Voltas Ltd.
•₹ 1,2351.27%
2026-08-21
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%
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 89.9 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
EDIT COLUMNS| S.No. | Name | CMP Rs. | P/E | Mar Cap Rs.Cr. | Div Yld % | NP Qtr Rs.Cr. | Qtr Profit Var % | Sales Qtr Rs.Cr. | Qtr Sales Var % | ROCE % | OPM % |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | VOLTAS | 1220.00 | 89.87 | 40367.94 | 0.33 | 212.76 | 51.31 | 4673.50 | 19.46 | 8.75 | 4.88 |
| 2. | BLUESTARCO | 1512.00 | 61.05 | 31088.96 | 0.56 | 102.51 | -15.15 | 3377.92 | 13.27 | 21.17 | 5.17 |
| 3. | AMBER | 7280.05 | 267.31 | 25675.11 | 0.00 | 3.09 | -97.09 | 3887.72 | 12.72 | 14.99 | 8.01 |
| 4. | BOSCH-HCIL | 1775.90 | 0.00 | 4828.83 | 2.03 | 22.79 | 49.44 | 1095.52 | 28.49 | 14.36 | 3.74 |
| 5. | EPACK | 203.10 | 0.00 | 1954.40 | 0.00 | 118.18 | 416.27 | 8860.24 | 1237.61 | 10.08 | 5.95 |
Detailed Comparison with:
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 | — | — | — | — | — | — | — | — | — | — | — | — | — |
| OPM % | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other Income | 70 | 71 | 58 | 54 | 80 | 105 | 59 | 80 | 82 | 65 | 49 | 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 |
| 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 |
| 4 | 1 | -1 | 4 | 10 | 4 | 4 | 7 | 4 | 1 | 3 | 4 | 1 | |
| Equity Capital | 33 | 33 | 33 | 33 | 33 | 33 | 33 | 33 | 33 | 33 | 33 | 33 | 33 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Equity Capital | 33 | 33 | 33 | 33 | 33 | 33 | 33 | 33 | 33 | 33 | 33 | 33 | 33 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Jun 2023
- 3,335
- 3,175
- Operating Profit
- —
- OPM %
- —
- Other Income
- 70
- Interest
- 10
- Depreciation
- 11
- 234
- Tax %
- 31.41%
- Net Profit
- 0
- 4
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2023
- 2,267
- 2,222
- Operating Profit
- —
- OPM %
- —
- Other Income
- 71
- Interest
- 11
- Depreciation
- 12
- 118
- Tax %
- 41.75%
- Net Profit
- 0
- 1
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2023
- 2,612
- 2,597
- Operating Profit
- —
- OPM %
- —
- Other Income
- 58
- Interest
- 14
- Depreciation
- 13
- 60
- Tax %
- 85.84%
- Net Profit
- 0
- -1
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2024
- 4,192
- 4,012
- Operating Profit
- —
- OPM %
- —
- Other Income
- 54
- Interest
- 21
- Depreciation
- 12
- 212
- Tax %
- 29.87%
- Net Profit
- 0
- 4
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2024
- 4,904
- 4,497
- Operating Profit
- —
- OPM %
- —
- Other Income
- 80
- Interest
- 10
- Depreciation
- 13
- 481
- Tax %
- 24.23%
- Net Profit
- 335
- 10
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2024
- 2,601
- 2,457
- Operating Profit
- —
- OPM %
- —
- Other Income
- 105
- Interest
- 14
- Depreciation
- 16
- 238
- Tax %
- 30.54%
- Net Profit
- 133
- 4
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2024
- 3,087
- 2,908
- Operating Profit
- —
- OPM %
- —
- Other Income
- 59
- Interest
- 16
- Depreciation
- 18
- 223
- Tax %
- 26.84%
- Net Profit
- 131
- 4
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2025
- 4,728
- 4,435
- Operating Profit
- —
- OPM %
- —
- Other Income
- 80
- Interest
- 23
- Depreciation
- 14
- 375
- Tax %
- 28.65%
- Net Profit
- 236
- 7
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2025
