Voltas Ltd

VOLTAS

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Market Cap

₹ 45,967 Cr

P/E

83.89

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Performance

STEADY PERFORMER

Valuation

OVERVALUED

Growth

STABLE

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Overview

Detailed Summary

Voltas Limited is a leading Indian air conditioning and engineering services company, part of the Tata Group. Its business spans unitary cooling products, electro-mechanical projects, and engineering services.

The company maintains a robust and diversified order book exceeding ₹6,200 crores, highlighting its consistent revenue visibility and market confidence.

Amid challenging economic conditions, Voltas has sustained its market leadership in cooling products, growing its market share sequentially from 16.0% in Q4FY25 to 18.5% in Q2FY26.

Voltbek, a joint venture with Ardutch B.V., marks a strategic expansion into the home appliances sector, contributing significantly to Voltas' diversification strategy.

Recent GST reductions and upcoming energy efficiency transitions are expected to enhance consumer demand and drive significant growth in Voltas' product offerings.

Sector

Consumer Durables

Industry

Air-conditioners

Market Cap

45,967 Cr

Volatility

Low Risk

P/E Ratio

83.9

Industry P/E

76.9

PEG Ratio

2.6

P/B Ratio

7.2

52W High

1,859.65

52W Low

1,135.55

Sales CAGR

23.49%

16.75%

9.40%

10Y

9.06%

Profit CAGR

236.25%

10.01%

5.47%

10Y

9.28%

ROE

TTM

8.60%

6.87%

7.93%

10Y

10.12%

ROCE

TTM

10.53%

11.17%

12.00%

10Y

14.68%

Technicals

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Forecasts

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Hold

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
VOLTAS	1388.20	45,967 Cr	83.89	7.22	0.50	8.60	10.53	4.18
BLUESTARCO	1815.50	37,141 Cr	69.18	11.94	0.50	17.55	18.66	6.91
KAYNES	4185.40	28,148 Cr	74.33	6.01	0.00	8.09	10.39	5.62
AMBER	6770.40	23,911 Cr	107.25	6.56	0.00	6.11	8.65	2.51
CROMPTON	252.80	16,291 Cr	33.42	4.79	1.19	13.91	19.05	8.05
PGEL	571.00	16,130 Cr	63.38	5.56	0.04	8.77	12.23	5.48
EUREKAFORB	641.30	12,604 Cr	68.03	2.79	0.00	4.12	5.34	2.74

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	3,360	2,293	2,626	4,203	4,921	2,619	3,105	4,768	3,939	2,347
Expenses	3,175	2,222	2,597	4,012	4,497	2,457	2,908	4,435	3,760	2,277
Operating Profit	185	70	28	191	424	162	197	333	179	70
OPM %	5.52	3.06	1.08	4.53	8.61	6.19	6.36	6.98	4.53	3.00
Other Income	39	38	22	16	51	73	27	48	56	28
Interest	10	11	14	21	9.75	14	16	23	14	20
Depreciation	11	12	13	12	13	16	18	14	18	24
Profit Before Tax	203	85	24	174	452	205	191	343	203	54
Tax %	36.22	58.04	215.72	36.44	25.81	35.34	31.41	31.32	30.64	41.80
Net Profit	129	36	-28	111	335	133	131	236	141	32
EPS in Rs	3.91	1.11	-0.92	3.52	10.10	4.05	3.99	7.28	4.25	1.03

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	16.55
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

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
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	21.58%	20.57%	19.08%	17.83%	17.17%	14.71%	15.08%	18.08%	21.31%	21.96%	21.16%	20.26%
DIIs	31.67%	33.37%	33.85%	36.03%	37.21%	40.59%	40.41%	37.46%	34.61%	33.21%	33.36%	35.83%
Public	16.45%	15.76%	16.78%	15.84%	15.31%	14.40%	14.21%	14.16%	13.78%	14.53%	15.17%	13.62%
Total Shareholders	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

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Nov 25, 2024	Ubs principal capital asia li...	Bulk	Sell	1,642.67	635.38 Cr	38,67,983	1.16

Projection

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Announcements

Last 7 days

Newest

Sentiment

Analyst/Investor Meet

1 day ago

Analyst/Investor Meetings Scheduled

Three one-on-one and one group meetings with analysts are set for December 18, 2025, followed by two one-on-one meetings on December 19, 2025.

