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Voltas Ltd

₹ 1,410-2.07%
16 Jan 3:40 p.m. – close price
🔗voltas.com•BSE: 500575•NSE: VOLTAS
Market Cap₹ 46,645 Cr.
Current Price₹ 1,410
High / Low₹ 1,616
Stock P/E86.4
Book Value₹ 243
Dividend Yield0.49 %
ROCE12.7 %
ROE9.79 %
Face Value₹ 1.00
Sales₹ 10,192 Cr.
OPM4.43 %
Mar Cap₹ 46,645 Cr.

ABOUT

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]

KEY POINTS

Leadership[1]<h1>1 Room AC Brand in India</h1>

Also present in buckets:
Capacity Expansion And ProductsOrder Book PositionJv Partnerships AcquisitionsCredit Rating UpdatesRed Flags And Poor Performance

Peer Comparision

S.No.NameCurrent Price (Rs.)Price to EarningMarket Capitalization (Rs.Cr.)Dividend yield (%)Net Profit latest quarter (Rs.Cr.)YOY Quarterly profit growth (%)Sales latest quarter (Rs.Cr.)YOY Quarterly sales growth (%)Return on capital employed (%)Sales (Rs.Cr.)OPM (%)Profit after tax (Rs.Cr.)Profit after tax latest quarter (Rs.Cr.)Price to book valueReturn on assets (%)Debt to equity
1.LG Electronics1387.3545.7194169.460.00389.43-27.306174.030.9856.8324366.6412.782200.92389.43–21.990.07
2.Voltas1409.7086.4446644.850.497.33-93.261440.91-15.5012.6710192.314.43539.657.335.816.250.17
3.Blue Star1798.5568.9236980.820.5098.782.932422.376.4326.2012230.947.10536.9299.0111.877.880.33
4.Amber Enterp.6137.5096.8721586.830.00-32.15-271.151647.01-2.2414.4910983.176.97222.95-32.865.873.370.77
5.Crompton Gr. Con251.4533.1916191.181.1875.42-31.791915.571.0219.017743.8010.36486.8085.194.819.090.05
6.V-Guard Industri308.0046.3113439.360.5065.293.001340.923.6319.505613.738.55290.4965.296.169.570.07
7.Eureka Forbes560.8058.9010846.070.0061.5938.40773.4514.955.042591.5711.32184.1361.592.462.550.02
–Median: 23 Co.560.846.014973.220.3117.02.93702.613.6314.492621.997.192.4217.04.095.560.13

Quarterly Results

Standalone figures in ₹ crores

Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Sales
1,408.951,422.592,251.832,699.251,344.321,587.503,056.563,920.261,705.282,035.093,634.913,081.401,440.91
Expenses
1,335.221,382.792,118.902,522.281,269.801,501.262,872.523,627.171,621.181,928.003,393.192,966.861,452.59
Operating Profit
73.7339.80132.93176.9774.5286.24184.04293.0984.10107.09241.72114.54-11.68
Other Income
1,008.5833.4881.05106.2471.9557.1964.75149.5999.2363.1188.66152.3955.46
Profit before tax
1,071.7460.82197.52269.53130.89125.42232.36427.17161.40146.25300.93241.787.57
Tax %
1.30%27.13%20.72%20.38%22.07%22.40%18.10%20.61%32.60%25.92%26.73%15.84%3.17%
Net Profit
1,057.8244.32156.59214.61102.0097.33190.31339.14108.78108.34220.50203.487.33
EPS in Rs
31.971.344.736.493.082.945.7510.253.293.276.666.150.22

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales
5,1515,1695,1495,4105,8096,6937,2076,3787,0997,6758,68811,29610,192
Expenses
4,9874,8624,9264,9925,3326,3076,5525,8156,4547,2478,16510,5709,741
Operating Profit
164307223419477386655562644428522726452
Other Income
1281662922602332871952201671,149300401360
Interest
16168108239191512213545
Depreciation
19221918192029303336435669
Profit before tax
2574344886516836318137337631,5287581,036697
Net Profit
1813293494865014645955705831,405604777540
EPS in Rs
5.489.9510.5614.6915.1514.0417.9817.2417.6342.4718.2623.4816.30
Dividend Payout %
34%23%25%24%26%28%22%29%31%10%30%30%–

