NSE: VOLTAS · BSE: 500575
VOLTAS LTD
Sells air conditioners and other home appliances under the Voltas brand and the Voltbek joint venture to Indian retail consumers, while also executing electro-mechanical HVAC and refrigeration projects for industrial, commercial and infrastructure clients. In FY26, unitary cooling products — room ACs plus Voltbek washing machines and refrigerators — generated ₹9,500.63 crore, or 91.3% of segment revenue, while electro-mechanical projects and services generated ₹907.19 crore (8.7%) on a ₹6,200 crore order book as of 31 March 2026. Manufacturing runs across facilities including Chennai, where AC capacity has been ramped to 1.5 million units per year, and products reach retailers through over 30,000 distribution touch points. The business sold 1 million air conditioners in the first three months of FY27 and led the primary room-AC market by 5.1 percentage points over its nearest competitor cluster. Materials account for 58% of revenue, making commodity inputs such as copper and aluminium the key cost driver. Voltbek separately held 8.6% share in washing machines and 6.2% in refrigerators. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Unitary Cooling Products (Segment A) (91%), Electro-Mechanical Projects and Services (Segment B) (9%). Seasonal consumer durables business with a project-based contracting arm; commodity-cost exposed.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 7,934 | 9,499 | 12,481 | 15,413 | 14,245 |
| EBITDA (ex other income) | 682 | 329 | 475 | 1,116 | 620 |
| margin % | 8.6 | 3.5 | 3.8 | 7.2 | 4.4 |
| Owners' profit | 504 | 135 | 252 | 841 | 376 |
| EPS, as reported (₹) | 15.23 | 4.08 | 7.62 | 25.43 | 11.36 |
| ROE % · ROCE % | 9.1 · 14.6 | 2.5 · 8.1 | 4.2 · 10.8 | 12.8 · 19.3 | 5.8 · 11.1 |
| Debt / equity (x) | 0.06 | 0.11 | 0.12 | 0.13 | 0.15 |
| Cash from operations | 695 | 159 | 762 | (224) | 71 |
| Capex | (48) | (180) | (293) | (208) | (133) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,619 | 3,105 | 4,768 | 3,939 | 2,347 | 3,071 | 4,888 | 4,674 |
| Profit before tax | 238 | 223 | 375 | 229 | 91 | 148 | 221 | 323 |
| Net profit | 133 | 131 | 236 | 141 | 32 | 84 | 113 | 213 |
| EPS (₹) | 4.05 | 3.99 | 7.28 | 4.25 | 1.03 | 2.57 | 3.51 | 6.46 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Segment - A ( Unitary Cooling Products ) | 4,709 | 33.3 |
| Segment - B ( Electro - Mechanical Projects and Services ) | 2,157 | 15.2 |
| Segment - C ( Engineering Products and Services ) | 307 | 2.2 |
| Segment A - Unitary Cooling Products | 4,792 | 33.9 |
| Segment B - Electro-Mechanical Projects and Services | 974 | 6.9 |
| Segment C - Engineering Products & Services | 157 | 1.1 |
| Segment B - Electro Mechanical Projects and Services | 922 | 6.5 |
| Segment C - Engineering Products and Services | 135 | 1.0 |
| Total, before eliminations | 14,153 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LG ELECTRONICS INDIA LTD | 1,14,787 | 62.9 | 14.97 | — | 22.0 | 27.2 | — | 13.8 |
| VOLTAS LTD ◆ | 33,490 | 74.6 | 5.23 | 39.3 | 5.8 | 9.9 | 13.8 | 7.6 |
| BLUE STAR LIMITED | 32,855 | 64.5 | 9.57 | 34.7 | 15.4 | 18.9 | 23.8 | 6.1 |
| AMBER ENTERPRISES (I) LTD | 21,873 | 227.3 | 3.77 | 23.6 | 3.9 | 5.3 | 32.1 | 6.1 |
| CROMPT GREA CON ELEC LTD | 13,161 | — | 3.83 | 95.3 | (6.7) | (2.1) | 11.0 | 11.0 |
| V-GUARD IND LTD. | 11,534 | 31.7 | 4.86 | 21.8 | 13.0 | 15.5 | 17.0 | 11.2 |
| WHIRLPOOL OF INDIA LTD | 10,555 | 42.1 | 2.54 | 15.3 | 7.1 | 8.1 | 6.4 | 7.6 |
| TTK PRESTIGE LTD | 7,280 | 37.7 | 3.69 | 23.1 | 7.9 | 10.2 | 6.3 | 13.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 74.6 | 42.1 | 14 of 19 | 28% |
| P/B | 5.2 | 4.4 | 15 of 23 | 36% |
| ROCE | 9.9 | 9.4 | 11 of 24 | 57% |
| ROE | 5.8 | 7.1 | 14 of 23 | 41% |
| Debt / Equity | 0.1 | 0.0 | 14 of 23 | 41% |
| EBITDA margin | 7.6 | 7.6 | 12 of 23 | 50% |
| Revenue growth | 18.7 | 15.4 | 9 of 22 | 62% |
| Profit growth | 51.3 | 38.1 | 7 of 21 | 70% |
| Market cap | 33490 | 3722 | 2 of 24 | 96% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Routine compliance certificate under SEBI Depositories Regulations for Q2 FY27 | compliance | minimal | — | — |
| 12 Oct 2026 · Voltas wins GST tax relief; about 30.22 cr potential demand dropped | general | medium | — | — |
| 23 Sept 2026 · Voltas Trading Window Closes Ahead of Q2 FY26 Results | compliance | minimal | — | — |
| 21 Sept 2026 · Voltas gets GST show cause notice for Rs 15.43 crore tax demand | regulatory legal | high | — | — |
| 21 Sept 2026 · Newspaper ad on physical share transfer window and lost share certificate | compliance | minimal | — | — |
| 17 Sept 2026 · Voltas schedules analyst and investor meetings on 22 September 2026 | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Voltas wins Qatar case; OHL appeal dismissed, recovery to follow | regulatory legal | high | — | — |
| 20 Aug 2026 · Voltas Q1 FY27 earnings call transcript filed with exchanges | investor communications | medium | — | — |
| 14 Aug 2026 · Voltas shares Q1FY27 earnings call audio recording link | investor communications | medium | — | — |
| 14 Aug 2026 · Voltas to form 50:50 JV with Atomberg for AC compressor manufacturing | strategic transactions | high | — | — |
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.