Voltas Ltd.
•₹ 1,2351.27%
2026-08-21
ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Unitary Cooling Products for Comfort and Commerical Use: 90.2% • Electro -Mechanical Projects and Services: 8.6% • Other operating income: 1.2%
PROS
- Company is almost debt free
- Latest quarter profit grew 37.8% YoY, showing strong momentum
- Company has been maintaining a healthy dividend payout of 38.8%
- Company has a consistent dividend-paying track record
- Company generates healthy free cash flow
- Company comfortably covers its interest (7.6x coverage)
CONS
- Operating cash flow has been negative in recent years
- A large part of profit comes from other income (73.9% of PBT)
- Recent results are weak - TTM profit is down 51.6% versus prior year
- Receivables are growing faster than sales - a possible quality concern
- Company has a low return on equity of 7.5% over last 3 years
- Company has a low return on capital employed of 9.7%
* 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
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,672 | 1,314 | 1,565 | 3,032 | 3,897 | 1,681 | 2,013 | 3,591 | 3,049 | 1,407 | 2,211 | 3,740 | 4,001 | |
| 2,522 | 1,270 | 1,501 | 2,873 | 3,627 | 1,621 | 1,928 | 3,393 | 2,967 | 1,453 | 2,160 | 3,668 | 3,831 | |
| Operating Profit | — | — | — | — | — | — | — | — | — | — | — | — | — |
| OPM % | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other Income | 106 | 72 | 57 | 65 | 150 | 99 | 63 | 89 | 152 | 55 | 52 | 39 | 165 |
| Interest | 3 | 5 | 6 | 6 | 3 | 7 | 7 | 17 | 8 | 13 | 26 | 18 | 10 |
| Depreciation | 10 | 11 | 12 | 10 | 12 | 15 | 16 | 13 | 17 | 23 | 19 | 19 | 20 |
| 270 | 131 | 125 | 232 | 427 | 161 | 146 | 301 | 242 | 8 | 61 | 118 | 334 | |
| Tax % | 20.38% | 22.07% | 22.40% | 18.10% | 20.61% | 32.60% | 25.92% | 26.73% | 15.84% | 3.17% | 21.67% | 30.60% | 16.08% |
| Net Profit | 215 | 102 | 97 | 190 | 339 | 109 | 108 | 220 | 203 | 7 | 48 | 82 | 280 |
| 6 | 3 | 3 | 6 | 10 | 3 | 3 | 7 | 6 | 0 | 1 | 2 | 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
- 2,672
- 2,522
- Operating Profit
- —
- OPM %
- —
- Other Income
- 106
- Interest
- 3
- Depreciation
- 10
- 270
- Tax %
- 20.38%
- Net Profit
- 215
- 6
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2023
- 1,314
- 1,270
- Operating Profit
- —
- OPM %
- —
- Other Income
- 72
- Interest
- 5
- Depreciation
- 11
- 131
- Tax %
- 22.07%
- Net Profit
- 102
- 3
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2023
- 1,565
- 1,501
- Operating Profit
- —
- OPM %
- —
- Other Income
- 57
- Interest
- 6
- Depreciation
- 12
- 125
- Tax %
- 22.40%
- Net Profit
- 97
- 3
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2024
- 3,032
- 2,873
- Operating Profit
- —
- OPM %
- —
- Other Income
- 65
- Interest
- 6
- Depreciation
- 10
- 232
- Tax %
- 18.10%
- Net Profit
- 190
- 6
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2024
- 3,897
- 3,627
- Operating Profit
- —
- OPM %
- —
- Other Income
- 150
- Interest
- 3
- Depreciation
- 12
- 427
- Tax %
- 20.61%
- Net Profit
- 339
- 10
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2024
- 1,681
- 1,621
- Operating Profit
- —
- OPM %
- —
- Other Income
- 99
- Interest
- 7
- Depreciation
- 15
- 161
- Tax %
- 32.60%
- Net Profit
- 109
- 3
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2024
- 2,013
- 1,928
- Operating Profit
- —
- OPM %
- —
- Other Income
