Voltas Limited (VOLTAS)

Mid Cap

Voltas Limited is a diversified engineering and project solutions enterprise, maintaining leadership in the cooling segment (RAC, CAC, CR) and expanding its home appliances platform (Voltbek). It also operates in Electro-Mechanical Projects & Services (EMPS) and Engineering Products & Services (MCED, TMD).

₹998.4

-21.20 · -2.08%

Market cap ₹34,405 Cr

IndicesNifty 500

ThemesConsumer Durables

Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm IST

Details

Quote21 Oct, 03:31 pm IST

Base fundamentals15 Oct 2026 · screener

Latest result14 Aug, 05:30 pm IST

Score21 Oct, 04:30 am IST · v4.3-runtime-valuation

Tags02 May 2026

Coverage14/14 · 100%

Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)

Technical timing lens

Trend score and candlestick chart

27Bearish

full bear SMA stack · SMA20 -9.3% / mo · MACD + · near 52W low · sector -4.6pp vs Nifty 500 (3M)

Stock trend: 24

Sector RS: 31

Sector 3M: -10.2% vs Nifty 500 -5.6%

Consumer FPI tailwindNot confirmed

Latest mapped FPI equity flow was not positive. View sector evidence

Compare peers →

Technical chart

VOLTASD candles · FIT view-34.1%

Latest close ₹998.40 on 2026-10-21

Bar

-2.6%

RSI

MACD hist

0.06

52W pos

2026-10-21O ₹1024.70H ₹1026.20L ₹985.40C ₹998.40Vol 5.1L sh

Up bar

Down bar

EMA 20

EMA 50

Volume + 20D avg

Result date

RSI(14)

MACD / signal

Market context

Relative performance and chart statistics

Adjusted completed-session prices, rebased to 100

VOLTASNifty Consumer DurablesNifty 500

VOLTAS: -26.5%
Nifty 500: -6.5%
Nifty Consumer Durables: -11.0%
Vs Nifty 500: -20.1 pp

Chart stats

21 Oct 2026

From 52W high: -36.9%
52W range position: 2%
ATR (14): 2.9%
Volume vs 20D: 0.68x
Avg traded value: ₹78.8 Cr
20D price channel: ₹985.4 - ₹1,144.5

Quarter ended 30 Jun 2026

Excellent · 90

Rev +19% YoY · PAT +51% YoY · margin expansion · operating leverage

Revenue: ₹4,674 Cr; YoY +18.7%
PAT: ₹213 Cr; YoY +51.1%
Operating margin: 4.9%; QoQ +110 bps
PAT margin: 4.6%; QoQ +225 bps

Filed 14 Aug 2026Full result & history →

Current-quarter concall

Transcript not linked yet

No source-linked earnings-call transcript is available for this company in the active results quarter.

Search Concall Intelligence

Technical snapshot

Positioning and participation

Stage 4 Downtrend

Current trend context ranked against the Nifty 500. It describes the chart; it is not a buy or sell signal.

RS percentile: 7; -8 ranks over 20D
Stage 2 entry: Not in Stage 2; Current classification: Stage 4 Downtrend
Sector rotation: #8; improving · 39 stocks
Industry rotation: #25; lagging · 7 stocks

Trend structure

Below 20-DMABelow 50-DMABelow 200-DMA

RSI (14)

Weak momentum

MACD

Above signal

Histogram +0.06

Volume participation

0.7x average

Versus 20-session average

20-session position

8% of range

₹985.4 low · ₹1,144.5 high

Relative performance

vs Nifty 500

1M: -8.1 pp; stock -12.6%
3M: -20.1 pp; stock -26.5%
6M: -26.3 pp; stock -31.5%
1Y: -23.0 pp; stock -30.9%

From 52W high

-36.9%

High ₹1,582.5

52W range position

₹985.4 - ₹1,582.5

ATR (14)

2.9%

₹29.17

Avg traded value

₹78.8 Cr

20-session average

Current setup

No confirmed setup attached

Review the chart and detailed technical evidence before drawing a conclusion.

