Vilas Transcore Limited
Current Price
₹382.55
As of 19 May 2026
Market Cap
₹871 Cr
As of 19 May 2026
#2 listed CRGO-lamination + transformer-core processor, NSE SME
Report updated: 2026-05-19
Vilas Transcore Limited
India's #2 listed CRGO-lamination & transformer-core processor (after KRYFS) — just commissioned Rs.95 Cr IPO-funded Unit-3 (25 Jul 2025) that 3x'd capacity from 12,000 to 36,000 MTPA. FY26 revenue Rs.460.7 Cr (+30% YoY), PAT Rs.39.6 Cr (+15%), but EBITDA margin compressed 150 bps to 11.17% on falling CRGO prices + local-mill compulsion buying. Founder-controlled (Nilesh Patel, 73.14% — 30 years in CRGO), net debt-free, ICRA A-/A2+. NSE SME listed 3 Jun 2024 at issue Rs.147; ran to Rs.673.70 peak, now Rs.355.95 (-47% from peak).
Rs.356
Share price (-47% from peak)
Rs.871 Cr
Market cap
Rs.461 Cr
FY26 revenue (+30% YoY)
Rs.39.6 Cr
FY26 PAT (+15% YoY)
14.5%
ROCE FY26
73.14%
Promoter holding
Stock Funda Summary
- Vilas Transcore is India's #2 listed CRGO-lamination + transformer-core processor (after KRYFS Group; ~3-4% domestic share, target 8-12%).
- Founded 1996 by Nilesh Patel (still 73.14% promoter), NSE SME listed 3-Jun-2024 (IPO Rs.95.25 Cr).
- Just commissioned a Rs.95 Cr Unit-3 (25-Jul-2025), tripling capacity 12,000 to 36,000 MTPA.
- FY26 audited: revenue Rs.460.7 Cr (+30%), EBITDA Rs.51.5 Cr (margin 11.17% — compressed 150 bps on CRGO price crash + local-mill compulsion buying), PAT Rs.39.6 Cr (+15%).
- Net debt-free, ICRA A-/A2+.
- New product wedges: radiators (commercial Apr-26), copper conductors (Oct-26), 25% HV-bushings JV with ex-Yash HV founder (May-26).
- Risks: Atlas Transformers RPT Rs.65 Cr ceiling (promoter 98.70% in that entity), customer % undisclosed, stock down 47% from Rs.673 peak as market prices margin disappointment.