Enquiry pipeline remains healthy, though order finalization is witnessing delay due to steep rise in commodity price. Voltamp Transformers reported weak quarterly performance below our estimates, owing to lower dispatches and steep rise in commodity price. Steep rise in raw material prices like, copper, silicon steel, transformer oil etc. along with execution of fixed price legacy orders, impacted EBITDA margins (4% in Q1FY22 Vs 10-11% range). With few legacy orders still in order book,...