- 63
- Interest
- 7
- Depreciation
- 16
- 146
- Tax %
- 25.92%
- Net Profit
- 108
- 3
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2025
- 3,591
- 3,393
- Operating Profit
- —
- OPM %
- —
- Other Income
- 89
- Interest
- 17
- Depreciation
- 13
- 301
- Tax %
- 26.73%
- Net Profit
- 220
- 7
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2025
- 3,049
- 2,967
- Operating Profit
- —
- OPM %
- —
- Other Income
- 152
- Interest
- 8
- Depreciation
- 17
- 242
- Tax %
- 15.84%
- Net Profit
- 203
- 6
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2025
- 1,407
- 1,453
- Operating Profit
- —
- OPM %
- —
- Other Income
- 55
- Interest
- 13
- Depreciation
- 23
- 8
- Tax %
- 3.17%
- Net Profit
- 7
- 0
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2025
- 2,211
- 2,160
- Operating Profit
- —
- OPM %
- —
- Other Income
- 52
- Interest
- 26
- Depreciation
- 19
- 61
- Tax %
- 21.67%
- Net Profit
- 48
- 1
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2026
- 3,740
- 3,668
- Operating Profit
- —
- OPM %
- —
- Other Income
- 39
- Interest
- 18
- Depreciation
- 19
- 118
- Tax %
- 30.60%
- Net Profit
- 82
- 2
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2026
- 4,001
- 3,831
- Operating Profit
- —
- OPM %
- —
- Other Income
- 165
- Interest
- 10
- Depreciation
- 20
- 334
- Tax %
- 16.08%
- Net Profit
- 280
- 1
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 33
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 5,410 | 5,809 | 6,693 | 7,207 | 6,378 | 7,099 | 7,675 | 8,688 | 11,296 | 10,538 | 11,359 | |
| 4,993 | 5,343 | 6,308 | 6,552 | 5,816 | 6,456 | 7,248 | 8,169 | 10,570 | 10,266 | 11,113 | |
| Operating Profit | 685 | 713 | 648 | 905 | 782 | 811 | 602 | 822 | 1,127 | 589 | — |
| OPM % | 13 | 12 | 10 | 13 | 12 | 11 | 8 | 9 | 10 | 6 | — |
| Other Income | 267 | 248 | 263 | 251 | 220 | 168 | 175 | 303 | 401 | 317 | 312 |
| Interest | 10 | 8 | 23 | 9 | 19 | 15 | 12 | 21 | 35 | 65 | 67 |
| Depreciation | 18 | 19 | 20 | 29 | 30 | 33 | 36 | 43 | 56 | 79 | 81 |
| 651 | 683 | 631 | 813 | 733 | 763 | 1,528 | 758 | 1,036 | 429 | 521 | |
| Tax % | 25 | 27 | 26 | 27 | 22 | 24 | 8 | 20 | 25 | 21 | 20 |
| Net Profit | 486 | 501 | 464 | 595 | 570 | 583 | 1,405 | 604 | 777 | 341 | 418 |
| EPS | 15 | 15 | 14 | 18 | 17 | 18 | 42 | 18 | 23 | 10 | — |
| Dividend Payout % | 24 | 26 | 28 | 22 | 29 | 31 | 10 | 30 | 30 | 39 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 15 | 15 | 14 | 18 | 17 | 18 | 42 | 18 | 23 | 10 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 15 | 15 | 14 | 18 | 17 | 18 | 42 | 18 | 23 | 10 | — |
Mar 2017
- 5,410
- 4,993
- Operating Profit
- 685
- OPM %
- 13
- Other Income
- 267
- Interest
- 10
- Depreciation
- 18
- 651
- Tax %
- 25
- Net Profit
- 486
- EPS
- 15
- Dividend Payout %
- 24
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 15
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 15
Mar 2018
- 5,809
- 5,343
- Operating Profit
- 713
- OPM %
- 12
- Other Income
- 248
- Interest
- 8
- Depreciation
- 19
- 683
- Tax %
- 27
- Net Profit
- 501
- EPS
- 15
- Dividend Payout %
- 26
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 15
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 15
Mar 2019
- 6,693
- 6,308
- Operating Profit
- 648
- OPM %
- 10
- Other Income
- 263
- Interest
- 23
- Depreciation
- 20
- 631
- Tax %
- 26
- Net Profit
- 464
- EPS
- 14
