Voltas Ltd logo

Voltas Ltd

VOLTAS NSE

Key Fundamentals

MidcapHousehold AppliancesConsumer Goods
Market Cap
₹43,677 Cr
Volatility
Moderate
P/E Ratio
114.65
EBITDA
₹885 Cr
Return on Equity
4.24%
Debt to Equity
0.15
Book Value
₹192.7
EPS
₹13.81
52W High
₹1,582.5
52W Low
₹1,186.8

Technical Indicators

Key Insights

Strengths

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

Weaknesses

3
  • Stock is trading at 6.80 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.212 Cr.

Growth Rate

Revenue Growth
-7.97% ↘
Net Income Growth
-55.65% ↘
Cash Flow Change
131.52% ↗
ROE
-54.70% ↘
ROCE
-47.18% ↘
EBITDA Margin (Avg.)
-33.22% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
AI opinion · based on fundamentals
Risk high
HOLD Worth holding, not adding Conviction 4/10

Voltas trades at a PE of 121.4x with TTM profit declining 52%, making current valuations hard to justify despite its strong brand and 14% sales CAGR over 3-5 years. The stock deserves a HOLD given its market leadership in cooling products but investors should wait for earnings recovery before adding positions.

Bull Case 7
  • Market leader in room ACs with a market cap of Rs.44,464 Cr, reflecting strong brand equity and distribution moat in India's underpenetrated cooling market
  • Compounded sales growth of 14% over both 3-year and 5-year periods demonstrates consistent top-line expansion capability
  • Healthy dividend payout ratio of 45.0% signals management confidence in cash flow generation and shareholder-friendly capital allocation
  • 10-year stock CAGR of 15% shows long-term wealth creation track record for patient investors
  • 3-year stock CAGR of 20% outperforms broader market indices, indicating sustained investor confidence
  • 10-year compounded sales growth of 10% demonstrates structural demand tailwinds from rising temperatures and increasing AC penetration in India
  • 37.14% of analysts (13 out of 35) maintain a Buy rating, reflecting some institutional conviction in the growth story
Bear Case 8
  • PE ratio of 121.4x is extremely elevated, pricing in years of flawless execution with minimal margin of safety
  • TTM compounded profit has declined 52%, indicating severe earnings deterioration that contradicts the premium valuation
  • 5-year compounded profit growth is negative at -6%, showing the company has struggled to translate revenue growth into sustainable earnings
  • ROE of just 6% last year and 8% 3-year average is well below cost of equity, indicating poor capital efficiency
  • Stock trades at 6.97x book value despite delivering sub-par return on equity of 8.03% over 3 years — a classic value trap signal
  • Other income of Rs.212 Cr inflates reported earnings, masking weaker operating performance from core business
  • TTM sales growth is negative at -8%, raising concerns about demand slowdown or market share loss in recent quarters
  • Only 0.29% dividend yield offers negligible income cushion while investors wait for earnings recovery at current price levels

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

AI News Digest

Anthropic anthropic claude-opus-4.6 15h ago
Headwinds 2
  • ₹16.36L GST penalty imposed Jun 10

    Voltas received a ₹16.36 lakh penalty from Uttarakhand tax authorities for E-Way Bill expiry. The company plans to appeal the order.

  • Margin outlook lacks specific targets Jun 10

    Voltas stated FY27 margin improvement depends on cost efficiency and pricing discipline but disclosed no quantitative targets, leaving profitability trajectory uncertain.

Positives 2
  • 1 million AC sales milestone Jun 20

    Voltas sold 1 million ACs in FY26-27, achieving the landmark in record time driven by product innovation and market expansion.

  • ₹4 per share dividend declared Jun 6

    Voltas announced a ₹4 per share dividend for FY26 and scheduled its 72nd AGM for June 30, 2026.

Neutral 5
  • Trading window closed for Q1FY27 Jun 23

    Voltas shut its trading window from June 24, 2026, until 48 hours after Q1FY27 results are declared to prevent insider trading.

  • New Head IT & Digital appointed Jun 15

    Vishal Gupta appointed as Head - IT & Digital effective June 15, 2026, bringing over 24 years of experience.

  • BRSR filed with net-zero targets Jun 6

    Voltas filed its FY26 Business Responsibility and Sustainability Report, targeting net-zero by 2045 and zero waste to landfill by 2030.

  • Investor conference participation Jun 3 May 28

    Voltas confirmed participation in investor meets on June 3, 2026, including group and one-on-one sessions.

  • IEPF share transfer warning issued May 25

    Voltas alerted shareholders about unclaimed dividend share transfers to IEPF by October 2026, with a physical share transfer window open until February 2027.

TL;DR: Voltas is executing well on its core AC business, hitting the 1 million sales milestone in record time for FY26-27, reinforcing its market leadership in cooling products. The GST penalty is minor at ₹16.36 lakh and unlikely to materially impact financials. Margin improvement guidance remains qualitative without hard targets, which adds some uncertainty. Overall, the trend is positive with strong volume growth, though investors should watch for margin delivery in upcoming quarters.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
2,957
3,360
2,293
2,626
4,203
4,921
2,619
3,105
4,768
3,939
2,347
3,071
4,888
Expenses
2,767
3,206
2,256
2,633
4,051
4,527
2,489
2,940
4,467
3,786
2,313
2,926
4,703
Operating Profit
190
154
37
-8
152
394
130
165
301
153
34
145
185
OPM %
6%
5%
2%
0%
4%
8%
5%
5%
6%
4%
1%
5%
4%
Other Income
47
70
71
58
54
80
105
59
80
82
65
22
43
Interest
12
10
11
14
21
10
14
16
23
14
20
31
22
Depreciation
10
11
12
13
12
13
16
18
14
18
24
21
21
PBT
214
203
85
24
174
452
205
191
343
203
54
116
184
Tax %
33%
36%
58%
216%
36%
26%
35%
31%
31%
31%
42%
27%
39%
Net Profit
143
129
36
-28
111
335
133
131
236
141
32
84
113
EPS in Rs
4.35
3.91
1.11
-0.92
3.52
10.1
4.05
3.99
7.28
4.24
1.04
2.57
3.51
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
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
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
Operating Profit
411
344
549
663
560
618
580
572
454
336
990
516
OPM %
8%
6%
9%
10%
8%
8%
8%
7%
5%
3%
6%
4%
Other Income
154
261
212
178
174
179
189
188
-77
253
324
212
Interest
23
16
16
12
33
21
26
26
30
56
62
87
Depreciation
28
26
24
24
24
32
34
37
40
48
62
84
PBT
514
563
720
805
677
744
709
697
307
486
1,191
557
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
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
Div. Payout %
19%
22%
22%
23%
26%
26%
32%
36%
104%
72%
28%
35%
Figures in ₹ Crores

Balance Sheet

  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

  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

  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%

Shareholding Pattern

As of Mar 2026
DIIs 38.40%
Promoters 30.30%
FIIs 18.45%
Public 10.15%
Others 2.71%
Total 100.01%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
30.30%
30.30%
30.30%
30.30%
30.30%
30.30%
30.30%
30.30%
30.30%
30.30%
30.30%
30.30%
30.30%
30.30%
30.30%
30.30%
30.30%
30.30%
30.30%
30.30%
30.30%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
14.71%
15.08%
18.08%
21.31%
21.96%
21.16%
20.26%
18.41%
18.45%
DIIs
36.28%
33.28%
31.24%
29.38%
27.42%
29.15%
28.02%
31.67%
33.37%
31.52%
36.03%
35.89%
40.59%
40.41%
37.46%
34.61%
33.21%
33.36%
35.83%
37.89%
38.40%
Government
0.24%
0.24%
0.24%
0.21%
0.21%
0.21%
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%
0.00%
0.00%
Public
13.90%
12.90%
11.95%
11.76%
11.67%
11.72%
12.57%
13.37%
12.65%
13.93%
12.92%
12.39%
11.66%
11.37%
10.84%
10.82%
11.40%
11.86%
10.73%
10.45%
10.15%
Others
19.28%
23.29%
26.27%
28.35%
30.41%
28.63%
29.11%
24.66%
23.68%
24.26%
20.75%
21.42%
2.74%
2.84%
3.31%
2.97%
3.14%
3.31%
2.89%
2.95%
2.71%
No. of Shareholders
1,50,995
1,58,989
1,47,941
1,56,788
1,71,620
1,96,519
2,24,218
2,61,501
2,73,047
2,99,270
2,80,942
2,61,009
2,41,794
2,47,775
2,35,015
2,39,130
2,85,642
3,21,348
2,84,355
2,68,704
2,60,008

Documents

Frequently Asked Questions about Voltas Ltd

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 is listed on the Indian stock exchanges. It is listed on NSE: VOLTAS and BSE: 500575. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Voltas Ltd belong to?
Voltas Ltd operates in the Consumer Discretionary sector within the Consumer Durables industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Voltas Ltd?
Voltas Ltd has a market capitalisation of approximately ₹43676.79 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Voltas Ltd?
The Price-to-Earnings (PE) ratio of Voltas Ltd is 114.65. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Voltas Ltd?
Over the past 52 weeks, Voltas Ltd has traded between a low of ₹1,186.8 and a high of ₹1,582.5. This range helps investors understand the stock's price volatility and recent trading levels.
Does Voltas Ltd pay dividends?
Yes, Voltas Ltd has a dividend yield of 0.31%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Voltas Ltd?
Voltas Ltd has a Return on Equity (ROE) of 4.24%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Voltas Ltd on Tapetide?
On Tapetide, you can view Voltas Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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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