Compounded Sales Growth

10 Years:8%
5 Years:9%
3 Years:17%
TTM:-1%

Compounded Profit Growth

10 Years:9%
5 Years:4%
3 Years:9%
TTM:-27%

Stock Price CAGR

10 Years:18%
5 Years:10%
3 Years:21%
1 Year:-9%

Return on Equity

10 Years:12%
5 Years:10%
3 Years:9%
Last Year:10%

Balance Sheet

Standalone figures in ₹ crores

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
33333333333333333333333333
Reserves
1,5651,8062,4732,9523,4813,7104,1854,9525,5366,7407,4658,0998,004
Borrowings
193531196928114881081403154305891,360
Other Liabilities
2,3182,3552,1632,5422,9342,9633,3292,8843,5082,9543,8413,9903,027
Total Liabilities
4,1104,2484,7885,5966,4766,8207,6367,9779,21710,04211,77012,71212,423
Fixed Assets
175156179206206252300306303437455883895
Gross Block
402.71400.24436.08488.94485.65570.42626.67668.44675.92746.64798.581,264.26–
Accumulated Depreciation
191.22203.26294.70226.59336.19305.96340.46377.26389.43309.54343.68380.97–
CWIP
241131526959983688275
Investments
8911,2242,0342,4132,8942,6262,6423,4434,1254,9625,3705,3905,125
Other Assets
3,0422,8642,5742,9763,3723,9274,6684,2184,7304,5455,5786,3566,328
Total Assets
4,1104,2484,7885,5966,4766,8207,6367,9779,21710,04211,77012,71212,423

Cash Flows

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity
334221273290298-3103365716683541924
Cash from Investing Activity
-292-59-270-57-151445-176-311-370-72-24417
Cash from Financing Activity
-93-221-20-154-178-82-204-129-159-42-56-62
Net Cash Flow
-51-59-1779-3253-45131139-78119-20

Ratios

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days
758175808076738378617255
Inventory Days
656551706270999811292110108
Days Payable
132136132157176165175158182132141107
Cash Conversion Cycle
89-6-8-34-19-3238224056
Working Capital Days
1012491023455129323851
ROCE %
16%23%19%24%21%17%21%16%14%9%10%13%

Shareholding Pattern

Numbers in percentages

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 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%20.58%19.08%17.84%17.18%14.71%15.08%18.09%21.31%21.95%21.16%20.26%
DIIs
31.46%33.14%33.63%35.82%37.00%40.36%40.19%37.25%34.39%32.99%33.15%35.62%
Public
16.45%15.78%16.78%15.84%15.32%14.41%14.22%14.16%13.78%14.53%15.17%13.61%

* The classifications might have changed from Sep'2022 onwards.ℹ️

BSE Announcements AI Summary

Direct from BSE filings, auto-summarised

ICRA Reaffirms and Enhances Voltas Ltd's Credit Ratings, Ups Total Bank Facilities to ₹4,000 Crore

1st April 2026, 11:46 pm

Voltas faces ₹10.76 cr duty demand & ₹12.76 cr penalty for import mis-classification; company will appeal.

30th March 2026, 1:22 pm

Voltas Announces Trading Window Closure from March 25, 2026

24th March 2026, 11:55 pm

Voltas Reopens Special Window for Physical Share Transfers

19th March 2026, 12:28 am

Voltas Limited faces GST inspection, no material impact reported currently

14th March 2026, 12:04 am

Published by Other Websites

External media mentions & references

Voltas Faces ₹23.5 Crore Customs Demand for Import Misclassification

30th March 2026, 2:37 pm

AC Makers Soar: Key Supplier Resolves Supply Snag

25th March 2026, 11:43 am

India's LPG Crisis Hits Durable Firms, Squeezing Margins

24th March 2026, 4:16 pm

West Asia Conflict Triggers Cost Shock: Durables, Building Stocks Plunge

24th March 2026, 12:26 pm

Appliance Prices Soar 15% as War & Weak Rupee Squeeze Indian Consumers

23rd March 2026, 11:15 pm

News Articles

Editorial & research coverage

India AC Market Roars: Efficiency Norms Fuel Surge & Deepening Reach
India AC Market Roars: Efficiency Norms Fuel Surge & Deepening Reach

12th February 2026, 8:46 pm

Voltas Hits 52-Week High, Surges 19% in Weak Market; Analysts Weigh In
Voltas Hits 52-Week High, Surges 19% in Weak Market; Analysts Weigh In

12th February 2026, 3:29 pm

Voltas's Summer AC Boom Faces Margin Squeeze Amidst Rising Costs
Voltas's Summer AC Boom Faces Margin Squeeze Amidst Rising Costs

5th February 2026, 2:30 pm

Voltas Eyes AC Rebound Amidst Margin Squeeze Risk
Voltas Eyes AC Rebound Amidst Margin Squeeze Risk

5th February 2026, 1:56 pm

India Budget 2026: FMCG Sector Gets Boost, Sin Goods Face Hikes
India Budget 2026: FMCG Sector Gets Boost, Sin Goods Face Hikes

1st February 2026, 2:22 pm

Documents

Announcements

Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018

12 Jan - Certificate under Regulation 74(5) of the SEBI (Depositories and Participants), Regulations, 2018 for the quarter ended 31st December, 2025.