- Dividend Payout %
- 28
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 14
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 14
Mar 2020
- 7,207
- 6,552
- Operating Profit
- 905
- OPM %
- 13
- Other Income
- 251
- Interest
- 9
- Depreciation
- 29
- 813
- Tax %
- 27
- Net Profit
- 595
- EPS
- 18
- Dividend Payout %
- 22
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 18
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 18
Mar 2021
- 6,378
- 5,816
- Operating Profit
- 782
- OPM %
- 12
- Other Income
- 220
- Interest
- 19
- Depreciation
- 30
- 733
- Tax %
- 22
- Net Profit
- 570
- EPS
- 17
- Dividend Payout %
- 29
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 17
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 17
Mar 2022
- 7,099
- 6,456
- Operating Profit
- 811
- OPM %
- 11
- Other Income
- 168
- Interest
- 15
- Depreciation
- 33
- 763
- Tax %
- 24
- Net Profit
- 583
- EPS
- 18
- Dividend Payout %
- 31
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 18
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 18
Mar 2023
- 7,675
- 7,248
- Operating Profit
- 602
- OPM %
- 8
- Other Income
- 175
- Interest
- 12
- Depreciation
- 36
- 1,528
- Tax %
- 8
- Net Profit
- 1,405
- EPS
- 42
- Dividend Payout %
- 10
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 42
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 42
Mar 2024
- 8,688
- 8,169
- Operating Profit
- 822
- OPM %
- 9
- Other Income
- 303
- Interest
- 21
- Depreciation
- 43
- 758
- Tax %
- 20
- Net Profit
- 604
- EPS
- 18
- Dividend Payout %
- 30
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 18
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 18
Mar 2025
- 11,296
- 10,570
- Operating Profit
- 1,127
- OPM %
- 10
- Other Income
- 401
- Interest
- 35
- Depreciation
- 56
- 1,036
- Tax %
- 25
- Net Profit
- 777
- EPS
- 23
- Dividend Payout %
- 30
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 23
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 23
Mar 2026
- 10,538
- 10,266
- Operating Profit
- 589
- OPM %
- 6
- Other Income
- 317
- Interest
- 65
- Depreciation
- 79
- 429
- Tax %
- 21
- Net Profit
- 341
- EPS
- 10
- Dividend Payout %
- 39
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 10
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 10
TTM
- 11,359
- 11,113
- Operating Profit
- —
- OPM %
- —
- Other Income
- 312
- Interest
- 67
- Depreciation
- 81
- 521
- Tax %
- 20
- Net Profit
- 418
- EPS
- —
- Dividend Payout %
- —
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- —
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- —
COMPOUNDED SALES GROWTH
- 10 Years:
- 7%
- 5 Years:
- 11%
- 3 Years:
- 11%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 0%
- 5 Years:
- -10%
- 3 Years:
- -38%
STOCK PRICE CAGR
- 10 Years:
- 13%
- 5 Years:
- 5%
- 3 Years:
- 14%
- 1 Year:
- -9%
RETURN ON EQUITY
- 10 Years:
- 13%
- 5 Years:
- 11%
- 3 Years:
- 8%
- Last Year:
- 4%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| 2,952 | 3,481 | 3,710 | 4,185 | 4,952 | 5,536 | 6,740 | 7,465 | 8,099 | 7,931 | |
| 69 | 28 | 114 | 83 | 104 | 131 | 165 | 143 | 162 | 368 | |
| Trade Payables | 1,752 | 2,114 | 2,374 | 2,578 | 2,058 | 2,682 | 2,210 | 2,672 | 2,600 | 3,854 |
| 768 | 805 | 534 | 732 | 814 | 835 | 894 | 1,457 | 1,818 | 1,802 | |
