Voltamp Transformers (VAMP) management remains upbeat about the structural growth of India’s transformer sector, driven by grid expansion, renewable projects, industrial capital expenditure and the rise of data centres.
The company kicked off FY27 on a strong note. In the first quarter, VAMP received an order inflow of about INR 11.5 billion, equivalent to roughly 7,775 MVA, while its capacity utilisation stayed between 80 % and 90 %.
Corporate and private‑sector customers led the order momentum. Data centres contributed around 31 % of the inflow, and VAMP also saw healthy traction from utilities, renewables and industrial clients.
Domestic demand remains robust, but VAMP follows a disciplined booking approach. It prioritises margins and execution, and orders booked after March 2026 benefit from better margins. Current‑price based bookings and pass‑through mechanisms protect the company from commodity price volatility.
The share trades at a P/E of 28.9× for FY27 and 24.4× for FY28E. The research team keeps an ‘Accumulate’ rating, values the stock at a P/E of 27× for March 2028E, and sets a target price of INR 11,003.
These insights reflect the research firm’s own analysis and are not endorsements from other entities.