Voltas Limited (VOLTAS) · mywealthgrid

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About

Voltas Limited manufactures household appliances in the consumer discretionary sector, operating at a scale of ₹43,695 Cr market cap with consolidated revenues exceeding ₹4,800 Cr. The company serves India's household appliances market through a diversified product portfolio under the Voltas brand.

Face value: ₹1

Market cap

₹34,850 Cr

P/E

77.6×

P/B

5.5×

Dividend yield

ROE

5.8%

ROCE

11.4%

Debt / equity

0.15

OPM

4.5%

EPS (TTM)

₹13.6

Book value

₹192.8

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Valuation stretched: PE of 116.25 leaves minimal room for earnings disappointment or growth misses
Capital inefficiency: ROE of 5.83% substantially below sector norms; verify if structural or cyclical weakness
Profitability volatility: OPM ranged from −0.81% to 5.77% in recent quarters, indicating inconsistent cost control
Stock underperformance: 1y return of just 0.86% despite high valuation suggests market skepticism; verify demand trends and competitive position

Generated analysis · source review pending

Growth drivers

Operating margins at 4.5%+ in recent consolidated quarters (Mar 2026 at 4.51%, Jun 2025 at 4.53%) provide base for earnings leverage if revenues grow
D/E ratio of 0.15 indicates substantial debt headroom available for growth investments or strategic acquisitions
Consistent dividend payouts every June (2022–2026) demonstrate underlying operating cash generation sustaining shareholder returns
Market capitalization of ₹43,695 Cr provides established scale base; verify if Indian household appliances sector growth trends (urbanization, income expansion) support revenue scaling

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹1,053.2-3.4%1Y

Quick read

rule-based

Pros

+Dividend payout of 81% of profit

Cons

−Low return on equity of 8% (3-yr avg)
−Thin operating margin of 4.5%
−Profit declined 6.5% a year over the last 5 years
−Expensive at 77.6× trailing earnings

Research score

Structured signal from quality, growth, valuation and momentum.

45/100

Business quality: 35
Growth: 84
Valuation: 16

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MIDCAP 150 NIFTY 200 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	6,095	6,428	7,124	7,658	7,457	7,934	9,499	12,481	15,413	14,245
COGS	861	4,568	5,262	5,555	5,578	5,897	7,378	9,814	11,960	11,070
Gross profit	5,234	1,860	1,862	2,103	1,878	2,038	2,121	2,667	3,452	3,175
	4,667	1,194	1,302	1,485	1,397	1,467	1,669	2,331	2,462	2,658
	567	666	560	618	481	571	452	336	990	516
OPM %	9.3%	10.4%	7.9%	8.1%	6.5%	7.2%	4.8%	2.7%	6.4%	3.6%
Depreciation	24	24	24	32	34	37	40	48	62	84
Interest	16	12	33	21	26	26	30	56	62	87
	213	175	174	179	288	189	-75	253	324	212
Profit before tax	720	805	677	744	709	697	307	486	1,191	557
Tax	200	227	164	223	180	191	171	238	356	187
Tax %	27.8%	28.2%	24.1%	30%	25.4%	27.4%	55.7%	48.9%	29.9%	33.6%
	520	578	514	521	529	506	136	248	834	370
PAT margin %	8.5%	9%	7.2%	6.8%	7.1%	6.4%	1.4%	2%	5.4%	2.6%
EPS (₹)	—	17.3	15.4	15.6	7.2	15.2	4.1	7.6	25.4	11.4
EPS adjusted (₹)	15.6	17.3	15.4	15.6	15.9	15.2	4.1	7.6	25.4	11.4
	—	23.1%	26.1%	25.6%	69.6%	36.1%	104.2%	72.2%	27.5%	35.2%
Annual report	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	33	33	33	33	33	33	33	33	33	33	33
Reserves	2,482	3,274	3,872	4,077	4,247	4,960	5,466	5,419	5,787	6,480	6,343
Minority interest	—	—	—	35	36	36	38	42	34	27	23
	124	171	142	315	218	251	343	616	713	863	966
	2,543	3,002	3,262	3,063	3,622	3,375	3,866	4,169	5,468	5,748	7,144
Total equity & liabilities	5,182	6,480	7,310	7,522	8,156	8,655	9,746	10,279	12,036	13,152	14,510
	255	254	252	297	322	332	330	440	468	896	1,043
CWIP	4	1	4	16	26	9	59	98	368	82	22
Investments	86	2,268	2,754	2,386	2,343	3,102	3,669	3,158	3,553	3,287	2,799
	4,838	3,957	4,300	4,824	5,464	5,212	5,688	6,583	7,647	8,887	10,646
Total assets	5,182	6,480	7,310	7,522	8,156	8,655	9,746	10,279	12,036	13,152	14,510

