NSE: VOEPL · BSE: 543597
VIRTUOSO OPTOELECTRONIC L
Manufactures room air conditioners, deep freezers, reciprocating compressors and provides electronics manufacturing services (EMS), with FY26 consolidated revenue of ₹823.6 cr. Air conditioners are the largest contributor at roughly 60% of FY26 revenue (down from ~75% earlier), with the segment shifting from pure OEM toward ODM execution (ODM already 40-50% of AC revenue). The compressor vertical started commercial production in January 2026 via subsidiary VCPL; ~50% of FY27 capacity is already booked and the segment benefits from a government mandate requiring 60% domestic sourcing of reciprocating compressors. EMS and refrigeration capacity are also being expanded. Customer concentration in AC on Voltas is being reduced from 100% toward 40-60% in FY27 as other OEM and ODM customers are added. Materials dominate the cost structure at 83.9% of revenue (copper a key input for ACs), followed by depreciation at 3.4% and employee cost at 3.6%. EBITDA margin was 10.4% in FY26 with net profit of ₹15 cr. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Air Conditioners (60%), Compressors, Electronics Manufacturing Services (EMS), Refrigeration / Deep Freezers. Diversified, asset-heavy consumer durables manufacturer with backward integration across AC, refrigeration, compressors and EMS
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 531 | 698 | 824 |
| EBITDA (ex other income) | — | — | 83 |
| margin % | — | — | 10.1 |
| Owners' profit | — | — | 0 |
| EPS, as reported (₹) | 4.40 | 5.30 | 5.00 |
| ROE % · ROCE % | — · 12.5 | — · 13.4 | 3.6 · 9.5 |
| Debt / equity (x) | — | — | 0.67 |
| Cash from operations | 14 | 31 | 3 |
| Capex | — | (163) | (152) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 293 | 310 | 240 | 203 | 301 | 206 | 317 | 376 |
| Profit before tax | 9 | 12 | 8 | 9 | 7 | 12 | 6 | 13 |
| Net profit | — | — | — | 6 | 3 | 8 | 4 | 9 |
| EPS (₹) | 2.88 | 3.26 | 0.93 | 2.18 | 2.20 | 2.60 | 1.46 | 2.84 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| VIRTUOSO OPTOELECTRONIC L ◆ | 1,543 | 53.3 | 3.74 | 21.2 | 3.6 | 4.0 | — | 9.3 |
| SWISS MILITARY CON GOOD L | 302 | 40.0 | 2.22 | 23.3 | 5.5 | 6.8 | — | 3.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 53.3 | 25.9 | 148 of 191 | 23% |
| P/B | 3.7 | 2.2 | 122 of 189 | 36% |
| ROCE | 4.0 | 7.0 | 138 of 219 | 37% |
| ROE | 3.6 | 5.8 | 117 of 189 | 38% |
| Debt / Equity | 0.7 | 0.2 | 153 of 190 | 20% |
| EBITDA margin | 9.3 | 9.3 | 97 of 193 | 50% |
| Revenue growth | 85.0 | 16.4 | 18 of 189 | 91% |
| Profit growth | 40.9 | 16.8 | 68 of 183 | 63% |
| Market cap | 1543 | 223 | 75 of 228 | 67% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Virtuoso Optoelectronics allots 16.9 lakh shares at Rs 503 each | fund raising | high | — | — |
| 11 Oct 2026 · Reg 74(5) Certificate for Q2 FY27 Submitted to BSE and NSE | compliance | minimal | — | — |
| 6 Oct 2026 · Promoters, directors, KMP won't subscribe to proposed issue | fund raising | medium | — | — |
| 4 Oct 2026 · Virtuoso Optoelectronics signs Rs 1,050 Cr investment MOU with Maharashtra Govt | strategic transactions | high | — | — |
| 2 Oct 2026 · Virtuoso Optoelectronics to host analyst meet and plant visit on Oct 9 | board shareholder meetings | low | — | — |
| 1 Oct 2026 · Virtuoso Optoelectronics AGM: All 3 Resolutions Passed With Near-Total Support | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 11th AGM proceedings held via video conferencing | board shareholder meetings | low | — | — |
| 25 Sept 2026 · EGM approves preferential equity share issuance | board shareholder meetings | medium | — | — |
| 24 Sept 2026 · EGM held; preferential equity share issuance resolution considered | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Trading Window Closure from October 1 for Q2 FY26 Results | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.