Vilas Transcore FY26 Audited Results: Revenue Up 30%, PAT at ₹3,956.44 Lacs

Vilas Transcore Limited, an ISO 9001:2015 certified manufacturer of transformer components based in Vadodara, reported its audited standalone financial results for the half year and year ended March 31, 2026, approved by the Board of Directors at its meeting held on May 11, 2026. The company's revenue from operations rose to ₹46,067.04 Lacs in FY26 from ₹35,305.12 Lacs in FY25, reflecting approximately 30% growth, while profit after tax increased to ₹3,956.44 Lacs from ₹3,449.27 Lacs. The statutory auditors, M/s. Talati & Talati LLP, issued an unmodified opinion on the standalone audited financial results. The performance was driven by strong demand, optimal capacity utilisation, and contributions from newly commissioned CRGO and nanocrystalline core capacities.

FY26 Financial Performance

The company's audited financial results for FY26 reflect top-line growth alongside some margin compression, primarily attributed to initial operating and establishment expenses related to the new unit during its ramp-up phase, as well as a decline in CRGO steel prices to around Rs 180 to Rs 185 per kg. The following table summarises key financial metrics from the audited standalone statement of profit and loss (amounts in ₹ Lacs):

Metric: FY26 (Audited) FY25 (Audited) Revenue from Operations (₹ Lacs): 46,067.04 35,305.12 Other Income (₹ Lacs): 659.60 943.73 Total Income (₹ Lacs): 46,726.64 36,248.85 Cost of Materials Consumed (₹ Lacs): 38,982.30 27,449.72 Employee Benefits Expense (₹ Lacs): 1,590.87 1,172.95 Finance Costs (₹ Lacs): 212.24 149.93 Depreciation and Amortization (₹ Lacs): 428.65 318.67 Other Expenses (₹ Lacs): 1,470.55 1,874.56 Total Expenses (₹ Lacs): 41,561.12 31,297.43 Profit Before Tax (₹ Lacs): 5,165.52 4,951.41 Tax Expense (₹ Lacs): 1,209.08 1,502.14 Profit After Tax (₹ Lacs): 3,956.44 3,449.27 Total Comprehensive Income (₹ Lacs): 3,947.50 3,433.47 Basic EPS (₹/share): 16.16 14.72 Diluted EPS (₹/share): 16.16 14.72

For the half year ended March 31, 2026, revenue from operations stood at ₹23,190.64 Lacs, compared to ₹19,061.70 Lacs in the half year ended March 31, 2025. Profit after tax for H2 FY26 was ₹1,518.33 Lacs against ₹2,051.58 Lacs in H2 FY25. Despite margin headwinds, the company stated that efficient inventory management and operational controls helped limit the overall impact on profitability. Production volume grew significantly, reaching 19,856 MTPA in FY26 compared to 12,069 MTPA in FY25 and 10,927 MTPA in FY24.

Business and Operational Highlights

FY26 marked several operational milestones for the company. The Nanocrystalline Core facility was commissioned during the year and contributed revenue of Rs 3.48 Cr during H2 FY26, with sales volume of approximately 30,250 kg. The company expects to achieve capacity utilisation of around 15 MT per month (~180 MTPA) in FY27. The radiator manufacturing plant has recently commenced operations and is expected to start contributing to revenues going forward.

Key operational developments during FY26 include:

Achieved approximately 50% YoY volume growth and approximately 30% YoY revenue growth

Nanocrystalline Core facility commissioned, contributing Rs 3.48 Cr revenue in H2 FY26 with approximately 30,250 kg sales volume

Radiator manufacturing plant recently commenced commercial production

Specialised and customised machinery for the copper conductors facility has arrived; installation and erection activities are underway

Trial production for copper conductors expected by end of September 2026, with revenue contribution likely from H2 FY27 onwards

Incorporated a new entity for manufacturing High Voltage Bushings ranging from 12kV to 400kV, with Vilas Transcore initially holding a 25% equity stake

Capacity Expansion and Product Portfolio

The company has tripled its installed CRGO lamination capacity from 12,000 MTPA to 36,000 MTPA, with New Unit 3 commissioned in July 2025. The manufacturing facilities span over 500,000 sq ft in Vadodara. The following table outlines the current installed capacity across product lines:

Product: Installed Capacity CRGO Lamination: 36,000 MTPA Radiators: 7,200 MTPA Nanocrystalline Cores: 240 MTPA Copper Conductors (Phase 1): 1,500 – 1,800 MTPA

For the copper conductors facility, the estimated capex is Rs 25 to 30 Crs, to be funded through term loan and internal accrual. Phase I products include Copper PICC, CTC Conductors, and Paper Insulated Aluminium Conductors, with Phase II targeting Busbars and Stripes. The new entity for High Voltage Bushings will initially focus on R&D and product development, followed by phased commercialisation.

