Credit ratingSep 2026
Sep 2026 · Credit Rating- New 18 Sep - ICRA reaffirmed Vilas Transcore’s ratings on September 11, 2026 for ₹44.98 crore bank facilities.
Source: Nse
Vilas Transcore Ltd. (VILAS)
SME CapIndustrials stocks · SME cap · NSE
Vilas Transcore Ltd. manufactures mission-critical transformer components like CRGO laminations and cores. The company is expanding its product portfolio into radiators, nanocrystalline cores, copper conductors, and high voltage bushings, aiming to become a comprehensive partner in the transformer value chain for the power and energy sector.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals05 Oct 2026 · screener
Latest result12 May, 04:20 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
57NeutralSMA20 +10.3% / mo · MACD −
Stock trend: 62
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
VILASD candles · FIT view-17.9%Latest close ₹380.55 on 2026-10-19
Bar
-2.4%
RSI
51
MACD hist
-1.65
52W pos
37%
2026-10-19O ₹390.00H ₹395.70L ₹377.10C ₹380.55Vol 8,000 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
VILASNifty India ManufacturingNifty 500
- VILAS
- +2.8%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- +8.4 pp
Chart stats
19 Oct 2026- From 52W high
- -23.1%
- 52W range position
- 37%
- ATR (14)
- 5.2%
- Volume vs 20D
- 0.16x
- Avg traded value
- ₹1.8 Cr
- 20D price channel
- ₹357.7 - ₹427
₹495
₹313.3 - ₹495
₹19.7
Latest completed session
20-session average
71.9% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE50
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average52
Revenue +54.7% · PAT +25.0% YoY
Technical
Neutral57
Price trend and sector-relative-strength timing.
Valuation
Legacy model+40.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence69
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Average · 52/100margin compression · Rev +55% YoY · PAT +25% YoY
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹232 Cr | +54.7% | +1.3% |
| EBITDA | ₹20 Cr | NDF | -35.5% |
| Operating margin | 9.0% | NDF | -500 bps |
| PAT | ₹15 Cr | +25.0% | -37.5% |
| PAT margin | 6.5% | NDF | -401 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 25.30
- P/B
- 2.98
- EV/EBITDA
- 18.45
- Market Cap
- 976.00Cr
Profitability
- ROE
- 12.50%
- ROCE
- 15.90%
- ROA
- 9.85%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 28.00%
- EPS 5Y
- 49.00%
- Revenue 3Y
- 18.00%
- EPS 3Y
- 25.00%
Balance Sheet
- Debt/Equity
- 0.12
- Interest Coverage
- 25.50×
- Altman Z
- 8.89
- Book Value
- 134.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 5/5
- OCF
- -2.00 Cr
- EPS TTM
- 16.16
Shareholding
- Promoter Hold
- 73.14%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 39%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 461+30.6% vs prev
Net Profit
₹ CrLatest: 40.0+17.6% vs prev
Return on Equity
%Latest: 12.2+3.7% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 51.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~9.4% over last month) — short-term momentum positive.
- RSI(14) at 51 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 23% off 52W high · 21% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
41
RS percentile
Stage 1 Base / Transition
1M return
+2.2%
3M return
+2.8%
6M return
-20.4%
1Y return
-17.1%
RS 1D
-6
RS 20D
+15
Sector rank
#2
Industry rank
#8
Stage evidence
- Price is within 0.3% of the 30-week proxy.
- The 30-week proxy changed +0.3% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price above
200-DMA
price above
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 76.58-2.52%
RS vs Nifty 50077
Valuation & peers
U-Score 50 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 50 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
FAIR_VALUE
Fundamental score breakdown
U band · FAIR VALUEValuation9/30
Growth20/25
Quality5/20
Balance Sheet10/15
Cash Flow3/10
Piotroski
6/9 (+3)
Penalties
0
Raw sum
50
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
50/100 · legacy band FAIR VALUE
Positive drivers
- Fair-value margin of safety is positive at 40.1%.
- Growth contributes 20/25 to the score.
- Balance sheet contributes 10/15 to the score.
Main drags
- Quality is weaker at 5/20; verify the latest quarterly trend.
- Valuation is weaker at 9/30; verify the latest quarterly trend.
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
25.3
PB
3.0
EV/EBITDA
18.4
ROE
12.5%
ROCE
15.9%
FCF Yield
—
Debt/Equity
0.1
MoS
+40.1%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
50
Previous: 50
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+40.1%
Previous: +40.1%
Score history
12 stored score snapshots. Latest stored move: +2 points.
20 Oct 2026
v4.3-runtime-valuation
48
48
48
48
50
48
51
51
48
48
48
50
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹220.73
-72.4% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹635.09
+40.1% MoS
PEG
0.64
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
SAAKSHI
SME
Saakshi Medtech and Panels Ltd.
Electrical Equipment
match 58
36
57.4
11.8%
-38%
WATCHLIST
PRIMECAB
SME
Prime Cable Industries Ltd.
Electrical Equipment
match 55
58
24.8
37.8%
+27%
FAIR VALUE
WEL
Small
Wonder Electricals Limited
Electrical Equipment
match 54
25
82.0
8.9%
-101%
OVERVALUED
BIRLACABLE
Small
Birla Cable Limited
Electrical Equipment
match 54
39
24.4
6.3%
+46%
WATCHLIST
DCG
SME
DCG Cables & Wires Ltd.
Electrical Equipment
match 53
51
15.5
10.4%
+62%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-05T07:20:05.042Z
Management commentary snapshot
FY26 saw 30% YoY revenue growth and ~65% volume growth, but margins compressed due to lower CRGO prices and new unit ramp-up costs. Strategic expansions into radiators, nanocrystalline cores, and copper conductors are underway, with a new HV Bushings venture initiated.
