Voltas Limited (VOLTAS)
₹1,029.10 -2.18% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Voltas' revenue was ₹4,674 Cr (+19.1% year on year, -4.4% on the previous quarter), and net profit ₹213 Cr (+50.9% year on year); the operating margin was 5.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹4,674 | +19.1% | -4.4% |
| Operating profit | ₹266 | +73.5% | +43.5% |
| Net profit | ₹213 | +50.9% | +88.3% |
| EPS (₹) | 6.46 | +52.4% | +84.0% |
| Operating margin | 5.7% | — | — |
VOLTAS delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 46.53% of the VOLTAS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 44.51%. That is close to its usual level. In VOLTAS futures, open interest rose 1.26% while the futures price fell 1.96%: short buildup (new short positions).
Delivery in the last 5 sessions: 40.1% · 35.7% · 44.8% · 54.4% · 46.5%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Voltas Limited has received an order from the GST Authority (Andheri East, Mumbai) dropping a Show Cause Notice dated September 18, 2026. The notice had demanded a tax amount of ₹15.43 crore alongside interest and penalty of ₹14.79 crore (total ₹30.22 crore) regarding alleged wrongful Input Tax Credit availment for FY 2022-23. The authority accepted the company's detailed submissions and granted complete relief. The total disputed amount of ₹30.22 crore represents approximately 6.8% of Voltas's TTM PAT of ₹442 crore.
- GST Authority dropped the Show Cause Notice dated September 18, 2026, granting complete relief.
- The dispute involved an alleged tax demand of ₹15.43 crore for FY 2022-23.
- Interest and penalty under consideration totaled ₹14.79 crore.
- Order passed on October 9, 2026, and disclosed on October 12, 2026, resolving total exposure of ₹30.22 crore.
Voltas Limited has received a Show Cause Notice dated September 18, 2026, from Maharashtra State Tax authorities alleging wrongful Input Tax Credit availment and short tax payment for FY 2022-23. The notice seeks a tax demand of ₹15.43 crore along with interest and penalty of ₹14.79 crore, totaling ₹30.22 crore. This aggregate sum represents just ~0.20% of Voltas's TTM revenue of ₹14,936 crore and ~6.8% of TTM net profit of ₹442 crore. The company stated it is evaluating the matter to reply within the stipulated time and anticipates no material impact on operations or financials.
- Tax amount demanded: ₹15.43 crores
- Interest and penalty proposed: ₹14.79 crores
- Total exposure under notice: ₹30.22 crores for FY 2022-23
- Notice issued by Office of the Deputy Commissioner State Tax, Andheri East, Mumbai
- Notice dated 18th September, 2026 and filed on 21st September, 2026
Voltas Limited has informed the exchanges that it has scheduled one Group Institutional Analysts Meet and two One-on-One Institutional Investor Meets on September 22, 2026. The meetings are subject to change depending on investor or company exigencies. This is a routine intimation under Regulation 30 of the SEBI Listing Regulations. No financial numbers, presentation materials, or operational updates were included in the filing.
- Scheduled 1 Group Institutional Analysts Meet on September 22, 2026
- Scheduled 2 One-on-One Institutional Investor Meets on September 22, 2026
- Notice issued under Regulation 30 of SEBI LODR Regulations on September 17, 2026
Voltas announced that the Court of Cassation, Qatar, vide its order dated August 30, 2026, dismissed an appeal filed by OHL International and Contrack (OHL&C) as inadmissible. This leaves undisturbed the May 4, 2026 Court of Appeal order directing OHL&C to pay the Kentz–Voltas Consortium (KVC) outstanding subcontract amounts along with compensation. Furthermore, bank guarantees previously furnished by Voltas have been cancelled. The company is actively pursuing the recovery of awarded amounts through an execution application.