- 3,912
- 3,760
- Operating Profit
- —
- OPM %
- —
- Other Income
- 82
- Interest
- 14
- Depreciation
- 18
- 229
- Tax %
- 27.17%
- Net Profit
- 141
- 4
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2025
- 2,314
- 2,277
- Operating Profit
- —
- OPM %
- —
- Other Income
- 65
- Interest
- 20
- Depreciation
- 24
- 91
- Tax %
- 24.96%
- Net Profit
- 315
- 1
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2025
- 3,053
- 2,893
- Operating Profit
- —
- OPM %
- —
- Other Income
- 49
- Interest
- 31
- Depreciation
- 21
- 148
- Tax %
- 21.17%
- Net Profit
- 84
- 3
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2026
- 4,844
- 4,667
- Operating Profit
- —
- OPM %
- —
- Other Income
- 43
- Interest
- 22
- Depreciation
- 21
- 221
- Tax %
- 32.23%
- Net Profit
- 113
- 4
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2026
- 4,674
- 4,442
- Operating Profit
- —
- OPM %
- —
- Other Income
- 91
- Interest
- 13
- Depreciation
- 21
- 285
- Tax %
- 25.47%
- Net Profit
- 213
- 1
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
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 | 779 | 837 | 798 | 917 | 830 | 871 | 741 | 728 | 1,441 | 885 | — |
| OPM % | 13 | 13 | 11 | 12 | 11 | 11 | 8 | 6 | 9 | 6 | — |
| Other Income | 212 | 185 | 197 | 231 | 189 | 189 | 168 | 255 | 324 | 283 | 247 |
| Interest | 16 | 12 | 33 | 21 | 26 | 26 | 30 | 56 | 62 | 87 | 86 |
| Depreciation | 24 | 24 | 24 | 32 | 34 | 37 | 40 | 48 | 62 | 84 | 87 |
| 720 | 805 | 677 | 744 | 709 | 697 | 307 | 486 | 1,191 | 557 | 745 | |
| Tax % | 28 | 28 | 24 | 30 | 25 | 27 | 56 | 49 | 30 | 34 | 27 |
| Net Profit | 520 | 578 | 514 | 521 | 529 | 506 | 136 | 248 | 834 | 370 | 547 |
| EPS | 16 | 17 | 15 | 16 | 16 | 15 | 4 | 8 | 25 | 11 | — |
| Dividend Payout % | 22 | 23 | 26 | 26 | 31 | 36 | 104 | 72 | 28 | 35 | — |
| Minority Interest | -2 | -6 | -6 | -4 | -4 | -2 | -1 | 4 | 7 | 6 | -3 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -142 |
| Adjusted EPS | 16 | 17 | 15 | 16 | 16 | 15 | 4 | 8 | 25 | 11 | — |
| Minority Interest | -2 | -6 | -6 | -4 | -4 | -2 | -1 | 4 | 7 | 6 | -3 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -142 |
| Adjusted EPS | 16 | 17 | 15 | 16 | 16 | 15 | 4 | 8 | 25 | 11 | — |
Mar 2017
- 6,033
- 5,466
- Operating Profit
- 779
- OPM %
- 13
- Other Income
- 212
- Interest
- 16
- Depreciation
- 24
- 720
- Tax %
- 28
- Net Profit
- 520
- EPS
- 16
- Dividend Payout %
- 22
- Minority Interest
- -2
- Share of Associates
- 0
- Adjusted EPS
- 16
- Minority Interest
- -2
- Share of Associates
- 0
- Adjusted EPS
- 16
Mar 2018
- 6,404
- 5,753
- Operating Profit
- 837
- OPM %
- 13
- Other Income
- 185
- Interest
- 12
- Depreciation
- 24
- 805
- Tax %
- 28
- Net Profit
- 578
- EPS
- 17
- Dividend Payout %
- 23
- Minority Interest
- -6
- Share of Associates
- 0
- Adjusted EPS
- 17
- Minority Interest
- -6
- Share of Associates
- 0
- Adjusted EPS
- 17
Mar 2019
- 7,124
- 6,524
- Operating Profit
- 798
- OPM %
- 11
- Other Income
- 197
- Interest
- 33
- Depreciation
- 24
- 677
- Tax %
- 24
- Net Profit
- 514
- EPS
- 15
- Dividend Payout %
- 26
- Minority Interest
- -6
- Share of Associates
- 0
- Adjusted EPS
- 15
- Minority Interest
- -6
- Share of Associates
- 0
- Adjusted EPS
- 15
Mar 2020
- 7,658
- 6,972
- Operating Profit
- 917
- OPM %
- 12
