Vilas TranscoreShare price, financial results, shareholding and management
- Market cap
- ₹829 cr
- Stock P/E
- 21.0peers 14.7
- Book value
- ₹134
- Price to book
- 2.52
- EV / operating profit
- 15.0
- Market cap to sales
- 1.80
- ROCE · FY26
- 16.1%
- ROE · FY26
- 12.8%
- ROE, 3-year average
- 14.5%
- Operating margin · FY26
- 11.2%peers 6.1%
- Sales growth, 3 years
- 17.6%
- Profit growth, 3 years
- 25.5%
- Debt to equity
- 0.12peers 0.95
- Borrowings
- ₹39 cr
- Interest cover
- 25.4×
- Cash from business / op. profit
- -3%
- Debtor days
- 61
- Pledged
- 0.00%
- Promoter holding
- 73.14%
- Change in promoter holding
- -0.07 pts
- Shareholders
- 4,254
- 52-week high / low
- ₹495 / ₹313
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Vilas Transcore share price chart
Close on 6 Nov 2026 · -7.08% on the day · Vol 2.10 L
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -12.4%
- 3 months
- -7.1%
- 6 months
- -26.4%
- 1 year
- -15.0%
- Since IPO
- +130.4%
- Traded a day, 20 days
- ₹1.01 cr
- Taken for delivery
- 71%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +30% | +16% |
| 3 years, a year | +18% | +26% |
| Latest half, H2 FY26 | +22% | -23% |
About Vilas Transcore: business, products and customers
Vilas Transcore cuts and shapes special electrical steel into the cores at the heart of power transformers, and has added radiators, nanocrystalline cores and copper conductors for the same buyers. It has three plants near Vadodara in Gujarat, and its shares trade on NSE Emerge.
Vilas Transcore processes cold rolled grain oriented (CRGO) steel, a special electrical steel, into slit coils, laminations, stacked and wound cores and core coil assemblies that transformer makers build their transformers around. Its buyers are transformer and power equipment makers such as Voltamp, Atlanta Electricals, Kirloskar and Shilchar Technologies, and exports are small.
Most CRGO steel is bought from mills abroad, now largely in China, with about a quarter from the two mills in India. CRGO prices cannot be hedged, and they fell sharply in FY26 to around ₹180 to ₹185 a kg, so revenue grew more slowly than volumes.
Read more about the business
A third plant opened in July 2025 and tripled CRGO processing capacity to 36,000 tonnes a year, and production rose to 19,856 tonnes in FY26 from 12,069 tonnes. Revenue was ₹460.7 cr in FY26, and the company remained net debt free with some short term borrowing for working capital.
What is new: nanocrystalline cores from November 2025, transformer radiators with sales from April 2026, paper covered copper and aluminium conductors launched on 15 September 2026, a POWERGRID manufacturer approval in August 2026, and a 25% stake in a new company with its promoters to develop high voltage bushings.
From the offer document (2024), the FY26 annual report, the May 2026 investor presentation and earnings call, ICRA's rating notes and the company's announcements of August and September 2026.
Read the deeper study ↓In its favour
- It has little debt for its size: debt to equity 0.12.
- The promoters own a large part of the company: 73.14%.
To watch
- CRGO production against the target of about 30,000 tonnes in FY27 (Earnings call, May 2026, p.10).
- Sales of the copper and aluminium conductors launched on 15 September 2026 (Announcement, 16 September 2026, p.1).
- Supplies for POWERGRID projects after the manufacturer approval of 13 August 2026 (Announcement, 13 August 2026, p.1).
- Dealings with Atlas Transformers India Limited, a related party, under the ₹100 cr limit sought at the AGM (Annual report FY26, p.9 to 10).
