Voltas logo

Voltas

VOLTAS NSE

Key Fundamentals

SmallcapHousehold AppliancesConsumer Goods
Market Cap
₹35,352 Cr
Volatility
Moderate
P/E Ratio
77.56
EBITDA
₹885 Cr
Return on Equity
5.78%
Debt to Equity
0.16
Book Value
₹192.7
EPS
₹13.81
52W High
₹1,582.5
52W Low
₹1,066

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 5.47 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
ROE
-54.7% lower than 3Y
ROCE
-47.18% lower than 3Y
EBITDA Margin (Avg.)
-33.22% lower than 3Y

AI Analysis — Bull vs Bear

6d ago
AI opinion · based on fundamentals
Risk high

Voltas Ltd has a market capitalisation of about Rs.36,904 Cr and trades at a P/E of 83.6x and a P/B of 5.8x. Sales have compounded at 14% over 3 and 5 years, but TTM profit fell 28% while TTM sales grew only 4%. ROE has stayed in single digits: 8% over 3 and 5 years and 6% in the last year. The stock has returned -17% over 1 year and 9% CAGR over 3 years.

Bull Case 7
  • Revenue has compounded at 14% over both 3 and 5 years, ahead of its 10-year sales CAGR of 10%. That points to faster top-line growth recently.
  • Profit grew at a 17% CAGR over 3 years, faster than 3-year sales growth of 14%. This shows operating leverage in the medium-term recovery.
  • The company keeps a dividend payout of about 45%, giving a dividend yield of 0.36%. This suggests a consistent capital return policy.
  • A market cap of about Rs.36,904 Cr makes Voltas a large, established name in consumer durables. That scale supports its distribution reach and brand position in cooling products.
  • The stock has delivered an 11% CAGR over 10 years. Long-term holders have seen returns through multiple business cycles.
  • Other income of Rs.221 Cr gives the company a financial cushion. It indicates a sizeable treasury or investment base that adds balance-sheet flexibility.
  • ROE has averaged 10% over 10 years, above recent 3-year levels of 8%. If margins normalise, returns have room to move back toward the historical average.
Bear Case 7
  • The P/E of 83.6x is a steep valuation for a company whose TTM profit has fallen 28%. That leaves little room for further earnings disappointment.
  • ROE was 8.03% over 3 years and 6% last year, which is low relative to a P/B of 5.8x. The premium to book value is not backed by current returns on equity.
  • TTM profit growth is -28%, while TTM sales growth has slowed to 4% from a 3-year CAGR of 14%. Both top-line momentum and margins have weakened.
  • 5-year profit CAGR is -6% and 10-year profit CAGR is only 2%, even though 10-year sales CAGR is 10%. Revenue growth has not turned into long-term earnings growth.
  • Other income of Rs.221 Cr makes up a meaningful share of reported earnings. The quality of core operating profit may be weaker than headline numbers suggest.
  • The stock has returned -17% over 1 year and -2% CAGR over 5 years. It has underperformed over both short and medium horizons.
  • The dividend yield is only 0.36%, which gives little income support at current valuations even with a 45% payout.

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

AI News Digest

5m ago
Headwinds 5
  • Margins squeezed by input costs Sep 23

    Q1FY27 EBITDA margin was 5.7%, and Jefferies says costs are still rising from the Middle East conflict, commodity inflation and a weak rupee, despite about 12% in price hikes so far in 2026 (7% for BEE ratings, 5% for commodities). Management is putting market share and absolute profit ahead of margins in the near term.

  • Nuvama cuts EPS estimates Sep 23

    Nuvama cut its FY27E and FY28E EPS estimates by 10% and 9% to reflect margin headwinds. Emkay also flagged near-term pressure from rising competition and commodity price swings.

  • Rich valuation, competition risk Sep 23

    PL Capital says the stock trades at 51x FY27E earnings, which looks expensive (trailing P/E is 81.4). If competition intensifies, Voltas may need deeper discounts or to roll back recent price hikes.

