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Voltas

VOLTAS NSE
₹1,064.80 +18.80 (+1.80%)
P/E
78.41
View as Markdown
MCP
Close 4 Nov 2026 ₹1,064.80 −227.60 −17.6% 1Y
Start ₹1,292.40

Key Fundamentals

SmallcapConsumer DurablesConsumer Discretionary

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
9.04%
Debt to Equity
0.16
EPS (TTM)
₹13.58
Book Value
₹192.70
Market Cap
—
P/E (TTM)
78.41
P/B
5.53
ROE
6.10%
Dividend Yield
0.38%
EBITDA
₹885 Cr
52W High
₹1,582.50
52W Low
₹930.50
Day Range
₹1,033.00 – ₹1,076.00
Volume
6,75,753

Peer Comparison

Consumer Discretionary › Consumer Goods › Household Appliances

Voltas peer comparison
LG Electronics
₹1,692.1062.93₹1,15,914 Cr14.980.00%24.70%32.30%₹25,575 Cr₹1,825 Cr
Voltas (this company)
₹1,064.8078.41₹35,544 Cr5.530.38%6.10%9.04%₹14,979 Cr₹442 Cr
Blue Star
₹1,555.0062.78₹32,857 Cr9.170.54%17.20%21.20%₹12,798 Cr₹510 Cr
Amber Enterprises
₹6,460.00236.98₹22,453 Cr5.210.00%5.99%10.30%₹12,625 Cr₹124 Cr
Crompton Greaves
₹203.82—₹13,185 Cr4.331.52%10.30%19.00%₹7,698 Cr−₹189 Cr
V-Guard Industries
₹292.9535.04₹12,603 Cr5.000.52%14.40%18.40%₹6,310 Cr₹364 Cr
Whirlpool
₹826.1541.77₹10,427 Cr2.520.61%7.71%10.70%₹8,329 Cr₹252 Cr
Median 7 companies₹1,064.8062.86₹22,453 Cr5.210.52%10.30%18.40%₹12,625 Cr₹364 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

28 Poor

Data confidence 100/100

Category scores

Quality
23
Poor
Returns, margins, earnings quality 22% weight
Valuation
27
Poor
Cheap vs sector & own history 24% weight
Growth
18
Poor
Sales & profit trajectory 9% weight
Financial Health
42
Weak
Solvency, leverage, coverage 9% weight
Momentum
11
Poor
Trend strength, vol-adjusted 12% weight
Ownership
44
Weak
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

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

Weaknesses

3
  • Stock is trading at 5.29 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.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1027
OscillatorsBearish423
Moving AveragesStrong Bearish604

Key readings

RSI (14)
54.16
Neutral
MACD (12,26,9)
−17.49
Bullish
SMA (50)
1,095.57
Bearish
SMA (200)
1,289.81
Bearish

As of

Analyst Rating

Based on 34 analysts
TIED44%

15 of 34 analysts rate Buy, 15 Hold, 4 Sell.

As of

BUY
15
44%
HOLD
15
44%
SELL
4
12%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+9.55%
5Y+13.52%
3Y+14.46%
1Y−7.58%
TTM+3.80%

Net profit

Net profit growth by window
10Y−0.60%
5Y−6.90%
3Y+39.60%
1Y−55.64%
TTM−31.05%

Operating cash flow

Operating cash flow growth by window
10Y−10.65%
5Y−33.74%
3Y−23.57%
1YTurned positive
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−2.39 pp
5Y−4.06 pp
3Y−1.16 pp
1Y−2.80 pp
TTM−1.24 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹6,033 Cr
Mar 2018₹6,404 Cr
Mar 2019₹7,124 Cr
Mar 2020₹7,658 Cr
Mar 2021₹7,556 Cr
Mar 2022₹7,934 Cr
Mar 2023₹9,499 Cr
Mar 2024₹12,481 Cr
Mar 2025₹15,413 Cr
Mar 2026₹14,244 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹520 Cr
Mar 2018₹578 Cr
Mar 2019₹514 Cr
Mar 2020₹521 Cr
Mar 2021₹529 Cr
Mar 2022₹506 Cr
Mar 2023₹136 Cr
Mar 2024₹248 Cr
Mar 2025₹834 Cr
Mar 2026₹370 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹111 Cr −58.7% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 3 Nov 2026
AI opinion · based on fundamentals
Risk high

Voltas Ltd trades at ₹1,046 as of 2026-11-03 with a market cap of ₹34,448 Cr, a PE (TTM) of 77.03, and ROE of 5.78%. The stock sits 34% below its 52-week high of ₹1,582.5 while compounded sales growth over 10 years stands at 10%, though TTM profit has declined 28%.