- Its borrowings rose a lot last year: ₹39 cr, from ₹11.4 cr.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Vilas Transcore revenue and profit growth
Half-yearly results · Profit and lossSales have grown steadily. Last year profit grew more slowly than sales, so the profit kept from each rupee of sales slipped.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
Vilas Transcore half-yearly results
SME companies report every six months · ₹ crore
| H1FY24 | H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|---|
| Sales | 159 | 150 | 162 | 190.62 | 228.76 | 231.91 |
| Expenses | 144 | 135 | 144 | 164.03 | 197.65 | 211.55 |
| Operating profit | 15 | 15 | 18 | 26.59 | 31.11 | 20.35 |
| OPM | 10.0% | 10.0% | 11.0% | 13.9% | 13.6% | 8.8% |
| Interest | 1 | 1 | 1 | 0.99 | 0.82 | 1.30 |
| Depreciation | 1 | 1 | 2 | 1.26 | 1.78 | 2.51 |
| Profit before tax | 15 | 16 | 21 | 28.08 | 32.17 | 19.49 |
| Net profit | 11 | 12 | 14 | 19.84 | 24.38 | 15.18 |
Vilas Transcore profit and loss
Full years to March, FY20 to FY26 · ₹ crore, consolidated where reported
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Sales | 162 | 133 | 233 | 283 | 310 | 353.05 | 460.67 |
| Expenses | 155 | 124 | 206 | 253 | 279 | 308.50 | 409.20 |
| Operating profit | 7 | 9 | 27 | 29 | 30 | 44.55 | 51.47 |
| OPM | 4.4% | 7.0% | 11.0% | 10.0% | 10.0% | 12.6% | 11.2% |
| Other income | 1 | 2 | 2 | 2 | 4 | 8.95 | 6.60 |
| Interest | 2 | 2 | 3 | 2 | 2 | 1.50 | 2.12 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 2.49 | 4.29 |
| Exceptional and other items | · | · | · | · | 1 | · | · |
| Profit before tax | 4 | 7 | 24 | 27 | 31 | 49.22 | 51.66 |
| Tax rate | 0.0% | 28.6% | 25.0% | 25.9% | 25.8% | 30.6% | 23.4% |
| Net profit | 4 | 5 | 18 | 20 | 23 | 34.17 | 39.56 |
| EPS ₹ | 12 | 17.43 | 59.70 | 67.37 | 12.82 | 14.58 | 16.16 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY24 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Vilas Transcore profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Operating margin | 4.4% | 7.0% | 11.0% | 10.0% | 10.0% | 12.6% | 11.2% |
| Tax rate | 0.0% | 28.6% | 25.0% | 25.9% | 25.8% | 30.6% | 23.4% |
| ROCE | · | 8.5% | 23.6% | 22.1% | 21.9% | 22.1% | 16.1% |
| ROE | · | 5.1% | 16.5% | 15.7% | 15.5% | 15.3% | 12.8% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Vilas Transcore debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown. It borrowed much more last year. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Vilas Transcore balance sheet
At each 31 March · ₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Equity capital | 3 | 3 | 3 | 3 | 18 | 24.48 | 24.48 |
| Reserves | 93 | 97 | 115 | 134 | 141 | 263.61 | 304.05 |
| Net worth | 96 | 100 | 118 | 137 | 159 | 288.09 | 328.53 |
| Borrowings | 8 | 8 | 3 | 5 | 0 | 11.41 | 38.96 |
| Other liabilities | 18 | 35 | 52 | 47 | 42 | 60.80 | 38.98 |
| Total liabilities | 122 | 143 | 173 | 189 | 201 | 360.30 | 406.47 |