| Total Liabilities | 5,574 | 6,462 | 6,764 | 7,611 | 7,961 | 9,217 | 10,042 | 11,770 | 12,712 | 13,987 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 161 | 161 | 206 | 254 | 251 | 250 | 388 | 410 | 839 | 952 | |
| Capital Work in Progress | 1 | 3 | 15 | 26 | 9 | 59 | 98 | 368 | 82 | 22 |
| 2,413 | 2,894 | 2,626 | 2,642 | 3,443 | 4,125 | 4,962 | 5,370 | 5,390 | 5,150 | |
| 776 | 742 | 1,003 | 1,460 | 1,274 | 1,655 | 1,547 | 2,078 | 2,635 | 3,377 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,703 | 1,570 | 2,079 | |
| Cash & Bank | 214 | 200 | 237 | 201 | 324 | 464 | 389 | 504 | 488 | 496 |
| 2,010 | 2,461 | 2,678 | 3,027 | 2,660 | 2,664 | 2,657 | 1,338 | 1,707 | 1,911 | |
| Total Assets | 5,574 | 6,462 | 6,764 | 7,611 | 7,961 | 9,217 | 10,042 | 11,770 | 12,712 | 13,987 |
| Total Debt | 69 | 28 | 114 | 88 | 108 | 140 | 285 | 405 | 565 | 790 |
| Net Working Capital | 542 | 876 | 1,901 | 1,602 | 1,363 | 1,465 | 1,380 | 1,730 | 2,383 | 1,888 |
| Contingent Liabilities | 1,648 | 1,828 | 1,988 | 2,266 | 2,539 | 3,419 | 1,891 | 5,592 | 4,295 | 708 |
| Book Value per Share | 90.23 | 106.23 | 113.15 | 127.52 | 150.69 | 168.34 | 204.75 | 226.67 | 245.83 | 240.76 |
| Face Value | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Total Debt | 69 | 28 | 114 | 88 | 108 | 140 | 285 | 405 | 565 | 790 |
| Net Working Capital | 542 | 876 | 1,901 | 1,602 | 1,363 | 1,465 | 1,380 | 1,730 | 2,383 | 1,888 |
| Contingent Liabilities | 1,648 | 1,828 | 1,988 | 2,266 | 2,539 | 3,419 | 1,891 | 5,592 | 4,295 | 708 |
| Book Value per Share | 90.23 | 106.23 | 113.15 | 127.52 | 150.69 | 168.34 | 204.75 | 226.67 | 245.83 | 240.76 |
| 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
- 2,952
- 69
- Trade Payables
- 1,752
- 768
- Total Liabilities
- 5,574
- 161
- Capital Work in Progress
- 1
- 2,413
- 776
- 0
- Cash & Bank
- 214
- 2,010
- Total Assets
- 5,574
- Total Debt
- 69
- Net Working Capital
- 542
- Contingent Liabilities
- 1,648
- Book Value per Share
- 90.23
- Face Value
- 1.00
- Total Debt
- 69
- Net Working Capital
- 542
- Contingent Liabilities
- 1,648
- Book Value per Share
- 90.23
- Face Value
- 1.00
Mar 2018
- Equity Capital
- 33
- 3,481
- 28
- Trade Payables
- 2,114
- 805
- Total Liabilities
- 6,462
- 161
- Capital Work in Progress
- 3
- 2,894
- 742
- 0
- Cash & Bank
- 200
- 2,461
- Total Assets
- 6,462
- Total Debt
- 28
- Net Working Capital
- 876
- Contingent Liabilities
- 1,828
- Book Value per Share
- 106.23
- Face Value
- 1.00
- Total Debt
- 28
- Net Working Capital
- 876
- Contingent Liabilities
- 1,828
- Book Value per Share
- 106.23
- Face Value
- 1.00
Mar 2019
- Equity Capital
- 33
- 3,710
- 114
- Trade Payables
- 2,374
- 534
- Total Liabilities
- 6,764
- 206
- Capital Work in Progress
- 15
- 2,626
- 1,003
- 0
- Cash & Bank
- 237
- 2,678
- Total Assets
- 6,764
- Total Debt
- 114
- Net Working Capital
- 1,901
- Contingent Liabilities
- 1,988
- Book Value per Share
- 113.15
- Face Value
- 1.00
- Total Debt
- 114
- Net Working Capital
- 1,901
- Contingent Liabilities
- 1,988
- Book Value per Share
- 113.15
- Face Value
- 1.00
Mar 2020
- Equity Capital
- 33
- 4,185
- 83
- Trade Payables
- 2,578
- 732
- Total Liabilities
- 7,611
- 254
- Capital Work in Progress
- 26
- 2,642
- 1,460
- 0
- Cash & Bank
- 201
- 3,027
- Total Assets
- 7,611
- Total Debt
- 88
- Net Working Capital
- 1,602
- Contingent Liabilities
- 2,266
- Book Value per Share
- 127.52
- Face Value