Bull Case 7
  • Consistent long-term revenue compounder with 10-year compounded sales growth of 10% and 3-year sales CAGR of 14%, reflecting sustained demand in the cooling products segment
  • Very low leverage with a debt-to-equity ratio of just 0.16, giving the company significant financial flexibility and a strong balance sheet
  • Healthy dividend payout ratio of 45.0%, demonstrating a shareholder-friendly capital allocation policy
  • 3-year compounded profit growth of 17% indicates a meaningful earnings recovery trend over the medium term
  • Stock is trading at ₹1,046, roughly 12% above its 52-week low of ₹930.5, suggesting a degree of price support at lower levels
  • 10-year stock CAGR of 10% shows the company has delivered long-term wealth creation for patient investors
  • 3-year compounded sales growth of 14% outpaces the 10-year average of 10%, pointing to an acceleration in top-line momentum in recent years
Bear Case 8
  • PE (TTM) of 77.03 is significantly elevated for a consumer goods company, implying rich expectations already priced in relative to current EPS of ₹13.58
  • TTM profit has declined 28%, a sharp earnings contraction that contrasts with the premium valuation
  • ROE stands at just 5.78% currently, down from a 10-year average of 10%, indicating deteriorating return efficiency on shareholder capital
  • 3-year average ROE of only 8.03% is low for a market leader in consumer durables, suggesting the business is not generating adequate returns on equity
  • Stock trades at 5.43 times book value despite the subdued return profile, making the price-to-book multiple hard to justify on fundamentals alone
  • 5-year compounded profit growth is negative at -6%, showing that earnings over a meaningful medium-term window have actually contracted
  • Earnings quality is a concern as other income of ₹221 Cr forms a notable portion of reported profits, inflating headline numbers beyond core operating performance
  • Stock has fallen 28% over the past 1 year and is down 34% from its 52-week high of ₹1,582.5, reflecting significant negative price momentum

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

AI News Digest

9h ago

TL;DR: Voltas saw a modest positive with the GST authority dropping a ₹15.43 crore show cause notice, clearing a minor regulatory overhang. A sizable block trade of nearly ₹84 crore was observed but its intent — whether institutional rebalancing or a strategic stake shift — remains unclear. No material headwinds surfaced in the period. The near-term outlook is steady, with regulatory clarity marginally supportive, though investors should watch for any follow-up disclosures on the block trade.

Positives 1
  • GST notice of ₹15.43Cr dropped Oct 12

    The GST Authority dropped a show cause notice worth ₹15.43 crore related to FY23 tax disputes. The favorable order was received on October 9, 2026, removing a potential tax liability.

Quarterly Results

₹ Cr
VOLTAS quarterly results, ₹ crore
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 (₹)
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

Profit & Loss

₹ Cr
VOLTAS profit and loss, annual, ₹ crore
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 (₹)
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%
—

Balance Sheet

₹ Cr
VOLTAS balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
VOLTAS cash flow, annual, ₹ crore
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

Ratios

VOLTAS financial ratios, annual
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

Log in to view Voltas insights

64 extracted metrics across FY08–FY27.

Shareholding Pattern

As of Sep 2026

  • DIIs 38.52%
  • Promoters 30.30%
  • FIIs 16.94%
  • Public 11.37%
  • Others 2.87%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

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 Goods sector, in the Household Appliances industry.
What is the PE ratio of Voltas Ltd?
Voltas Ltd trades at a PE ratio of 78.41 as of 4 Nov 2026, on earnings per share of ₹13.58, 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 ₹930.5 and ₹1,582.5 as of 4 Nov 2026.
Does Voltas Ltd pay dividends?
Voltas Ltd has a dividend yield of 0.38%.
What is the Return on Equity (ROE) of Voltas Ltd?
Voltas Ltd reported a return on equity of 6.10%. 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. The company has 5,000+ Customer sites actively managed across India

Website voltas.com
CEO Mr. Mukundan C. P. Menon
Employees 1,912
Listed 7 Nov 1994
Face Value ₹1

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