Established in the year 1963 Voltamp transformers was started to manufacture transformers. The company began it with manufacturing of transformer upto 10,000 KVA, 66 KV for utilities and industrial clients. In the year 1998, the company entered into technical license with Mora Tranformatoren GmbH, Germany for manufacturing Vacuum Resin Impregnated Dry Type Transformers. Later in the year 2002, the company entered into a technical license with German based Hochspannungstechnik und Transformatorbau GmbH for manufacturing Cast Resin Dry Type Transformer.

Voltamp transformer has manufacturing facility is located at Makarapura in Vadodara. Company also has four independent units each for oil filled power transformer, oil filled distribution transformer, resin impregnated dry type transformer and cast resin type transformer.

VOLTAMP has a complement of about 300 personnel (including 60 engineers) with branches in all major cities and service centres spread all over the country in important locations such as Mumbai, New Delhi,  Chennai, Bangalore, Secundrabad, Pune, Bhubaneshwar, Kolkata, Chandigarh, etc.


Oil Filled Transformers

The Company has installed facility to manufacture Oil filled Power and Distribution Transformers up to 160 MVA, 220 KV Class.

Company distinguished Customers includes leaders in Government and Semi-Government projects, Refineries, Fertilizer Plants, Cement, Steel, Chemical, Pharma, Paper, various other Industries and State Electricity Boards in India as well as Abroad also.

Cast Resin Transformers

This introduction supplements existing product viz. Vacuum Resin Impregnated Dry Type Transformers. 

Dry Type Transformers of both the above varieties are in use.

The Company has Resin Impregnated Dry type Transformers up to 5 MVA, 11 KV Class (In Technical collaboration with a leading GERMAN Company) and Cast Resin Dry type Transformers up to 12.5 MVA, 33 KV Class (In Technical collaboration with a leading GERMAN Company).

To offer time proven designs substantiated by reliable field experience, company has entered into Technical Collaboration with M/s. HTT, Hann Munden, GERMANY.

About HTT, Hann Munden, GERMANY

The privately held htt group was founded in 1988 in Munich. M/S. HTT are pioneers in the field of Cast Resin Transformers manufacturing. They have been manufacturing Cast Resin Transformers since 1959. Their range extends up to 16 MVA /36 KV. More than 30,000, HTT Cast Resin Transformers are satisfactorily working in the field comprising of wide range of applications. Repeat orders from several customers reflect the confidence put by them in HTT.

Unitised Sub-Station

In accordance with IEC 62271 Standard, the prefabricated steel enclosure housed – HT Switchgear, Transformer and LT Switchgear and associated equipment’s to form a composite compartmentalized UNITISED SUB-STATION with concern to safety and meet the Urban and Industrial needs. The Substation is designed to take care of moisture, dirt, condensation in coastal areas and is Completely lockable, to protect against unauthorized access.

Induction Furnace Transformers

Transformers which are used for transforming available three phase A.C. voltage to required voltage for converter circuit of the Induction Furnace are referred to as Induction Furnace Transformers. Thus they are essentially Rectifier/ Converter Duty Transformers.

Induction Furnace has coil constructed from heavy copper tubing. It is designed and tuned to the inverter circuit which applies a medium frequency (generally 500 Hz or 1000 Hz) voltage to the Induction coil. 


Voltamp transforemers is one of the leading designer & manufacturers of Power & Distribution as well Dry Type (VPI) & Cast Resin (CRT) transformers. Its transformers are running trouble free at several sites all over the country as well abroad too. 

It is also on the approved list of leading consultant, major houses & also with Electricity Boards in the country.