Disclosure Under Regulation 30 Of The SEBI (LODR) Regulations, 2015

8 Jan - Voltas extends Long-Term Incentive Scheme 2024 from FY2026-27 to FY2027-28 (commenced FY2024-25).

Intimation Under Regulation 30 Of SEBI (LODR) Regulations, 2015 ('SEBI Listing Regulations')

1 Jan - Two GST orders (Dec 27 & 31, 2025) demand ₹16,42,008 and ₹10,62,304 tax, equal penalties; appeal.

Intimation Under Regulation 30 Of SEBI (LODR) Regulations, 2015 ('SEBI Listing Regulations') - Update On Intimation Dated 2Nd July, 2025

31 Dec - GST demand reduced from ₹265.25 Cr to ₹10.77 Cr; order dated 30 Dec 2025.

Announcement under Regulation 30 (LODR)-Change in Management

26 Dec - Jayant Balan appointed Head — Room Air Conditioner Business at Voltas, effective 1 January 2026.

Annual Reports

Financial Year 2025

(from bse)

Financial Year 2024

(from bse)

Financial Year 2023

(from bse)

Financial Year 2022

(from bse)

Financial Year 2021

(from bse)

Financial Year 2020

(from bse)

Financial Year 2019

(from bse)

Financial Year 2018

(from bse)

Financial Year 2017

(from bse)

Financial Year 2016

(from bse)

Financial Year 2015

(from bse)

Financial Year 2014

(from bse)

Financial Year 2013

(from nse)

Financial Year 2013

(from bse)

Financial Year 2012

(from bse)

Credit Ratings

Rating update

17 Feb 2025 from icra

Rating update

10 Jan 2025 from icra

Rating update

12 Jan 2024 from icra

Rating update

4 Oct 2023 from icra

Rating update

24 Aug 2022 from icra

Rating update

26 Aug 2021 from icra

Concalls

Nov 2025

TranscriptPPTRecording

Aug 2025

TranscriptPPT

May 2025

TranscriptPPTRecording

Feb 2025

TranscriptPPTRecording

Nov 2024

Transcript

Sep 2024

TranscriptPPTRecording

May 2024

TranscriptRecording

Feb 2024

Transcript

Oct 2023

Transcript

Aug 2023

Transcript

May 2023

Transcript

Feb 2023

Transcript

Nov 2022

Transcript

Aug 2022

Transcript

May 2022

Transcript

Stock Analysis

Description

  1. Universal Cables Ltd is predominantly engaged in the business of manufacturing a large range of power cables from 1.1kV to 400kV & capacitors, Turnkey Projects relating thereto and other types of wires and cables, conductors, etc.

Key Growth Triggers

  1. Management anticipates a 'steady and buoyant' outlook, driven by domestic power sector growth and international opportunities in EHV cables.
  2. Strong H1 FY26 performance with significant YoY PAT growth.
  3. Ongoing capacity expansions are progressing as planned.

Order Book

  1. Order book stood at approx. ₹2945 crore as of September 30, 2025.

Key Red Flags

  1. An 'emphasis of matter' was noted regarding the non-consolidation of certain subsidiary results for its associate, Vindhya Telelinks Limited, due to record possession issues.

Corporate Announcements

1st Apr 26
Impact Rating: 9
ICRA reaffirms Voltas Limited's credit ratings for banking facilities, enhancing the total rated amount to ₹4,000 crore from ₹3,500 crore, reflecting strong market position and financial health.
30th Mar 26
Impact Rating: 8
Voltas Limited disclosed an order from Customs for ₹10.76 crore differential duty and ₹12.76 crore penalty related to imported goods from 2019-2022. The company is analyzing the order and intends to file an appeal, stating no material impact.
24th Mar 26
Impact Rating: 4
Voltas Limited is implementing a trading window closure starting March 25, 2026, as per insider trading norms. The window will reopen 48 hours following the declaration of its audited financial results for the year ending March 31, 2026.
18th Mar 26
Impact Rating: -
No description available.
13th Mar 26
Impact Rating: 5
Voltas Limited has received intimation regarding ongoing inspection proceedings by the Assistant Commissioner of State Tax, Mumbai, concerning GST records, which are currently underway.