- Other Income
- 231
- Interest
- 21
- Depreciation
- 32
- 744
- Tax %
- 30
- Net Profit
- 521
- EPS
- 16
- Dividend Payout %
- 26
- Minority Interest
- -4
- Share of Associates
- 0
- Adjusted EPS
- 16
- Minority Interest
- -4
- Share of Associates
- 0
- Adjusted EPS
- 16
Mar 2021
- 7,556
- 6,914
- Operating Profit
- 830
- OPM %
- 11
- Other Income
- 189
- Interest
- 26
- Depreciation
- 34
- 709
- Tax %
- 25
- Net Profit
- 529
- EPS
- 16
- Dividend Payout %
- 31
- Minority Interest
- -4
- Share of Associates
- 0
- Adjusted EPS
- 16
- Minority Interest
- -4
- Share of Associates
- 0
- Adjusted EPS
- 16
Mar 2022
- 7,934
- 7,253
- Operating Profit
- 871
- OPM %
- 11
- Other Income
- 189
- Interest
- 26
- Depreciation
- 37
- 697
- Tax %
- 27
- Net Profit
- 506
- EPS
- 15
- Dividend Payout %
- 36
- Minority Interest
- -2
- Share of Associates
- 0
- Adjusted EPS
- 15
- Minority Interest
- -2
- Share of Associates
- 0
- Adjusted EPS
- 15
Mar 2023
- 9,499
- 8,926
- Operating Profit
- 741
- OPM %
- 8
- Other Income
- 168
- Interest
- 30
- Depreciation
- 40
- 307
- Tax %
- 56
- Net Profit
- 136
- EPS
- 4
- Dividend Payout %
- 104
- Minority Interest
- -1
- Share of Associates
- 0
- Adjusted EPS
- 4
- Minority Interest
- -1
- Share of Associates
- 0
- Adjusted EPS
- 4
Mar 2024
- 12,481
- 12,008
- Operating Profit
- 728
- OPM %
- 6
- Other Income
- 255
- Interest
- 56
- Depreciation
- 48
- 486
- Tax %
- 49
- Net Profit
- 248
- EPS
- 8
- Dividend Payout %
- 72
- Minority Interest
- 4
- Share of Associates
- 0
- Adjusted EPS
- 8
- Minority Interest
- 4
- Share of Associates
- 0
- Adjusted EPS
- 8
Mar 2025
- 15,413
- 14,297
- Operating Profit
- 1,441
- OPM %
- 9
- Other Income
- 324
- Interest
- 62
- Depreciation
- 62
- 1,191
- Tax %
- 30
- Net Profit
- 834
- EPS
- 25
- Dividend Payout %
- 28
- Minority Interest
- 7
- Share of Associates
- 0
- Adjusted EPS
- 25
- Minority Interest
- 7
- Share of Associates
- 0
- Adjusted EPS
- 25
Mar 2026
- 14,244
- 13,642
- Operating Profit
- 885
- OPM %
- 6
- Other Income
- 283
- Interest
- 87
- Depreciation
- 84
- 557
- Tax %
- 34
- Net Profit
- 370
- EPS
- 11
- Dividend Payout %
- 35
- Minority Interest
- 6
- Share of Associates
- 0
- Adjusted EPS
- 11
- Minority Interest
- 6
- Share of Associates
- 0
- Adjusted EPS
- 11
TTM
- 14,884
- 14,280
- Operating Profit
- —
- OPM %
- —
- Other Income
- 247
- Interest
- 86
- Depreciation
- 87
- 745
- Tax %
- 27
- Net Profit
- 547
- EPS
- —
- Dividend Payout %
- —
- Minority Interest
- -3
- Share of Associates
- -142
- Adjusted EPS
- —
- Minority Interest
- -3
- Share of Associates
- -142
- Adjusted EPS
- —
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:
- 13%
- 5 Years:
- 5%
- 3 Years:
- 14%
- 1 Year:
- -9%
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 33 | 33 | 33 | 33 | 33 | 33 | 33 | 33 | 33 | 33 |
| 3,274 | 3,872 | 4,077 | 4,247 | 4,960 | 5,466 | 5,419 | 5,787 | 6,480 | 6,343 | |
| 171 | 142 | 315 | 212 | 255 | 348 | 496 | 452 | 460 | 544 | |
| Trade Payables | 1,995 | 2,176 | 2,374 | 2,689 | 2,465 | 2,942 | 3,013 | 3,775 | 3,893 | 5,228 |
| 977 | 1,068 | 617 | 902 | 887 | 913 | 1,283 | 1,947 | 2,242 | 2,311 | |
| Total Liabilities | 6,449 | 7,292 | 7,416 | 8,083 | 8,600 | 9,702 | 10,243 | 11,994 | 13,108 | 14,459 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 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 |