  • VTL undertakes repair of transformers of any make and a range up to 220 KV / 200 MVA, both at our works and also at site (if adequate handling & working facilities are available). 
  • VOLTAMP has excellent design back up to check the transformer undertaken for repair and to suggest alteration in design and to repair the same with suitable modification for trouble-free operations subsequently.
  • VOLTAMP undertake the overhauling / major maintenance / any transformer related problem services at site up to 315 MVA, 400 KV class for any brand / any type / any application transformer such as ICT / GT / UAT / ST/ Rectiformers / Traction – Loco transformer / Special application Transformer of various brands such as BHEL, HHE, NGEF, CGL, TELK, GEC, ABB,  indigenous / imported brands.
  • VOLTAMP undertakes overhauling of transformer of continuous process plant on annual rate contract basis also. Similar contract are executed for GSFC, GACL, IPCL, IOCL, BPCL, NALCO, ONGC, AEC-SEC, UPL, NTPC like clients. We are also undertaking overhauling of Large Power Transformers at site as a Life Enhancement Program for various customers.
  • Voltamp undertakes Conversion of transformers for MVA // KV Rating up to 100 MVA, including MVA capacity enhancement by providing additional cooling [ONAF] / Oil Pump [OFAF] and Conversion of transformer from Off Circuit to On Load Tap Changer by providing OLTC.
  • VOLTAMP supplies Spares required for any make of transformer as well OLTC, including imported brands.



Voltamp Transformers reported mix performance during Q1FY21. It has reported 61% YoY fall in revenue at Rs 723 mn, primarily due to weak order execution and Covid impact. Company has sold 302 units in Q1FY21 as compared to 732 units in Q1FY20, thereby registering a volume de-growth of 59% YoY

Lower operating performance of the Company was offset by sharp jump in other income, resulting into profit growth of 14% YoY.

Other income for the quarter increased by 235% YoY to Rs 224 mn, on account of increase in investment value. In the previous qtr company had reported loss of 15 cr on account of changes in the value of investments. (MTM)

FY Ended 2020

  • During the year under review, the Company has posted a ever highest sales and service revenue of 858.57 crores as compared to 828.82 crore in the previous year in spite of inspection and despatches got impacted from 20th March, 2020 due to imposition ofcountrywide lockdown.
  • The sales in terms of volumereduced on account ofsellingofmore numbers ofsmaller rating transformers in comparison to higher rating transformers.In spite of healthy improvement inoperating profit, the profitbefore tax (PBT) decreased to 113.35 crores, as compared to 122.67 crores in the previous year.
  • Reduction in the other income hs been on account of volatility in financial markets (debt and equity) during FY20 which has led to net reduction in other income worth ~Rs21.7cr , primarily on account of MTM loss.
  • Despite Covid-19 Pandemic, order backlog stands healthy at Rs4.7bn, up 23% YoY as on FY20.
  • Company has solid roce of above 15% over past couple of years.
  • Sales growth and Profit growth of the company over 3 and 5 year period are reasonable.
  • Company has investments worth more than 400 cr adding significantly to the value of the company’s current market price.

Mutual Fund Holdings

Large number of mutual funds hold voltamp transformers in significant amount in the portfolio which include

  • Nippon Smallcap fund 5.47%
  • Uti midcap fund 4.48%
  • Dsp small cap fund 3.94%
  • Hdfc trustee company 3.88% and many more.


Company expects current year to be more tough and challenging compared to past.The economic environment in which Company is operating has created uncertainty for short term.The path back to normality after the health crisis subsidies, is likely to be slow. However The Company with its healthy balance sheet is well equipped to overcome present challenges and continue to pursue its long term growth strategy. 

The company currently trades at TTM PE of 11 while on the basis of FY22 PE of 10 which is reasonable give the debt free status, strong business model and free cash flow generation ability of the company.

Also the company has healthy order book of Rs 4,125 mn for 5,998 MVA, which provides future revenue visibility. 

Thus with strong financials and fundamentals Voltamp transformers is worth exploring for long term. It may not fetch multi bagger returns but some stocks are worth having in portfolio which can provide stability in difficult times.

Voltamp tansformers has been suggested twice before on darkhorsestocks.

Date suggestedReturn delivered post suggestion

One of the key specialities of our at darkhorsestocks is that we try to present the stocks which are not very common or hardly few people actually know about. Most of the darkhorsestocks ideas are not covered by any of the brokerages or research house by presenting research reports .

Now you can also Join for whatsapp Updates by clicking on the link below or sending “subscribe” to “+91-7874999975” .

Link to Join for whatsapp updates – Click here

Updates include all new idea suggestions provided along with Penny stock ideas.


New dashboard is now live. Due to heavy load on servers we are limiting it to only those who have participated in payments last year or have supported darkhorsestocks for more than over a year. We will be rolling it out soon for other users . Thank you for your patience.



Leave a Reply


Get all the updates directly on WhatsApp !