- Court of Cassation, Qatar dismissed counterparty OHL&C's appeal as inadmissible via order dated August 30, 2026
- Favorable Court of Appeal order dated May 4, 2026 directing payment of outstanding subcontract dues and compensation remains final
- Bank guarantees (advance and performance) previously furnished by Voltas have been cancelled
- Voltas has filed an execution application to recover awarded funds
Voltas released the transcript of its Q1 FY27 earnings conference call, detailing strong operational performance. Consolidated revenue grew 18.5% YoY to ₹4,765 crore, while net profit surged 51.1% YoY to ₹213 crore (from ₹141 crore). The Room Air Conditioner (RAC) segment saw 45% volume growth YoY, helping Voltas reach a 17.3% secondary market share and reach a milestone of 1 million RAC units sold in 81 days. Additionally, the company signed a binding term sheet for a 50-50 joint venture with Atomberg to manufacture RAC compressors, scaling up to 2.5+ million units over time.
- Q1 FY27 consolidated income rose 18.5% YoY to ₹4,765 crore from ₹4,021 crore in Q1 FY26.
- Net profit rose 51.1% YoY to ₹213 crore compared to ₹141 crore in the year-ago period.
- RAC business volumes grew 45% YoY, achieving a 17.3% secondary market share with 1 million RAC units sold in 81 days.
- Entered a binding term sheet with Atomberg for a 50-50 JV to manufacture high-efficiency RAC compressors, targeting capacity of up to 2.5+ million units starting in 18 months.
Voltas Limited has submitted the link to the audio recording of its Q1 FY27 earnings conference call held on August 14, 2026. The submission is made in compliance with Regulation 30 of SEBI LODR Regulations. This is a procedural disclosure providing investor access to post-earnings management commentary. No new financial data or operational targets are disclosed directly in the text of the notification.
- Audio recording of Q1 FY27 earnings conference call conducted on 14th August, 2026
- Filing submitted in reference to prior intimation dated 10th August, 2026
- Disclosure made pursuant to Regulation 30 of SEBI Listing Regulations
- Audio accessible via official URL on voltas.in
Voltas Limited has approved a binding term sheet with Atomberg Innovation Private Limited to establish a 50:50 joint venture for developing, manufacturing, and commercializing Room Air Conditioner (RAC) compressors in India. The board of the proposed JV will comprise 5 directors, with 3 nominees from Voltas and 2 from Atomberg. The initiative aims to build indigenous compressor technology and reduce dependency on imported supply sources. Commercial terms, capital outlay, and share pricing will be finalized in subsequent definitive agreements.
- Proposed 50:50 joint venture between Voltas Limited and Atomberg Innovation Private Limited
- Board composition of 5 directors: 3 nominees from Voltas and 2 nominees from Atomberg
- Focus on domestic manufacturing, tech development, and localization of RAC compressors
- Final capital structure, issue price, and investment size to be determined in definitive agreements
Voltas reported a strong performance for Q1 FY27, with consolidated net profit increasing 51.1% YoY to ₹213 crore compared to ₹141 crore in Q1 FY26. Consolidated total income rose 18.5% YoY to ₹4,765 crore, driven by a 33% revenue expansion in the Unitary Cooling Products (UCP) segment. Room Air Conditioner (RAC) volumes surged 45% YoY, achieving a milestone of 1 million RAC sales in 81 days and a 17.3% secondary market share. Additionally, the company entered into a binding term sheet with Atomberg Innovation for a 50:50 JV to manufacture high-efficiency RAC compressors in India.
- Consolidated Net Profit grew 51.1% YoY to ₹213 crore from ₹141 crore in Q1 FY26
- Consolidated Total Income increased 18.5% YoY to ₹4,765 crore versus ₹4,021 crore in Q1 FY26
- RAC volumes expanded 45% YoY, capturing a 17.3% secondary market share (a 4% lead over the nearest competitor)
- Milestone achieved of selling 1 million RAC units within 81 days
- Signed binding term sheet with Atomberg for a 50:50 JV for RAC compressor manufacturing
Voltas has entered into a binding term sheet with Atomberg Innovation Private Limited to establish a joint venture for manufacturing energy-efficient Room Air Conditioner (RAC) compressors and related parts in India. Under the partnership, Voltas will act as the anchor customer providing volume scale, while Atomberg will provide proprietary motor and control drive technology, with the venture also open to supplying third-party OEMs. Financial terms, capex commitments, and equity split were not disclosed in the filing. The transaction remains subject to satisfactory due diligence, definitive agreements, and regulatory approvals.