| Fixed assets | 0 | 38 | 37 | 34 | 33 | 32.28 | 81.45 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 38 | 23.35 |
| Investments | 0 | 0 | 0 | 11 | 20 | 10 | 11.87 |
| Other assets | 122 | 105 | 136 | 144 | 148 | 280.02 | 289.80 |
| Receivables | · | · | · | · | · | 60.24 | 77.50 |
| Inventory | · | · | · | · | · | 69.09 | 72.33 |
| Cash | · | · | · | · | · | 112.30 | 94.36 |
| Trade payables | · | · | · | · | · | 38.12 | 28.08 |
Vilas Transcore cash flow
₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | 22 | 20 | 13 | 13 | 49 | -35.46 | -1.70 |
| Cash from investing | -1 | 0 | -2 | -11 | -10 | -29.69 | -42.33 |
| Cash from financing | -13 | -1 | -7 | -1 | -6 | 105.12 | 26.09 |
| Net cash flow | 8 | 19 | 4 | 1 | 33 | 39.97 | -17.94 |
| Capital spending | · | · | · | · | · | 40.81 | 39.15 |
Working capital
Days
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Debtor days | 107 | 117 | 35 | 55 | 46 | 62 | 61 |
| Inventory days | 40 | 67 | 104 | 82 | 36 | 91 | 70 |
| Days payable | 35 | 91 | 82 | 53 | 42 | 50 | 27 |
| Cash conversion cycle | 112 | 93 | 57 | 84 | 40 | 103 | 104 |
| Working capital days | 116 | 108 | 78 | 70 | 42 | 96 | 84 |
Vilas Transcore peers and competitors
Listed SME companies in the same industryBy sales, Vilas Transcore is number 15 of the 156 listed SME companies in industrial products.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Systematic Industries | 603 | 28.7 | 553 | 21 | 7.0% | 0.05 |
| Jay Bee Laminations | 193 | 10.6 | 548 | 18.3 | 6.2% | 0.19 |
| Cool Caps Industries | 235 | 28.1 | 531 | 8.4 | 1.1% | 1.72 |
| Vilas Transcore | 829 | 21.0 | 461 | 39.6 | 11.2% | 0.12 |
| Riddhi Steel and Tube | 360 | 32.7 | 458 | 11 | 6.0% | 1.88 |
| Mangalam Alloys | 92 | 6.3 | 438 | 14.7 | 12.5% | 1.87 |
| Aditya Ultra Steel | 59 | 14.7 | 406 | 4 | 2.7% | 0.77 |
| Swastik Pipe | 39 | - | 386 | -57.6 | -17.4% | 1.02 |
| Injecto Polymers | 197 | 12.3 | 376 | 16 | 10.0% | 2.62 |
| JD Cables | 401 | 12.5 | 365 | 32 | 13.0% | 0.39 |
| Siyaram Recycling Industries | 74 | 18.5 | 362 | 4 | 4.7% | 0.88 |
| Median of the 10 others | 195 | 14.7 | 422 | 12.8 | 6.1% | 0.95 |
Vilas Transcore shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Foreign and Indian funds own a noticeable share. The number of shareholders is about the same.
Vilas Transcore shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| May 24 | Sep 24 | Mar 25 | Sep 25 | Mar 26 | |
|---|---|---|---|---|---|
| Promoters | 73.17% | 73.21% | 73.21% | 73.21% | 73.14% |
| Foreign investors (FIIs) | 4.99% | 2.05% | 2.33% | 2.14% | 2.14% |
| Indian institutions (DIIs) | 5.47% | 2.64% | 2.83% | 3.13% | 3.17% |
| HNIs (over ₹2 lakh each) | 0.12% | 5.38% | 5.12% | 3.78% | 4.07% |
| Small holders (up to ₹2 lakh) | 11.61% | 12.89% | 12.86% | 14.10% | 14.38% |
| Companies and others | 4.64% | 3.83% | 3.65% | 3.64% | 3.10% |
| Number of shareholders | 3,073 | 2,170 | 3,377 | 4,223 | 4,254 |
The named holders are at 31 March 2026, beside 30 Sept 2025, each under the group the pattern files them in.
