RATING RATIONALE

09Jun2026

Voltomatic Power Ltd.(Erstwhile Lakshmi Transformers & Electricals)

Brickwork Ratings upgrade the long-term and short-term ratings to BWR BBB-/Stable and BWR A3 and removal from Issuer not Cooperating*category for the Bank Loan Facilities of Rs. 60.00 Crs. of Voltomatic Power Ltd.(Erstwhile Lakshmi Transformers & Electricals)

Particulars

Facilities**	Amount (Rs.Crs.)		Tenure	Rating#
Facilities**	Previous	Present	Tenure	Previous (27 Mar 2026)	Present
Fund Based	9.00	9.00	Long Term	BWR B /Stable Continues to be in ISSUER NOT COOPERATING* category/Downgraded	BWR BBB - /Stable removal from ISSUER NOT COOPERATING* category/Upgraded
Non Fund Based	50.00	51.00	Short Term	BWR A4 Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed	BWR A3 removal from ISSUER NOT COOPERATING* category/Upgraded
Grand Total	59.00	60.00	(Rupees Sixty Crores Only)

#Please refer to BWR website www.brickworkratings.com for definition of the ratings
**Details of Bank Loan facilities,consolidation or instruments are provided in Annexure

RATING ACTION / OUTLOOK

Brickwork Ratings upgrades the long-term and short-term ratings to BWR BBB-/Stable and BWR A3 for the Bank Loan Facilities amounting to ₹60.00 Crs. of Voltomatic Power Ltd. (Erstwhile Lakshmi Transformers & Electricals).

The ratings continue to derive strength from the company’s improving operational track record and the extensive experience of its management. The ratings also factor in the growing scale of operations and profitability, healthy financial risk profile, and adequate liquidity position. The assessment is based on the audited financial statements for FY25 and provisional financials for FY26.

Lakshmi Transformers & Electricals was originally incorporated in 1992 and operated as a partnership firm. Subsequently, pursuant to a takeover agreement dated 20 May 2026, the business was transferred to Voltomatic Power Limited, with the transfer becoming effective from 21 May 2026. Accordingly, Voltomatic Power Limited has taken over the operations of Lakshmi Transformers & Electricals.

The rating outlook has been assigned as "Stable" as BWR believes that Voltomatic Power Ltd.(Erstwhile Lakshmi Transformers & Electricals) business risk profile will be maintained over the medium term. The 'Stable' outlook indicates a low likelihood of rating change over the medium term. The rating outlook may be revised to 'Positive' in case the revenue and profitability margins show sustained improvement. The rating outlook may be revised to 'Negative' if the financial risk profile goes down.

KEY RATING DRIVERS

Credit Strengths:

Experienced Management and Strengthened Corporate Structure :
The company has an established operational track record of more than three decades in manufacturing power and distribution transformers and executing electrification projects. The business is supported by experienced promoters, namely Siddharth Singhal, Sanjay Singhal, and Seema Singhal, who have over two decades of industry experience. Further, the transition from a partnership firm to Voltomatic Power Limited is expected to strengthen the company’s corporate structure and governance framework.
Improving Profitability and Debt Protection Metrics :
Profitability and coverage indicators have improved steadily, with operating margins increasing to 6.16% and ISCR/DSCR remaining comfortable in FY26.
Established Market Position with Expansion Plans :
The company has an established presence in the transformer industry with strong relationships with government DISCOMs and is expanding into renewable energy segments such as solar and wind transformers.

Credit Risks:

High competition: :
Transformer industry is characterised by low entry barriers and presence of large number of medium players that tend to increase competition and reduce the bargaining power of suppliers.
High Dependence on Government Customers :
The company derives a significant portion of revenue from government DISCOMs, exposing it to customer concentration and tender-based business risks.

ANALYTICAL APPROACH - Standalone

For arriving at its ratings, BWR has considered the standalone approach for the firm. BWR has applied its rating methodology as detailed in the Rating Criteria detailed below (hyperlinks provided at the end of this rationale).

RATING SENSITIVITIES

Going forward, the company’s ability to improve scale of operations, maintain profitability, strengthen governance post conversion into a limited company, and manage working capital and execution efficiency will remain key rating sensitivities.

Positive :

Revenue growth of 10% supported by diversification into renewable energy (solar and wind transformers) ,along with stable operating margins.
Strong financial profile supported by low leverage and healthy debt protection indicators backed by internal accruals.
Successful transition into Voltomatic Power Limited (unlisted public limited company) leading to improved governance, transparency, and operational discipline.

Negative:

Revenue decline of 10% or more, or margin compression, adversely impacting overall profitability.
Increase in leverage or higher dependence on external borrowings impacting capital structure strength.
Execution delays or slowdown in order inflow affecting business stability and growth visibility.