- Signed a binding term sheet with Atomberg Innovation to establish an RAC compressor JV in India
- Voltas to serve as anchor customer with flexibility for the JV to supply other OEM customers
- Aims at progressive localization and domestic supply chain resilience for critical cooling components
- Transaction subject to due diligence, definitive agreements, and applicable regulatory approvals
- Total capital expenditure and equity ownership split were not disclosed
Voltas reported a strong Q1 FY27 with consolidated Total Income growing 18.5% YoY to ₹4,765 crore and PAT rising 51.1% YoY to ₹213 crore (vs ₹141 crore in Q1 FY26). The Unitary Cooling Products (UCP) segment drove performance with revenue rising 32.3% YoY to ₹3,794 crore and RAC volume growth of 45% YoY, achieving a 17.3% market share. In parallel, Voltas signed a binding term sheet with Atomberg Innovation to form a Joint Venture for domestic manufacturing of high-efficiency Room AC compressors.
- Q1 FY27 consolidated PAT grew 51.1% YoY to ₹213 crore compared to ₹141 crore in Q1 FY26.
- UCP segment revenue rose 32.3% YoY to ₹3,794 crore with segment EBIT doubling to ₹202 crore from ₹104 crore.
- Sold 1 million Room ACs in just 81 days, expanding RAC market share to 17.3% (widening lead to 4% over nearest peer).
- Signed binding term sheet for a Joint Venture with Atomberg Innovation to build Room AC compressors in India.
- Carry-forward order book for Electro-Mechanical Projects stood at ₹6,345 crore as of June 30, 2026.
Voltas reported an 18.5% YoY increase in consolidated total income to ₹4,765 crore for Q1 FY27, up from ₹4,021 crore in Q1 FY26. Consolidated PAT grew 51.1% YoY to ₹213 crore, driven by a 33% revenue surge in the Unitary Cooling Products (UCP) segment to ₹3,794 crore and a 45% YoY jump in RAC volumes. The company reached a milestone of selling 1 million Room Air Conditioners within 81 days, expanding its market share to 17.3%. Additionally, Voltas signed a binding term sheet with Atomberg Innovation to form a Joint Venture to manufacture high-efficiency RAC compressors in India.
- Consolidated PAT rose 51.1% YoY to ₹213 crore against ₹141 crore in Q1 FY26
- Total income increased 18.5% YoY to ₹4,765 crore, with UCP segment revenue up 33% to ₹3,794 crore
- UCP segment EBIT nearly doubled to ₹202 crore from ₹104 crore in Q1 FY26
- Electro-Mechanical Projects & Services carry-forward order book stood at over ₹6,345 crore
- Signed binding term sheet with Atomberg Innovation for a local RAC compressor manufacturing Joint Venture
Voltas Limited has scheduled its Q1FY27 earnings conference call for August 14, 2026, at 6:30 PM IST. The call will involve top management, including the Managing Director and CFO, to discuss the company's quarterly performance. This follows a challenging FY26 where the company reported a TTM revenue of Rs 14,188 Cr but a low operating margin of 3.64%. Investors will be looking for updates on the 18.5% RAC market share and the scaling of the Sanand manufacturing facility.
- Earnings conference call scheduled for August 14, 2026, at 18:30 IST.
- Management participants include Managing Director Mukundan Menon C P and CFO K V Sridhar.
- Company reported TTM revenue of Rs 14,188 Cr and TTM PAT of Rs 370 Cr.
- Room Air Conditioner (RAC) market share stood at 18.5% as of Q2 FY26.
- Sanand factory currently has a production capacity of 1 million units per annum for refrigerators.
Voltas has announced a structured leadership transition for its core Unitary Products Business (UPB) segment. Mr. Karan Sehgal, an FMCG veteran from ITC Limited, will join the company on August 3, 2026, and assume the role of Head of Sales on October 1, 2026. He succeeds Mr. Jogesh Jaitly, who is retiring on March 31, 2027, after more than a decade with the firm. This transition is critical as the UPB segment manages the company's Room Air Conditioner (RAC) business, where Voltas holds a leading 18.5% market share.
