Voltas Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Unitary Cooling Products for Comfort and Commerical Use: 67.1% • Electro -Mechanical Projects and Services: 28.6% • Engineering Products and Services: 4.2%
AI Sector View
AI GENERATEDConsumer Durables
Urban discretionary demand is mixed but investable. Credit card transactions rose 27.0% YoY (2026-06), urban CMIE sentiment was 109.5 (2026-07), and consumer spending remained large at INR 44743 billion (Jun/26), even though formal consumer confidence fell to 88.3 points (Jul/26) and debit card transactions were -9.0% YoY (2026-06). Heavy sector inflows of INR 13175 crore over 3 months to 2026-08-31 indicate strong investor positioning behind the theme.
PROS
- Company has consistently been profitable over the last 5 years
- Latest quarter profit grew 51.3% YoY, showing strong momentum
- Company has been maintaining a healthy dividend payout of 35.2%
- Stock looks reasonably valued - P/E of 84.1 is below its historical median
- Company has a consistent dividend-paying track record
- Company generates healthy free cash flow
CONS
- Receivables are growing faster than sales - a possible quality concern
- A large part of profit comes from other income (50.8% of PBT)
- Company has a low return on equity of 7.9% over last 3 years
- Company has a low return on capital employed of 11.8%
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.42x)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| VOLTAS | 1141.80 | 84.11 | 37780.42 | 0.35 | 212.76 | 51.31 | 4673.50 | 19.46 | 8.75 | 4.88 |
| BLUESTARCO | 1455.80 | 58.78 | 29933.40 | 0.58 | 102.51 | -15.15 | 3377.92 | 13.27 | 21.17 | 5.17 |
| AMBER | 7245.95 | 266.06 | 25554.85 | 0.00 | 3.09 | -97.09 | 3887.72 | 12.72 | 9.95 | 8.01 |
| BOSCH-HCIL | 1780.95 | 1036.95 | 4842.56 | 2.02 | 22.79 | 49.44 | 1095.52 | 28.49 | 14.36 | 3.74 |
| EPACK | 188.30 | 115.00 | 1812.89 | 0.00 | 118.18 | 416.27 | 8860.24 | 1237.61 | 4.67 | 5.95 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 3,335 | 2,267 | 2,612 | 4,192 | 4,904 | 2,601 | 3,087 | 4,728 | 3,912 | 2,314 | 3,053 | 4,844 | 4,674 | |
| 3,175 | 2,222 | 2,597 | 4,012 | 4,497 | 2,457 | 2,908 | 4,435 | 3,760 | 2,277 | 2,893 | 4,667 | 4,442 | |
| Operating Profit | 161 | 45 | 15 | 180 | 407 | 144 | 180 | 293 | 152 | 37 | 159 | 176 | 231 |
| OPM % | 4.82% | 1.98% | 0.57% | 4.29% | 8.29% | 5.55% | 5.82% | 6.20% | 3.89% | 1.62% | 5.22% | 3.64% | 4.95% |
| 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 |
| Profit before Tax | 234 | 118 | 60 | 212 | 481 | 238 | 223 | 375 | 229 | 91 | 148 | 221 | 285 |
| Tax % | 31.41% | 41.75% | 85.84% | 29.87% | 24.23% | 30.54% | 26.84% | 28.65% | 27.17% | 24.96% | 21.17% | 32.23% | 25.47% |
| Net Profit | 0 | 0 | 0 | 0 | 335 | 133 | 131 | 236 | 141 | 315 | 84 | 113 | 213 |
| 3.91 | 1.11 | -0.92 | 3.52 | 10.10 | 4.05 | 3.99 | 7.28 | 4.25 | 1.03 | 2.57 | 3.51 | 6.46 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 6,033 | 6,404 | 7,124 | 7,658 | 7,556 | 7,934 | 9,499 | 12,481 | 15,413 | 14,244 | 14,884 | |
| 5,466 | 5,753 | 6,524 | 6,972 | 6,914 | 7,253 | 8,926 | 12,008 | 14,297 | 13,642 | 14,280 | |
| Operating Profit | 567 | 652 | 601 | 686 | 641 | 682 | 572 | 473 | 1,116 | 602 | 605 |
| OPM % | 9.40% | 10.18% | 8.43% | 8.96% | 8.49% | 8.59% | 6.03% | 3.79% | 7.24% | 4.23% | 4.06% |
| 213 | 186 | 186 | 180 | 189 | 189 | -75 | 255 | 324 | 256 | 221 | |
| Interest | 16 | 12 | 33 | 21 | 26 | 26 | 30 | 56 | 62 | 87 | 86 |
| Depreciation | 24 | 24 | 24 | 32 | 34 | 37 | 40 | 48 | 62 | 84 | 87 |
| Profit before Tax | 720 | 805 | 677 | 744 | 709 | 697 | 307 | 486 | 1,191 | 557 | 745 |