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Segment - A ( Unitary Cooling Products )	9,500.63	305.22	6,659.66	4,170.63	2,489.03	12.26
Segment - B ( Electro - Mechanical Projects and Services )	4,052.52

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	26.1%	27.5%	25.2%	25.7%	22.3%	21.4%	22.4%	22.3%
EBITDA margin %	8.6%	9%	7.3%	8.6%	6%	3.8%	7.2%	4.5%
EBIT margin %	8.2%	8.5%	6.8%	8.1%	5.6%	3.4%	6.8%	4%
PAT margin %	7.2%	6.8%	7.1%	6.4%	1.4%	2%	5.4%	2.6%
Working capital
Receivable days	94	87	88	97	84	74	59	78
Inventory days	76	97	84	103	79	79	83	113
Payable days	165	177	161	182	149	143	119	172
NWC days	5	7	11	18	14	10	24	19
Leverage
Current ratio	1.72	1.5	1.48	1.45	1.4	1.34	1.48	1.37
Debt to EBITDA	0.51	0.32	0.46	0.5	1.08	1.5	0.77	1.49
Debt to equity	0.08	0.05	0.05	0.06	0.11	0.12	0.13	0.15
Interest coverage	23.5	42	30.5	32.2	23.7	12.2	22.2	9.2
Asset turnover	0.95	0.94	0.86	0.81	0.92	1.04	1.17	0.98
Return ratios
Return on assets %	6.8%	6.4%	6.1%	5.2%	1.3%	2.1%	6.3%	2.6%
Return on capital employed %	18.7%	20.4%	16.6%	15.4%	12.4%	11.4%	20.5%	11.4%
Return on equity %	12.5%	12.2%	10.6%	9.2%	2.5%	4.3%	12.8%	5.8%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	30.3%	30.3%	30.3%	30.3%	30.3%	30.3%	30.3%	30.3%	30.3%	30.3%	30.3%	30.3%
	17.83%	17.17%	14.71%	15.08%	18.08%	21.31%	21.96%	21.16%	20.26%	18.41%	18.45%	16.94%
	36.03%	37.21%	40.59%	40.41%	37.46%	34.61%	33.21%	33.36%	35.62%	37.75%	38.29%	38.94%
	0%	0%	0%	0%	0%	0%	0%	0%	0.21%	0.14%	0.11%	0.11%
	15.84%	15.32%	14.4%	14.21%	14.16%	13.78%	14.53%	15.18%	13.61%	13.4%	12.85%	13.71%
No. of shareholders	—	—	—	—	—	—	—	—	2,84,355	2,68,704	2,60,008	2,71,399

Promoter holding up 0 percentage points since Sep 2023.

35 deals · 13 Aug 2021 – 14 Jul 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
14 Jul 2025	THE MTBJ LTD AS TRST FOR GOVRNMNT PENSION INVSTMNT FUND MTBJ400045828	Block	BSE	Sell	86,456	₹1,369.50	₹11.84 Cr
14 Jul 2025	THE MTBJ LTD AS TRST FOR GOVERNMENT PENSION INVESTMENT FUND MTBJ400045849	Block	BSE	Buy	86,456	₹1,369.50	₹11.84 Cr
1 Jul 2025	KADENSA MASTER FUND	Block	BSE	Sell	3,88,167	₹1,314.10	₹51.01 Cr
1 Jul 2025	GOLDMAN SACHS (SINGAPORE) PTE.- ODI	Block	BSE	Buy	3,88,167	₹1,314.10	₹51.01 Cr
25 Nov 2024	UBS PRINCIPAL CAPITAL ASIA LIMITED	Bulk	NSE	Sell	38,67,983	₹1,642.67	₹635.38 Cr
29 Jul 2024	INTEGRATED CORE STRATEGIES (ASIA) PTE. LTD.	Block	BSE	Buy	3,45,438	₹1,490.35	₹51.48 Cr
29 Jul 2024	BNP PARIBAS FINANCIAL MARKETS	Block	BSE	Sell	3,45,438	₹1,490.35	₹51.48 Cr
25 Jan 2024	SOCIETE GENERALE	Block	BSE	Buy	6,47,338	₹1,031.75	₹66.79 Cr
25 Jan 2024	BNP PARIBAS ARBITRAGE	Block	BSE	Sell	6,47,338	₹1,031.75	₹66.79 Cr
14 Nov 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	NSE	Buy	3,45,078	₹829.05	₹28.61 Cr