Vilas Transcore study: the business from its own documents
Read from 12 of the company's own documentsVilas Transcore so far
From the company's own record
- 3 June 2024Listed on NSE Emerge at ₹147
- 31 March 2026Promoters at 73.14%
- 12 June 2025Highest close since listing, ₹549.29
Vilas Transcore key facts from the filings
Each figure with the document it comes from
- CRGO capacity
- 36,000 tonnes a year
- Up from 12,000 tonnes after the new 24,000 tonne unit began commercial production on 25 July 2025.Investor presentation, May 2026, p.12 and p.20; Annual report FY26, p.41
- Production
- 19,856 tonnes
- CRGO laminations produced in FY26, against 12,069 tonnes in FY25; the company targets about 30,000 tonnes in FY27.Investor presentation, May 2026, p.20; Earnings call, May 2026, p.10
- FY26 revenue
- ₹460.7 cr
- Up from ₹353.1 cr in FY25; profit after tax was ₹39.6 cr.Investor presentation, May 2026, p.7
- CRGO steel price
- ₹180 to ₹185 a kg
- Level CRGO prices fell to during FY26, down from ₹270 to ₹290 a kg about a year and a half earlier, which held back revenue and margins.Investor presentation, May 2026, p.5; Earnings call, May 2026, p.24
- Largest customer
- 41.9%
- Share of product sales to Voltamp Transformers in the nine months to December 2023; ICRA puts one customer at about 40% to 55% of revenue over four years.Offer document, p.29; Credit rating note, ICRA, July 2025, p.2
Show 5 more facts
- POWERGRID approval
- Up to 220 kV
- Manufacturer approval from Power Grid Corporation of India on 13 August 2026 for CRGO slitting and lamination cutting for transformers and reactors on POWERGRID projects.Announcement, 13 August 2026, p.1
- Copper conductors
- Launched
- Paper covered copper and aluminium conductors went on sale on 15 September 2026, from a facility the company put at ₹25 cr to ₹30 cr.Announcement, 16 September 2026, p.1; Investor presentation, May 2026, p.19
- Bushings venture
- 25% stake
- A new company set up with the promoters to develop high voltage bushings from 12 kV to 400 kV, starting with research and product development.Investor presentation, May 2026, p.5; Earnings call, May 2026, p.13
- Related party sales
- Up to ₹100 cr
- Limit sought at the AGM for twelve months of dealings with Atlas Transformers India Limited, a transformer maker that ICRA describes as a group entity of the promoter.Annual report FY26, p.9 to 10; Credit rating note, ICRA, July 2025, p.3
- Credit rating
- ICRA A-/Stable
- Long term rating reaffirmed in September 2026, with ICRA A2+ on the short term letter of credit.Credit rating note, ICRA, September 2026, p.1
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company's May 2026 presentation guides CRGO volume growth of 45% to 50% in FY27 with EBITDA and PAT margins maintained, and the Managing Director said revenue will depend on CRGO prices. It expects copper conductors to add revenue from the second half of FY27 and plans phased commercialisation of bushings through the new venture. The Managing Director also said the process to move to the main board would start around December 2026.
| What management said | When | What happened |
|---|---|---|
| Revenue growth of 35% to 40% in the second half of FY26, with margins fairly maintained | Nov 2025 call | Second half revenue of ₹231.9 cr, about level with the first half; EBITDA margin fell to 8.8% from 13.6% in the first half |
| Copper conductor trial production by end of September 2026 | May 2026 presentation | Conductors launched on 15 September 2026 |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Vilas Transcore earns a processing margin on special electrical steel that transformer makers need cut precisely, and it is adding more parts it can supply to the same customers.
Its weak spots are a margin that swings with steel prices it cannot hedge, one very large customer, and money tied up in stock.
WatchCan it set its own prices?Its margin moves with CRGO steel prices, which it cannot hedge; when prices fell, part of the fall had to be passed on to customers.
AverageHow strong is it against rivals?It has long ties with large transformer makers, but the business of making transformer cores is crowded.
WatchWho are its customers?A handful of transformer makers take most of the output, and one alone has taken around half for years.
WatchDoes it need a lot of money?Yes. Steel is bought well ahead and customers take about two months to pay, so stock and unpaid bills grow with sales.
AverageCan it keep finding new work?Demand from transformer makers is steady and the new plant and products give room to grow, but the new products are only starting and need new customer approvals.