Despite strong volume growth and strategic capacity additions in FY26, profitability was impacted by declining CRGO prices and initial costs of new units. Management's aggressive expansion into new product lines and capacity tripling positions the company for future growth, but execution and margin recovery are key.
Growth engines
CRGO Lamination Capacity Expansion
Tripled installed capacity from 12,000 to 36,000 MTPA with New Unit 3 commissioned in July 2025, supporting 45-50% volume growth.
New Product Portfolio Diversification
Entry into Nanocrystalline Cores (240 MTPA), Radiators (7,200 MTPA), Copper Conductors (1,500-1,800 MTPA), and High Voltage Bushings.
PGCIL Approval Process
Approval from Power Grid Corporation of India is in process, expected to unlock larger government and institutional orders.
Expanding Customer Base & Exports
Deepening relationships with existing clients, pursuing new domestic OEMs, and growing export footprints in Gulf, Europe, and Canada.
Capacity and execution
CRGO Lamination Capacity
New Unit 3 commissioned in July 2025, adding 24,000 MTPA, increasing total capacity to 36,000 MTPA.
Nanocrystalline Core Facility
Commissioned during FY26 with 240 MTPA capacity, contributed Rs 3.48 Cr revenue in H2 FY26.
Radiator Manufacturing Plant
Recently commenced commercial production with 7,200 MTPA capacity, expected to contribute to revenues in FY27.
Copper Conductors Facility
Specialized machinery arrived, installation underway; trial production expected by end of September 2026 with 1,550-1,800 MTPA Phase 1 capacity.
Tailwinds
Strong Power Sector Demand
India's power demand expected to grow ~6-7% CAGR, driven by industrialization, urbanization, EV adoption, and digital infrastructure.
Renewable Energy Transition
India targets 500 GW non-fossil capacity by 2030, driving demand for transformer components.
Government Policy Support
Strong government push across power & infrastructure, with schemes driving electrification and 100% FDI allowed in the power sector.
Transformer Industry Supply-Demand Gap
Demand exceeds supply across all categories, with long lead times and high capacity utilization across key players, leading to strong pricing power.
Headwinds
Decline in CRGO Prices
CRGO prices declined to Rs 180-185 per kg during FY26, impacting revenue growth relative to volume and compressing margins.
Initial Operating Expenses for New Unit
Margins were impacted by initial operating and establishment expenses incurred for the new unit while capacity utilization ramps up.
Risk radar
CRGO Price Volatility
Sharp decline in CRGO steel prices significantly impacted margins in FY26, indicating sensitivity to raw material price fluctuations.
New Unit Ramp-up & Utilization
Initial operating and establishment expenses for new units impacted margins, with profitability dependent on improving capacity utilization.
Working Capital Management
Short-term borrowings increased to support higher working capital for business growth and capacity expansion, leading to increased debt.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The document is an annual investor presentation (FY26), focusing on year-over-year performance, strategic shifts, and annual guidance. Quarterly data is not provided for a QoQ comparison.
Sector KPIs management disclosed
Revenue from Operations
Rs 4,607 Mn in FY26, up 30% YoY.
Production Volume
19,856 MT in FY26, up ~65% YoY.
Gross Margin
17.82% in FY26, down 349 bps YoY.
EBITDA Margin
11.17% in FY26, down 151 bps YoY.
Management forward view
FY27 Volume Growth Target
Expects CRGO volume growth of 45% to 50% in FY27.
FY27 Revenue Growth Target
Anticipates turnover growth of 40% to 50% in FY27, depending on product mix.
FY27 Profitability Outlook
Expects to maintain EBITDA and PAT margins in FY27.
H2FY27 Revenue Contribution from Copper Conductors
Trial production for copper conductors expected by Sep 2026, with revenue contribution likely from H2FY27 onwards.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| CRGO Lamination Capacity Utilization | New Unit 3 commissioned July 2025, ramping up. | Improvement in utilization rates of the expanded 36,000 MTPA CRGO capacity. |
| Nanocrystalline Core Utilization | Contributed Rs 3.48 Cr in H2 FY26. | Achievement of targeted capacity utilization of ~15 MT per month (~180 MTPA) in FY27. |
| Copper Conductors Commercial Production | Installation underway. | Commencement of trial production by end of September 2026 and revenue contribution from H2FY27. |
| PGCIL Approval Status | In process. | Successful approval from Power Grid Corporation of India to access larger, high-value orders. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
69Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 59th percentile of the scored universe and 56th percentile within Industrials. Main check: cash conversion is weak at 52/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
11 docs text-extracted · 5 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
59th percentile
overall median 67 · Industrials: 56th pctile, median 68 · SME: 77th pctile, median 64
Evidence depth
Financial-only
11 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
52
watch · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
58
watch · capital discipline
Results
63
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 73.1%.
- ▸Promoter pledge is zero.
- ▸5 years of positive FCF.
- ▸OPM spread across recent quarters is 5%.
Trust risks
- ▸Operating cash flow is negative at ₹-2 Cr.
- ▸ROCE trend is -3.6%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Vilas Transcore Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual report
Copy of Newspaper Publication 7 Sep - Newspaper ads published for 20th AGM notice, FY2025-26 annual report, and remote e-voting.
Source: Nse
Investor presentationMay 2026
May 2026 · PPT
Source: Nse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Investor presentationNov 2025
Nov 2025 · PPT
Source: Nse
Concall transcriptNov 2025
Nov 2025 · Transcript
Source: Nse
Investor presentationMay 2025
May 2025 · PPT
Source: Nse
Concall transcriptMay 2025
May 2025 · Transcript
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
Investor presentationNov 2024
Nov 2024 · PPT
Source: Nse
Concall transcriptNov 2024
Nov 2024 · Transcript
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.