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Voltas

Q2 FY26

Voltas Q2 FY26: Order Book ₹6,200 Cr

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹1,029

Market cap₹34.1K Cr

P/E72.9

Updated16 Oct 2026

Read4 min read

The short version

Voltas anticipates significant growth in the second half of FY26, driven by GST reduction from 28% to 18%, expected to unlock pent-up consumer demand. Voltas expects a positive rebound in H2 FY26, supported by GST reduction and pent-up consumer demand.

From Voltas's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.

Revenue & Sales Performance

Voltas anticipates significant growth in the second half of FY26, driven by GST reduction from 28% to 18%, expected to unlock pent-up consumer demand.
Q4 to see strong sales uptick as channels stock up ahead of the summer season and BEE energy efficiency transition in January 2026.
Market share in cooling products category progressively growing: 16% in Q4FY25, 17.8% in Q1FY26, 18.5% in Q2FY26.
Voltbek appliances brand shows strong momentum, marking diversification and aiding consistent revenue growth.
Commercial Air Conditioning (CAC) segment and project business (MEP, electrical, solar, water) expected to be key growth drivers.

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Profitability & Margins

Voltas expects a positive rebound in H2 FY26, supported by GST reduction and pent-up consumer demand.
Medium-term margin guidance remains directionally positive with cost reduction initiatives and better fixed cost absorption.
Voltbek appliances business is moving steadily towards EBITDA break-even, with some months already seeing near break-even.
Segment B (Projects & Services) is well-positioned for steady, counter-cyclical growth with a large order book exceeding ₹6,200 crores.
Commercial Air Conditioning (CAC) business is growing well, seen as the next growth engine.
Potential for growth driven by diversified portfolio including thermal engineering, MEP, water, electrical and solar verticals.

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Capital Expenditure Plans

Voltas has made strategic investments in new manufacturing facilities at Chennai and Waghodia.
These are currently experiencing temporary under absorption, impacting margins, but are expected to deliver economies of scale and long-term competitiveness as utilization improves.
The company is expanding its advanced manufacturing footprint, especially for the Voltbek appliances brand, enhancing scale and innovation agility.
Investments include localization initiatives to reduce import content from 70% to less than 30%, resulting in a more responsive supply chain.
Voltas is focusing on product innovation, manufacturing excellence, channel revitalization, and operational efficiency across its network.

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Fundraising & Capital Structure

The transcript provided does not mention any current or planned fundraising through debt or equity.
No discussion about new debt issuance or equity offering was made during the Q2 FY26 earnings call.
The company highlights strong working capital management and financial discipline without reference to raising additional capital.

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Order Book & Pipeline

Voltas’ consolidated order book exceeds ₹6,200 crores.
Domestic projects form the major part at approximately ₹4,800 crores.
The domestic order book is evenly divided across three verticals: MEP (Mechanical, Electrical, and Plumbing), Electrical and Solar, and Water businesses.
MEP primarily serves the private sector, while Electrical and Solar and Water businesses are driven largely by government infrastructure spending.
International business contributes around ₹1,400 crores to the order book.

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Voltas — Quarterly revenue & net profit

Revenue Net profit

Dec 2024Q3 FY25

Mar 2025Q4 FY25

Jun 2025Q1 FY26

Sep 2025Q2 FY26

Dec 2025Q3 FY26

Mar 2026Q4 FY26

Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹4.9K Cr, net profit ₹113 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What Voltas Ltd's management said in earlier quarters

Others in Consumer Durables this season

Nitco (Q2 FY26)
Q2 FY26 revenue from operations: INR 107.1 crores, a 64% YoY increase from INR 65.5 crores in Q2 FY25. Key investor presentation takeaways from Nitco Ltd's Q2 F
Interiors & More (Q2 FY26)
179.5 Mn in H1FY25, a YoY growth of approximately 24.3%. Key investor presentation takeaways from Interiors & More Ltd's Q2 FY26 investor presentation — and how
Global Surfaces (Q2 FY26)
Year-on-Year (YoY) growth for Q2-FY26: +15.1% . Key investor presentation takeaways from Global Surfaces Ltd's Q2 FY26 investor presentation — and how it ranks
PC Jeweller (Q2 FY26)
Revenue/Sales for Q2 FY 2026: Rs 825 crores, up 63% YoY from Rs 505 crores in Q2 FY 2025. Key investor presentation takeaways from PC Jeweller Ltd's Q2 FY26 inv

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Frequently Asked Questions

What were Voltas Q2 FY26 results?

Voltas anticipates significant growth in the second half of FY26, driven by GST reduction from 28% to 18%, expected to unlock pent-up consumer demand. Voltas expects a positive rebound in H2 FY26, supported by GST reduction and pent-up consumer demand.

What is Voltas share price analysis?

Voltas currently shows a neutral. The stock trades at a P/E of 72.9 with a market cap of ₹34,051 Cr. Investors should review the full earnings analysis for detailed insights.

Is Voltas planning capital expenditure?

Voltas has made strategic investments in new manufacturing facilities at Chennai and Waghodia.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.