WatchDo good and bad years swing a lot?Sales have grown steadily, but margins jump when CRGO is scarce and shrink when its price falls.
Who runs Vilas Transcore?
Promoters, directors and officers; tap a name for the background
NJNilesh Jitubhai PatelPromoter, Chairman and Managing Director · holds 73.05%
Holds a diploma in electrical engineering from the Maharaja Sayajirao University of Baroda. Founded the business as a proprietorship before the company was formed and has worked for three decades in laminated cores and transformer components; handles procurement, sales, marketing and business development. The offer document states that Nilesh Jitubhai Patel is the father of Natasha Nilesh Patel.
Offer document, p.114, p.124 and p.126; Investor presentation, May 2026, p.16NNNatasha Nilesh PatelPromoter and Non-Executive Director
Holds an International Bachelor of Business Administration with honours from New York University. On the board since June 2020, and has worked on setting up and scaling the nanocrystalline core and radiator businesses.
Offer document, p.114 and p.126; Investor presentation, May 2026, p.16VKVipul Kumar PatelWhole Time Director and Chief Financial Officer
Holds a Bachelor of Commerce from North Gujarat University and a Bachelor of Education, with about 16 years in accounts and finance at the time of the offer document. Whole Time Director since March 2023, in charge of accounts, finance, administration and HR.
Offer document, p.114; Annual report FY26, p.7HHHemang Harshadbhai ShahIndependent Director
A Company Secretary in practice since 2016; on the board since June 2020 and chairs the audit committee.
Offer document, p.114; Annual report FY26, p.7SASandeep Ambalal PatelIndependent Director
Holds a diploma in electronics from SMIT College, with about 35 years of work experience; on the board since September 2023 and chairs the nomination and remuneration committee.
Offer document, p.114; Annual report FY26, p.7Vilas Transcore latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹232 cr (+22%), net profit ₹15.2 cr (-23%) on H2 FY25.
- Shareholding, 31 March 2026: promoters 73.21% to 73.14%.
Vilas Transcore announcements
21 on record, latest first; each opens the filing on the exchange
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Change in Director(s)Of the companyPDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 28, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 28, 2026PDF ↗
- Analysts/Institutional Investor Meet/Con. Call UpdatesSchedule of meetPDF ↗
- Credit Rating- NewCredit Rating- NewPDF ↗
- Product launchProduct launchPDF ↗
- Copy of Newspaper PublicationRegarding notice of Annual General MeetingPDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 28, 2026PDF ↗
- General UpdatesAbout an approval from Power Grid Corporation of India LimitedPDF ↗
Vilas Transcore annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Vilas Transcore share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Vilas Transcore's data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,44,80,000 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY23 (₹67.37) and FY24 (₹12.82) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY20 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Vilas Transcore
What does Vilas Transcore do?
Vilas Transcore cuts and shapes special electrical steel into the cores at the heart of power transformers, and has added radiators, nanocrystalline cores and copper conductors for the same buyers. It has three plants near Vadodara in Gujarat, and its shares trade on NSE Emerge.
What is the share price of Vilas Transcore?
₹339 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Vilas Transcore?
₹829 cr at the close on 6 Nov 2026, on 2,44,80,000 shares.
What is the P/E of Vilas Transcore?
21.0 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Vilas Transcore's revenue and profit?
Revenue ₹461 cr and profit after tax ₹40 cr in FY26.
Who are the promoters of Vilas Transcore?
Nilesh Jitubhai Patel, Natasha Nilesh Patel; promoters held 73.14% at 31 March 2026.
What was the IPO price of Vilas Transcore?
₹147 a share; it listed on 3 June 2024.
What is Vilas Transcore's website?
www.vilastranscore.com
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Built from 3 earnings call transcripts, 3 investor presentations, 2 annual reports, 2 credit rating notes, 1 offer document, 1 result filing, 21 exchange announcements, 5 shareholding patterns and 7 years of reported results. Every figure carries its source; where the documents are silent, the page says so.