Volltamp rally now hinges on growth beyond peak margins

Shares of Voltamp Transformers

- Manvi Agarwal [e-mail]

Ltd have fallen nearly 30% over the past year even as order inflows rise, capacity remains tight and customers across metals, autos, renewables and data centres continue to place large orders.For the transformer maker, over the past few years, demand outstripped supply, supply chains were stretched in cold rolled grain oriented (CRGO) steel and critical inputs. That buoyed pricing and lifted Ebitda margin to 19-20% in FY24-25, up from 11-12% in FY21-22. Ebitda margin stood at 18.3% in HIFY26.