Voltas logo

Voltas

VOLTAS NSE

Key Fundamentals

SmallcapHousehold AppliancesConsumer Goods
Market Cap
₹34,968 Cr
P/E (TTM)
77.82
EBITDA
₹885 Cr
Return on Equity
5.78%
Debt to Equity
0.16
Book Value
₹192.70
EPS (TTM)
₹13.58
52W High
₹1,582.50
52W Low
₹1,040.60

Price-based figures as of 7 Oct 2026, 3:58 pm IST · EPS basis: Consolidated · TTM

Tapetide Score

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

Key Insights

Strengths

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

Weaknesses

3
  • Stock is trading at 5.51 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.

Growth Rate

Revenue Growth
-7.97% lower than 3Y
Net Income Growth
-55.65% lower than 3Y
Cash Flow Change
132% higher than 3Y
EBITDA Margin (Avg.)
-33.22% lower than 3Y

AI Analysis — Bull vs Bear

Figures as of 1 Oct 2026
AI opinion · based on fundamentals
Risk high

As of the 2026-10-01 close, Voltas Ltd traded at Rs 1053.2 with a market cap of Rs 34,848.78 Cr. That is a TTM P/E of 77.56 and 5.47x book value, with the price near its 52-week low of Rs 1040.6 and well below its 52-week high of Rs 1582.5. Balance sheet leverage is low (debt-to-equity of 0.16) and sales have compounded at 14% over 3 and 5 years. Recent profitability is weak, though: TTM profit growth is -28%, ROE is 5.78% and ROCE is 9.26%.

Bull Case 7
  • Sales have compounded at 14% annually over both 3 and 5 years, ahead of the 10-year sales CAGR of 10%, so medium-term top-line growth has picked up.
  • Debt-to-equity is low at 0.16. That leaves balance sheet room to fund capacity, working capital or a competitive downturn without much financial strain.
  • Profit has compounded at 17% over 3 years, faster than 3-year sales growth of 14%, which shows the business has delivered operating leverage in a recent multi-year period.
  • The company has kept a dividend payout of 45.0%, a sign of steady cash returns to shareholders even with earnings under pressure.
  • The price of Rs 1053.2 is only about 1.2% above the 52-week low of Rs 1040.6 and about 33% below the 52-week high of Rs 1582.5. Much of the recent earnings weakness may already be reflected in the price.
  • Over 10 years the stock has compounded at 10% annually, and ROE has averaged 10%, so the business has created value through past cycles.
  • TTM sales growth is still positive at 4% despite a 28% TTM profit decline. The pressure looks margin-driven rather than demand collapse, which could reverse if costs or competitive intensity ease.
Bear Case 7
  • The TTM P/E of 77.56 on EPS of Rs 13.58 is a rich multiple for a business whose TTM profit fell 28%. It leaves little room for further earnings disappointment.
  • ROE is low at 5.78% (about 6% last year, 8% over 3 and 5 years), and ROCE is 9.26%. Returns are likely below the cost of equity, which is hard to square with a 5.47x price-to-book multiple.
  • TTM compounded profit growth is -28% and 5-year profit CAGR is -6%. Long-term earnings growth is weak, with a 10-year profit CAGR of only 2% against 10% sales growth.
  • Earnings include other income of Rs 221 Cr, a meaningful share of reported profit. Core operating earnings may be weaker than headline EPS of Rs 13.58 suggests.
  • Stock returns have been poor: -23% over 1 year and -3% CAGR over 5 years. Investors have earned little over a half-decade.
  • TTM sales growth has slowed to 4%, well below the 14% 3-year and 5-year CAGRs. Demand or market-share momentum may be fading.
  • The dividend yield is only 0.37% even with a 45% payout, so shareholder income offers little valuation support at Rs 1053.2.

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

AI News Digest

18h ago
Headwinds 5
  • Input costs squeezing margins Sep 23

    Jefferies says costs are still rising because of the Middle East conflict, higher commodity prices and a weak rupee, even after 12% in price hikes so far in 2026 (7% for BEE ratings, 5% for commodities). Q1FY27 EBITDA margin was 5.7%, and PL Capital expects only 6.1% for FY27.

  • Nuvama cuts EPS estimates Sep 23

    Nuvama lowered its FY27E EPS estimate by 10% and FY28E by 9% to reflect margin pressure. Emkay Global also pointed to near-term pressure from more competition and volatile commodity prices.

  • Rich valuation, competition risk Sep 23

    PL Capital says the stock trades at 51x FY27E earnings and P/E is 81.4 on a trailing basis. If competition gets tougher, Voltas may need deeper discounts or have to reverse recent price hikes.

  • GST show-cause notice Sep 21

    GST authorities claim Voltas wrongly availed input tax credit and underpaid tax by ₹15.43 crore for FY23. A penalty of up to ₹14.79 crore could also apply.

  • RAC plants near full capacity Sep 23

    Both room AC plants are running close to full capacity. That leaves little room to improve margins through higher utilization until the backward integration projects scale up.

Positives 6
  • Market share lead widens Sep 23

    Voltas had 18.6% room AC market share at July exit, 6.5 percentage points ahead of the No. 2 player (HSBC). Year-to-date share is 17.5%, up from 16% a year ago.

  • Strong Q2 secondary sales Sep 23

    Q2 secondary sales grew 15-20% year on year, helped partly by a weak base (BofA). Channel inventory has come down to under 30 days, below the usual 4-6 weeks.

  • Brokerages see up to 34% upside Sep 23

    Jefferies rates it Buy with a ₹1,495 target and Emkay Global rates it Buy with ₹1,500, both implying about 33-34% upside. Nuvama upgraded to Hold from Reduce with ₹1,220, and Motilal Oswal expects 14%/46%/57% revenue/EBITDA/PAT CAGR over FY26-28.

  • Data centre and compressor JV Sep 23

    The data centre MEP order book stands at ₹200 crore, handled by a new dedicated vertical, with projects taking 8-12 months to execute. The 50:50 compressor JV with Atomberg will need ₹200-240 crore and targets bulk production in Q4FY28, with 15-20% of output used in-house.

  • Share buyback announced Sep 21

    Voltas proposes to buy back up to 59.37 lakh shares at a maximum ₹475 each (about ₹282 crore), funded from internal accruals. That price is well below the ₹1,063-1,289 trading range, so check the terms in the exchange filing before relying on this item.

  • Premium mix, valuation below average Sep 23

    The premium Vertis brand makes up 47% of sales. After the price correction, P/E is about 10% below the five-year average, and Emkay values the stock at 2.2x implied UCP P/S.

Neutral 3
  • Industry-wide 5-8% price hike Sep 28

    Voltas, Blue Star, Havells and Whirlpool plan to raise prices on ACs, TVs and washing machines by 5-8% from October 1. This could protect margins but may hurt demand in the off-season.

  • ₹83.95 crore block trade Oct 6

    About 7.89 lakh shares changed hands on NSE at ₹1,063.40 per share. That price is about 17% below the ₹1,288.7 cited in late September and under the ₹1,090.8 52-week low.

  • Analyst and investor meets held Sep 17

    Voltas scheduled a group institutional analyst meet and two one-on-one investor meetings for September 22, 2026, as required under SEBI LODR. Management used the meets to say it is putting growth ahead of margins.

TL;DR: Voltas is doing well on its core business: room AC market share is 18.6%, Q2 secondary sales rose 15-20%, channel inventory is lean, and new revenue is building from data centres and the Atomberg compressor JV. The main risk is profitability: EBITDA margin was 5.7% even after 12% in price hikes, Nuvama cut EPS estimates by 9-10%, and the stock still trades at 51x FY27E earnings. The stock's slide to about ₹1,063 in the October 6 block trade, below its stated 52-week low, suggests the market is focusing on margin risk more than share gains. The next signals to watch are September primary sales data and whether the October 1 price hikes hold up without losing market share.

Quarterly Results

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 in Rs
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
Figures in ₹ Crores

Profit & Loss

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 in Rs
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%
—
Figures in ₹ Crores

Balance Sheet

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
Figures in ₹ Crores

Cash Flow

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
Figures in ₹ Crores

Ratios

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

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Shareholding Pattern

Others3.15%Govt.0.11%DIIs38.94%Public10.56%FIIs16.94%Promot.30.30%As ofJun 2026

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 market capitalisation of Voltas Ltd?
Voltas Ltd has a market capitalisation of ₹34,968 Cr as of 7 Oct 2026, which places it in the Large Cap band.
What is the PE ratio of Voltas Ltd?
Voltas Ltd trades at a PE ratio of 77.82 as of 7 Oct 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 ₹1,040.6 and ₹1,582.5 as of 7 Oct 2026.
Does Voltas Ltd pay dividends?
Voltas Ltd has a dividend yield of 0.37%.
What is the Return on Equity (ROE) of Voltas Ltd?
Voltas Ltd reported a return on equity of 5.78%. 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. [1] The company has 5,000+ Customer sites actively managed across India [2]

Website voltas.com
CEO Mr. Mukundan C. P. Menon
Employees 1,912
Listed 1994-11-07
Face Value ₹ 1
Shares Outstanding 33,08,84,740

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