1–10 of 35

1 / 4

Mr. Noel Naval TataNon-Executive - Non Independent Director-Chairperson
Mr. Mukundan Menon C PExecutive Director-MD
Mr. Vinayak Kashinath DeshpandeNon-Executive - Non Independent Director
Mr. Saurabh AgrawalNon-Executive - Non Independent Director
Mr. Sunil Alaric DsouzaNon-Executive - Non Independent Director
Mr. Arun Kumar AdhikariNon-Executive - Independent Director
Mr. Jayesh Tulsidas MerchantNon-Executive - Independent Director
Mr. Aditya SehgalNon-Executive - Independent Director
Mr. Pheroz N PudumjeeNon-Executive - Independent Director
Ms. Sonia SinghNon-Executive - Independent Director
Mr. K. V. SridharChief Financial Officer

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹1,070.0 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹1,076.3	-26.1	-2.4%	₹1,076.3	28,522	+96	3,795	375
23 Nov 2026	₹1,080.8	-28.2	-2.5%	₹1,080.8	736	+55	509	375
29 Dec 2026	₹1,085.4	-20.8	-1.9%	₹1,085.4	6	+6	9	375

Open the chart icon on a row for that contract's close over 103 stored sessions, with open interest as bars beneath it.

23

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
0	0	0	₹187.0	920

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 14 fund houses

Held by these funds

12.01%

of the company's equity

All mutual funds

15.58%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

91 schemes · 14 fund houses

		Shares
Growth Mid Cap FundNEW	Nippon India Mutual Fund	69.1 L	825.33	1.58%	2.088%	—
Portfolio of Kotak Mid Cap FundNEW	Kotak Mahindra Mutual Fund	51.9 L	619.92	0.87%	1.569%	—
Multi Cap FundNEW	Nippon India Mutual Fund	48.16 L	575.21	1.02%	1.455%	—
Mid Cap Fund	DSP Mutual Fund	36.4 L	434.71	2.07%	1.1%	-0
SMALL CAP FUND	Nippon India Mutual Fund	24.93 L	297.77	0.36%	0.753%	-0
Large and Midcap Fund	SBI Mutual Fund	18.75 L	223.95	0.53%	0.567%	-0
Midcap Fund	Axis Mutual Fund	15.7 L	187.57	0.53%	0.475%	-3.59 L
VALUE FUND	Nippon India Mutual Fund	11.05 L	131.94	1.46%	0.334%	+50,000

1–8 of 91

1 / 12

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

Loading events…

Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

110 announcementsExport CSV

21 Sept 2026, 5:42 pmCompany Update

Intimation Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 ('SEBI Listing Regulations') - Receipt Of Show Cause Notice

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	26.1%	27.5%	25.2%	25.7%	22.3%	21.4%	22.4%	22.3%
EBITDA margin %	8.6%	9%	7.3%	8.6%	6%	3.8%	7.2%	4.5%
EBIT margin %	8.2%	8.5%	6.8%	8.1%	5.6%	3.4%	6.8%	4%
PAT margin %	7.2%	6.8%	7.1%	6.4%	1.4%	2%	5.4%	2.6%
Working capital
Receivable days	94	87	88	97	84	74	59	78
Inventory days	76	97	84	103	79	79	83	113
Payable days	165	177	161	182	149	143	119	172
NWC days	5	7	11	18	14	10	24	19
Leverage
Current ratio	1.72	1.5	1.48	1.45	1.4	1.34	1.48	1.37
Debt to EBITDA	0.51	0.32	0.46	0.5	1.08	1.5	0.77	1.49
Debt to equity	0.08	0.05	0.05	0.06	0.11	0.12	0.13	0.15
Interest coverage	23.5	42	30.5	32.2	23.7	12.2	22.2	9.2
Asset turnover	0.95	0.94	0.86	0.81	0.92	1.04	1.17	0.98
Return ratios
Return on assets %	6.8%	6.4%	6.1%	5.2%	1.3%	2.1%	6.3%	2.6%
Return on capital employed %	18.7%	20.4%	16.6%	15.4%	12.4%	11.4%	20.5%	11.4%
Return on equity %	12.5%	12.2%	10.6%	9.2%	2.5%	4.3%	12.8%	5.8%

