Voltas logo

Voltas

VOLTAS NSE

Key Fundamentals

MidcapHousehold AppliancesConsumer Goods
Market Cap
₹38,356 Cr
Volatility
Moderate
P/E Ratio
85.79
EBITDA
₹885 Cr
Return on Equity
5.78%
Debt to Equity
0.16
Book Value
₹192.7
EPS
₹13.81
52W High
₹1,582.5
52W Low
₹1,131.4

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 45.0%

Weaknesses

3
  • Stock is trading at 6.05 times its book value
  • Company has a low return on equity of 8.03% over last 3 years.
  • Earnings include an other income of Rs.221 Cr.

Growth Rate

Revenue Growth
-7.97% lower than 3Y
Net Income Growth
-55.65% lower than 3Y
Cash Flow Change
132% higher than 3Y
ROE
-54.7% lower than 3Y
ROCE
-47.18% lower than 3Y
EBITDA Margin (Avg.)
-33.22% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Voltas Ltd, with a market cap of ₹38,356 Cr, is a leading Indian consumer durables player trading at a PE of 86.7x and PB of 5.94x. TTM sales growth has slowed to 4% while TTM profit has declined 28%, though the company maintains a 45% dividend payout. The 3-year compounded sales CAGR of 14% reflects a strong topline trajectory, but profitability and return ratios remain under pressure.

Bull Case 7
  • Strong 3-year compounded sales CAGR of 14%, indicating sustained topline momentum and market share gains in the cooling products segment
  • 10-year compounded sales CAGR of 10% demonstrates a long runway of consistent revenue growth through multiple cycles
  • Healthy dividend payout ratio of 45.0%, reflecting management's commitment to returning cash to shareholders even during softer earnings periods
  • 3-year compounded profit CAGR of 17% shows the company has delivered meaningful earnings growth over a medium-term horizon despite recent softness
  • 10-year stock price CAGR of 12% indicates long-term wealth creation for patient investors through various market conditions
  • Market cap of ₹38,356 Cr positions Voltas as a large, liquid consumer goods franchise with strong brand recall in room air conditioners
  • 5-year compounded sales CAGR of 14% mirrors the 3-year figure, suggesting the topline growth engine is structurally intact and not a short-term anomaly
Bear Case 8
  • PE ratio of 86.7x is significantly elevated relative to earnings, leaving little margin of safety if growth disappoints further
  • TTM compounded profit has declined 28%, signaling a sharp deterioration in earnings quality and profitability in the most recent period
  • 3-year average ROE of just 8.03% is low for a consumer franchise trading at nearly 6x book value, indicating poor capital efficiency relative to valuation
  • Stock is trading at 5.94x book value despite a last-year ROE of only 6%, a significant disconnect between valuation premium and return generation
  • Earnings include other income of ₹221 Cr, meaning core operating profit is weaker than headline numbers suggest
  • 1-year stock price return of -18% reflects market concern about near-term fundamentals and a possible de-rating cycle
  • 5-year compounded profit CAGR of -6% indicates the company has actually destroyed earnings over a half-decade horizon, despite topline growth
  • 10-year compounded profit CAGR of just 2% lags the 10-year sales CAGR of 10% substantially, pointing to persistent margin compression or cost headwinds

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 4
  • EMPS revenue down 27% YoY Aug 17

    Engineering/Projects segment revenue declined 27.1% YoY due to delayed international order bookings amid Middle East geopolitical tensions.

  • FY26 annual profit down 48% Aug 17

    Full-year FY26 net profit fell 47.87% to ₹500.57 crore from ₹960.28 crore in FY25, with revenue down 7.58% to ₹14,244.50 crore and ROE dropping from 12.91% to 5.89%.

  • 10-12% input cost inflation Aug 17

    Voltas faces 10-12% cost inflation from commodity prices and currency depreciation, though management indicated further price hikes if costs rise materially.

  • Near-term FCF pressure from JV Aug 14

    The Atomberg compressor JV may create ₹150-300 crore in free cash flow pressure over 2-3 years, with break-even estimated at 2-3 years from commercial production.

Positives 6
  • Q1 FY27 profit surges 50%+ Aug 17

    Consolidated net profit rose ~50-52% YoY to ₹213-250 crore in Q1 FY27, with revenue up 18.7% to ₹4,673-4,765 crore and EBITDA margins expanding 110 bps to 5.7%.