Balance Sheet and Cash Flow

As per the audited standalone balance sheet as at March 31, 2026, total assets stood at ₹40,647.30 Lacs compared to ₹35,027.62 Lacs as at March 31, 2025. Equity share capital remained unchanged at ₹2,448.00 Lacs, while other equity increased to ₹30,404.81 Lacs from ₹26,457.30 Lacs. Short-term borrowings rose to ₹3,896.22 Lacs from ₹1,140.97 Lacs, primarily to support higher working capital requirements for business growth, capacity expansion, and ramp-up of new facilities. The company noted it remains net debt free. The following table presents key balance sheet highlights (amounts in ₹ Lacs):

Balance Sheet Particulars (₹ Lacs): 31st March 2026 31st March 2025 Property, Plant and Equipment: 8,142.67 3,226.04 Capital Work In Progress: 2,334.51 3,766.55 Total Assets: 40,647.30 35,027.62 Equity Share Capital: 2,448.00 2,448.00 Other Equity: 30,404.81 26,457.30 Short-Term Borrowings: 3,896.22 1,140.97 Trade Receivables: 1,187.28 1,115.30

The audited cash flow statement for FY26 reflects the following position (amounts in ₹ Lacs):

Cash Flow Particulars (₹ Lacs): FY26 FY25 Net Cash Flow from Operating Activities: (170.09) (4,152.56) Net Cash used in Investing Activities: (4,232.92) (2,420.63) Net Cash from Financing Activities: 2,609.47 10,569.72 Net Decrease in Cash and Cash Equivalents: (1,793.54) 3,996.53 Cash and Cash Equivalents at End of Period: 9,436.44 11,229.98

The company holds a credit rating of LT: ICRA A-(Stable) and ST: ICRA A2+. Return on Equity (RoEA) stood at 13.1% and Return on Capital Employed (RoCEA) at 14.5% for FY26. It is also noted that FY26 marks the company's first-time adoption of Indian Accounting Standards (Ind AS), with a transition date of April 1, 2024, as the company's net worth exceeded ₹250 crore as at March 31, 2025.

IPO Fund Utilisation

The company raised ₹9,525.60 Lacs through its IPO, with statutory auditors certifying utilisation as at March 31, 2026. The following table details the utilisation of IPO proceeds (amounts in ₹ Lacs):

Object: Amount Disclosed Utilised Unutilised Strategic Investment and Acquisition: 500.00 NIL 500.00 Factory Building Construction (Capex): 2,009.87 2,009.87 NIL Plant and Machinery Acquisition (Capex): 4,520.71 4,520.71 NIL General Corporate Purpose and Issue Expenses: 2,495.02 2,495.02 NIL Total: 9,525.60 9,025.60 500.00

The auditors confirmed there is no material deviation or variation in the utilisation of IPO proceeds. The unutilised amount of ₹500.00 Lacs is temporarily invested in fixed deposits and a separate bank account in compliance with applicable laws.

FY27 Guidance and Strategic Outlook

For FY27, the company has provided the following guidance:

Metric: Guidance CRGO Volume Growth: 45% – 50% Turnover Growth: 40% – 50% EBITDA and PAT Margins: Expected to be maintained

The company is also pursuing approval from Power Grid Corporation of India (PGCIL), which, once received, is expected to enable access to larger, high-value government and institutional orders, open supply of higher KV transformer components, and provide eligibility to partner with global MNCs. Promoters held 73.1% of the shareholding as of March 2026, with public shareholders at 21.6%, DIIs at 3.2%, and FIIs at 2.1%.

Vilas Transcore Limited, a Vadodara-based manufacturer of transformer components, has notified stock exchanges of an upcoming earnings conference call scheduled for Tuesday, May 12, 2026, at 11:00 AM IST. The announcement, dated May 7, 2026, was made pursuant to Regulations 30 and Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. The call will be facilitated by PhillipCapital (India) Private Limited and is open to analysts and investors.

Conference Call Details

The earnings call will cover the company's audited financial results for the half year and full year ended March 31, 2026. The company has explicitly stated that no price-sensitive information will be disclosed or discussed during the session. Key details of the conference call are summarised below:

Parameter: Details Date: Tuesday, May 12, 2026 Time: 11:00 AM IST / 01:30 PM Singapore & HK / 06:30 AM UK Results Period: H2 & Full Year ended March 31, 2026 Facilitator: PhillipCapital (India) Private Limited Speaker: Mr. Nilesh J Patel – Chairman & Managing Director Call Leaders: Mr. Apurva Shah / Mr. Srisurya Kalagarla

Dial-In and Access Information

Participants can join the call through multiple dial-in options. Pre-registration is available to avoid wait time via DiamondPass. The access numbers are as follows:

Primary Numbers: +91 22 6280 1143 / +91 22 7115 8044 (universally accessible from all networks and countries)

Toll-Free Numbers:

USA: 18667462133

UK: 08081011573

Singapore: 8001012045

Hong Kong: 800964448

Regulatory Compliance and Governance

The disclosure was submitted to the Listing Department of the National Stock Exchange of India Limited and signed by Gandhali Gurunath Paluskar, Company Secretary & Compliance Officer (Membership No. A53697), on May 7, 2026. PhillipCapital (India) Private Limited has noted that the proceedings of the call will be recorded, participant details will be shared with the corporate, and all necessary disclosures on stock exchanges — including the call invite intimation, recording details, and call transcript — are expected to be complied with by the respective corporate.

Vilas Transcore Limited manufactures a range of transformer components, including C.R.G.O. Cut to Size Laminations, Toroidal Cores, Core Coil Assembly, Slit Coils, Wound Cores, Nano Crystalline Cores, Amorphous Cores, and Radiators. The company is certified ISO 9001:2015 and operates multiple manufacturing units in Vadodara, Gujarat.

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