- 1.00
- Total Debt
- 88
- Net Working Capital
- 1,602
- Contingent Liabilities
- 2,266
- Book Value per Share
- 127.52
- Face Value
- 1.00
Mar 2021
- Equity Capital
- 33
- 4,952
- 104
- Trade Payables
- 2,058
- 814
- Total Liabilities
- 7,961
- 251
- Capital Work in Progress
- 9
- 3,443
- 1,274
- 0
- Cash & Bank
- 324
- 2,660
- Total Assets
- 7,961
- Total Debt
- 108
- Net Working Capital
- 1,363
- Contingent Liabilities
- 2,539
- Book Value per Share
- 150.69
- Face Value
- 1.00
- Total Debt
- 108
- Net Working Capital
- 1,363
- Contingent Liabilities
- 2,539
- Book Value per Share
- 150.69
- Face Value
- 1.00
Mar 2022
- Equity Capital
- 33
- 5,536
- 131
- Trade Payables
- 2,682
- 835
- Total Liabilities
- 9,217
- 250
- Capital Work in Progress
- 59
- 4,125
- 1,655
- 0
- Cash & Bank
- 464
- 2,664
- Total Assets
- 9,217
- Total Debt
- 140
- Net Working Capital
- 1,465
- Contingent Liabilities
- 3,419
- Book Value per Share
- 168.34
- Face Value
- 1.00
- Total Debt
- 140
- Net Working Capital
- 1,465
- Contingent Liabilities
- 3,419
- Book Value per Share
- 168.34
- Face Value
- 1.00
Mar 2023
- Equity Capital
- 33
- 6,740
- 165
- Trade Payables
- 2,210
- 894
- Total Liabilities
- 10,042
- 388
- Capital Work in Progress
- 98
- 4,962
- 1,547
- 0
- Cash & Bank
- 389
- 2,657
- Total Assets
- 10,042
- Total Debt
- 285
- Net Working Capital
- 1,380
- Contingent Liabilities
- 1,891
- Book Value per Share
- 204.75
- Face Value
- 1.00
- Total Debt
- 285
- Net Working Capital
- 1,380
- Contingent Liabilities
- 1,891
- Book Value per Share
- 204.75
- Face Value
- 1.00
Mar 2024
- Equity Capital
- 33
- 7,465
- 143
- Trade Payables
- 2,672
- 1,457
- Total Liabilities
- 11,770
- 410
- Capital Work in Progress
- 368
- 5,370
- 2,078
- 1,703
- Cash & Bank
- 504
- 1,338
- Total Assets
- 11,770
- Total Debt
- 405
- Net Working Capital
- 1,730
- Contingent Liabilities
- 5,592
- Book Value per Share
- 226.67
- Face Value
- 1.00
- Total Debt
- 405
- Net Working Capital
- 1,730
- Contingent Liabilities
- 5,592
- Book Value per Share
- 226.67
- Face Value
- 1.00
Mar 2025
- Equity Capital
- 33
- 8,099
- 162
- Trade Payables
- 2,600
- 1,818
- Total Liabilities
- 12,712
- 839
- Capital Work in Progress
- 82
- 5,390
- 2,635
- 1,570
- Cash & Bank
- 488
- 1,707
- Total Assets
- 12,712
- Total Debt
- 565
- Net Working Capital
- 2,383
- Contingent Liabilities
- 4,295
- Book Value per Share
- 245.83
- Face Value
- 1.00
- Total Debt
- 565
- Net Working Capital
- 2,383
- Contingent Liabilities
- 4,295
- Book Value per Share
- 245.83
- Face Value
- 1.00
Mar 2026
- Equity Capital
- 33
- 7,931
- 368
- Trade Payables
- 3,854
- 1,802
- Total Liabilities
- 13,987
- 952
- Capital Work in Progress
- 22
- 5,150
- 3,377
- 2,079
- Cash & Bank
- 496
- 1,911
- Total Assets
- 13,987
- Total Debt
- 790
- Net Working Capital
- 1,888
- Contingent Liabilities
- 708
- Book Value per Share
- 240.76
- Face Value
- 1.00
- Total Debt
- 790
- Net Working Capital
- 1,888
- Contingent Liabilities
- 708
- Book Value per Share
- 240.76
- Face Value
- 1.00
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 290 | 298 | -310 | 336 | 571 | 668 | 35 | 419 | 23 | -130 | |
| Cash from Investing | -57 | -151 | 445 | -176 | -311 | -370 | -72 | -244 | 17 | 215 |
| Cash from Financing | -154 | -178 | -82 | -204 | -129 | -159 | -42 | -56 | -62 | -90 |