Open detailed technicals →

Research snapshot

What the evidence says now

Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.

Suggested next step

Check latest quarters

Result consistency is weak; verify whether the thesis is improving or deteriorating.

U-Score

Legacy · OVERVALUED

Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.

Financials

Fundamentals, quarterly history, margins, returns and balance-sheet evidence

Quarter ended 30 Jun 2026

Excellent · 90/100

Rev +19% YoY · PAT +51% YoY · margin expansion · operating leverage

Filed 14 Aug 2026

Open results browser →

Metric	This quarter	YoY	QoQ
Revenue	₹4,674 Cr	+18.7%	-4.4%
EBITDA	₹228 Cr	+49.0%	+23.2%
Operating margin	4.9%	+100 bps	+110 bps
PAT	₹213 Cr	+51.1%	+88.5%
PAT margin	4.6%	+98 bps	+225 bps

NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.

Fundamentals

Valuation

P/E: 73.70
P/B: 5.39
EV/EBITDA: 52.13
Market Cap: 34405.00Cr

Profitability

ROE: 6.10%
ROCE: 9.04%
ROA: 3.05%
Dividend Y: 0.38%

Growth (CAGR)

Revenue 5Y: 14.00%
EPS 5Y: -6.00%
Revenue 3Y: 14.00%
EPS 3Y: 17.00%

Balance Sheet

Debt/Equity: 0.16
Interest Coverage: 6.88×
Altman Z: 4.48
Book Value: 193.00

Cash Flow

FCF Yield: 1.07%
FCF Positive Y: 10/5
OCF: 71.00 Cr
EPS TTM: 13.58

Shareholding

Promoter Hold: 30.30%
Promoter Pledge: 0.00%
Momentum 52W: 5%

Financial History

Updated 21/10/2026

Revenue

₹ Cr

Latest: 4,674-4.4% vs prev

Net Profit

₹ Cr

Latest: 213+88.5% vs prev

ROE is shown only in the Annual view — quarterly equity data isn't published.

Technicals

Trend interpretation, Stage 2, relative strength, volume and indicator evidence

Daily technical trend read

Bearish setup

Trend is weak — long-term trend down. RSI 30.

Price < SMA20 < SMA50 < SMA200 — full bearish stack.
SMA20 falling (~10.3% over last month) — short-term momentum negative.
RSI(14) at 30 — falling, no extreme reading.
MACD above signal but histogram contracting — bullish momentum cooling.
Within 5% of 52-week low — testing support.

Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.

Nifty 500 leadership

Relative Strength & Trend Stage

RS percentile

Stage 4 Downtrend

1M return

-12.6%

3M return

-26.5%

6M return

-30.9%

1Y return

-29.6%

RS 1D

RS 20D

-8

Sector rank

Industry rank

#25

Stage evidence

Price is 21.0% below the 30-week proxy.
The 50-DMA is below the 30-week proxy and its slope is falling -4.0%.
Both 3-month and 6-month returns are negative.

50-DMA

price below

200-DMA

price below

Sector

improving

Industry

lagging

Relative-strength line vs Nifty 500 (base 100)

262 observations

21 Oct 2026Value 75.63-1.18%

RS vs Nifty 50076

Valuation & peers

U-Score 22 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies

OVERVALUED

Fundamental score breakdown

U band · OVERVALUED

Valuation0/30

Growth4/25

Quality0/20

Balance Sheet7/15

Cash Flow5/10

Piotroski

7/9 (+5)

Penalties

Raw sum

Why this score?

Top U-Score contributors and drags from the latest stored fundamentals.

22/100 · legacy band OVERVALUED

Positive drivers

Piotroski is strong at 7/9.
Cash flow contributes 5/10 to the score.
Balance sheet contributes 7/15 to the score.

Main drags

Fair-value margin of safety is negative at -1428.5%.
Valuation is weaker at 0/30; verify the latest quarterly trend.
Quality is weaker at 0/20; verify the latest quarterly trend.