- Mr. Karan Sehgal to join as Senior Management Personnel on August 3, 2026
- Formal handover of Head Sales (UPB) responsibility effective October 1, 2026
- Incumbent Mr. Jogesh Jaitly to retire on March 31, 2027, ensuring a 6-month transition period
- Voltas currently maintains an 18.5% market share in the Room Air Conditioner segment as of Q2 FY26
- The company reported TTM revenue of Rs 14,188 Cr with an operating margin of 3.6%
Voltas Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The document, issued by its Registrar and Share Transfer Agent, MUFG Intime India Private Limited, confirms that share dematerialization requests for the quarter ended June 30, 2026, were processed correctly. This is a standard administrative filing required for all listed companies to ensure the integrity of shareholding records. There is no impact on the company's financial performance or business operations.
- Compliance certificate issued for the quarter ended June 30, 2026
- Issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited
- Confirms adherence to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Verification that securities dematerialized have been reported to Depositories and Stock Exchanges
Voltas shareholders have approved all resolutions at the 72nd Annual General Meeting held on June 30, 2026. A final dividend of ₹4 per equity share was ratified, resulting in a total payout of approximately ₹132.35 Cr, which is roughly 35.7% of the TTM PAT of ₹370 Cr. Key board changes include the appointment of Sunil Alaric D’Souza (CEO of Tata Consumer Products) as a Non-Executive Director. Voting participation was robust with 79.41% of total shares polled.
- Final dividend of ₹4 per equity share approved for the financial year ended March 31, 2026
- Total of 26,27,69,644 votes polled, representing 79.41% of the total share capital
- Appointment of Sunil Alaric D’Souza as Non-Independent Non-Executive Director approved with 99.77% majority
- Re-appointment of Director Vinayak Deshpande passed despite 10.82% of votes cast against the resolution
- Total number of shareholders as of the June 23, 2026 cut-off date stood at 2,76,849
Financial Performance
Revenue Growth by Segment
Consolidated Total Income for Q2 FY26 was INR 2,411.93 Cr, a decline of 11.47% compared to INR 2,724.58 Cr in the same period last year. For H1 FY26, revenue was INR 6,432.58 Cr, down 16.74% from INR 7,725.85 Cr YoY. The Unitary Products Business Group (UPBG) and Electromechanical Projects and Services (EMPS) segments together account for 95.3% of total revenue as of FY24.
Geographic Revenue Split
Revenues are diversified across India and international markets, primarily West Asia (Middle East) and Mozambique. International project business has faced challenges, leading to a more cautious approach in order booking which is expected to moderate near-term international revenue.
Profitability Margins
Net Profit for Q2 FY26 stood at INR 31.50 Cr, a sharp decline of 76.29% from INR 132.83 Cr in the previous year. H1 FY26 Net Profit was INR 172.11 Cr, down 63.21% from INR 467.83 Cr YoY. Operating Profit Margin (OPM) declined to 3.8% in FY24 from 6.0% in FY23 due to higher commodity prices and increased advertising investments.
EBITDA Margin
Operating Profit Margin was 3.8% in FY24. Profitability in Q2 FY26 was adversely impacted by higher market support, softer inventory pick-up, and temporary under-absorption at new manufacturing facilities, though these are expected to normalize as capacity utilization improves.
Capital Expenditure
Voltas has a planned capital expenditure of INR 430 Cr for FY25 and INR 93.4 Cr for FY26. Previously, the company planned INR 640 Cr for the Production Linked Incentive (PLI) scheme and capacity expansion in AC and commercial refrigeration segments through Q1 FY25.
Credit Rating & Borrowing
The company maintains a strong credit profile with a gearing of 0.1 times and Total Debt/OPBDITA of 1.1 times as of March 31, 2023. Interest coverage was robust at 19.4 times and DSCR at 8.2 times. Voltas enjoys high financial flexibility as a Tata Group company (30.30% stake).
Operational Drivers
Raw Materials
Specific raw material names like copper or steel are not explicitly listed, but the company cites 'commodity prices' as a primary driver that reduced operating margins from 6.0% to 3.8% in FY24.
Import Sources
The company operates a major manufacturing facility in Sanand, Gujarat, for the VoltBek JV. Specific import countries for raw materials are not disclosed in the documents.