| Total Debt | 171 | 142 | 315 | 218 | 261 | 361 | 616 | 713 | 863 | 966 |
| Net Working Capital | 947 | 1,326 | 2,362 | 1,865 | 1,685 | 1,823 | 1,827 | 1,968 | 2,872 | 2,775 |
| Contingent Liabilities | 3,369 | 2,466 | 2,311 | 2,801 | 3,500 | 3,356 | 1,635 | 5,015 | 5,107 | 1,730 |
| Book Value per Share | 99.96 | 118.05 | 124.24 | 129.39 | 150.95 | 166.25 | 164.81 | 175.95 | 196.89 | 192.75 |
| Face Value | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Total Debt | 171 | 142 | 315 | 218 | 261 | 361 | 616 | 713 | 863 | 966 |
| Net Working Capital | 947 | 1,326 | 2,362 | 1,865 | 1,685 | 1,823 | 1,827 | 1,968 | 2,872 | 2,775 |
| Contingent Liabilities | 3,369 | 2,466 | 2,311 | 2,801 | 3,500 | 3,356 | 1,635 | 5,015 | 5,107 | 1,730 |
| Book Value per Share | 99.96 | 118.05 | 124.24 | 129.39 | 150.95 | 166.25 | 164.81 | 175.95 | 196.89 | 192.75 |
| Face Value | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
Mar 2017
- Equity Capital
- 33
- 3,274
- 171
- Trade Payables
- 1,995
- 977
- Total Liabilities
- 6,449
- 254
- Capital Work in Progress
- 1
- 2,268
- 907
- 0
- Cash & Bank
- 331
- 2,688
- Total Assets
- 6,449
- Total Debt
- 171
- Net Working Capital
- 947
- Contingent Liabilities
- 3,369
- Book Value per Share
- 99.96
- Face Value
- 1.00
- Total Debt
- 171
- Net Working Capital
- 947
- Contingent Liabilities
- 3,369
- Book Value per Share
- 99.96
- Face Value
- 1.00
Mar 2018
- Equity Capital
- 33
- 3,872
- 142
- Trade Payables
- 2,176
- 1,068
- Total Liabilities
- 7,292
- 252
- Capital Work in Progress
- 4
- 2,754
- 813
- 0
- Cash & Bank
- 284
- 3,185
- Total Assets
- 7,292
- Total Debt
- 142
- Net Working Capital
- 1,326
- Contingent Liabilities
- 2,466
- Book Value per Share
- 118.05
- Face Value
- 1.00
- Total Debt
- 142
- Net Working Capital
- 1,326
- Contingent Liabilities
- 2,466
- Book Value per Share
- 118.05
- Face Value
- 1.00
Mar 2019
- Equity Capital
- 33
- 4,077
- 315
- Trade Payables
- 2,374
- 617
- Total Liabilities
- 7,416
- 297
- Capital Work in Progress
- 16
- 2,386
- 1,091
- 0
- Cash & Bank
- 321
- 3,306
- Total Assets
- 7,416
- Total Debt
- 315
- Net Working Capital
- 2,362
- Contingent Liabilities
- 2,311
- Book Value per Share
- 124.24
- Face Value
- 1.00
- Total Debt
- 315
- Net Working Capital
- 2,362
- Contingent Liabilities
- 2,311
- Book Value per Share
- 124.24
- Face Value
- 1.00
Mar 2020
- Equity Capital
- 33
- 4,247
- 212
- Trade Payables
- 2,689
- 902
- Total Liabilities
- 8,083
- 335
- Capital Work in Progress
- 26
- 2,343
- 1,469
- 0
- Cash & Bank
- 308
- 3,601
- Total Assets
- 8,083
- Total Debt
- 218
- Net Working Capital
- 1,865
- Contingent Liabilities
- 2,801
- Book Value per Share
- 129.39
- Face Value
- 1.00
- Total Debt
- 218
- Net Working Capital
- 1,865
- Contingent Liabilities
- 2,801
- Book Value per Share
- 129.39
- Face Value
- 1.00
Mar 2021
- Equity Capital
- 33
- 4,960
- 255
- Trade Payables
- 2,465
- 887
- Total Liabilities
- 8,600
- 332
- Capital Work in Progress
- 9
- 3,046
- 1,280
- 0
- Cash & Bank
- 459
- 3,474
- Total Assets
- 8,600
- Total Debt
- 261
- Net Working Capital
- 1,685
- Contingent Liabilities
- 3,500
- Book Value per Share
- 150.95
- Face Value
- 1.00
- Total Debt
- 261
- Net Working Capital
- 1,685
