Vilas Transcore Limited H1 FY27 Revenue Rises 6% to ₹242.5 Crore

Vilas Transcore Limited reported revenue from operations of ₹242.5 crore for H1 FY27, a 6.0% increase from ₹228.8 crore a year earlier, while EBITDA margin was 10.2%. Higher CRGO production volumes supported growth, but lower CRGO steel prices reduced sales realisations and weighed on year-on-year profitability.

What did Vilas Transcore report for H1 FY27?

Vilas Transcore reported H1 FY27 revenue from operations of ₹242.5 crore, compared with ₹231.9 crore in H2 FY26 and ₹228.8 crore in H1 FY26. The year-on-year rise was modest relative to the 28.1% increase in production volume, reflecting the effect of lower CRGO steel prices on realisations.

EBITDA was ₹24.8 crore, up 22.0% from ₹20.3 crore in H2 FY26 but down 20.2% from the prior-year half. EBITDA margin improved by 146 basis points sequentially to 10.2%, although it was 336 basis points below the H1 FY26 level. Profit after tax was ₹17.2 crore, up from ₹15.2 crore in H2 FY26 and down 29.3% year on year. PAT margin was 7.1%.

Why did revenue growth trail Vilas Transcore's volume growth?

Vilas Transcore said sales volume increased to 11,697 MT in H1 FY27 as utilisation of its expanded capacity improved. The company specifically attributed the gap between volume growth and revenue growth to lower CRGO steel prices, which affected sales realisations.

The chairman's statement also cited geopolitical tensions and supply-chain disruptions, particularly constraints in transformer oil availability. These disruptions affected production schedules at certain transformer manufacturers and temporarily moderated customer demand. The presentation said business activity started normalising as supply conditions improved.

Gross margin was 17.2% in H1 FY27, above 15.9% in H2 FY26 but below 19.7% in H1 FY26. Vilas Transcore linked the year-on-year pressure on profitability to lower realisations and initial costs associated with expanded facilities and new product lines. The company did not publish an earnings-call transcript for the period, so the reported figures are drawn from its investor presentation.

Which new products and capacity additions are contributing?

Vilas Transcore commenced commercial sales of copper and aluminium conductors in September 2026, generating ₹0.53 crore of revenue during H1 FY27. Its disclosed conductor capacity range is 1,500 to 1,800 MTPA. The company also said specialised machinery had arrived for its copper conductors adjacency, with installation underway and trial production expected by the end of September 2026.

Nanocrystalline core sales contributed ₹6.77 crore of H1 FY27 revenue from approximately 58,815 kg of sales volume. This follows the commissioning of the nanocrystalline core facility in FY26, when it generated ₹3.48 crore in H2 FY26 from about 30,250 kg. Vilas Transcore has indicated an FY27 utilisation expectation of around 15 MT a month, or about 180 MTPA, for this facility.

The company has also expanded CRGO lamination capacity threefold, from 12,000 MTPA to 36,000 MTPA, and is ramping production at the added capacity. It secured manufacturer approval at Unit III for CRGO slitting and lamination cutting up to 220 kV, which enables participation in relevant POWERGRID projects.

What are the key financial and operational factors for investors?

Vilas Transcore has set FY27 targets for volume growth and revenue growth of 30% to 35%. Its stated FY27 revenue target is ₹750 crore to ₹800 crore, with EBITDA margin guidance of 10% to 11% and PAT margin guidance of 7% to 8%. Planned FY27 capital expenditure is ₹30 crore to ₹40 crore.

Working-capital funding remains relevant as production and capacity expand. Short-term borrowings rose from ₹11.4 crore in March 2025 to ₹39.0 crore in March 2026, before declining to ₹18.7 crore in September 2026. The presentation linked these borrowings to higher working-capital requirements, business growth, capacity expansion and the ramp-up of new facilities.

For the transformer supply chain, the H1 results show that expanded output has not translated fully into revenue growth because pricing has softened. For investors, the main disclosed indicators are the pace of capacity utilisation, growth in conductor and nanocrystalline core sales, and whether margins remain near the company's FY27 guidance range as new facilities scale.

Conclusion

Vilas Transcore's H1 FY27 performance combined 28.1% production-volume growth with 6.0% revenue growth, as lower CRGO steel prices affected realisations. Sequential improvement in EBITDA and PAT shows a recovery from H2 FY26, while year-on-year margins and profit remain below the prior-year period.

The next disclosed milestones are the ramp-up of expanded CRGO capacity, scaling of recently launched conductor sales and customer acceptance of nanocrystalline cores. Investors can also track progress against Vilas Transcore's FY27 targets of 30% to 35% growth, ₹750 crore to ₹800 crore revenue, and 10% to 11% EBITDA margin.