Buy Voltamp Transformers; target of Rs 1244: Prabhudas Lilladher

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26 Aug, 2025 12:21

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Prabhudas Lilladher's research report on Voltamp Transformers

Voltamp Transformers reported healthy set of numbers however lower Other income (MTM loss) dragged profitability. Based on our estimates, order inflow stood at ~Rs2.5bn (up ~33.5% YoY) as on 4QFY20, translating order backlog to Rs4.7bn (executable over next two-three quarters). We expect Voltamp to report muted volume CAGR over next two years (FY20-22E) owing to weak economic environment. The management would be bidding cautiously for orders and believes that several industries like Infrastructure, Steel, Cement, Oil & Gas, Renewables (especially Solar) and Chemicals etc. to have huge opportunities in medium to long-term.

Outlook

The stock is currently trading at attractive valuations of 12.9/10.4x FY21E/22E. We maintain BUY rating on the stock with TP of Rs1244.

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