- Contingent Liabilities
- 3,500
- Book Value per Share
- 150.95
- Face Value
- 1.00
Mar 2022
- Equity Capital
- 33
- 5,466
- 348
- Trade Payables
- 2,942
- 913
- Total Liabilities
- 9,702
- 330
- Capital Work in Progress
- 59
- 3,615
- 1,661
- 0
- Cash & Bank
- 572
- 3,464
- Total Assets
- 9,702
- Total Debt
- 361
- Net Working Capital
- 1,823
- Contingent Liabilities
- 3,356
- Book Value per Share
- 166.25
- Face Value
- 1.00
- Total Debt
- 361
- Net Working Capital
- 1,823
- Contingent Liabilities
- 3,356
- Book Value per Share
- 166.25
- Face Value
- 1.00
Mar 2023
- Equity Capital
- 33
- 5,419
- 496
- Trade Payables
- 3,013
- 1,283
- Total Liabilities
- 10,243
- 475
- Capital Work in Progress
- 98
- 3,109
- 1,592
- 0
- Cash & Bank
- 708
- 4,261
- Total Assets
- 10,243
- Total Debt
- 616
- Net Working Capital
- 1,827
- Contingent Liabilities
- 1,635
- Book Value per Share
- 164.81
- Face Value
- 1.00
- Total Debt
- 616
- Net Working Capital
- 1,827
- Contingent Liabilities
- 1,635
- Book Value per Share
- 164.81
- Face Value
- 1.00
Mar 2024
- Equity Capital
- 33
- 5,787
- 452
- Trade Payables
- 3,775
- 1,947
- Total Liabilities
- 11,994
- 503
- Capital Work in Progress
- 368
- 3,508
- 2,135
- 2,400
- Cash & Bank
- 852
- 2,228
- Total Assets
- 11,994
- Total Debt
- 713
- Net Working Capital
- 1,968
- Contingent Liabilities
- 5,015
- Book Value per Share
- 175.95
- Face Value
- 1.00
- Total Debt
- 713
- Net Working Capital
- 1,968
- Contingent Liabilities
- 5,015
- Book Value per Share
- 175.95
- Face Value
- 1.00
Mar 2025
- Equity Capital
- 33
- 6,480
- 460
- Trade Payables
- 3,893
- 2,242
- Total Liabilities
- 13,108
- 930
- Capital Work in Progress
- 82
- 3,243
- 2,715
- 2,232
- Cash & Bank
- 678
- 3,228
- Total Assets
- 13,108
- Total Debt
- 863
- Net Working Capital
- 2,872
- Contingent Liabilities
- 5,107
- Book Value per Share
- 196.89
- Face Value
- 1.00
- Total Debt
- 863
- Net Working Capital
- 2,872
- Contingent Liabilities
- 5,107
- Book Value per Share
- 196.89
- Face Value
- 1.00
Mar 2026
- Equity Capital
- 33
- 6,343
- 544
- Trade Payables
- 5,228
- 2,311
- Total Liabilities
- 14,459
- 1,043
- Capital Work in Progress
- 22
- 2,762
- 3,433
- 3,035
- Cash & Bank
- 781
- 3,384
- Total Assets
- 14,459
- Total Debt
- 966
- Net Working Capital
- 2,775
- Contingent Liabilities
- 1,730
- Book Value per Share
- 192.75
- Face Value
- 1.00
- Total Debt
- 966
- Net Working Capital
- 2,775
- Contingent Liabilities
- 1,730
- Book Value per Share
- 192.75
- Face Value
- 1.00
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 428 | 325 | -321 | 462 | 556 | 584 | 159 | 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 | |
| Free Cash Flow | 428 | 312 | -381 | 401 | 555 | 526 | -51 | 430 | -403 | -54 |
| OCF / Net Profit | 0.82 | 0.56 | -0.63 | 0.89 | 1.05 | 1.15 | 1.17 | 3.07 | -0.27 | 0.19 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 1,315 | 1,412 | 1,049 | 1,860 | 1,056 | 447 |
| OCF / Net Profit | 0.82 | 0.56 | -0.63 | 0.89 | 1.05 | 1.15 | 1.17 | 3.07 | -0.27 | 0.19 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 1,315 | 1,412 | 1,049 | 1,860 | 1,056 | 447 |
Mar 2017
- 428
- Cash from Investing
- -73
- Cash from Financing
- -211
- 143
- Free Cash Flow
- 428
- OCF / Net Profit
- 0.82
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 0.82
