Vilas Transcore Ltd(VILAS)

NSE: VILAS

₹ 353-0.27%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 864 crUpdated: 24 Oct 2026

About

Vilas Transcore Ltd makes C.R.G.O. electrical laminations and transformer components. It also sells insulation papers and does job work. Its installed CRGO lamination capacity was 36,000 MTPA in FY26, and it reported FY26 revenue of 460.67 (Rs crore). The company has been expanding into radiators, nanocrystalline cores and copper conductors, and management put its CRGO core market share at ~3% in FY25.^[1][2][3][4]

Products

The company sells C.R.G.O. electrical laminations and insulation papers, and also does job work (FY26 annual report).^[1]
Production in FY25 split into CRGO lamination at 10,814 MT, transformer cores at 881 MT and slit coil at 158 MT.^[4]
Newer products are transformer radiators (installed capacity 7,200 MTPA) and nanocrystalline cores, which serve EVs, renewable energy and advanced metering infrastructure.^[5]

Capacity and production

Installed CRGO capacity tripled from 12,000 MTPA to 36,000 MTPA in FY26 after Unit 3 was commissioned. Commercial production at the new plant began on July 25, 2025.^[2][6]
CRGO production was 19,856 MT in FY26, up from 12,069 MT in FY25.^[2]
The original plant ran at about 100% utilisation in FY25, producing 12,069 MT against 12,000 MTPA of capacity.^[4]
Nanocrystalline cores were running at 10-12 MT/month in Q4 FY26, against 240 MTPA of capacity.^[7]
In FY25, 40% of raw material was imported and 60% was sourced locally.^[4]

Key operating numbers

Gross margin was 17.82% in FY26, compared with 21.31% in FY25.^[2]
CRGO steel prices fell to around Rs 180-185/kg during FY26. The spot price was ~Rs 195/kg in May 2026, against a Rs 270-290 peak.^[2][7]
The order book covered 45-60 days of work in Q4 FY25.^[4]
Nanocrystalline cores brought in Rs 3.48 Cr of revenue in H2 FY26, on sales of approximately 30,250 kg.^[2]
Working capital was about 95-100 days in FY26.^[7]

Customers and markets

Transactions with the related party Atlas Transformer India Limited came to Rs. 4063.30 lacs in FY2025-26.^[1]
Group companies accounted for about 7-8% of revenue in FY25.^[4]
Exports were 1-2% of revenue in FY26, compared with ~2% in FY25. Orders from the Gulf are on hold because shipping costs have risen.^[7][4]
Approval from Power Grid Corporation of India was still in process as of Q1 FY27. Management says it would open access to larger government orders and higher-KV components.^[2]

Expansion and capex

The 7,200 MTPA radiator plant began commercial sales in April 2026. Management targets 20-25% utilisation in FY27.^[7]
Phase I of the copper conductor plant (1,550-1,800 MTPA; capex Rs 25-30 Cr) has received its machinery. Trial production is expected by the end of September 2026.^[2]
Planned capex for FY27 is Rs 30-40 crores, compared with Rs 60 crores in FY26.^[7]
The company plans to start migrating from the SME platform to the mainboard in December 2026, with eligibility from June 2027.^[7]

Recent developments

The company and its promoters set up a new entity to make high-voltage bushings from 12kV to 400kV. Vilas Transcore will initially hold 25% of it.^[2]
The bushing entity plans to develop OIP bushings up to 145 kV in FY27, with Rs 10 crore of capex. The founder of Yash Highvoltage has joined as its CEO.^[7]
Short-term borrowings rose to Rs 390 Mn in March 2026, from Rs 114 Mn in March 2025, to fund working capital.^[2]

Market Cap

₹864 Cr

High / Low

₹495 / 313

Stock P/E

23.3

Price / Book

2.8

EPS

₹16.2

No. of Shares

2.45 Cr

OPM

11.5%

Sales

₹461 Cr

Net Profit

₹40 Cr

Promoter holding

73.1%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials