---
title: "Volga Air Technics Ltd (531350) — Share Price, Financials & Analysis"
symbol: "531350"
company: "Volga Air Technics Ltd"
canonical: "https://tapetide.com/stocks/531350"
isin: "INE719B01015"
bse_code: "531350"
sector: "Consumer Discretionary"
industry: "Consumer Durables"
generated_at: "2026-09-13T18:58:24.806Z"
---

# Volga Air Technics Ltd (531350)

Canonical page: https://tapetide.com/stocks/531350

## Company

- **BSE Code:** 531350
- **ISIN:** INE719B01015
- **Sector:** Consumer Discretionary
- **Industry:** Consumer Durables
- **Macro Sector:** Consumer Discretionary
- **Stock Type:** EQUITY
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** volgasolar.com

## About

Volga Air Technics Limited, incorporated in India, Listed on the Bombay Stock exchange Limited, the company is engaged in the manufacture of Air Handling Equipments such as Fan Blades and Blower Impellers, Air Conditioners, A.C. Kits, Air Purifiers/Air Curtains and Water Coolers

## Latest Price

## Key Insights

### Weaknesses

- Company has low interest coverage ratio.

## Growth Rates

| Metric | 1Y | 5Y |
| --- | --- | --- |
| net income growth | -500% | 13% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 4.51 | 7.63 | 17.91 | 9.73 | 4.44 | 7.35 | 15.81 | 5.56 | 4.8 | 11.54 | 17.55 | 6.01 |
| Expenses | 4.27 | 1.82 | 7.64 | 9 | 5.39 | 4.45 | 6.82 | 4.8 | 6.92 | 6.34 | 7.22 | 6.61 |
| Operating Profit | 0.24 | 5.81 | 10.27 | 0.73 | -0.95 | 2.9 | 8.99 | 0.76 | -2.12 | 5.2 | 10.33 | -0.6 |
| OPM % | 5.32 | 76.15 | 57.34 | 7.5 | -21.4 | 39.46 | 56.86 | 13.67 | -44.17 | 45.06 | 58.86 | -9.98 |
| Other Income | -6.62 | -1.01 | 0.05 | 0.3 | 1.74 | 0.02 | 0.11 | 0.34 | 1.83 | 0.01 | 0.19 | 1.85 |
| Interest | 0.43 | 1.31 | 1.87 | 0.66 | 0.44 | 0.43 | 0.56 | 0.42 | 0.53 | 0.27 | 2.38 | 0.18 |
| Depreciation | 0.03 | 2.06 | 4.43 | 0.3 | 0.32 | 1.04 | 4.51 | 0.74 | 1.09 | 2.42 | 3.61 | 0.84 |
| Profit before tax | -6.84 | 1.43 | 4.02 | 0.07 | 0.03 | 1.45 | 4.03 | -0.06 | -1.91 | 2.52 | 4.53 | 0.23 |
| Tax % | 264.62 | -22.38 | -23.13 | 200 | -2000 | -16.55 | -9.43 | 0 | 149.74 | -2.38 | -1.1 | -56.52 |
| Net Profit | -24.93 | 1.75 | 4.96 | -0.07 | 0.63 | 1.69 | 4.42 | -0.07 | -4.77 | 2.57 | 4.57 | 0.36 |
| EPS in Rs | -1.55 | 0.09 | 0.31 | 0 | 0.04 | 0.1 | 0.27 | 0 | -0.3 | 0.14 | 0.29 | 0.03 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2006 | Mar 2007 | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 2.04 | 2.71 | 3.33 | 2 | 1.79 | 0.01 | 0 | 0 | 0 |
| Expenses | 2.2 | 4.81 | 3.69 | 2.34 | 2.62 | 0.17 | 0.05 | 0.07 | 0.06 |
| Operating Profit | -0.16 | -2.1 | -0.36 | -0.34 | -0.83 | -0.16 | -0.05 | -0.07 | -0.06 |
| OPM % | -7.84 | -77.49 | -10.81 | -17 | -46.37 | -1600 | — | — | — |
| Other Income | 0.52 | 0.64 | 0.48 | -0.06 | 0.05 | 0.19 | 0.01 | 0.06 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0.32 | 0.27 | 0.19 | 0.2 | 0.17 | -0.01 | 0 | 0 | 0 |
| Profit before tax | 0.04 | -1.73 | -0.07 | -0.6 | -0.95 | 0.04 | -0.04 | -0.01 | -0.06 |
| Tax % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Profit | 0.04 | -1.73 | -0.07 | -0.6 | -0.95 | 0.04 | -0.04 | -0.01 | -0.06 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2006 | Mar 2007 | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 8.13 | 8.13 | 8.13 | 8.13 | 8.13 | 8.13 | 8.13 | 8.13 | 8.13 |
| Reserves | -14.42 | -16.71 | -16.8 | -17.41 | -18.38 | -18.35 | -18.39 | -18.4 | -18.46 |
| Borrowings | 13.09 | 10.76 | 10.62 | 10.71 | 10.92 | 11.13 | 11.24 | 11.55 | 11.59 |
| Other Liabilities | 1.17 | 1.04 | 1.14 | 1.43 | 1.83 | 1.51 | 1.6 | 1.15 | 1.14 |
| Total Liabilities | 7.97 | 3.22 | 3.09 | 2.86 | 2.5 | 2.42 | 2.58 | 2.43 | 2.4 |
| Fixed Assets | 7.4 | 2.59 | 2.6 | 2.43 | 2.3 | 2.25 | 2.26 | 2.26 | 2.26 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0.03 | 0.03 | 0.03 | 0.03 |
| Other Assets | 0.57 | 0.63 | 0.49 | 0.43 | 0.2 | 0.14 | 0.29 | 0.14 | 0.11 |
| Total Assets | 7.97 | 3.22 | 3.09 | 2.86 | 2.5 | 2.42 | 2.58 | 2.43 | 2.4 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2006 | Mar 2007 | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 0.34 | 0.58 | 0.31 | -0.03 | -0.21 | -0.24 | 0.1 | -0.47 | -0.06 |
| Cash from Investing Activity | -0.03 | 1.72 | -0.22 | -0.04 | -0.04 | 0.03 | -0.15 | 0.15 | 0 |
| Cash from Financing Activity | -0.33 | -2.26 | -0.13 | 0.08 | 0.22 | 0.2 | 0.11 | 0.32 | 0.03 |
| Net Cash Flow | -0.02 | 0.04 | -0.04 | 0.01 | -0.03 | -0.01 | 0.06 | 0 | -0.03 |
| Free Cash Flow | 0.31 | 2.3 | 0.09 | -0.07 | -0.25 | -0.22 | 0.1 | -0.47 | -0.06 |
| CFO/OP | -212 | -28 | -86 | 9 | 25 | 150 | -200 | 743 | 100 |