- Cumulative 5-Year FCF
- 0
Mar 2018
- 325
- Cash from Investing
- -199
- Cash from Financing
- -181
- -55
- Free Cash Flow
- 312
- OCF / Net Profit
- 0.56
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 0.56
- Cumulative 5-Year FCF
- 0
Mar 2019
- -321
- Cash from Investing
- 393
- Cash from Financing
- -18
- 53
- Free Cash Flow
- -381
- OCF / Net Profit
- -0.63
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- -0.63
- Cumulative 5-Year FCF
- 0
Mar 2020
- 462
- Cash from Investing
- -210
- Cash from Financing
- -294
- -42
- Free Cash Flow
- 401
- OCF / Net Profit
- 0.89
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 0.89
- Cumulative 5-Year FCF
- 0
Mar 2021
- 556
- Cash from Investing
- -256
- Cash from Financing
- -122
- 179
- Free Cash Flow
- 555
- OCF / Net Profit
- 1.05
- Cumulative 5-Year FCF
- 1,315
- OCF / Net Profit
- 1.05
- Cumulative 5-Year FCF
- 1,315
Mar 2022
- 584
- Cash from Investing
- -365
- Cash from Financing
- -107
- 113
- Free Cash Flow
- 526
- OCF / Net Profit
- 1.15
- Cumulative 5-Year FCF
- 1,412
- OCF / Net Profit
- 1.15
- Cumulative 5-Year FCF
- 1,412
Mar 2023
- 159
- Cash from Investing
- -82
- Cash from Financing
- 55
- 133
- Free Cash Flow
- -51
- OCF / Net Profit
- 1.17
- Cumulative 5-Year FCF
- 1,049
- OCF / Net Profit
- 1.17
- Cumulative 5-Year FCF
- 1,049
Mar 2024
- 762
- Cash from Investing
- -522
- Cash from Financing
- -116
- 123
- Free Cash Flow
- 430
- OCF / Net Profit
- 3.07
- Cumulative 5-Year FCF
- 1,860
- OCF / Net Profit
- 3.07
- Cumulative 5-Year FCF
- 1,860
Mar 2025
- -225
- Cash from Investing
- 158
- Cash from Financing
- -100
- -167
- Free Cash Flow
- -403
- OCF / Net Profit
- -0.27
- Cumulative 5-Year FCF
- 1,056
- OCF / Net Profit
- -0.27
- Cumulative 5-Year FCF
- 1,056
Mar 2026
- 71
- Cash from Investing
- 282
- Cash from Financing
- -262
- 90
- Free Cash Flow
- -54
- OCF / Net Profit
- 0.19
- Cumulative 5-Year FCF
- 447
- OCF / Net Profit
- 0.19
- Cumulative 5-Year FCF
- 447
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | - | - | - | - | - | - | - | - | - | - |
| EPS (₹) | 15.64 | 17.30 | 15.35 | 15.63 | 15.87 | 15.24 | 4.08 | 7.62 | 25.43 | 11.36 |
| Book Value (₹) | 99.96 | 118.05 | 124.24 | 129.39 | 150.95 | 166.25 | 164.81 | 175.95 | 196.89 | 192.75 |
| Dividend per Share (₹) | 3.50 | 4.00 | 4.00 | 4.00 | 5.00 | 5.50 | 4.25 | 5.50 | 7.00 | 4.00 |
| Cash EPS (₹) | 16.45 | 18.21 | 16.26 | 16.72 | 17.01 | 16.42 | 5.32 | 8.94 | 27.09 | 13.73 |
| PROFITABILITY | - | - | - | - | - | - | - | - | - | - |
| Operating Margin % | 12.78% | 13.02% | 11.20% | 11.98% | 10.99% | 10.97% | 7.80% | 3.79% | 7.24% | 4.23% |
| Net Margin % | 8.53% | 8.99% | 7.21% | 6.80% | 7.00% | 6.38% | 1.43% | 1.99% | 5.41% | 2.60% |
| ROE % | 17.00% | 16.03% | 12.82% | 12.42% | 11.40% | 9.64% | 2.49% | 4.40% | 13.53% | 5.74% |
| ROCE % | 22.45% | 21.71% | 16.77% | 17.16% | 15.08% | 13.01% | 5.65% | 8.60% | 18.01% | 8.75% |
| 8.46% | 8.41% | 6.99% | 6.72% | 6.34% | 5.53% | 1.37% | 2.23% | 6.65% | 2.68% | |
| EFFICIENCY | - | - | - | - | - | - | - | - | - | - |
| Debtor Days | 84 | 86 | 86 | 87 | 88 | 90 | 83 | 67 | 55 | 67 |
| Inventory Days | 49 | 49 | 49 | 61 | 66 | 68 | 63 | 55 | 57 | 79 |
| Payable Days | 161 | 167 | 158 | 166 | 169 | 167 | 147 | 126 | 117 | 150 |