  • RAC volumes up 45%, share 17.3% Aug 17

    Room AC volumes surged 45% YoY, with Voltas selling 1 million units in just 81 days and widening its market share lead to 4 percentage points over the nearest competitor at 17.3%.

  • Strategic compressor JV with Atomberg Aug 18

    50:50 JV with Atomberg to manufacture 2.8 million AC compressors annually in India, targeting 10-15% cost savings on compressors which represent ~30% of AC manufacturing cost. Projected ROIC of 30-50%.

  • Qatar court ruling favors Voltas Sep 01

    Qatar's Court of Cassation dismissed OHL International's appeal, leaving intact the directive for OHL to pay outstanding amounts and return bank guarantees to the Kentz-Voltas Consortium.

  • UCP margin guidance 7%+ ahead Aug 17

    Management guided UCP EBIT margins towards 7%+ over the next eight quarters, supported by cost-down initiatives, PLI scheme benefits, and deeper localization.

  • Voltbek hits record quarterly sales Aug 14

    Voltbek Home Appliances (JV with Arcelik) registered its highest-ever quarterly sales in both value and volume in Q1 FY27.

Neutral 2
  • Market share gains noted broadly Aug 17

    Voltas reported continued market share growth and improved profit margins, with management anticipating a strong Q2 driven by increased room AC sales.

  • Stock fell 2% despite strong Q1 Aug 17

    Shares declined 2.05% to ₹1,227.20 in mid-morning trade despite strong quarterly results, reflecting mixed investor sentiment amid full-year FY26 weakness.

TL;DR: Voltas is executing well in its core RAC business with 45% volume growth, expanding market leadership at 17.3% share, and meaningful margin improvement to 5.7% EBITDA despite cost headwinds. The Atomberg compressor JV is a strategically significant move to reduce import dependence and unlock 10-15% cost savings on a component that represents 30% of AC cost. Key risks include the sharp FY26 annual profit decline, EMPS segment weakness from Middle East tensions, and near-term cash flow pressure from the JV investment. The trend is improving on a quarterly basis with strong Q1 FY27 results and a clear path toward 7%+ UCP margins over the next two years.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
3,360
2,293
2,626
4,203
4,921
2,619
3,105
4,768
3,939
2,347
3,071
4,888
4,674
Expenses
3,206
2,256
2,633
4,051
4,527
2,489
2,940
4,467
3,786
2,313
2,926
4,703
4,445
Operating Profit
154
37
-8
152
394
130
165
301
153
34
145
185
228
OPM %
4.6%
1.6%
-0.3%
3.6%
8%
5%
5%
6%
3.9%
1.4%
4.7%
3.8%
4.9%
Other Income
70
71
58
54
80
105
59
80
82
65
22
43
91
Interest
10
11
14
21
10
14
16
23
14
20
31
22
13
Depreciation
11
12
13
12
13
16
18
14
18
24
21
21
21
PBT
203
85
24
174
452
205
191
343
203
54
116
184
285
Tax %
36%
58%
216%
36%
26%
35%
31%
31%
31%
42%
27%
39%
25%
Net Profit
129
36
-28
111
335
133
131
236
141
32
84
113
213
EPS in Rs
3.91
1.11
-0.92
3.52
10.1
4.05
3.99
7.28
4.24
1.04
2.57
3.51
6.46
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
5,183
5,720
6,033
6,404
7,124
7,658
7,556
7,934
9,499
12,481
15,413
14,244
14,979
Expenses
4,773
5,376
5,484
5,742
6,564
7,040
6,975
7,362
9,045
12,145
14,423
13,728
14,387
Operating Profit
411
344
549
663
560
618
580
572
454
336
990
516
592
OPM %
8%
6%
9%
10%
8%
8%
8%
7%
4.8%
2.7%
6%
3.6%
4%
Other Income
154
261
212
178
174
179
189
188
-77
253
324
212
221
Interest
23
16
16
12
33
21
26
26
30
56
62
87
86
Depreciation
28
26
24
24
24
32
34
37
40
48
62
84
87
PBT
514
563
720
805
677
744
709
697
307
486
1,191
557
640
Tax %
25%
30%
28%
28%
24%
30%
25%
27%
56%
49%
30%
34%
—
Net Profit
388
393
520
578
514
521
529
506
136
248
834
370
442
EPS in Rs
11.62
11.7
15.64
17.3
15.35
15.63
15.87
15.23
4.08
7.62
25.43
11.36
13.58
Div. Payout %
19%
22%
22%
23%
26%
26%
32%
36%
104%
72%
28%
35%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
33
33
33
33
33
33
33
33
33
33
33
33
Reserves
2,069
2,778
3,274
3,872
4,077
4,247
4,960
5,466
5,419
5,787
6,480
6,343
Borrowings
122
271
171
142
315
219
261
361
651
744
892
992
Other Liabilities
2,662
2,788
2,991
3,249
3,091
3,657
3,402
3,874
4,171
5,430
5,702
7,127
Total Liabilities
4,886
5,869
6,469
7,296
7,515
8,156
8,655
9,734
10,274
11,994
13,108
14,496
Fixed Assets
269
276
300
297
343
380
388
384
525
548
973
1,080
CWIP
4
1
1
4
16
26
9
59
98
368
82
22
Investments
1,094
1,975
2,268
2,754
2,386
2,343
3,046
3,615
3,109
3,508
3,243
2,762
Other Assets
3,519
3,617
3,901
4,242
4,771
5,406
5,212
5,676
6,542
7,571
8,809
10,632
Total Assets
4,886
5,869
6,469
7,296
7,515
8,156
8,655
9,734
10,274
11,994
13,108
14,496
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
311
219
428
325
-321
462
556
584
159
762
-225
71
Investing
-104
-315
-73
-199
393
-210
-256
-365
-82
-522
158
297
Financing
-236
48
-211
-181
-18
-294
-122
-107
55
-116
-100
-262
Net Cash Flow
-29
-47
143
-55
53
-42
179
113
133
123
-166
105
Free Cash Flow
516
203
405
292
-402
379
537
537
-18
473
-416
-58
CFO/OP
101
111
111
87
-9
108
108
140
72
289
9
55
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
94
87
88
89
92
87
87
97
84
70
53
78
Inventory Days
88
65
78
65
76
97
84
103
79
79
83
113
Days Payable
156
156
172
174
165
177
161
182
149
140
119
172
Cash Conversion Cycle
26
-4
-6
-19
3
7
9
18
14
9
17
19
Working Capital Days
27
21
25
32
41
49
47
38
31
18
43
44
ROCE %
22%
19%
22%
22%
17%
18%
15%
13%
10%
9%
18%
9%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others3.15%Govt.0.11%DIIs38.94%Public10.56%FIIs16.94%Promot.30.30%As ofJun 2026