LIQUIDITY INDICATORS - Strong

Liquidity is marked by strong accruals and liquid investments amounting to around Rs.11.04 crore. With a gearing of 0.04x as on March 31, 2025, the issuer has sufficient gearing headroom to raise additional debt, if required, for capex, while unutilized bank lines remain more than adequate to meet incremental working capital requirements over the next one year.

The company’s liquidity profile remains strong, supported by steady internal accruals, healthy cash balances, and comfortable debt protection metrics. The current ratio stood at 2.23x in FY26, reflecting adequate coverage of short-term obligations, while ISCR and DSCR remained comfortable at 9.38x and 6.69x respectively in FY26 and are expected to improve further in FY27. Net cash accruals remained stable at Rs.12.87 Cr in FY25, Rs.11.36 Cr in FY26, and are estimated at Rs.13.23 Cr in FY27, supported by improvement in cash and bank balances from Rs.5.32 Cr to Rs.12.93 Cr over the same period. Further, tangible net worth improved from Rs.51.41 Cr in FY25 to Rs.60.36 Cr in FY26 pursuant to the BTA, strengthening the company’s overall financial flexibility.

ABOUT THE ENTITY

Macro Economic Indicator	Sector	Industry	Basic Industry
Industrials	Capital Goods	Electrical Equipment	Heavy Electrical Equipment

Lakshmi Transformers & Electricals was originally incorporated in 1992 and was operating as a partnership firm with its registered office at Sikandra Industrial Area, Agra, Uttar Pradesh. The firm is engaged in the manufacturing and marketing of power and distribution transformers and undertakes turnkey electrification projects. It is promoted and managed by the Singhal family group, including Mr. Sanjay Singhal, Mr. Siddharth Singhal, Mrs. Seema Singhal, and Lakshmi Trans Powers Limited as partners. The company operates through two manufacturing units located in Agra, Uttar Pradesh, and primarily caters to government departments, with around 75% of business concentrated in Uttar Pradesh, along with supplies to Rajasthan, Madhya Pradesh, Maharashtra, and other states. In recent years, the firm has gradually diversified into private sector clientele and has also initiated export activities on a limited scale.

The entity has now been converted from a partnership firm into Voltomatic Power Limited as on 22 March 2026, an unlisted public limited company, marking a transition towards a more structured corporate setup. It manufactures distribution and power transformers with a capacity of up to 30 MVA, supported by an installed capability of over 3,000 distribution transformers per month and production capacity of more than thirty 10 MVA transformers per month. The company operates modern, dust-free manufacturing facilities and maintains an in-house NABL-accredited testing laboratory for quality assurance. It is also expanding its product portfolio into solar inverter duty transformers and wind energy sector transformers, aligning with renewable energy opportunities, while ownership and control continue to remain within the promoter family.

ESG Profile

The company demonstrates a Adequate ESG profile based on its environmental, social, and governance practices.

Environmental: Environmental risks are driven by high water usage, waste generation, and reliance on energy-intensive processes, making disclosures on water consumption , waste-management practices, renewable energy share and emissions levels particularly important.

Social: Social factors hinge on adherence to labour laws, accident prevention frameworks, and human-capital development, with metrics such as workforce mix , safety performance , and training initiatives offering insights into operational resilience.

Governance: Governance assessment focuses on board independence, committee effectiveness, and robustness of compliance systems, supported by readily available disclosures on board structure, audit mechanisms, and risk-management practices.

KEY FINANCIAL INDICATORS (Standalone)

Key Parameters	Units	FY 23 - 24 (Audited)	FY 24 - 25 (Audited)	FY 25 - 26 (Provisional)
Operating Revenue	Rs.Crs.	235.25	352.30	290.27
EBITDA	Rs.Crs.	6.29	18.21	17.87
PAT	Rs.Crs.	3.56	11.86	10.06
Tangible Net Worth	Rs.Crs.	39.25	51.41	59.72
Total Debt / Tangible Net Worth	Times	0.01	0.04	Not Available
Current Ratio	Times	1.59	1.54	2.23

KEY COVENANTS OF THE FACILITY RATED

The terms of sanction include standard covenants normally stipulated for such facilities.

STATUS OF NON-COOPERATION WITH PREVIOUS CRA

Creadit Rating Agency Status and Reason for Non-Cooparation Date of Press Release
CRISIL In the absence of adequate information from the entity. 29Aug2025

Creadit Rating Agency	Status and Reason for Non-Cooparation	Date of Press Release
CRISIL	In the absence of adequate information from the entity.	29Aug2025

ANY OTHER INFORMATION

CRISIL has rated the entity at CRISIL BB/Stable/A4+ for the facilities of Rs. 50.00 Crs on 03 Apr 2023.

RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)

Facilities	Current Rating (2026)			2026 (History)		2025		2024		2023
Type	Tenure	Amount (Rs.Crs.)	Rating	Date	Rating	Date	Rating	Date	Rating	Date	Rating
Fund Based	LT	9.00	BWR BBB-/Stable (removal from ISSUER NOT COOPERATING* category/Upgraded)	27Mar2026	BWR B Stable (Continues to be in ISSUER NOT COOPERATING* category/Downgraded)	03Apr2025	BWR B+ Stable (Continues to be in ISSUER NOT COOPERATING* category/Downgraded)	15Mar2024	BWR BB-Stable (Continues to be in ISSUER NOT COOPERATING* category/Downgraded)	NA	NA
Non Fund Based	ST	51.00	BWR A3 (removal from ISSUER NOT COOPERATING* category/Upgraded)	27Mar2026	BWR A4 (Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)	03Apr2025	BWR A4 (Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)	15Mar2024	BWR A4 (Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)	NA	NA
Grand Total		60.00	(Rupees Sixty Crores Only)

Hyperlink/Reference to applicable Criteria

Analytical Contacts
Gokul D Rating Analyst gokul.d@brickworkratings.com	Sabitha M Nayak Associate Director-Ratings sabitha.nayak@brickworkratings.com
Media Contact \| media@brickworkratings.com	Client Support \| clientsupport@brickworkratings.com

Voltomatic Power Ltd.(Erstwhile Lakshmi Transformers & Electricals)

ANNEXURE-I

Details of Bank Facilities rated by BWR

SL.No.	Name of the Bank/Lender	Type Of Facilities	Long Term(Rs.Crs.)	Short Term(Rs.Crs.)	Total(Rs.Crs.)	Complexity of the Instrument
1	Punjab National Bank	Cash Credit - Sanctioned	9.00	_	9.00	Simple##
2	Punjab National Bank	Bank Guarantee - Sanctioned	_	36.00	36.00	Simple##
3	Punjab National Bank	ILC/FLC - Sanctioned	_	15.00	15.00	Simple##
Total			9.00	51.00	60.00
TOTAL (Rupees Sixty Crores Only)

## BWR complexity levels are meant for educating investors. The BWR complexity levels are available at www.brickworkratings.com / download / ComplexityLevels.pdf. Investors queries can be sent to info@brickworkratings.com.

ANNEXURE-II

INSTRUMENT DETAILS

Instrument	Issue Date	Amount (Rs.Crs)	Coupon Rate (%)	Maturity Date	ISIN Particulars	Complexity of the Instrument
Nil	Nil	Nil	Nil	Nil	Nil	Nil

ANNEXURE-III

List of entities consolidated

Name of Entity	% Ownership	Extent of consolidation	Rationale for consolidation
Nil	Nil	Nil	Nil

List of Instruments and Regulators

Instrument / Activity	Regulator
Listed/Proposed to be listed bonds/debentures/preference share (all securities)	SEBI
Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)	MCA
Listed PTCs / Securitisation Notes (originated by entities regulated by RBI) ¹	SEBI
Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI) ¹	SEBI
Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI) ¹	RBI
Listed Commercial Paper and NCDs with original maturity less than 1 year	RBI
Unlisted Commercial Paper and NCDs with original maturity less than 1 year	RBI
Loan Facilities (Fund/Non-Fund Based) from Bank/NBFCs/NHB/FIs ²	RBI
External Commercial Borrowings and other similar borrowings	RBI
Certificates of Deposit	RBI
Fixed Deposits raised by NBFC's, Banks, HFCs, Fis	RBI
Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, Fis	MCA
Inter Corporate Deposits/Loans extended by Corporates	MCA
Borrowing programme ³	-
Issuer Ratings ⁴	-
Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs)	SEBI
Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs	SEBI
Listed Security Receipts	SEBI
Unlisted Security Receipts	RBI
Independent Credit Evaluation (ICE)	RBI
Expected Loss Ratings (for Loan Facilities (Fund/Non-Fund Based) from Bank/NBFCs/NHB/Fis)	RBI
Expected Loss Ratings (Listed/Proposed to be listed bonds/debentures/preference share (all securities))	SEBI
Expected Loss Ratings (Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities))	MCA
Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) ¹	Investor-side Regulator such as IRDAI, PFRDA ⁵
Monitoring Agency	SEBI
Research activities, incidental to rating, such as research for Economy, Industries and Companies ⁶	NA

Includes securitisation transactions involving assignee payout, acquirer's payout.
Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In PRs subsequent to issuance(s), BWR shall separately capture the rated quantum details along with names of respective regulators.
There is no instrument being rated and hence, Regulator of the Instrument is not applicable.
These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026, and accordingly, investor side regulators have been included.
Permitted by SEBI vide SEBI Master Circular for CRAs

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