Voltamp Transformers (VAMP IN) – Q2FY27 Result Update – Healthy execution despite margin drag – BUY
Published on 31 Oct 2026
Voltamp Transformers (VAMP) reported a healthy 2QFY27 performance, with revenue increasing 41.8% YoY, supported by execution of 4,733 MVA during the quarter. EBITDA margin, however, contracted by 393bps YoY, likely reflecting the continuing impact of higher input costs and supply chain disruptions. Order inflows increased 27% YoY to ~INR8bn, supported by demand across cement, steel, O&G, data centres and other segments. The order book stood at ~INR19bn, providing healthy execution visibility, with legacy orders accounting for ~INR1.5bn and expected to be largely executed in Q3FY27. We maintain our ‘Buy’ rating, valuing the stock at a P/E of 26x Sep’28E (same as earlier), arriving at a TP of INR11,858 (INR11,524 earlier).