Documents

Frequently Asked Questions about Voltas

What does Voltas Ltd do?
Voltas is engaged in the business of air conditioning, refrigeration, electro - mechanical projects as an EPC contractor both in domestic and international geographies (Middle East and Singapore) and engineering product services for mining, water management and treatment, construction equipments ...
Where is Voltas Ltd (VOLTAS) listed?
Voltas Ltd trades as VOLTAS on the NSE and under code 500575 on the BSE.
Which sector does Voltas Ltd belong to?
Voltas Ltd is classified under the Consumer Discretionary sector, in the Consumer Durables industry.
What is the market capitalisation of Voltas Ltd?
Voltas Ltd has a market capitalisation of ₹38,356 Cr, which places it in the Large Cap band.
What is the PE ratio of Voltas Ltd?
Voltas Ltd trades at a PE ratio of 85.79, on earnings per share of ₹13.81, against a book value of ₹192.7 per share.
What is the 52-week high and low of Voltas Ltd?
Over the last 52 weeks Voltas Ltd has traded between ₹1,131.4 and ₹1,582.5.
Does Voltas Ltd pay dividends?
Voltas Ltd has a dividend yield of 0.35%.
What is the Return on Equity (ROE) of Voltas Ltd?
Voltas Ltd reported a return on equity of 5.78%. Its debt-to-equity ratio is 0.16.

Company Information

Voltas is engaged in the business of air conditioning, refrigeration, electro - mechanical projects as an EPC contractor both in domestic and international geographies (Middle East and Singapore) and engineering product services for mining, water management and treatment, construction equipments and textile industry. Voltas was created 6 decades ago when Tata Sons joined hands with a swiss company Volkart Brothers. Voltas is also one of the most reputed engineering solution providers specializing in project management. [1] The company has 5,000+ Customer sites actively managed across India [2]

Website voltas.com
CEO Mr. Mukundan C. P. Menon
Employees 1,912
Listed 1994-11-07
Face Value ₹ 1
Issued Size 33,08,84,740

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