Calls	Strike	Puts
0	0	0	₹187.0	920

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Lg Electronics India LimitedLGEINDIALGEINDIA	₹1,16,876 Cr	₹1,16,876 Cr	₹25,575 Cr	₹2,593 Cr	9.8%	₹1,825 Cr	6.9%	31%	24.7%	30
Voltas LimitedVOLTASVOLTAS	₹34,850 Cr	₹35,817 Cr	₹14,979 Cr	₹734 Cr	4.5%	₹449 Cr	2.6%	11.4%	5.8%	19
Blue Star LimitedBLUESTARCOBLUESTARCO	₹30,009 Cr	₹30,636 Cr	₹12,798 Cr	₹905 Cr	7.5%	₹509 Cr	4.3%	23.2%	16.2%	33
Amber Enterprises India LimitedAMBERAMBER	₹22,945 Cr	₹25,647 Cr	₹12,625 Cr	₹1,008 Cr	7.8%	₹96 Cr	1.9%	12.6%	5.3%	53
Crompton Greaves Consumer Electricals LimitedCROMPTONCROMPTON	₹13,052 Cr	₹13,052 Cr	₹8,332 Cr	₹849 Cr	10.2%	₹-224 Cr	-2.9%	18.2%	-7.6%	-24
V-Guard Industries LimitedVGUARDVGUARD	₹12,869 Cr	₹12,878 Cr	₹6,310 Cr	₹594 Cr	8.8%	₹365 Cr	5.2%	17.9%	13.8%	60
Whirlpool Of India LimitedWHIRLPOOLWHIRLPOOL	₹10,934 Cr	₹10,934 Cr	₹8,329 Cr	₹409 Cr	6%	₹251 Cr	3.7%	9.9%	7.2%	9
Ttk Prestige LimitedTTKPRESTIGTTKPRESTIG	₹6,938 Cr	₹6,993 Cr	₹3,178 Cr	₹317 Cr	9.3%	₹190 Cr	5.3%	12.4%	8.1%	119
Eureka Forbes LimitedEUREKAFORBEUREKAFORB	₹6,817 Cr	₹6,817 Cr	₹2,802 Cr	₹321 Cr	11.6%	₹181 Cr	6%	4.8%	3.6%	80
Bosch Home Comfort India LimitedBOSCH-HCILBOSCH-HCIL	₹5,351 Cr	₹5,411 Cr	₹2,942 Cr	₹72 Cr	2.5%	₹5 Cr	-0.1%	4.5%	-0.5%	18
Ifb Industries LimitedIFBINDIFBIND	₹4,723 Cr	₹4,739 Cr	₹5,866 Cr	₹344 Cr	5.7%	₹160 Cr	2.6%	19.5%	15.6%	-10
Symphony LimitedSYMPHONYSYMPHONY	₹3,928 Cr	₹4,072 Cr	₹1,058 Cr	₹149 Cr	11%	₹-139 Cr	-12.5%	24.2%	-21.6%	162

Date	Category	Subject	Filing
21 Sept 2026, 5:42 pm	Company Update General	Intimation Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 ('SEBI Listing Regulations') - Receipt Of Show Cause Notice	PDF
21 Sept 2026, 4:12 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
17 Sept 2026, 6:35 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
1 Sept 2026, 6:44 pm	Company Update General	Intimation - Update On A Pending Material Litigation As Required Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015	PDF
20 Aug 2026, 6:25 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome	PDF
14 Aug 2026, 9:15 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome	PDF
14 Aug 2026, 6:08 pm	Company Update Investor Presentation	Announcement under Regulation 30 (LODR)-Investor Presentation	PDF
14 Aug 2026, 5:54 pm	Board Meeting Outcome of Board Meeting	Board Meeting Outcome for Outcome Of Board Meeting Of Voltas Limited Held On 14Th August, 2026	PDF

₹ Cr	Mar 2016	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	275	298	-321	462	556	695	159	762	-224	71
	-367	-151	393	-210	-256	-365	-82	-522	158	282
	36	-178	-18	-294	-122	-107	55	-116	-100	-262
Net cash flow	-56	-32	53	-42	179	223	133	123	-166	90
Free cash flow	—	—	-403	372	535	646	-21	468	-432	-62
CFO / Operating profit %	—	45%	-52.6%	67.4%	102.6%	101.9%	27.9%	160.5%	-20.1%	11%

Voltas Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

3

23

Fund holders

Documents

Announcements

Events

Announcements

3

23

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

21

1

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Seg-A(UnitCoolPrdtsforCmfrtandCommUse) · revenue

Voltas Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Futures3

Option chain23

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Futures3

Option chain23

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends21

Board meetings1

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Seg-A(UnitCoolPrdtsforCmfrtandCommUse) · revenue

3

23

3

23

21

1