Overview

Detailed Summary

Voltas Limited, established under the Tata Group, leads India in cooling products, offering a range of ACs, air coolers, and engineering solutions.
The company faced macroeconomic challenges in 2025, yet maintained leadership in room air conditioners with a 17.9% market share through strategic network expansions.
Recent financials showed a decrease, recording a total income of ₹3,120 crores in Q3FY26, down from last year's ₹3,164 crores, impacted by global uncertainties.
Voltas positions itself as a year-round consumer durables company with investments in diversified products, focusing on energy-efficient and locally manufactured home appliances.
Its Electro Mechanical Projects and Services segment demonstrated strength with a robust order book exceeding ₹6,100 crores, suggesting sustained market demand and future growth potential.

Sector: Consumer Durables
Industry: Household Appliances
Market Cap: 47,135 Cr
Volatility: High Risk
P/E Ratio: 94.1
Industry P/E: 50.9
PEG Ratio: 2.4
P/B Ratio: 7.7
52W High: 1,582.00
52W Low: 1,172.20

Sales CAGR

1Y: 23.49%
3Y: 16.75%
5Y: 9.40%
10Y: 9.06%

Profit CAGR

1Y: 236.25%
3Y: 10.01%
5Y: 5.47%
10Y: 9.28%

ROE

TTM: 8.60%
3Y: 6.87%
5Y: 7.93%
10Y: 10.12%

ROCE

TTM: 10.53%
3Y: 11.17%
5Y: 12.00%
10Y: 14.68%

Technicals

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Peers

Consumer Discretionary Consumer Durables Consumer Durables Household Appliances

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
VOLTAS		1235.80	48,774 Cr	97.41	7.66	0.47	8.60	10.53	3.82
BLUESTARCO		1816.35	37,778 Cr	76.43	12.14	0.49	17.55	18.66	6.25
AMBER		6435.00	28,455 Cr	178.02	7.80	0.00	6.11	8.65	2.00
CROMPTON		231.15	17,772 Cr	38.53	5.23	1.09	13.91	19.05	7.86
VGUARD		322.80	14,574 Cr	50.72	6.65	0.45	13.26	16.88	8.61
WHIRLPOOL		820.80	12,599 Cr	37.86	3.09	0.50	8.59	11.96	5.12
EUREKAFORB		483.85	9,803 Cr	60.85	2.17	0.00	4.12	5.34	2.37
Median: 7 Co.	—	820.80	17,772 Cr	60.85	6.65	0.47	8.60	11.96	5.12

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	2,293	2,626	4,203	4,921	2,619	3,105	4,768	3,939	2,347	3,071
Expenses	2,222	2,597	4,012	4,497	2,457	2,908	4,435	3,760	2,277	2,893
Operating Profit	70	28	191	424	162	197	333	179	70	177
OPM %	3.06	1.08	4.53	8.61	6.19	6.36	6.98	4.53	3.00	5.77
Other Income	38	22	16	51	73	27	48	56	28	-9.81
Interest	11	14	21	9.75	14	16	23	14	20	31
Depreciation	12	13	12	13	16	18	14	18	24	21
Profit Before Tax	85	24	174	452	205	191	343	203	54	116
Tax %	58.04	215.72	36.44	25.81	35.34	31.41	31.32	30.64	41.80	27.05
Net Profit	36	-28	111	335	133	131	236	141	32	84
EPS in Rs	1.11	-0.92	3.52	10.10	4.05	3.99	7.28	4.25	1.03	2.57

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	6,095	6,428	7,124	7,658	7,556	7,934	9,499	12,481	15,413	14,430
Expenses	5,466	5,742	6,512	6,971	6,914	7,253	8,926	12,007	14,297	13,559
Operating Profit	629	686	612	687	641	682	572	475	1,116	871
OPM %	10.32	10.67	8.59	8.97	8.49	8.59	6.03	3.80	7.24	6.04
Other Income	194	179	123	111	128	79	-196	115	198	204
Interest	16	12	33	21	26	26	30	56	62	66
Depreciation	24	24	24	32	34	37	40	48	62	67
Profit Before Tax	720	805	677	744	709	697	307	486	1,191	942
Tax %	27.82	28.20	24.14	30.00	25.44	27.43	55.65	48.93	29.94	32.07
Net Profit	520	578	514	521	529	506	136	248	834	640
EPS in Rs	15.63	17.30	15.36	15.64	15.87	15.23	4.08	7.62	25.42	15.13
Dividend Payout %	22.38	23.12	26.06	25.59	31.51	36.11	110.29	72.18	27.53	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	33	33	33	33	33	33	33	33	33	33
Reserves	2,778	3,274	3,872	4,077	4,247	4,960	5,466	5,419	5,787	6,480
Borrowings	271	171	142	315	219	261	361	651	744	892
Other Liabilities	2,797	3,002	3,262	3,097	3,657	3,402	3,886	4,176	5,472	5,747
Total Liabilities	5,879	6,480	7,310	7,522	8,156	8,655	9,746	10,279	12,036	13,152
Fixed Assets	276	254	252	297	335	332	330	475	503	930
CWIP	1.29	0.55	4.08	16	26	8.81	59	98	368	82
Investments	1,975	2,314	2,798	2,432	2,389	3,102	3,669	3,158	3,553	3,287
Other Assets	3,627	3,911	4,255	4,777	5,406	5,212	5,688	6,547	7,612	8,853
Total Assets	5,879	6,480	7,310	7,522	8,156	8,655	9,746	10,279	12,036	13,152

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	219	428	325	-321	462	556	584	159	762	-224
Cash from Investing Activity	-315	-73	-199	393	-210	-256	-365	-82	-522	158
Cash from Financing Activity	48	-211	-181	-18	-294	-122	-107	55	-116	-100
Net Cash Flow	-47	143	-55	53	-42	179	113	133	123	-166

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 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%
FIIs	19.08%	17.83%	17.17%	14.71%	15.08%	18.08%	21.31%	21.96%	21.16%	20.26%	18.41%	18.45%
DIIs	33.85%	36.03%	37.21%	40.59%	40.41%	37.46%	34.61%	33.21%	33.36%	35.83%	37.89%	38.40%
Public	16.78%	15.84%	15.31%	14.40%	14.21%	14.16%	13.78%	14.53%	15.17%	13.62%	13.40%	12.86%
Total Shareholders	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

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Documents

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Investor Presentation

Q1 FY26

Investor Presentation

Q4 FY25

Investor Presentation

Q3 FY25

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Q1 FY25

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