Sector valuation model

Consumer valuation: PE/PEG and brand-quality premium

Consumer franchises can deserve higher multiples, but only when growth quality supports them.

Consumer PE/PEG

Primary lens

PE and PEG relative to growth, ROE, margins, and brand strength.

Secondary checks

Volume growth, pricing power, distribution, same-store or category growth.

Main risk check

Premium valuation needs durable growth and margin resilience.

73.7

5.4

EV/EBITDA

52.1

ROE

6.1%

ROCE

9.0%

FCF Yield

1.1%

Debt/Equity

0.2

MoS

-1428.5%

Score movement

Stored run vs live recompute

This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.

Stored run: 21 Oct 2026

v4.3-runtime-valuation

Final score

Previous: 22

Legacy U-Score band

OVERVALUED

Previous: OVERVALUED

Margin of safety

-1428.5%

Previous: -1460.9%

Score history

12 stored score snapshots. Latest stored move: +0 points.

21 Oct 2026

v4.3-runtime-valuation

Factor attribution

No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.

Modelled fair value

Graham Number

₹242.84

-311.1% MoS

Growth-justified P/E

4.8

Growth-justified Value

₹65.32

-1428.5% MoS

PEG

—

Comparable companies

Peers

Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.

Compare all ↗

Ticker

Name

Why peer

Score

ROE

MoS

Verdict

Amber Enterprises India Limited

Havells India Limited

Crompton Greaves Consumer Electricals Limited

Whirlpool of India Limited

Business, management & trust

Growth engines, risks, management commitments and evidence-backed delivery

Business and thesis

Where growth can come from, and what can break the case

Thesis under stressReviewed 2026-06-04T08:22:42.138Z

Management commentary snapshot

Voltas reported a progressive recovery in Q4 FY26, driven by its cooling segment and diversified businesses, despite headwinds like delayed summer onset and commodity inflation. Consolidated Total Income grew marginally YoY, but PBT and Net Profit declined significantly.

Voltas's Q4FY26 saw revenue recovery and market share gains in cooling, but profitability was significantly impacted by commodity inflation and currency depreciation. While strategic initiatives are underway, the substantial decline in PBT and Net Profit suggests the recovery is still nascent and under pressure.

Growth engines

Room Air Conditioners (RAC)

Voltas further strengthened its market leadership position and delivered one of the highest ever sales months in its history during March 2026.

Commercial Air Conditioning (CAC)

Delivered strong performance, supported by a healthy mix of product and AMC business, driven by urbanisation and infrastructure investments.

Electro-Mechanical Projects & Services (EMPS)

Secured strategic orders with increased focus on fast track and margin accretive opportunities across high growth sectors. Carry-forward order book over INR 6,200 crores.

Voltbek Home Appliances

Accelerated transformation through sharper portfolio premiumisation, deeper localisation, expanded channel reach, and stronger consumer engagement, gaining market share.

Capacity and execution

Manufacturing Facilities Utilization

The Chennai and Pantnagar manufacturing facilities are currently operating at better utilisation levels as compared to previous year.

Sanand Manufacturing Facility Scale-up

Localisation and manufacturing scale up at the Sanand manufacturing facility for Voltbek.

Tailwinds

Strong Domestic Demand

Supported by strong domestic demand fundamentals and structural reforms.

Urbanization & Infrastructure Investments

Sustained urbanisation, infrastructure investments, and rapid growth in digital infrastructure drive CAC and Domestic Projects.

Government Policy Support

Policy support measures under Union Budget 2026, PLI Scheme expansion, and focus on domestic manufacturing for Textile Machinery.

Improving Consumer Sentiment

Optimistic about demand trends across product categories, supported by improving consumer sentiment.

Headwinds

Delayed Summer Onset

Delayed summer onset in select markets impacted Q4 FY26.

Global Supply Chain Constraints

Global supply chain constraints impacted Q4 FY26.

Currency Volatility & Depreciation

Currency volatility during Q4 FY26 and currency depreciation impacted margins.

Commodity Inflation

Escalating geopolitical tensions triggered significant volatility in commodity prices, elevating input cost pressures and impacting margins.

Risk radar

Commodity Price Volatility

Escalating geopolitical tensions triggered significant volatility in commodity prices, currencies, and logistics networks, elevating input cost pressures.

Geopolitical Disruptions

Geopolitical tensions and the Middle East conflict created operational disruptions across travel, logistics, site execution, and commercial settlements for International Projects.

Intense Competition in Home Appliances

Voltbek operates in a highly competitive home appliances market.

Seasonal Demand Dependence

UCP's diversification aims at reducing dependence on seasonal room cooling demand, implying inherent seasonality risk.

Management accountability

What management said, and what results must prove

Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.

Analyst reading lens

Compare YOY

The document provides explicit YoY comparisons for both quarterly and annual results. The cooling business is seasonal, making YoY comparison essential to assess performance against comparable periods and demand cycles.

Sector KPIs management disclosed

RAC Market Share

Voltas further strengthened its market leadership position and continues to lead over the No. 2 player.

Washing Machines Market Share (YTD)

Voltbek has 8.6% YTD market share in Washing Machines.

Refrigerators Market Share (YTD)

Voltbek has 6.2% YTD market share in Refrigerators.

Input Costs

Margins were impacted by commodity inflation and currency depreciation during the quarter.

Management forward view

Focus on Sustainable Growth

Management remains firmly focused on sustainable growth, margin resilience, disciplined execution, and long-term value creation.

Cost Optimization

Cost optimisation continues to remain a strategic priority with sustained focus on sourcing efficiencies, design innovation, localisation, manufacturing productivity, and operating leverage.

Strengthening Market Leadership

Refreshed RAC portfolio, differentiated product positioning, intelligent cooling technologies, and expanded distribution reach are expected to further strengthen market leadership.

Scaling Home Appliances Platform

Voltbek continues to strengthen Voltas’ long term vision of building a scaled home appliances platform through premiumisation, product innovation, and deeper localisation.

Thesis monitor

Numbers and claims to verify in the next filings

Checkpoint	Current evidence	What to verify next
RAC Market Share	Strengthened market leadership, leads No. 2 player.	Continued market share gains and sustained leadership in the cooling segment.
Profitability/Margins	Margins impacted by commodity inflation and currency depreciation.	Improvement in margin realization from cost reduction and value engineering programs.
Voltbek Market Share	8.6% in Washing Machines, 6.2% in Refrigerators (YTD).	Steady increase in market penetration and brand preference in home appliances.
EMPS Order Book Execution	Carry-forward order book over INR 6,200 crores.	Timely execution, improved cash flows, and enhanced profitability from project delivery.

Verification checkpoints are IndiaPulse research interpretation, not investment advice.

Trust Score

68Limited evidence · low confidenceTrust Lite

Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.

Limited evidence: Claim history is still being built. It ranks around the 56th percentile of the scored universe and 60th percentile within Consumer. Main check: results consistency is weak at 35/100.

This is a financial-behaviour screen, not a claim-tested management reliability verdict.

Computed 21 Oct 2026

management-trust-v1

67 docs text-extracted · 39 concalls text-extracted

Score band

Limited evidence

Financial behaviour is scored, but management claims do not yet have enough outcome checks.

Relative rank

56th percentile

overall median 67 · Consumer: 60th pctile, median 66 · Mid: 29th pctile, median 76

Evidence depth

Financial-only

67 documents have extracted text, but claim history is not strong enough yet.

Claim delivery

Outcome history still building

0 claims extracted · No contradicted claim yet

How to read this Trust Score

Limited evidence · low confidence

What it measures

Reliability of management and financial delivery, using financial behaviour only.

Confidence

Treat this as an early read until more concalls and outcomes are matched.

Investor use

Acceptable, but check the weakest sub-score before increasing exposure.

Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.

Forensic breakdown

Read low sub-scores as due-diligence warnings, not automatic sell signals.