| -28 | -32 | -23 | -19 | -15 | -10 | -2 | -5 | -5 | -4 | |
| FINANCIAL HEALTH | - | - | - | - | - | - | - | - | - | - |
| Debt to Equity (x) | 0.05x | 0.04x | 0.08x | 0.05x | 0.05x | 0.07x | 0.11x | 0.12x | 0.13x | 0.15x |
| Interest Coverage (x) | 45.90x | 68.53x | 21.54x | 36.28x | 28.12x | 27.95x | 11.38x | 9.69x | 20.17x | 7.42x |
| 1.31x | 1.41x | 1.72x | 1.50x | 1.48x | 1.45x | 1.40x | 1.34x | 1.48x | 1.37x | |
| GROWTH | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | 5.47% | 6.16% | 11.24% | 7.50% | -1.34% | 5.01% | 19.72% | 31.40% | 23.49% | -7.58% |
| Operating Profit Growth % | 36.73% | 7.43% | -4.64% | 14.95% | -9.49% | 4.88% | -14.92% | -1.75% | 97.92% | -38.57% |
| Net Profit Growth % | 32.24% | 7.20% | -11.08% | -7.89% | 1.49% | -4.31% | -73.08% | 82.14% | 236.25% | -55.65% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 86.65% | 233.88% | -55.33% | |
| VALUATION | - | - | - | - | - | - | - | - | - | - |
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 144.86x | 57.34x | 111.79x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 6.27x | 7.41x | 6.59x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.50% | 0.48% | 0.31% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 49.96x | 33.62x | 47.69x |
Mar 2017
- EPS (₹)
- 15.64
- Book Value (₹)
- 99.96
- Dividend per Share (₹)
- 3.50
- Cash EPS (₹)
- 16.45
- Operating Margin %
- 12.78%
- Net Margin %
- 8.53%
- ROE %
- 17.00%
- ROCE %
- 22.45%
- 8.46%
- Debtor Days
- 84
- Inventory Days
- 49
- Payable Days
- 161
- -28
- Debt to Equity (x)
- 0.05x
- Interest Coverage (x)
- 45.90x
- 1.31x
- Revenue Growth %
- 5.47%
- Operating Profit Growth %
- 36.73%
- Net Profit Growth %
- 32.24%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2018
- EPS (₹)
- 17.30
- Book Value (₹)
- 118.05
- Dividend per Share (₹)
- 4.00
- Cash EPS (₹)
- 18.21
- Operating Margin %
- 13.02%
- Net Margin %
- 8.99%
- ROE %
- 16.03%
- ROCE %
- 21.71%
- 8.41%
- Debtor Days
- 86
- Inventory Days
- 49
- Payable Days
- 167
- -32
- Debt to Equity (x)
- 0.04x
- Interest Coverage (x)
- 68.53x
- 1.41x
- Revenue Growth %
- 6.16%
- Operating Profit Growth %
- 7.43%
- Net Profit Growth %
- 7.20%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2019
- EPS (₹)
- 15.35
- Book Value (₹)
- 124.24
- Dividend per Share (₹)
- 4.00
- Cash EPS (₹)
- 16.26
- Operating Margin %
- 11.20%
- Net Margin %
- 7.21%
- ROE %
- 12.82%
- ROCE %
- 16.77%
- 6.99%
- Debtor Days
- 86
- Inventory Days
- 49
- Payable Days
- 158
- -23
- Debt to Equity (x)
- 0.08x
- Interest Coverage (x)
- 21.54x
- 1.72x
- Revenue Growth %
- 11.24%
- Operating Profit Growth %
- -4.64%
- Net Profit Growth %
- -11.08%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2020
- EPS (₹)
- 15.63
- Book Value (₹)
- 129.39
- Dividend per Share (₹)
- 4.00
- Cash EPS (₹)
- 16.72
- Operating Margin %
- 11.98%
- Net Margin %
- 6.80%
- ROE %
- 12.42%
- ROCE %
- 17.16%
- 6.72%
- Debtor Days
- 87
- Inventory Days
- 61
- Payable Days
- 166
- -19
- Debt to Equity (x)
- 0.05x
- Interest Coverage (x)
- 36.28x
- 1.50x
- Revenue Growth %
- 7.50%
- Operating Profit Growth %
- 14.95%
- Net Profit Growth %
- -7.89%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2021
- EPS (₹)
- 15.87
- Book Value (₹)
- 150.95
- Dividend per Share (₹)
- 5.00
- Cash EPS (₹)
- 17.01
- Operating Margin %
- 10.99%
