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Voltas Ltd

Q3 FY25

Voltas Q3 FY25 earnings call: Revenue & Margins

Q3 FY25 earnings call: what management guided on revenue, margins and order book.

Price₹1,235

Market cap₹43.7K Cr

P/E93.6

Updated23 Aug 2026

Read5 min read

The short version

First nine months of the year showed strong momentum in sales, volume, and revenue growth, with profitability nearly 2.5x compared to last year. - Voltbek Home Appliances JV reported remarkable volume growth of 59% in the quarter and 56% for nine months, with improving market share across categories. - UCP segment grew 20% in the quarter and 42% over nine months, with anticipated strong summer demand expected to boost performance. - Ramp-up of new manufacturing facilities, including the Chennai AC factory and compressor plant, projected to improve operational efficiency and scale. - Domestic projects have robust order intake (~Rs. The company has shown strong momentum with profit before tax increasing 2.5x year-on-year for the nine-month period. - EPS for the nine months ended December 2024 improved significantly to Rs.

From Voltas Ltd's Q3 FY25 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

First nine months of the year showed strong momentum in sales, volume, and revenue growth, with profitability nearly 2.5x compared to last year.
Voltbek Home Appliances JV reported remarkable volume growth of 59% in the quarter and 56% for nine months, with improving market share across categories.
UCP segment grew 20% in the quarter and 42% over nine months, with anticipated strong summer demand expected to boost performance.
Ramp-up of new manufacturing facilities, including the Chennai AC factory and compressor plant, projected to improve operational efficiency and scale.
Domestic projects have robust order intake (~Rs. 1,400 crores) with international project focus on selective profitable orders, primarily in UAE and KSA.

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Profitability & Margins

The company has shown strong momentum with profit before tax increasing 2.5x year-on-year for the nine-month period.
EPS for the nine months ended December 2024 improved significantly to Rs. 18.14 from Rs. 4.10 last year.
Voltbek is on track to reach EBITDA breakeven by March 2025, with ongoing focus on volume growth, cost optimization, and margin improvement.
The new air conditioner facility in Chennai is ramping up and expected to boost operational efficiency and profitability.
The company plans to expand presence in emerging sales channels, supporting long-term volume and profit growth.
International business is consolidating with selective project execution to improve collection and profitability.
Focus on value engineering, product portfolio strengthening, and cost control are key drivers for margin expansion.

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Capital Expenditure Plans

Chennai plant: Production commenced with ~Rs. 400 crores spent; additional Rs. 400-450 crores earmarked to ramp up production and compressor manufacturing.
Compressor plant CAPEX: Rs. 250 crore+ planned, awaiting technological partnership before production start.
Backward integration strategy: Focus on in-house production for components like sheet metal, injection molding, copper tubing, and heat exchangers at Chennai and Pantnagar plants.
Ramp-up of new production capacity expected over 10-12 months.
Chennai plant benefits from Production Linked Incentive (PLI) scheme expected from next year onwards.
Capitalized CAPEX depreciation peak estimated at Rs. 70-75 crores annually across factories.

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Fundraising & Capital Structure

Currently, there is no mention of any new fundraising through debt or equity in the latest conference call.
The management highlighted ongoing capital expenditure (CAPEX) primarily for capacity expansions in Chennai and commercial refrigeration plants, funded through existing resources.
The focus remains on consolidation and selective project execution, especially in international business, without taking on additional major orders or raising new funds.
No cancellations of orders or surprises in funding strategies were reported.

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Order Book & Pipeline

As of December 31, 2024, the total carry-forward order book for Voltas Limited's projects segment stood at Rs. 6,818 crores.
Out of this, the international order book is approximately Rs. 2,000 crores, primarily in UAE and Saudi Arabia.
Domestic order intake during the period was about Rs. 1,400 crores.
The international order book has seen no cancellations; reductions are due to order executions.

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Voltas Ltd — 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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Frequently Asked Questions

What were Voltas Ltd Q3 FY25 results?

First nine months of the year showed strong momentum in sales, volume, and revenue growth, with profitability nearly 2.5x compared to last year. - Voltbek Home Appliances JV reported remarkable volume growth of 59% in the quarter and 56% for nine months, with improving market share across categories. - UCP segment grew 20% in the quarter and 42% over nine months, with anticipated strong summer demand expected to boost performance. - Ramp-up of new manufacturing facilities, including the Chennai AC factory and compressor plant, projected to improve operational efficiency and scale. - Domestic projects have robust order intake (~Rs. The company has shown strong momentum with profit before tax increasing 2.5x year-on-year for the nine-month period. - EPS for the nine months ended December 2024 improved significantly to Rs.

What is Voltas Ltd share price analysis?

Voltas Ltd currently shows a neutral. The stock trades at a P/E of 93.6 with a market cap of ₹43,693 Cr. Investors should review the full earnings analysis for detailed insights.

Is Voltas Ltd planning capital expenditure?

Chennai plant: Production commenced with ~Rs.

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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.