SYNOPSIS:
The global transformer market is set to reach $83.8 billion by 2030, growing at a 5.7 percent CAGR. Voltamp Transformers and TARIL lead the domestic sector, differing in product mix, financials, and order book strength.
The global transformer market is projected to reach $83.8 billion by 2030, growing at a CAGR of 5.7 percent during the forecast period 2024-2030. Transformers play a critical role in the electrical power ecosystem by enabling the transfer of electricity between circuits at varying voltage levels. Designed to step up or step down voltages as required, transformers are essential for efficient power transmission and distribution across industrial, commercial, and utility sectors.
Within this evolving industry landscape, Voltamp Transformers Limited and Transformers & Rectifiers (India) Limited (TARIL) have emerged as two leading players shaping the domestic transformer market. While both companies operate in similar domains, they differ in product specialisation, financials, and order book. This article explores their key differentiators, examining how each company is leveraging industry opportunities and strengthening its position in the fast-growing transformer sector.
Price Movement
With a market cap of Rs. 8,164.5 crores, shares of Voltamp Transformers Limited closed in the red at Rs. 8,070 on Monday. The stock has delivered negative returns of around 13 percent in one year, but has gained by about 15 percent in the last one month.
Meanwhile, shares of Transformers and Rectifiers (India) Limited hit a 10 percent upper circuit at Rs. 318.25 on BSE, with a market cap of Rs. 9,553 crores. The stock has delivered negative returns of around 27 percent in one year, and has fallen by about 34 percent in the last one month.
Company Overview & Product Portfolio
Voltamp Transformers Limited (VTL) specialises in the design, manufacture and supply of both oil-filled and dry-type transformers. It serves a wide range of sectors – including Power, Oil & Gas, Petrochemicals, Steel, Cement, Data Centres, Green Energy and Commercial Infrastructure. Its clientele spans quality-focused corporates, utilities, PSUs, EPC contractors and global engineering firms.
Voltamp offers a comprehensive, energy-efficient, and customizable range of transformers and related services. The company’s product portfolio includes Oil-Filled Power and Distribution Transformers with capacities of up to 160 MVA and voltage levels ranging from 11 kV to 220 kV.
It also manufactures Dry-Type Transformers with capacities of up to 10 MVA and voltage ratings between 3.3 kV and 33 kV. Additionally, Voltamp provides Compact Substations with ratings up to 2.5 MVA in the 33 kV class, along with Ring Main Units (RMUs) rated at 12 kV and 630 Amps, catering to diverse power distribution requirements.
Transformers and Rectifiers (India) Limited (TARIL), a prominent player in the manufacturing of transformers & reactors in India, offers a diverse product portfolio that includes single-phase power transformers of up to 500 MVA and 1200 kV class, furnace transformers, and rectifier and distribution transformers. It also manufactures specialty transformers designed for applications such as locomotive traction, along with series and shunt reactors, mobile substations, earthing transformers, solar application transformers, and green hydrogen application transformers.
TARIL operates on a B2B business model, catering primarily to the power generation, transmission, distribution, and industrial sectors. The company has an installed manufacturing capacity of ~40,000 MVA across its units.
Order Book
The company began FY26 with a robust opening order book of Rs. 938 crores (7,904 MVA). During the period from April 2025 to date, VTL secured new orders worth Rs. 1,377 crores (11,442 MVA). Additionally, orders worth Rs. 92 crores (1,488 MVA) have been finalised with customers and are awaiting formal purchase order releases. With the current order position, the company is well placed to achieve its revenue targets for the year.
Meanwhile, the construction of the greenfield EHV Power Transformer manufacturing facility is progressing as per schedule, with completion targeted by June 2026, subject to any unforeseen delays. As of date, the company has invested Rs. 82.82 crore towards capital expenditure for the project.
As of September 2025, the company reported a strong operational position with an order book of Rs. 5,472 crores. It achieved an order inflow of Rs. 592 crore, and is currently engaged in negotiations for inquiries exceeding Rs. 18,700 crores.
Financial Performance
In Q2 FY26, VTL experienced a significant rise in the revenue from operations of Rs. 483 crores, an increase of around 14 percent QoQ and 21 percent YoY. Meanwhile, its net profit stood at Rs. 79 crores, representing a marginal decline of around 1.2 percent QoQ but a growth of about 4 percent YoY. Between FY22 and FY25, VTL revenue grew at a 3-year CAGR of nearly 20 percent, while net profit surged at a CAGR of over 36 percent.
On the other hand, TARIL reported a revenue from operations of Rs. 460 crores, a decline of around 13 percent QoQ and 0.4 percent YoY. Meanwhile, its net profit stood at Rs. 37 crores, representing a fall of around 45 percent QoQ and 20 percent YoY. The company’s revenue grew at a 3-year CAGR of more than 20 percent, while net profit surged at a CAGR of ~149 percent, between the period of FY22 and FY25.
Written by Shivani Singh
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Trade Brains Technologies Private Limited or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