Capacity Expansion
The Sanand factory in Gujarat has a current production capacity of 1 million units per annum for refrigerators. The company is also expanding capacity in its AC and commercial refrigeration segments under the PLI scheme.
Raw Material Costs
Raw material costs are impacted by global commodity price fluctuations. In FY24, these costs, combined with aggressive pricing and ad spends, contributed to a 220 basis point compression in operating margins.
Manufacturing Efficiency
Q2 FY26 margins were impacted by 'temporary under absorption' at new facilities, indicating that capacity utilization is currently below optimal levels as new plants scale up.
Strategic Growth
Expected Growth Rate
50%
Growth Strategy
Growth will be driven by a rebound in the cooling segment following a weak FY26 base, operating leverage as new facilities scale, and a reduction in trade support. The company is also diversifying into a full-fledged consumer durables player by expanding into Fans, Water Heaters, and the VoltBek JV (refrigerators, washing machines), aiming for EBITDA break-even in the JV by FY25.
Products & Services
Room Air Conditioners (Window and Split), Air Coolers, Water Coolers, Water Dispensers, Refrigerators, Washing Machines, Dishwashers, Textile Machinery, Mining and Construction Equipment, and Electromechanical Projects (MEP, HVAC, Water Management, Solar).
Brand Portfolio
Voltas, VoltBek (Joint Venture with Arçelik).
New Products/Services
Expansion into the 'online channel' via Amazon and Flipkart, and new consumer durable categories including Fans and Water Heaters to ensure year-round revenue relevance.
Market Expansion
Targeting increased penetration in the domestic consumer durables market and selective infrastructure projects in India (Water, Solar, and Electrical) to maintain steady margins.
Market Share & Ranking
Voltas maintains a leadership position in the Room Air Conditioner (RAC) market with an 18.5% share in Q2 FY26, up from 16% in Q4 FY25.
Strategic Alliances
VoltBek, a Joint Venture with Arçelik for home appliances, which saw 50% volume growth in Q1 FY24.
External Factors
Industry Trends
The industry is shifting toward higher energy efficiency standards (new BEE tables) and digital sales channels. Voltas is positioning itself as a comprehensive consumer durables enterprise rather than just a cooling company.
Competitive Landscape
Intense competition from established players in the RAC segment leads to frequent market share fluctuations and pricing pressures.
Competitive Moat
Moat is built on the 'Tata' brand trust, a dominant 18.5% market share in RACs, and a diversified business model that balances consumer products with engineering projects. This is sustainable due to strong financial flexibility and a professional management track record.
Macro Economic Sensitivity
Sensitive to India's GDP growth and global stabilization. The IMF projects 3% global growth for 2025, with India remaining a key growth anchor.
Consumer Behavior
Shift toward online purchasing on platforms like Amazon and Flipkart and increasing demand for energy-efficient appliances.
Geopolitical Risks
Exposure to West Asian markets carries risks of contract terminations and bank guarantee encashments, as seen in FY23.
Regulatory & Governance
Industry Regulations
Operations are subject to BEE energy efficiency standards and PLI scheme guidelines for manufacturing incentives.
Environmental Compliance
The company must comply with evolving BEE (Bureau of Energy Efficiency) energy-rating tables, which require product redesigns and impact manufacturing financials.
Taxation Policy Impact
GST-related demand deferment was cited as a headwind in Q2 FY26.
Legal Contingencies
The company faced bank guarantee encashments in two overseas projects in FY23. There is also a pending appeal mentioned in the credit reports where the company will take action based on the outcome.
Risk Analysis
Key Uncertainties
Climatic vagaries (intensity of summer) can impact UPBG segment volumes by over 20% depending on the season. International project execution and collection delays remain a key uncertainty.
Geographic Concentration Risk
High concentration in the Indian market for UPBG, while EMPS has significant exposure to the Middle East.
Third Party Dependencies
Dependency on the VoltBek JV partner (Arçelik) for technology and product expansion in the home appliances segment.
Technology Obsolescence Risk
Risk of rapid shifts in BEE energy efficiency ratings making older inventory less competitive.
Credit & Counterparty Risk
International project business faces risks of delayed certification and slow collections, which led to higher provisioning in FY23 and H1 FY24.
