Arthneeti

Voltas Q1 FY27 Share Price & Earnings Call Analysis

₹1,041.00+2.88% today
Market cap
₹34,448 Cr
P/E
73.77
ROE
6.10%
PEG
4.21
Price to sales
2.28
Debt to equity
0.16
52W high / low
₹1,561 / ₹946
Sales growth (5Y)
13.52%
EBITDA margin
3.95%
Net profit margin
2.72%
Promoter holding
30.30%
Sales (last year)
₹14,979 Cr

Voltas is engaged in the business of air conditioning, refrigeration, electro - mechanical projects as an EPC contractor both in domestic and international geographies (Middle East and Singapore) and engineering product services for mining, water management and treatment, construction equipments and textile industry.

Guidance scorecard · Q1 FY27 call

What Voltas Ltd's management guided
and where it ranks in Consumer Durables

Revenue20–40%MarginsFlatCapexNone plannedFundraisingWhat management saidOrder bookWhat management said

RevenueQ1 FY27 call

20–40%
  • Voltas plans to ramp up compressor production through the JV with Atomberg gradually, starting below 1 million units, moving to 1-2 million, and eventually exceeding 2.5 million units.
  • Room Air Conditioner (RAC) volumes grew 45% YoY, significantly outperforming the industry which showed around 15-22% secondary volume growth.
  • Market share in RAC increased to 17.3% in Q1 FY27, with a 4 percentage point lead over the nearest competitor.
  • The company expects continued strong revenue growth supported by expanding channels, product innovation, and premiumization.
  • Commercial air conditioning and commercial refrigeration segments expected to stabilize and improve after a muted performance.

2 more points from Voltas Ltd's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

See what Voltas Ltd said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

None planned
  • No major material capex planned for FY27 and FY28; focus will be on maintenance capex.
  • Previous capex for Chennai plant done a couple of years ago is now yielding benefits.
  • Compressor JV with Atomberg entails future capex, likely shared 50-50 between Voltas and Atomberg.
  • Exact quantum of JV capex is still being finalized, with commercial production expected around 18 months from now.
  • Majority of compressor JV capex expected in FY28 and FY29.

2 more points from Voltas Ltd's call on capex

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Full Q1 FY27 analysis

FundraisingQ1 FY27 call

See what Voltas Ltd said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

  • As of June 30, 2026, the total carryover order book value for Segment B (Electromechanical Projects and Services) stood at Rs. 6,345 crores, providing strong revenue visibility.
  • Domestic Projects maintained strong order momentum with strategic wins in Industrial Infrastructure, Electronics Manufacturing, Metro and Tunnel projects, and Data Centers.
  • International Projects experienced delayed new order bookings due to geopolitical challenges but continue to focus on operational stability and selective pursuit of opportunities.

2 more points from Voltas Ltd's call on the order book

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Full Q1 FY27 analysis
Full Consumer Durables ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Consumer Durables
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Voltas Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Consumer Durables companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹166 Cr20.3
240%+Up 2%+₹100 Cr12.7
340%+Up 0–2%₹3,249 Cr17.4
440%+Up 0–2%₹2,081 Cr18.8
540%+Flat₹2,429 Cr41.1
640%+Flat₹2,163 Cr25.6

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Financials of Voltas Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of Voltas Ltd

Quarterly Results

Quarter-by-quarter operating performance

Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales +2,9573,3602,2932,6264,2034,9212,6193,1054,7683,9392,3473,0714,888
Expenses +2,7673,2062,2562,6334,0514,5272,4892,9404,4673,7862,3132,9264,703
Operating Profit19015437-815239413016530115334145185
OPM %6%5%2%-0%4%8%5%5%6%4%1%5%4%
Other Income +477071585480105598082652243
Interest12101114211014162314203122
Depreciation10111213121316181418242121
Profit before tax214203852417445220519134320354116184
Tax %33%36%58%216%36%26%35%31%31%31%42%27%39%
Net Profit +14312936-281113351331312361413284113
EPS in Rs4.353.911.11-0.923.5210.104.053.997.284.241.042.573.51

Financials of Voltas Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales +5,1835,7206,0336,4047,1247,6587,5567,9349,49912,48115,41314,244
Expenses +4,7735,3765,4845,7426,5647,0406,9757,3629,04512,14514,42313,728
Operating Profit411344549663560618580572454336990516
OPM %8%6%9%10%8%8%8%7%5%3%6%4%
Other Income +154261212178174179189188-77253324212
Interest231616123321262630566287
Depreciation282624242432343740486284
Profit before tax5145637208056777447096973074861,191557
Tax %25%30%28%28%24%30%25%27%56%49%30%34%
Net Profit +388393520578514521529506136248834370
EPS in Rs11.6211.7015.6417.3015.3515.6315.8715.234.087.6225.4311.36
Dividend Payout %19%22%22%23%26%26%32%36%104%72%28%35%

Financials of Voltas Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital333333333333333333333333
Reserves2,0692,7783,2743,8724,0774,2474,9605,4665,4195,7876,4806,343
Borrowings +122271171142315219261361651744892992
Other Liabilities +2,6622,7882,9913,2493,0913,6573,4023,8744,1715,4305,7027,141
Total Liabilities4,8865,8696,4697,2967,5158,1568,6559,73410,27411,99413,10814,510
Fixed Assets +2692763002973433803883845255489731,080
CWIP41141626959983688222
Investments1,0941,9752,2682,7542,3862,3433,0463,6153,1093,5083,2432,762
Other Assets +3,5193,6173,9014,2424,7715,4065,2125,6766,5427,5718,80910,646
Total Assets4,8865,8696,4697,2967,5158,1568,6559,73410,27411,99413,10814,510

Financials of Voltas Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +311219428325-321462556584159762-22471
Cash from Investing Activity +-104-315-73-199393-210-256-365-82-522158282
Cash from Financing Activity +-23648-211-181-18-294-122-10755-116-100-262
Net Cash Flow-29-47143-5553-42179113133123-16690
Free Cash Flow516203405292-402379537537-18473-415-58
CFO/OP101%111%111%87%-9%108%108%140%72%289%9%55%

Financials of Voltas Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days948788899287879784705978
Inventory Days88657865769784103797983113
Days Payable156156172174165177161182149140119172
Cash Conversion Cycle26-4-6-19379181492419
Working Capital Days272125324149473831184351
ROCE %22%19%22%22%17%18%15%13%10%9%18%9%

Guidance history

How Voltas Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →20–40%FlatNone planned——
Q4 FY26 call →10–20%FlatPlanned—Rising
Q3 FY26 call →10–20%FlatPlanned—Flat
Q2 FY26 call →20–40%FlatPlanned—Rising

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

9out of 100

Momentum score · price trend

9 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−26.6%28%
Last 6 months−27.2%10%
Last 3 months−21.9%12%

The price is 46% below its all-time high of ₹1,928.4 (20 Sept 2024). Stocks more than 20% below their peak have their score halved, so 17 became 9.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Voltas Ltd: 0.4 × 28 + 0.4 × 10 + 0.2 × 12 = 17, halved to 9 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Voltas Ltd's management said in earlier quarters

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