When a manufacturer builds an amplifier, they have to project headrooms because the choice of speakers and the way to use them with a selection of music are all at will with the unknown buyer. As we dive in the budget section of the WHF buying guide we see less headroom and a more headache for engineers to come up with clean power for peanuts.
What size of transformer should be used depends on the amplifier topology, specifically the class it will be running in. The class determines how much of the amplifier power will be used to amplify the signal and how much to be wasted as heat through the heatsinks. For Class A you really need 5 times the transformer size than the rated amplifier output for all channels total. If the Class A amp has 30Wpc in 8 ohms, the transformer should be at least 300VA (30+30 * 5). Class AB ideally 2.5 times the total rated output, a typical class AB design might waste as much as 50% of the power into heat, some run cooler into the 60's and 70's is Class B territory of efficiency (think Naim). In the budget end of the market manufacturers usually calculate 1.5 times the rated output power for one channel.
Lets analyze my amp briefly as an example. The transformer is 550VA out of which two windings are dedicated for each channel of the power section (S1 and S2). There are other less powerfull rails for powering the preamp, bluetooth and logic board with relays separately (S3-S5).
S1/S2 = 2 * 39V , 5A = 390VA
S3/S4 = 2 * 13V , 0.85A = 22.1VA
S5 = 14V , 1.1A = 15.4VA
---------------------------------------------------- 427.5VA total used
------------------------------- + 122.5VA headroom, including for some power lost due to transformer efficiency
-------------- = 550VA total available
You can find this data on the transformer label sticker.
So although there is a 550VA in the specs, actually the power section is 195VA per channel or 390VA total. The amplifier is declared at 150Wpc in 8 ohms or 300W total output power, which leaves us 90VA of headroom for power section or arround 200VA total for the whole transformer. The amp runs very cool (only 25W used in idle state) so if it was a very efficient Class AB design with 70% efficiency, 390VA is at best 273VA total or 136.2VA per channel. The Kandy usually gets rated at 140Wpc in 8 ohms so this rough estimate is quite close to the manufacturers. Only in this new K2BT version they upped the specs to 150Wpc which is maybe due to bigger capacitance in the power section, I don't really know. Specs would indicate the Kandy is 77% efficient Class AB, because of its MOSFET topology. Again this is just my guess, the real math depends on many factors, biggest being the topology. Class D amps have impressive and scary 90% efficiency, therefore need much smaller heatsinks, caps and transformers.
Regarding the balancing act with bigger caps to compensate for smaller transformers. The transformer has a limited capacity to fill in the big caps with energy (capacitors are basically fast recharge/discharge batteries), so the ratio of power used should not excede this recharging limit from the transformer. If you play music that sucks in more than the transformer can catch up filling the caps, yes, you get clipping and distortion, the amp is suffocating. Budget amps with large capacitance and small transformer rely on the average listening habbits of music that doesn't use a lot of energy constantly all the time, so there is breathing room for a recharge. But if you play bassy music loud for longer period, the results will not be pleasant.