### Ratios

| Item | Mar 2006 | Mar 2007 | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 17.89 | 14.82 | 21.92 | 31.02 | 14.27 | 2190 | — | — | — |
| Inventory Days | 279.12 | 273.75 | 81.64 | 81.11 | 13.83 | 0 | — | — | — |
| Days Payable | 407.94 | 301.83 | 187.3 | 351.48 | 207.39 | — | — | — | — |
| Cash Conversion Cycle | -110.93 | -13.26 | -83.74 | -239.35 | -179.29 | 2190 | — | — | — |
| Working Capital Days | -110.93 | -63.3 | -73.44 | -187.98 | -332.37 | -52195 | — | — | — |
| ROCE % | — | -40.31 | -15.01 | -30.18 | -90.48 | 7.59 | -4.23 | -0.88 | -4.72 |

## Shareholding Pattern

### annual

| Category | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Dec 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 46.11% | 48.92% | 50.05% | 50.32% | 47.93% | 45.87% | 47.03% | 50.76% | 47.16% | 47.82% |
| FIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.02% | 0% |
| DIIs | 0.25% | 0.26% | 0.25% | 0% | 0% | 4.46% | 3.73% | 0% | 0% | 0% |
| Public | 53.64% | 50.83% | 49.7% | 49.67% | 52.07% | 49.68% | 49.24% | 49.24% | 52.82% | 52.18% |
| No. of Shareholders | 34715 | 32949 | 31313 | 30347 | 30753 | 65311 | 65983 | 79558 | 114672 | 108788 |

### Quarterly

| Category | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 47.03% | 47.03% | 50.76% | 50.76% | 50.76% | 50.76% | 47.17% | 47.16% | 47.16% | 47.16% | 47.16% | 47.82% |
| FIIs | 0% | 0% | 0.02% | 0% | 0% | 0.24% | 0.01% | 0.03% | 0.02% | 0.01% | 0.05% | 0% |
| DIIs | 3.73% | 3.73% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 49.24% | 49.24% | 49.21% | 49.24% | 49.24% | 49% | 52.84% | 52.82% | 52.82% | 52.84% | 52.78% | 52.18% |
| No. of Shareholders | 65983 | 65983 | 68059 | 71635 | 79558 | 86417 | 102185 | 109078 | 114672 | 112481 | 110335 | 108788 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 3 / 6 / 10

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 0.71 | Sell |
| EMA (10) | 0.69 | Sell |
| SMA (20) | 0.67 | Sell |
| EMA (20) | 0.68 | Sell |
| SMA (50) | 0.73 | Sell |
| EMA (50) | 0.69 | Sell |
| SMA (100) | 0.69 | Sell |
| EMA (100) | 0.68 | Sell |
| SMA (200) | 0.62 | Buy |
| EMA (200) | 0.63 | Buy |