Promoter

strong · holding, pledge, alignment

Cash flow

strong · profit to cash conversion

Balance sheet

strong · leverage and solvency

Discipline

watch · capital discipline

Results

weak · quarterly consistency

Trust positives

▸Promoter pledge is zero.
▸FCF yield is positive at 1.1%.
▸10 years of positive FCF.
▸OPM spread across recent quarters is 4.6%.

Trust risks

▸3 latest quarters had PAT decline worse than 25% YoY.
▸ROE is low at 6.1%.
▸ROCE trend is -3%.
▸1/4 latest quarters had positive YoY PAT growth.

Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.

Compare Consumer stocks Browse Indian stocks starting with V Explore fundamental stock screeners Browse Indian investment themes

Related companies

Blue Star Limited (BLUESTARCO)Amber Enterprises India Limited (AMBER)Havells India Limited (HAVELLS)Crompton Greaves Consumer Electricals Limited (CROMPTON)Whirlpool of India Limited (WHIRLPOOL)

Important announcements & filings

Latest exchange and company disclosures found within the past two years.

Source: Bse

Open source ↗

Verify on:NSE India ↗

All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.

Voltas Limited (VOLTAS)

Trend score and candlestick chart

Technical chart

Relative performance and chart statistics

What the evidence says now

Financials

Quarter ended 30 Jun 2026

Fundamentals

Valuation

Profitability

Growth (CAGR)

Balance Sheet

Cash Flow

Shareholding

Revenue

Net Profit

Technicals

Daily technical trend read

Relative Strength & Trend Stage

Valuation & peers

Fundamental score breakdown

Why this score?

Positive drivers

Main drags

Consumer valuation: PE/PEG and brand-quality premium

Stored run vs live recompute

Score history

Factor attribution

Modelled fair value

Comparable companies

Business, management & trust

Where growth can come from, and what can break the case

Room Air Conditioners (RAC)

Commercial Air Conditioning (CAC)

Electro-Mechanical Projects & Services (EMPS)

Voltbek Home Appliances

Manufacturing Facilities Utilization

Sanand Manufacturing Facility Scale-up

Strong Domestic Demand

Urbanization & Infrastructure Investments

Government Policy Support

Improving Consumer Sentiment

Delayed Summer Onset

Global Supply Chain Constraints

Currency Volatility & Depreciation

Commodity Inflation

Commodity Price Volatility

Geopolitical Disruptions

Intense Competition in Home Appliances

Seasonal Demand Dependence

What management said, and what results must prove

RAC Market Share

Washing Machines Market Share (YTD)

Refrigerators Market Share (YTD)

Input Costs

Focus on Sustainable Growth

Cost Optimization

Strengthening Market Leadership

Scaling Home Appliances Platform

Numbers and claims to verify in the next filings

How to read this Trust Score

Forensic breakdown

Trust positives

Trust risks

Continue researching Voltas Limited

Important announcements & filings

Announcement under Regulation 30 (LODR)-Newspaper Publication 21 Sep

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Sep - In accordance with Regulation 30 of the SEBI (LODR) Regulations, 2015, we wish to inform you that the Company has scheduled one Group Institutional ....

Aug 2026 · PPT

Aug 2026 · Transcript

Announcement under Regulation 30 (LODR)-Newspaper Publication 13 Jul

Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Jul

Jun 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 14 Aug - Voltas Q1 FY27 consolidated PAT rose to ₹213 crore; total income ₹4,765 crore; sold 1 million ACs in 81 days.

Jun 2026 · Announcement under Regulation 30 (LODR)-Change in Management 15 Jun - Voltas appoints Vishal Gupta as Head-IT & Digital effective 15 June 2026.

Jun 2026 · Communication To Shareholders For Deduction Of Tax On Dividend 26 May - Voltas recommends Rs 4 dividend per share for FY26, with TDS instructions before 30 June 2026 AGM.

Jun 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 28 May - The Company will be participating in two Investor Conferences scheduled for 3rd June, 2026. It is expected that Meetings with the investors would be on …

Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Jun

May 2026 · Transcript