VOLTAS
Mid CapVoltas Limited
Consumer
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).
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100PAT -52% YoY · margin compression · Rev +3% YoY · +59% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4,888 Cr | +2.5% | +59.2% |
| EBITDA | ₹185 Cr | -38.5% | +27.6% |
| Operating margin | 4.0% | -200 bps | -100 bps |
| PAT | ₹113 Cr | -52.1% | +34.5% |
| PAT margin | 2.3% | -264 bps | -43 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Trend score and candlestick chart
43NeutralSMA20 -7.2% / mo
Technical chart
VOLTASweekly · 3Y-26.1%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 49. Wait for confirmation.
- SMA20 falling (~7.8% over last month) — short-term momentum negative.
- RSI(14) at 49 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 18% off 52W high · 10% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Balance sheet contributes 8/15 to the score.
- Cash flow contributes 4/10 to the score.
Main drags
- Fair-value margin of safety is negative at -2166.9%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 2/30; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 46th percentile of the scored universe and 45th percentile within Consumer. Main check: results consistency is weak at 15/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: 4 latest quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Consumer: 45th pctile, median 67 · Mid: 24th pctile, median 76
62 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.8%.
- ▸10 years of positive FCF.
Trust risks
- ▸4 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 revenue growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 107.00
- P/B
- 6.61
- EV/EBITDA
- 72.08
- Market Cap
- 42257.00Cr
Profitability
- ROE
- 6.10%
- ROCE
- 9.04%
- ROA
- 2.55%
- Dividend Y
- 0.31%
Growth (CAGR)
- Revenue 5Y
- 14.00%
- EPS 5Y
- -6.00%
- Revenue 3Y
- 14.00%
- EPS 3Y
- 18.00%
Balance Sheet
- Debt/Equity
- 0.16
- Interest Coverage
- 5.93×
- Altman Z
- 4.99
- Book Value
- 193.00
Cash Flow
- FCF Yield
- 0.84%
- FCF Positive Y
- 10/5
- OCF
- 71.00 Cr
- EPS TTM
- 11.36
Shareholding
- Promoter Hold
- 30.30%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 23%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.