Minerva Capital Research Solutions

Voltas

NSE: VOLTASBSE: 500575
Compare with peers
₹ 1,011.90▲ 65.7 (+6.94%)28 Oct, 03:28 pm IST
Market cap
₹ 31,434 Cr.
P/E
67.3x
P/B
5.13x
52-week range
931.5 – 1,582.5
ROE
6%
ROCE
9%
Dividend yield
0.4%
Debt / equity
0.16
Sector
Consumer Durables
Industry
Household Appliances
Listed on
NSE, BSE

About

Voltas Limited is an air conditioning and engineering solutions provider and a project specialist. Its segments include Unitary Cooling Products, Electro-Mechanical Projects and Services, and Engineering Products and Services. Unitary Cooling Products segment includes room air conditioners, air coolers, commercial refrigeration products, and commercial air conditioning. Electro-Mechanical Projects and Services include mechanical, electrical & plumbing, such as electricals, heating, ventilation and air conditioning, plumbing, firefighting, extra low voltage and specialized services, water solutions comprise water treatment solutions for industrial, domestic sewage segments, and electrical and solar includes engineering, procurement and construction relating to projects of rural electrification and distribution, power augmentation and separation, and others. The Engineering Products and Services segment includes textile machinery and mining and construction equipment.

Quick check

The five things to look at first. Open one for more.

Compared with its industry

Household Appliances: 26 companies →

Voltas against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.

  • Valuation (P/E)67.3 against a typical 33.3: pricier than most peers (1st = cheapest).20th of 26
  • Sales growth+18.7% against a typical +16.3% from a year earlier.11th of 26
  • Profit growth+51.1% against a typical +39.1% from a year earlier.11th of 25
  • Share price, 3 months−28% against a typical −13%.23rd of 26
  • Size₹ 31,434.1 Cr. market value against a typical ₹ 3,242.3 Cr. (1st = largest).2nd of 23

Latest announcements

Exchange filings and their impact on the company.

  • 12 Oct 2026Pendency of Litigation(s)/dispute(s) or the outcome impacting the CompanyLow impactPositivePrice +2.1% on 13 Oct
    Voltas gets full relief in Rs 30.2 cr GST dispute, avoiding a one-off hit.

    Voltas said the GST Authority has dropped a show cause notice for FY23 that had alleged wrongful input tax credit and short tax payment. The notice had demanded Rs 15.43 crore in tax plus Rs 14.79 crore in interest and penalty, totalling about Rs 30.2 crore. Following the company's submissions, the Authority passed an order on 9 October 2026 granting complete relief, so Voltas faces no payment and there is no ongoing business impact.

    Filing

Credit ratings

Every rating action on file, newest first, including reaffirmations. Open a row for the agency's reasoning. All credit rating updates

High safety

Rated AA+ by ICRA
AA+
DefaultRiskyModerateSafeVery safe
  • No warnings from the agency.
AgencyCurrent ratingOutlookAs of
ICRA[ICRA]AA+ /[ICRA]A1+Stable31 Mar 2026
Credit rating actions
RatingDetails
31 Mar 2026
Reaffirmed
[ICRA]AA+ /[ICRA]A1+—ICRA₹ 4,000 Cr.

Board meetings

Results dates and other board meetings. Full calendar

Details
14 Aug 2026Financial ResultsTo consider and approve the financial results for the period ended Jun 30, 2026
14 May 2026Financial Results/DividendTo consider and approve the financial results for the period ended March 31, 2026 and dividend
29 Jan 2026Financial ResultsTo consider and approve the financial results for the period ended December 31, 2025
13 Nov 2025Financial ResultsTo consider and approve the Unaudited Financial Results of the Company (Standalone and Consolidated) for the quarter and half year ended 30th September, 2025.
8 Aug 2025Financial ResultsTo consider and approve the Unaudited Financial Results for the quarter ended 30th June, 2025
7 May 2025Financial Results/DividendTo consider and approve the financial results for the period ended March 31, 2025 and dividend

Share price

1Y change −29.56%
0 of 1 filing day came with a big price move
Volume (shares)Price (₹)
Close price

Financials

Consolidated figures in ₹ crore.

Quarterly results
₹ Cr.Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales2,2932,6264,2034,9212,6193,1054,7683,9392,3473,0714,8884,674
Expenses2,2562,6334,0514,5272,4892,9404,4673,7862,3132,9264,7034,445
Operating Profit37−815239413016530115334145185228
OPM %1.6%−0.3%3.6%8%5%5%6%3.9%1.4%4.7%3.8%4.9%
Other Income7158548010559808265224391
Interest111421101416231420312213
Depreciation121312131618141824212121
Profit before tax852417445220519134320354116184285
Tax %58%216%36%26%35%31%31%31%42%27%39%25%
Net Profit36−281113351331312361413284113213
EPS in Rs1.11−0.923.5210.14.053.997.284.241.042.573.516.46

Growth and returns

Compounded yearly rates over each period.

Compounded Sales Growth
10 Years
10%
5 Years
14%
3 Years
14%
TTM
4%
Compounded Profit Growth
10 Years
2%
5 Years
−6%
3 Years
17%
TTM
−28%
Stock Price CAGR
10 Years
13%
5 Years
5%
3 Years
14%
TTM
—
Return on Equity
10 Years
10%
5 Years
8%
3 Years
8%
TTM
—

Shareholding

Latest: Jun 2026.

Promoters
30.3%
0 pts in a year
FIIs
16.94%
−4.22 pts in a year
DIIs
38.93%
+5.78 pts in a year
Government
0.11%
−0.1 pts in a year
Public
13.72%
−1.45 pts in a year

P/E and EPS over time

Daily P/E and trailing 12-month EPS. EPS updates with each result.

P/E 67.3xEPS (12 months) ₹ 14.11Median P/E 32.2x
P/E (times)EPS (₹)

Peers

Listed companies in the same business.

Peer comparison
Voltas₹ 1,011.90₹ 31,434 Cr.67.3x5.1x6%—
Bharat Heavy Electricals₹ 387.00₹ 1,34,756 Cr.92.4x5.6x—6.8%
Suzlon Energy₹ 37.40₹ 51,409 Cr.22.8x7.5x40.6%19%
Thermax₹ 3,095.60₹ 36,999 Cr.73.4x10x13.7%6.7%
AIA Engineering₹ 3,588.70₹ 33,490 Cr.34.1x5.4x17%28.7%
Blue Star₹ 1,496.00₹ 30,760 Cr.62.1x10.1x16.3%4.3%

Management

K. V Sridhar
Chief Financial Officer
Jayant Balan
Chief Executive Officer - Voltbek Home Appliances Private Limited
Ratnesh Prasad Rukhariyar
Compliance Officer, Company Secretary
Mukundan C. P Menon
Managing Director, Executive Director

Prices are delayed and for information only. Nothing on this page is investment advice.