Voltamp’s operating profit rises, but lower other income cuts net profit
Revenue growth outpaced expenses and lifted margin, but other income fell 80.94% QoQ and pulled down pre-tax and net profit.
Filed 29 Oct 2026, 13:08 IST · Voltamp Transformers Ltd (VOLTAMP)
Key takeaways
- Standalone operating profit rose 31.74% QoQ as revenue growth of 25.82% outpaced expense growth of 24.80%.
- Net profit fell 6.73% QoQ because other income dropped 80.94%, despite the improvement in operating profit.
- Operating margin expanded 0.69 percentage points to 15.46%, which was 3.38 percentage points above the 12.08% median for 61 reported Industrials peers.
Price around the results
Operating gains did not flow through to net profit
Voltamp Transformers’ standalone revenue rose 25.82% QoQ, while expenses increased 24.80%, lifting operating profit by 31.74%. The benefit was offset below the operating line: other income fell 80.94% and accounted for 7.24% of pre-tax profit in Q2FY27. As a result, pre-tax profit declined 7.12% and net profit declined 6.73% QoQ.
Margin improved as costs grew slower than revenue
Operating margin expanded by 0.69 percentage points to 15.46% because expenses grew more slowly than revenue. Interest expense fell 4.44% QoQ, while the tax rate declined by 0.32 percentage points to 22.30%, providing a modest offset to the lower other income. The margin was 3.38 percentage points above the 12.08% median among 61 Industrials peers that had reported.
Q2 margin moved above the previous quarter
The operating margin improved from 14.77% in Q1FY27 to 15.46% in Q2FY27, marking sequential operating progress. This was the first quarter in the supplied trend, so it does not establish a multi-quarter direction. The key contrast was between higher operating profit and lower reported profit after the sharp reduction in other income.
Q2FY27 at a glance
Standalone figures as filed with NSE — cross-checked against an independent source.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹684 cr | ₹544 cr | +25.82% |
| Other income | ₹8 cr | ₹42 cr | -80.94% |
| Expenses | ₹578 cr | ₹463 cr | +24.80% |
| Operating profit | ₹106 cr | ₹80 cr | +31.74% |
| Operating margin (%) | 15.46% | 14.77% | — |
| Interest | ₹0 cr | ₹0 cr | -4.44% |
| Depreciation | ₹4 cr | ₹4 cr | +6.18% |
| Profit before tax | ₹110 cr | ₹118 cr | -7.12% |
| Tax | ₹24 cr | ₹27 cr | -8.47% |
| Net profit | ₹85 cr | ₹91 cr | -6.73% |
| EPS (₹) | ₹84.10 | ₹90.17 | -6.73% |
Operating margin of 15.46% compares with a Industrials sector median of 12.08% across 61 peers that have reported Q2FY27.
How the stock reacted
| Window | Stock | vs NIFTY |
|---|---|---|
| Results day | +0.85% | +0.34% |
Volume on the results session was 1.05× its 20-day average.
What to watch
- Whether operating margin holds above 15.46% after the 0.69 percentage-point QoQ improvement.
- Whether other income remains near Rs 7.93 cr and its contribution to pre-tax profit stays limited after the 80.94% QoQ decline.
- Whether revenue growth remains above the 25.82% QoQ increase while expense growth stays below 24.80%.