  • GST notice of ₹15.43 Cr Sep 21

    GST authorities issued a show cause notice for FY23, alleging wrongful input tax credit and ₹15.43 crore in short tax payment, plus a possible ₹14.79 crore penalty. The combined ~₹30 crore exposure is small relative to the ₹36,546 crore market cap.

  • RAC plants near full capacity Sep 23

    Both room AC plants are running near full capacity, so there is little room to expand margins through higher utilisation. A gradual recovery to 6.1% EBITDA margin is expected for FY27 (PL Capital).

Positives 7
  • Market share lead widens Sep 23

    Voltas held 18.6% RAC market share at July exit, 6.5 percentage points ahead of the No. 2 player (HSBC). YTD share is 17.5% vs 16% a year earlier, and secondary sales grew 15-20% YoY in Q2.

  • Channel inventory normalised Sep 23

    Channel inventory is below 30 days, compared with the usual 4-6 weeks, after the company cleared excess stock. The premium Vertis brand now makes up 47% of sales, improving the product mix.

  • Brokerages mostly constructive Sep 23

    Emkay (Buy, ₹1,500, 34% upside) and Jefferies (Buy, ₹1,495, 33%+ upside) are bullish. Nuvama upgraded to Hold (₹1,220), and Motilal Oswal sees revenue/EBITDA/PAT CAGR of 14%/46%/57% over FY26-28.

  • Data centre order book ₹200 Cr Sep 23

    A dedicated data centre vertical has a ₹200 crore MEP order book and a good pipeline, with projects executed in 8-12 months. Two projects are underway and bids are out for several more.

  • Atomberg compressor JV for integration Sep 23

    The 50:50 compressor JV with Atomberg will need ₹200-240 crore of investment, with bulk production targeted for Q4FY28. About 15-20% of output will be captive, and the rest will be sold to third parties.

  • Share buyback announced Sep 21

    Voltas proposes to buy back up to 59.37 lakh shares at up to ₹475 each (about ₹282 crore), funded from internal accruals. Note that ₹475 is about 63% below the ₹1,288.7 market price, which makes a tender buyback unattractive to shareholders, so the terms should be checked against the exchange filing.

  • Valuation below 5-year average Sep 23

    After the correction, the P/E is about 10% below its five-year average, with the stock at ₹1,288.7 vs a 52-week range of ₹1,090.8-₹1,582.5. The stock is up 0.97% over the past year while the Sensex is down 3.05%.

Neutral 2
  • 5-8% price hike from Oct 1 Sep 28

    Voltas, Blue Star, Havells and Whirlpool plan to raise prices of ACs, TVs and washing machines by 5-8% from October 1. This could protect margins but may hurt demand, since affordability is already a stated constraint.

  • Analyst and investor meets Sep 22 Sep 17

    Voltas held a group institutional analyst meet and two one-on-one investor meetings on September 22, 2026, as required under SEBI LODR. Management used these to lay out its growth-over-margins strategy.

TL;DR: Voltas is executing well on demand. RAC market share is 18.6% with a 6.5pp lead, Q2 secondary sales grew 15-20%, channel inventory is lean, and new growth areas are taking shape in data centres and the Atomberg compressor JV. The main risk is margins: EBITDA margin is 5.7%, input costs keep rising despite about 12% in price hikes, Nuvama has cut EPS estimates by 10%, and competition could force discounts at a still-rich 51x FY27E valuation. Business momentum is improving while profitability is under pressure, and the buyback's ₹475 price looks odd against the market price and needs checking. The October 1 price hike and its effect on Q3 demand and margin recovery toward about 6.1% will be the key things to watch.

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 ₹35,352 Cr, which places it in the Large Cap band.
What is the PE ratio of Voltas Ltd?
Voltas Ltd trades at a PE ratio of 77.56, on earnings per share of ₹13.81, 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 ₹1,066 and ₹1,582.5.
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
Issued Size 33,08,84,740

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