### Oscillators — summary: **Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 46.49 | Neutral |
| MACD (12,26,9) | 0 | Sell |
| Stochastic (14,3,3) | 38.33 | Neutral |
| ADX (14) | 13.21 | Neutral |
| Williams %R (14) | -75 | Neutral |
| ATR (14) | 0.06 | High Volatility |
| ROC (12) | -7.14 | Sell |
| Stoch RSI (14) | 2.55 | Buy |
| UO (7,14,28) | 56.33 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 5 Feb - Q3 results; rights issue INR49.42cr; board approved authorized capital rise, overseas bond up to 70 million, borrowing increase to INR1,500cr. | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome 5 Feb - Q3 results; rights issue INR49.42cr; board approved authorized capital rise, overseas bond up to 70 million, borrowing increase to INR1,500cr.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/fa4ead4c-3a81-4144-9e62-97f569e1a269.pdf) |
| 30 Jan - Q3 & 9M FY26 earnings call rescheduled to 3:00 PM, 3 Feb 2026. | [Update To Earning Conference Call 30 Jan - Q3 & 9M FY26 earnings call rescheduled to 3:00 PM, 3 Feb 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/a3e45549-26b6-4fd6-a4e8-a37a123a9239.pdf) |
| 30 Jan - 9M FY26 EBITDA +29.4%; rights raised ₹49.42cr; proposes USD70m raise, ₹57.8cr Everon investment. | [Announcement under Regulation 30 (LODR)-Press Release / Media Release 30 Jan - 9M FY26 EBITDA +29.4%; rights raised ₹49.42cr; proposes USD70m raise, ₹57.8cr Everon investment.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/37712fd5-a233-4ef5-ab86-fe436deaafae.pdf) |
| 3 Feb - Indowind posted Q3 FY26 earnings-call audio for quarter and nine months ended Dec 31, 2025 on website. | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome 3 Feb - Indowind posted Q3 FY26 earnings-call audio for quarter and nine months ended Dec 31, 2025 on website.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/42927e01-0471-42fb-a989-251850805155.pdf) |
| 1h - Authorized share capital increased from Rs.175 Cr to Rs.275 Cr (17.5 crore to 27.5 crore shares), approved 05-Mar-2026. | [Announcement under Regulation 30 (LODR)-Amendments to Memorandum & Articles of Association 1h - Authorized share capital increased from Rs.175 Cr to Rs.275 Cr (17.5 crore to 27.5 crore shares), approved 05-Mar-2026.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/a592ae7d-9830-4d30-9966-cde23c0a83a8.pdf) |
| — | [Shareholder Meeting / Postal Ballot-Notice of Postal Ballot 3 Feb](https://www.bseindia.com/xml-data/corpfiling/AttachHis/51abecd8-e4f8-48de-93f9-f18ced3c35c6.pdf) |
| — | [Shareholder Meeting / Postal Ballot-Scrutinizer"s Report 1h](https://www.bseindia.com/xml-data/corpfiling/AttachLive/e8e4e5d7-337d-4462-a190-2863aaba9c5a.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Nov 2025 | [Concall - Nov 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/b6fb1fc7-b99a-47a3-b3af-dd3c71d81233.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Financial Year 2012 from nse](https://archives.nseindia.com/annual_reports/AR_2816_INDOWIND_2011_2012_31102013110004.zip) |
| from bse | [Financial Year 2025 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/6232a7a5-083f-4626-815d-c6b5aff35cf9.pdf) |
| from bse | [Financial Year 2024 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/55bbb5bf-fafa-422a-8508-86a883bbcc4a.pdf) |
| from bse | [Financial Year 2023 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/b70302d7-1594-4140-913f-e8e29293b999.pdf) |
| from bse | [Financial Year 2022 from bse](https://www.bseindia.com/bseplus/AnnualReport/532894/77044532894.pdf) |
| from bse | [Financial Year 2021 from bse](https://www.bseindia.com/bseplus/AnnualReport/532894/71790532894.pdf) |
| from bse | [Financial Year 2020 from bse](https://www.bseindia.com/bseplus/AnnualReport/532894/66875532894.pdf) |
| from bse | [Financial Year 2019 from bse](https://www.bseindia.com/bseplus/AnnualReport/532894/5328940319.pdf) |
| from bse | [Financial Year 2018 from bse](https://www.bseindia.com/bseplus/AnnualReport/532894/5328940318.pdf) |
| from bse | [Financial Year 2017 from bse](https://www.bseindia.com/bseplus/AnnualReport/532894/5328940317.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T18:58:24.806Z.