Regulatory Filing

4 days ago

Update on GST Tax Demand Reduction

Voltas Limited has announced a reduction of the GST tax demand from ₹31.77 crores to ₹0.14 lakhs following an order from the Commissionerate.

Regulatory Filing

4 days ago

GST Order Received by Voltas

Voltas Limited has received a GST order demanding ₹ 22.87 Lakhs for alleged excess ISD credit for FY 2018-19, with no material impact on its operations.

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q1 FY26

Investor Presentation

Q4 FY25

Investor Presentation

Q3 FY25

Investor Presentation

Q1 FY25

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Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	3,360	2,293	2,626	4,203	4,921	2,619	3,105	4,768	3,939	2,347
Expenses	3,175	2,222	2,597	4,012	4,497	2,457	2,908	4,435	3,760	2,277
Operating Profit	185	70	28	191	424	162	197	333	179	70
OPM %	5.52	3.06	1.08	4.53	8.61	6.19	6.36	6.98	4.53	3.00
Other Income	39	38	22	16	51	73	27	48	56	28
Interest	10	11	14	21	9.75	14	16	23	14	20
Depreciation	11	12	13	12	13	16	18	14	18	24
Profit Before Tax	203	85	24	174	452	205	191	343	203	54
Tax %	36.22	58.04	215.72	36.44	25.81	35.34	31.41	31.32	30.64	41.80
Net Profit	129	36	-28	111	335	133	131	236	141	32
EPS in Rs	3.91	1.11	-0.92	3.52	10.10	4.05	3.99	7.28	4.25	1.03

Consolidated Profit Loss (in ₹ Crores)

View Standalone

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	16.55
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)

View Standalone

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)

View Standalone

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

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
VOLTAS	1388.20	45,967 Cr	83.89	7.22	0.50	8.60	10.53	4.18
BLUESTARCO	1815.50	37,141 Cr	69.18	11.94	0.50	17.55	18.66	6.91
KAYNES	4185.40	28,148 Cr	74.33	6.01	0.00	8.09	10.39	5.62
AMBER	6770.40	23,911 Cr	107.25	6.56	0.00	6.11	8.65	2.51
CROMPTON	252.80	16,291 Cr	33.42	4.79	1.19	13.91	19.05	8.05
PGEL	571.00	16,130 Cr	63.38	5.56	0.04	8.77	12.23	5.48
EUREKAFORB	641.30	12,604 Cr	68.03	2.79	0.00	4.12	5.34	2.74

Overview

Detailed Summary

The company maintains a robust and diversified order book exceeding ₹6,200 crores, highlighting its consistent revenue visibility and market confidence.

Amid challenging economic conditions, Voltas has sustained its market leadership in cooling products, growing its market share sequentially from 16.0% in Q4FY25 to 18.5% in Q2FY26.

Voltbek, a joint venture with Ardutch B.V., marks a strategic expansion into the home appliances sector, contributing significantly to Voltas' diversification strategy.

Recent GST reductions and upcoming energy efficiency transitions are expected to enhance consumer demand and drive significant growth in Voltas' product offerings.

Sector

Consumer Durables

Industry

Air-conditioners

Market Cap

45,967 Cr

Volatility

Low Risk

P/E Ratio

83.9

Industry P/E

76.9

PEG Ratio

2.6

P/B Ratio

7.2

52W High

1,859.65

52W Low

1,135.55

Sales CAGR

23.49%

16.75%

9.40%

10Y

9.06%

Profit CAGR

236.25%

10.01%

5.47%

10Y

9.28%

ROE

TTM

8.60%

6.87%

7.93%

10Y

10.12%

ROCE

TTM

10.53%

11.17%

12.00%

10Y

14.68%

Voltas Ltd

Voltas Ltd

VOLTAS

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Consolidated Quarterly Results (in ₹ Crores)

Consolidated Profit Loss (in ₹ Crores)

Consolidated Balance Sheet (in ₹ Crores)

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Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

Consolidated Profit Loss (in ₹ Crores)

Consolidated Balance Sheet (in ₹ Crores)

Consolidated Cash Flows (in ₹ Crores)

Shareholdings

Shareholding History

Market Transactions

Documents

Oscillators

Neutral

Overall

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Moving Averages

Bearish

Overall

Bearish

Voltas Ltd

VOLTAS

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