| Tax % | 27.82% | 28.20% | 24.14% | 30.00% | 25.44% | 27.43% | 55.65% | 48.93% | 29.94% | 33.59% | 26.55% |
| Net Profit | 520 | 578 | 514 | 521 | 529 | 506 | 136 | 248 | 834 | 370 | 547 |
| EPS | 15.64 | 17.30 | 15.35 | 15.63 | 15.87 | 15.23 | 4.08 | 7.62 | 25.43 | 11.36 | — |
| Dividend Payout % | 22.38% | 23.12% | 26.05% | 25.58% | 31.50% | 36.09% | 104.13% | 72.20% | 27.52% | 35.20% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 10%
- 5 Years:
- 14%
- 3 Years:
- 14%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 0%
- 5 Years:
- -6%
- 3 Years:
- 41%
STOCK PRICE CAGR
- 10 Years:
- 12%
- 5 Years:
- -1%
- 3 Years:
- 8%
- 1 Year:
- -17%
RETURN ON EQUITY
- 10 Years:
- 11%
- 5 Years:
- 7%
- 3 Years:
- 8%
- Last Year:
- 6%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 33 | 33 | 33 | 33 | 33 | 33 | 33 | 33 | 33 | 33 |
| Minority Interest | 29 | 32 | 35 | 36 | 36 | 38 | 42 | 34 | 27 | 23 |
| 3,274 | 3,872 | 4,077 | 4,247 | 4,960 | 5,466 | 5,419 | 5,787 | 6,480 | 6,343 | |
| 171 | 143 | 315 | 249 | 287 | 386 | 564 | 720 | 912 | 990 | |
| Trade Payables | 1,995 | 2,176 | 2,374 | 2,689 | 2,465 | 2,942 | 3,013 | 3,775 | 3,893 | 5,228 |
| 948 | 1,035 | 582 | 828 | 819 | 837 | 1,173 | 1,645 | 1,762 | 1,842 | |
| Total Liabilities | 6,449 | 7,292 | 7,416 | 8,083 | 8,600 | 9,702 | 10,243 | 11,994 | 13,108 | 14,459 |
| 254 | 252 | 297 | 335 | 332 | 330 | 475 | 503 | 930 | 1,043 | |
| Capital Work in Progress | 1 | 4 | 16 | 26 | 9 | 59 | 98 | 368 | 82 | 22 |
| 2,268 | 2,754 | 2,386 | 2,343 | 3,046 | 3,615 | 3,109 | 3,508 | 3,243 | 2,762 | |
| 907 | 813 | 1,091 | 1,469 | 1,280 | 1,661 | 1,592 | 2,135 | 2,715 | 3,433 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2,400 | 2,232 | 3,035 | |
| Cash & Bank | 331 | 284 | 321 | 308 | 459 | 572 | 708 | 852 | 678 | 781 |
| 2,688 | 3,185 | 3,306 | 3,601 | 3,474 | 3,464 | 4,261 | 2,228 | 3,228 | 3,384 | |
| Total Assets | 6,449 | 7,292 | 7,416 | 8,083 | 8,600 | 9,702 | 10,243 | 11,994 | 13,108 | 14,459 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 610 | 575 | -51 | 668 | 625 | 801 | 325 | 762 | -225 | 71 | |
| Cash from Investing | -73 | -199 | 393 | -210 | -256 | -365 | -82 | -522 | 158 | 282 |
| Cash from Financing | -211 | -181 | -18 | -294 | -122 | -107 | 55 | -116 | -100 | -262 |
| 143 | -55 | 53 | -42 | 179 | 113 | 133 | 123 | -167 | 90 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-01 - Voltas Limited has informed the Exchange about update on a Pending Material Litigation as required under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
2026-08-20 - Voltas Limited has informed the Exchange about Transcript
2026-08-14 - Voltas Limited has informed the Exchange about Link of Recording
2026-08-14 - Voltas Limited has informed the Exchange about Agreements
2026-08-14 - Voltas Limited has informed the Exchange about Investor Presentation
2026-08-14 - Voltas Limited has informed the Exchange regarding a press release dated August 14, 2026, titled "Voltas Delivers Strong Q1 FY27 Performance, Outperforming Competition and Widening Market Leadership with a 4% lead over the nearest competitor".
2026-08-14 - Voltas Limited has informed the Exchange regarding a press release dated August 14, 2026, titled "Voltas and Atomberg Join Hands to Build Room AC Compressors in India".
2026-08-14 - Voltas Limited has informed the Exchange regarding Proposed Joint Venture with Atomberg Innovation Private Limited
2026-08-14 - Voltas Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
News
Recent coverage and analyst commentary for VOLTAS
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