| 79 | -32 | 53 | -45 | 131 | 139 | -78 | 119 | -21 | -4 | |
| Free Cash Flow | 290 | 288 | -366 | 243 | 571 | 608 | -147 | 94 | -158 | -249 |
| OCF / Net Profit | 0.60 | 0.60 | -0.67 | 0.56 | 1.00 | 1.15 | 0.03 | 0.69 | 0.03 | -0.38 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 1,027 | 1,345 | 909 | 1,370 | 969 | 148 |
| OCF / Net Profit | 0.60 | 0.60 | -0.67 | 0.56 | 1.00 | 1.15 | 0.03 | 0.69 | 0.03 | -0.38 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 1,027 | 1,345 | 909 | 1,370 | 969 | 148 |
Mar 2017
- 290
- Cash from Investing
- -57
- Cash from Financing
- -154
- 79
- Free Cash Flow
- 290
- OCF / Net Profit
- 0.60
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 0.60
- Cumulative 5-Year FCF
- 0
Mar 2018
- 298
- Cash from Investing
- -151
- Cash from Financing
- -178
- -32
- Free Cash Flow
- 288
- OCF / Net Profit
- 0.60
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 0.60
- Cumulative 5-Year FCF
- 0
Mar 2019
- -310
- Cash from Investing
- 445
- Cash from Financing
- -82
- 53
- Free Cash Flow
- -366
- OCF / Net Profit
- -0.67
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- -0.67
- Cumulative 5-Year FCF
- 0
Mar 2020
- 336
- Cash from Investing
- -176
- Cash from Financing
- -204
- -45
- Free Cash Flow
- 243
- OCF / Net Profit
- 0.56
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 0.56
- Cumulative 5-Year FCF
- 0
Mar 2021
- 571
- Cash from Investing
- -311
- Cash from Financing
- -129
- 131
- Free Cash Flow
- 571
- OCF / Net Profit
- 1.00
- Cumulative 5-Year FCF
- 1,027
- OCF / Net Profit
- 1.00
- Cumulative 5-Year FCF
- 1,027
Mar 2022
- 668
- Cash from Investing
- -370
- Cash from Financing
- -159
- 139
- Free Cash Flow
- 608
- OCF / Net Profit
- 1.15
- Cumulative 5-Year FCF
- 1,345
- OCF / Net Profit
- 1.15
- Cumulative 5-Year FCF
- 1,345
Mar 2023
- 35
- Cash from Investing
- -72
- Cash from Financing
- -42
- -78
- Free Cash Flow
- -147
- OCF / Net Profit
- 0.03
- Cumulative 5-Year FCF
- 909
- OCF / Net Profit
- 0.03
- Cumulative 5-Year FCF
- 909
Mar 2024
- 419
- Cash from Investing
- -244
- Cash from Financing
- -56
- 119
- Free Cash Flow
- 94
- OCF / Net Profit
- 0.69
- Cumulative 5-Year FCF
- 1,370
- OCF / Net Profit
- 0.69
- Cumulative 5-Year FCF
- 1,370
Mar 2025
- 23
- Cash from Investing
- 17
- Cash from Financing
- -62
- -21
- Free Cash Flow
- -158
- OCF / Net Profit
- 0.03
- Cumulative 5-Year FCF
- 969
- OCF / Net Profit
- 0.03
- Cumulative 5-Year FCF
- 969
Mar 2026
- -130
- Cash from Investing
- 215
- Cash from Financing
- -90
- -4
- Free Cash Flow
- -249
- OCF / Net Profit
- -0.38
- Cumulative 5-Year FCF
- 148
- OCF / Net Profit
- -0.38
- Cumulative 5-Year FCF
- 148
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | - | - | - | - | - | - | - | - | - | - |
| EPS (₹) | 14.70 | 15.15 | 14.04 | 17.99 | 17.24 | 17.64 | 42.48 | 18.27 | 23.48 | 10.31 |
| Book Value (₹) | 90.23 | 106.23 | 113.15 | 127.52 | 150.69 | 168.34 | 204.75 | 226.67 | 245.83 | 240.76 |
| 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 (₹) | 15.25 | 15.73 | 14.64 | 18.85 | 18.14 | 18.64 | 43.58 | 19.56 | 25.18 | 12.68 |
| PROFITABILITY | - | - | - | - | - | - | - | - | - | - |
| Operating Margin % | 12.51% | 12.23% | 9.68% | 12.56% | 12.27% | 11.42% | 7.84% | 5.97% | 6.43% | 2.58% |
| Net Margin % | 8.88% | 8.59% | 6.94% | 8.26% | 8.94% | 8.22% | 18.31% | 6.96% | 6.88% | 3.24% |
