Voltamp Transformers - Key Beneficiary Of Industrial Capex Revival: ICICI Securities Initiates Coverage

Orderbook at an all-time high.

<div class="paragraphs"><p>Transformers seen at a power sub-station. (Source:</p></div>
Transformers seen at a power sub-station. (Source:

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. 

ICICI Securities Report

Voltamp Transformers Ltd. is a key player in the transformer manufacturing space with a domestic market share of 15% (as per management), catering to diversified sectors (85% of revenue comes from private customers).

Over the years, Voltamp has developed strong relationship with clients, which has helped it have a large installed base of more than 60,000 transformers (as of March 2022) across sectors in India and overseas markets.

We believe Voltamp stands to be a key beneficiary of energy transition, private capex revival and production linked incentive initiatives of the government in the manufacturing space.

Company’s current orderbook at ~Rs 9 billion, strong balance sheet and improved outlook on profitability would likely keep earnings growth strong in the next three years.

We have modelled a revenue/earnings compound annual growth rate of 11%/16% over FY22-FY25E.

Further, pick-up in power distribution capex and investments in the manufacturing sector could lead to growth in Voltamp’s orderbook.

Click on the attachment to read the full report:

ICICI Securities Voltamp_Transformers Initiating Coverage Note.pdf
TTK Prestige - Erasing The Tag Of A Slow Growth Company: ICICI Securities


This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.