Voltamp and TARIL Power Transformer Rivalry: Who Will Lead India’s Energy Revolution?"

Updated: November 16, 2025 11:20

Image Source : Equitymaster

Voltamp Transformers Limited and Transformers & Rectifiers (India) Limited (TARIL) are the foremost players in India's power transformer segment, showcasing distinct strengths in product portfolios, order book size, and market reach. As India’s power infrastructure expands, these two companies intensify their competition and growth strategies.

India's power transformer market is booming, driven by massive grid expansion, green energy initiatives, and industrial growth. Voltamp Transformers Limited
and TARIL stand out as leaders in this burgeoning market.

Voltamp Transformers specializes in oil-filled and dry-type transformers, offering products up to 160 MVA and 220 kV, serving sectors like power, oil & gas, steel, and green energy. With a market cap of around Rs 8,164 crores, Voltamp has a healthy order book of Rs 5,472 crores as of September 2025, backed by ongoing capacity expansion projects aimed at enhancing high-voltage transformer production.

In contrast, TARIL boasts a broader portfolio, including single-phase power transformers up to 500 MVA and 1200 kV, specialty transformers for locomotives, solar, and green hydrogen applications. They have a manufacturing capacity of approximately 40,000 MVA and recently recorded quarterly revenues of Rs 460 crore. Despite a slight dip in revenue and profits quarter-on-quarter, TARIL plans aggressive capacity expansions backed by significant capital expenditures and a focus on backward integration to boost profitability.

Both companies are key beneficiaries of India’s push to increase power generation from 485 GW to 900 GW by 2030, requiring enhanced transformer capacity and innovation in specialty transformers. While Voltamp focuses on premium infrastructures and diversified industries, TARIL leverages its vast capacity and diverse product range to capture growing market segments domestically and internationally.

Key Highlights:

Voltamp Transformers market cap approx. Rs 8,164 crore; order book at Rs 5,472 crore.

Voltamp specializes in oil-filled and dry-type transformers up to 160 MVA.

TARIL’s product range extends to specialty transformers including green hydrogen applications.

TARIL manufactures ~40,000 MVA capacity, revenues at Rs 460 crore in latest quarter.

Both firms capitalizing on India’s power generation expansion to 900 GW by 2030.

TARIL investing Rs 550 crore for capacity addition and backward integration by FY27.

Voltamp advancing large EHV transformer manufacturing with greenfield facility by mid-2026.

Sources: TradeBrains, Blinkx, Moneycontrol, Business Standard, Economic Times