Voltamp Transformers delivered its highest ever annual revenue in FY26, reaching ₹2,153.69 crores, even as Q4 profitability faced pressure from one-time provisions and rising input costs. The company's full-year revenue growth of 11% reflects strong market presence and execution. The audited financial results for the quarter and year ended March 31, 2026, were approved by the Board of Directors on May 05, 2026. In compliance with Regulation 33 of the SEBI (Listing and Other Disclosure Requirements) Regulations, 2015, the company published extracts of its audited financial results in Business Standard (English) and Vadodara Samachar (Gujarati) on May 06, 2026, as confirmed by Company Secretary & Compliance Officer Sanket Rathod.

FY26 Full-Year Performance

Voltamp Transformers achieved net sales and service revenue of ₹2,153.69 crores during FY26, registering a growth of 11.34% over the previous year's revenue of ₹1,934.23 crores. Full-year operating profit stood at ₹344.21 crores, compared to ₹356.11 crores in the prior year, while the EBITDA margin for the full year came in at 16.50% against 18.93% previously. Full-year EPS stood at ₹301.85 per share versus ₹321.65 in the prior year. The Board of Directors has recommended a final dividend of 1000%, amounting to ₹100 per share for the year, subject to shareholder approval.

The following table presents the key financial metrics for Q4, Q3, and the full year on a year-on-year basis:

Note: Q3 FY26 figures are unaudited; Q4 FY26 and FY26 full-year figures are audited. Segment reporting under IND-AS 108 is not applicable as the company operates in a single segment — Manufacturing of Electrical Transformers.

Q4 Margin Pressures: One-Time and Structural Factors

The EBITDA margin for the March 2026 quarter contracted sharply to 13.17% from 18.63% in the year-ago period, driven by a combination of one-time provisions and structural cost increases. The company made a one-time provision of ₹485.72 lakhs to comply with the revised Labour Code, following the Government of India's notification of four new Labour Codes effective November 21, 2025. An additional one-time provision of ₹5.50 crores was recorded as a target-linked group incentive to employees. Beyond these exceptional items, rupee depreciation increased the cost of imported raw materials, while a steep rise in critical component costs was attributed to vendors prioritising export markets. The ongoing Middle East conflict further escalated input costs for transformer oil.

Other Income Impacted by MTM Losses

Other income for the quarter was adversely affected by investment-related factors, reporting a negative ₹1,005.89 lakhs for Q4 FY26 compared to a positive ₹1,700.41 lakhs in Q4 FY25. As per Ind AS 109, investments are valued at market prices with the difference between cost and market value accounted as part of other income. The net gain/(loss) arising on financial assets designated at fair value through profit and loss (FVTPL) was a loss of ₹2,415.18 lakhs in Q4 FY26, compared to a gain of ₹548.10 lakhs in Q4 FY25. Over the past two years, the company had invested a sizeable portion of funds into long-term government securities and long-duration mutual fund schemes during the peak of the interest rate cycle. However, an increase in long-term GSEC yields during the March quarter resulted in negative MTM gains. The company noted that its investment strategy is guided by a long-term perspective and that the reported losses represent accounting book entries reflecting short-term market volatility.

The following table presents the breakdown of other income and MTM gains/(losses):

Balance Sheet and Cash Flow Highlights

As at March 31, 2026, total assets stood at ₹2,01,796.40 lakhs compared to ₹1,77,566.10 lakhs in the prior year. Total equity attributable to equity holders increased to ₹1,79,180.41 lakhs from ₹1,58,762.01 lakhs. Cash and cash equivalents at the end of the year stood at ₹7,310.08 lakhs, up from ₹3,860.15 lakhs at the start of the year, reflecting a net increase of ₹3,449.93 lakhs. Capital work-in-progress rose significantly to ₹10,844.51 lakhs from ₹342.85 lakhs, reflecting ongoing construction of the new Power Transformer factory. Net cash from operating activities for the year was ₹13,971.15 lakhs, while net cash used in investing activities was ₹98.40 lakhs and net cash used in financing activities, including dividend payments of ₹10,119.38 lakhs, was ₹10,422.82 lakhs.

The following table summarises the key balance sheet metrics:

Order Book, CAPEX, and Land Acquisition

Voltamp Transformers has entered FY27 with a healthy order backlog of ₹1,200 crores (10,270 MVA). New orders worth ₹310 crores (2,107 MVA) were added in April 2026, and the company described its enquiry pipeline as robust. Construction of the new Power Transformer factory is progressing as planned and is expected to be operationalised from July 2026 onwards. Additionally, the Board has approved an investment of ₹25 crores for the acquisition of a new plot of land from Pramukh Developers, Vadodara, Gujarat, to maintain a land bank for future capacity addition, to be funded through internal accruals and completed within six months.

Voltamp Transformers Limited has submitted its confirmation certificate under Regulation 74(5) of Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018 for the quarter ended March 31, 2026. The regulatory filing was made on April 09, 2026, to both the National Stock Exchange of India Limited and BSE Limited.

Regulatory Compliance Details

The confirmation certificate was issued by MUFG Intime India Pvt. Ltd. (formerly known as Link Intime India Pvt. Ltd.), which serves as the company's registrar and share transfer agent. MUFG Intime India is registered with SEBI under registration number INR000004058.

Certificate Confirmation

MUFG Intime India confirmed that securities received from depository participants for dematerialisation during the quarter ended March 31, 2026, were properly processed and confirmed to the depositories. The registrar verified that:

• Securities comprised in the certificates have been listed on stock exchanges where earlier issued securities are listed
• Security certificates received for dematerialisation were confirmed or rejected as appropriate
• Security certificates were mutilated and cancelled after due verification by depository participants
• Names of depositories were substituted in the register of members as registered owners within prescribed timelines

Company Information

Voltamp Transformers Limited operates from its registered office and works at Makarpura, Vadodara-390014, Gujarat. The company maintains branches across multiple cities including Ahmedabad, Bangalore, Chennai, Delhi, Mumbai, and other major locations. The filing was signed by Sanket Rathod, Company Secretary and Compliance Officer, ensuring proper corporate governance procedures were followed.

This regulatory submission demonstrates Voltamp Transformers' commitment to maintaining compliance with SEBI regulations regarding depositories and participant requirements for Q4FY26.