| ROE % | 17.71% | 15.43% | 12.80% | 14.95% | 12.39% | 11.06% | 22.77% | 8.47% | 9.94% | 4.24% |
| ROCE % | 23.27% | 20.93% | 17.67% | 20.13% | 16.01% | 14.40% | 24.13% | 10.41% | 12.90% | 5.66% |
| 9.41% | 8.33% | 7.02% | 8.28% | 7.32% | 6.79% | 14.59% | 5.54% | 6.35% | 2.55% | |
| EFFICIENCY | - | - | - | - | - | - | - | - | - | - |
| Debtor Days | 75 | 77 | 73 | 72 | 83 | 76 | 67 | 63 | 53 | 63 |
| Inventory Days | 44 | 48 | 48 | 62 | 78 | 75 | 76 | 76 | 76 | 104 |
| Payable Days | 143 | 160 | 156 | 168 | 178 | 161 | 146 | 129 | 108 | 141 |
| -24 | -36 | -36 | -34 | -17 | -9 | -3 | 10 | 21 | 26 | |
| FINANCIAL HEALTH | - | - | - | - | - | - | - | - | - | - |
| Debt to Equity (x) | 0.02x | 0.01x | 0.03x | 0.02x | 0.02x | 0.03x | 0.04x | 0.05x | 0.07x | 0.10x |
| Interest Coverage (x) | 68.39x | 92.03x | 28.51x | 92.95x | 39.40x | 53.45x | 123.65x | 37.31x | 30.87x | 7.60x |
| 1.21x | 1.30x | 1.63x | 1.48x | 1.47x | 1.42x | 1.44x | 1.45x | 1.59x | 1.34x | |
| GROWTH | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | 5.08% | 7.36% | 15.23% | 7.67% | -11.50% | 11.30% | 8.12% | 13.20% | 30.02% | -6.71% |
| Operating Profit Growth % | 38.60% | 4.19% | -9.19% | 39.71% | -13.57% | 3.64% | -25.78% | 36.58% | 37.07% | -47.76% |
| Net Profit Growth % | 39.17% | 3.09% | -7.33% | 28.12% | -4.17% | 2.31% | 140.85% | -57.00% | 28.55% | -56.10% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -57.00% | 28.55% | -56.10% | |
| VALUATION | - | - | - | - | - | - | - | - | - | - |
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 60.41x | 62.11x | 123.23x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 4.87x | 5.93x | 5.28x |
| 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 | 44.29x | 42.89x | 71.89x |
Mar 2017
- EPS (₹)
- 14.70
- Book Value (₹)
- 90.23
- Dividend per Share (₹)
- 3.50
- Cash EPS (₹)
- 15.25
- Operating Margin %
- 12.51%
- Net Margin %
- 8.88%
- ROE %
- 17.71%
- ROCE %
- 23.27%
- 9.41%
- Debtor Days
- 75
- Inventory Days
- 44
- Payable Days
- 143
- -24
- Debt to Equity (x)
- 0.02x
- Interest Coverage (x)
- 68.39x
- 1.21x
- Revenue Growth %
- 5.08%
- Operating Profit Growth %
- 38.60%
- Net Profit Growth %
- 39.17%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2018
- EPS (₹)
- 15.15
- Book Value (₹)
- 106.23
- Dividend per Share (₹)
- 4.00
- Cash EPS (₹)
- 15.73
- Operating Margin %
- 12.23%
- Net Margin %
- 8.59%
- ROE %
- 15.43%
- ROCE %
- 20.93%
- 8.33%
- Debtor Days
- 77
- Inventory Days
- 48
- Payable Days
- 160
- -36
- Debt to Equity (x)
- 0.01x
- Interest Coverage (x)
- 92.03x
- 1.30x
- Revenue Growth %
- 7.36%
- Operating Profit Growth %
- 4.19%
- Net Profit Growth %
- 3.09%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2019
- EPS (₹)
- 14.04
- Book Value (₹)
- 113.15
- Dividend per Share (₹)
- 4.00
- Cash EPS (₹)
- 14.64
- Operating Margin %
- 9.68%
- Net Margin %
- 6.94%
- ROE %
- 12.80%
- ROCE %
- 17.67%
- 7.02%
- Debtor Days
- 73
- Inventory Days
- 48
- Payable Days
- 156
- -36
- Debt to Equity (x)
- 0.03x
- Interest Coverage (x)
- 28.51x
- 1.63x
- Revenue Growth %
- 15.23%
- Operating Profit Growth %
- -9.19%
- Net Profit Growth %
- -7.33%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2020
- EPS (₹)
- 17.99
- Book Value (₹)
- 127.52
- Dividend per Share (₹)
- 4.00
- Cash EPS (₹)
- 18.85
- Operating Margin %
- 12.56%
- Net Margin %
- 8.26%
- ROE %
- 14.95%
- ROCE %