- Net Margin %
- 7.00%
- ROE %
- 11.40%
- ROCE %
- 15.08%
- 6.34%
- Debtor Days
- 88
- Inventory Days
- 66
- Payable Days
- 169
- -15
- Debt to Equity (x)
- 0.05x
- Interest Coverage (x)
- 28.12x
- 1.48x
- Revenue Growth %
- -1.34%
- Operating Profit Growth %
- -9.49%
- Net Profit Growth %
- 1.49%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2022
- EPS (₹)
- 15.24
- Book Value (₹)
- 166.25
- Dividend per Share (₹)
- 5.50
- Cash EPS (₹)
- 16.42
- Operating Margin %
- 10.97%
- Net Margin %
- 6.38%
- ROE %
- 9.64%
- ROCE %
- 13.01%
- 5.53%
- Debtor Days
- 90
- Inventory Days
- 68
- Payable Days
- 167
- -10
- Debt to Equity (x)
- 0.07x
- Interest Coverage (x)
- 27.95x
- 1.45x
- Revenue Growth %
- 5.01%
- Operating Profit Growth %
- 4.88%
- Net Profit Growth %
- -4.31%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2023
- EPS (₹)
- 4.08
- Book Value (₹)
- 164.81
- Dividend per Share (₹)
- 4.25
- Cash EPS (₹)
- 5.32
- Operating Margin %
- 7.80%
- Net Margin %
- 1.43%
- ROE %
- 2.49%
- ROCE %
- 5.65%
- 1.37%
- Debtor Days
- 83
- Inventory Days
- 63
- Payable Days
- 147
- -2
- Debt to Equity (x)
- 0.11x
- Interest Coverage (x)
- 11.38x
- 1.40x
- Revenue Growth %
- 19.72%
- Operating Profit Growth %
- -14.92%
- Net Profit Growth %
- -73.08%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2024
- EPS (₹)
- 7.62
- Book Value (₹)
- 175.95
- Dividend per Share (₹)
- 5.50
- Cash EPS (₹)
- 8.94
- Operating Margin %
- 3.79%
- Net Margin %
- 1.99%
- ROE %
- 4.40%
- ROCE %
- 8.60%
- 2.23%
- Debtor Days
- 67
- Inventory Days
- 55
- Payable Days
- 126
- -5
- Debt to Equity (x)
- 0.12x
- Interest Coverage (x)
- 9.69x
- 1.34x
- Revenue Growth %
- 31.40%
- Operating Profit Growth %
- -1.75%
- Net Profit Growth %
- 82.14%
- 86.65%
- P/E (x)
- 144.86x
- P/B (x)
- 6.27x
- Dividend Yield %
- 0.50%
- 49.96x
Mar 2025
- EPS (₹)
- 25.43
- Book Value (₹)
- 196.89
- Dividend per Share (₹)
- 7.00
- Cash EPS (₹)
- 27.09
- Operating Margin %
- 7.24%
- Net Margin %
- 5.41%
- ROE %
- 13.53%
- ROCE %
- 18.01%
- 6.65%
- Debtor Days
- 55
- Inventory Days
- 57
- Payable Days
- 117
- -5
- Debt to Equity (x)
- 0.13x
- Interest Coverage (x)
- 20.17x
- 1.48x
- Revenue Growth %
- 23.49%
- Operating Profit Growth %
- 97.92%
- Net Profit Growth %
- 236.25%
- 233.88%
- P/E (x)
- 57.34x
- P/B (x)
- 7.41x
- Dividend Yield %
- 0.48%
- 33.62x
Mar 2026
- EPS (₹)
- 11.36
- Book Value (₹)
- 192.75
- Dividend per Share (₹)
- 4.00
- Cash EPS (₹)
- 13.73
- Operating Margin %
- 4.23%
- Net Margin %
- 2.60%
- ROE %
- 5.74%
- ROCE %
- 8.75%
- 2.68%
- Debtor Days
- 67
- Inventory Days
- 79
- Payable Days
- 150
- -4
- Debt to Equity (x)
- 0.15x
- Interest Coverage (x)
- 7.42x
- 1.37x
- Revenue Growth %
- -7.58%
- Operating Profit Growth %
- -38.57%
- Net Profit Growth %
- -55.65%
- -55.33%
- P/E (x)
- 111.79x
- P/B (x)
- 6.59x
- Dividend Yield %
- 0.31%
- 47.69x
Documents
Announcements
- Analysts/Institutional Investor Meet/Con. Call Updates
2026-08-20 - Voltas Limited has informed the Exchange about Transcript
- Analysts/Institutional Investor Meet/Con. Call Updates
2026-08-14 - Voltas Limited has informed the Exchange about Link of Recording
Annual Reports
Credit Ratings
- Credit Rating
2026-04-01 - Voltas Limited has informed the Exchange about Credit Rating
Concalls
Aug 2026
May 2026
Feb 2026