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.
| ₹ 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) |
| ₹ 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 |
| 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 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 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 | — | — |
| 10 Aug 2026 · Voltas Q1FY27 earnings call scheduled for 14 August 2026 | board shareholder meetings | low | — | — |
| 7 Aug 2026 · Voltas board to consider Q1 FY27 unaudited results on 14 Aug 2026 | results | low | — | — |
| 28 Jul 2026 · Voltas announces senior management succession in Unitary Products Business | management changes | medium | — | — |
| 13 Jul 2026 · Voltas reminds shareholders to update KYC and claim unpaid dividends by Aug 21 | compliance | minimal | — | — |
| 8 Jul 2026 · Voltas informs shareholders about special window for physical share transfers | compliance | minimal | — | — |
| 8 Jul 2026 · Voltas files routine dematerialisation compliance certificate for Q1 FY27 | compliance | minimal | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| Segment C - Engineering Products and Services |
| 135 |
| 1.0 |
| Total, before eliminations | 14,153 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LG ELECTRONICS INDIA LTD | 1,11,217 | 60.9 | 14.51 | — | 22.0 | 27.2 | — | 13.8 |
| VOLTAS LTD ◆ | 38,538 | 85.8 | 6.02 | 45.1 | 5.8 | 9.9 | 13.8 | 7.6 |
| BLUE STAR LIMITED | 32,032 | 62.9 | 9.33 | 33.9 | 15.4 | 18.9 | 23.8 | 6.1 |
| AMBER ENTERPRISES (I) LTD | 25,552 | 265.5 | 4.40 | 27.1 | 3.9 | 5.3 | 32.1 | 6.1 |
| CROMPT GREA CON ELEC LTD | 14,874 | — | 4.33 | 107.8 | (6.7) | (2.1) | 11.0 | 11.0 |
| V-GUARD IND LTD. | 14,215 | 39.1 | 5.99 | 26.8 | 13.0 | 15.5 | 17.0 | 11.2 |
| WHIRLPOOL OF INDIA LTD | 9,683 | 38.6 | 2.33 | 13.9 | 7.1 | 8.1 | 6.4 | 7.6 |
| EUREKA FORBES LIMITED | 7,643 | 42.5 | 1.66 | 25.3 | 3.5 | 3.9 | — | 13.8 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 85.8 | 42.5 | 16 of 19 | 17% |
| P/B | 6.0 | 4.9 | 16 of 23 | 32% |
| 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 | 38538 | 3977 | 2 of 24 | 96% |
| 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 |
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.