- 20.13%
- 8.28%
- Debtor Days
- 72
- Inventory Days
- 62
- Payable Days
- 168
- -34
- Debt to Equity (x)
- 0.02x
- Interest Coverage (x)
- 92.95x
- 1.48x
- Revenue Growth %
- 7.67%
- Operating Profit Growth %
- 39.71%
- Net Profit Growth %
- 28.12%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2021
- EPS (₹)
- 17.24
- Book Value (₹)
- 150.69
- Dividend per Share (₹)
- 5.00
- Cash EPS (₹)
- 18.14
- Operating Margin %
- 12.27%
- Net Margin %
- 8.94%
- ROE %
- 12.39%
- ROCE %
- 16.01%
- 7.32%
- Debtor Days
- 83
- Inventory Days
- 78
- Payable Days
- 178
- -17
- Debt to Equity (x)
- 0.02x
- Interest Coverage (x)
- 39.40x
- 1.47x
- Revenue Growth %
- -11.50%
- Operating Profit Growth %
- -13.57%
- Net Profit Growth %
- -4.17%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2022
- EPS (₹)
- 17.64
- Book Value (₹)
- 168.34
- Dividend per Share (₹)
- 5.50
- Cash EPS (₹)
- 18.64
- Operating Margin %
- 11.42%
- Net Margin %
- 8.22%
- ROE %
- 11.06%
- ROCE %
- 14.40%
- 6.79%
- Debtor Days
- 76
- Inventory Days
- 75
- Payable Days
- 161
- -9
- Debt to Equity (x)
- 0.03x
- Interest Coverage (x)
- 53.45x
- 1.42x
- Revenue Growth %
- 11.30%
- Operating Profit Growth %
- 3.64%
- Net Profit Growth %
- 2.31%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2023
- EPS (₹)
- 42.48
- Book Value (₹)
- 204.75
- Dividend per Share (₹)
- 4.25
- Cash EPS (₹)
- 43.58
- Operating Margin %
- 7.84%
- Net Margin %
- 18.31%
- ROE %
- 22.77%
- ROCE %
- 24.13%
- 14.59%
- Debtor Days
- 67
- Inventory Days
- 76
- Payable Days
- 146
- -3
- Debt to Equity (x)
- 0.04x
- Interest Coverage (x)
- 123.65x
- 1.44x
- Revenue Growth %
- 8.12%
- Operating Profit Growth %
- -25.78%
- Net Profit Growth %
- 140.85%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2024
- EPS (₹)
- 18.27
- Book Value (₹)
- 226.67
- Dividend per Share (₹)
- 5.50
- Cash EPS (₹)
- 19.56
- Operating Margin %
- 5.97%
- Net Margin %
- 6.96%
- ROE %
- 8.47%
- ROCE %
- 10.41%
- 5.54%
- Debtor Days
- 63
- Inventory Days
- 76
- Payable Days
- 129
- 10
- Debt to Equity (x)
- 0.05x
- Interest Coverage (x)
- 37.31x
- 1.45x
- Revenue Growth %
- 13.20%
- Operating Profit Growth %
- 36.58%
- Net Profit Growth %
- -57.00%
- -57.00%
- P/E (x)
- 60.41x
- P/B (x)
- 4.87x
- Dividend Yield %
- 0.50%
- 44.29x
Mar 2025
- EPS (₹)
- 23.48
- Book Value (₹)
- 245.83
- Dividend per Share (₹)
- 7.00
- Cash EPS (₹)
- 25.18
- Operating Margin %
- 6.43%
- Net Margin %
- 6.88%
- ROE %
- 9.94%
- ROCE %
- 12.90%
- 6.35%
- Debtor Days
- 53
- Inventory Days
- 76
- Payable Days
- 108
- 21
- Debt to Equity (x)
- 0.07x
- Interest Coverage (x)
- 30.87x
- 1.59x
- Revenue Growth %
- 30.02%
- Operating Profit Growth %
- 37.07%
- Net Profit Growth %
- 28.55%
- 28.55%
- P/E (x)
- 62.11x
- P/B (x)
- 5.93x
- Dividend Yield %
- 0.48%
- 42.89x
Mar 2026
- EPS (₹)
- 10.31
- Book Value (₹)
- 240.76
- Dividend per Share (₹)
- 4.00
- Cash EPS (₹)
- 12.68
- Operating Margin %
- 2.58%
- Net Margin %
- 3.24%
- ROE %
- 4.24%
- ROCE %
- 5.66%
- 2.55%
- Debtor Days
- 63
- Inventory Days
- 104
- Payable Days
- 141
- 26
- Debt to Equity (x)
- 0.10x
- Interest Coverage (x)
- 7.60x
- 1.34x
- Revenue Growth %
- -6.71%
- Operating Profit Growth %
- -47.76%
- Net Profit Growth %
- -56.10%
- -56.10%
- P/E (x)
- 123.23x
- P/B (x)
- 5.28x
- Dividend Yield %
- 0.31%
- 71.89x
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