Voltamp Transformers (VAMP IN) – Management Meet Update – Drivers in place for strong long-term growth – ACCUMULATE
Published on 10 Aug 2026
We recently interacted with Voltamp Transformers’ (VAMP) management, which remains positive on the structural growth outlook for India’s transformer industry, supported by grid expansion, renewables, industrial capex and data centers. VAMP started FY27 on a strong footing, with Q1 order inflow of ~INR11.5bn (~7,775MVA) and capacity utilization at 80–90%. Order momentum was led by corporate/private-sector customers, with data centers contributing to ~31% of inflow and healthy traction across utilities, renewables and industrials. While domestic demand remains robust, VAMP continues to follow a disciplined approach to order booking, prioritizing margins and execution. The stock is trading at P/E of 28.9x/24.4x FY27/28E. We maintain our ‘Accumulate’ rating on the stock, valuing the stock at P/E of 27x Mar’28E (same as earlier) with a TP of INR 11,003 (same as earlier).
