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Voltas Overview

Voltas Limited is an India-based employer, that is engaged in offering air conditioning and cooling merchandise, engineering tasks and engineering services and products. Its section consists of Unitary Cooling Products for Comfort and Commercial use section, which is engaged in production, promoting and after sales offerings of cooling appliances and cold storage merchandise; Electro - Mechanical Projects and Services phase, which incorporates electricals, HVAC (heating, air flow and aircon), plumbing, firefighting, more low voltage (ELV) and s...Read More

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Voltas Key Financials

Market Cap ₹43525 Cr.

Stock P/E 52.2

P/B 6.8

Current Price ₹1315.4

Book Value ₹ 192.5

Face Value 1

52W High ₹1530

Dividend Yield 0.53%

52W Low ₹ 1135.6

Voltas Share Price

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Volume
Price

Voltas Quarterly Price

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Voltas Peer Comparison

Voltas Quarterly Results

#(Fig in Cr.) Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025
Net Sales 3360 2293 2626 4203 4921 2619 3105 4768 3939 2347
Other Income 70 71 58 54 80 105 59 80 82 65
Total Income 3430 2364 2684 4257 5001 2725 3164 4847 4021 2412
Total Expenditure 3175 2222 2597 4012 4497 2457 2908 4435 3760 2277
Operating Profit 255 141 86 245 504 268 256 412 261 135
Interest 10 11 14 21 10 14 16 23 14 20
Depreciation 11 12 13 12 13 16 18 14 18 24
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 234 118 60 212 481 238 223 375 229 91
Provision for Tax 73 49 51 63 117 73 60 107 62 23
Profit After Tax 160 69 8 149 364 165 163 268 166 68
Adjustments -31 -32 -39 -33 -30 -31 -31 -27 -26 -34
Profit After Adjustments 129 37 -30 116 334 134 132 241 140 34
Adjusted Earnings Per Share 3.9 1.1 -0.9 3.5 10.1 4.1 4 7.3 4.2 1

Voltas Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 5183 5720 6033 6404 7124 7658 7556 7934 9499 12481 15413 14159
Other Income 109 137 212 185 197 231 189 189 168 255 324 286
Total Income 5292 5857 6245 6590 7321 7889 7745 8124 9667 12736 15737 14444
Total Expenditure 4773 5287 5466 5753 6524 6972 6914 7253 8926 12008 14297 13380
Operating Profit 519 570 779 837 798 917 830 871 741 728 1441 1064
Interest 23 16 16 12 33 21 26 26 30 56 62 73
Depreciation 28 26 24 24 24 32 34 37 40 48 62 74
Exceptional Income / Expenses 46 29 1 1 -12 -51 0 0 -244 0 0 0
Profit Before Tax 514 563 720 805 677 744 709 697 307 486 1191 918
Provision for Tax 128 170 200 227 164 223 180 191 171 238 356 252
Profit After Tax 386 393 520 578 514 521 529 506 136 248 834 665
Adjustments -2 -6 -2 -6 -6 -4 -4 -2 -1 4 7 -118
Profit After Adjustments 384 387 517 572 508 517 525 504 135 252 841 547
Adjusted Earnings Per Share 11.6 11.7 15.6 17.3 15.4 15.6 15.9 15.2 4.1 7.6 25.4 16.5

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 23% 25% 15% 12%
Operating Profit CAGR 98% 18% 9% 11%
PAT CAGR 236% 18% 10% 8%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -12% 19% 7% 17%
ROE Average 14% 7% 8% 12%
ROCE Average 18% 11% 12% 17%

Voltas Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 2102 2811 3307 3905 4110 4280 4993 5500 5452 5821 6513
Minority's Interest 16 27 29 32 35 36 36 38 42 34 27
Borrowings 5 0 0 0 0 5 6 13 21 228 382
Other Non-Current Liabilities 93 51 72 84 -14 47 61 96 109 156 180
Total Current Liabilities 2635 2950 3042 3271 3285 3714 3504 4056 4620 5756 6006
Total Liabilities 4852 5838 6449 7292 7416 8083 8600 9702 10243 11994 13108
Fixed Assets 269 276 254 252 297 335 332 330 475 503 930
Other Non-Current Assets 846 1437 2205 2442 1472 2170 3078 3493 3322 3767 3300
Total Current Assets 3737 4126 3990 4598 5647 5578 5189 5879 6446 7725 8878
Total Assets 4852 5838 6449 7292 7416 8083 8600 9702 10243 11994 13108

Voltas Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 273 217 170 313 258 311 269 448 561 693 816
Cash Flow from Operating Activities 311 219 428 325 -321 462 556 584 159 762 -224
Cash Flow from Investing Activities -104 -315 -73 -199 393 -210 -256 -365 -82 -522 158
Cash Flow from Financing Activities -236 48 -211 -181 -18 -294 -122 -107 55 -116 -100
Net Cash Inflow / Outflow -29 -47 143 -55 53 -42 179 113 133 123 -166
Closing Cash & Cash Equivalent 243 170 313 258 311 269 448 561 693 816 650

Voltas Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 11.62 11.7 15.64 17.3 15.35 15.63 15.87 15.24 4.08 7.62 25.43
CEPS(Rs) 12.52 12.68 16.45 18.21 16.26 16.72 17.01 16.42 5.32 8.94 27.09
DPS(Rs) 2.25 2.6 3.5 4 4 4 5 5.5 4.25 5.5 7
Book NAV/Share(Rs) 63.56 84.99 99.96 118.05 124.24 129.39 150.95 166.25 164.81 175.95 196.89
Core EBITDA Margin(%) 7.88 7.53 9.3 10.14 8.43 8.96 8.49 8.59 6.03 3.79 7.24
EBIT Margin(%) 10.32 10.07 12.08 12.71 9.97 9.99 9.73 9.11 3.55 4.34 8.13
Pre Tax Margin(%) 9.87 9.79 11.82 12.52 9.51 9.72 9.39 8.79 3.23 3.89 7.73
PAT Margin (%) 7.42 6.84 8.53 8.99 7.21 6.8 7 6.38 1.43 1.99 5.41
Cash Profit Margin (%) 7.96 7.3 8.93 9.37 7.55 7.22 7.45 6.85 1.85 2.37 5.81
ROA(%) 8.07 7.35 8.46 8.41 6.99 6.72 6.34 5.53 1.37 2.23 6.65
ROE(%) 19.69 16 17 16.03 12.82 12.42 11.4 9.64 2.49 4.4 13.53
ROCE(%) 24.93 21.8 22.45 21.71 16.77 17.16 15.08 13.01 5.65 8.6 18.01
Receivable days 93.75 85.93 84.48 85.87 86.42 86.52 87.63 89.95 82.65 67.15 58.16
Inventory Days 61.99 50.55 48.86 48.83 48.77 61 66.39 67.65 62.51 54.5 57.43
Payable days 155.96 142.72 161.28 166.66 157.83 166.35 168.59 167.33 147.29 126.23 117.01
PER(x) 24.04 23.66 26.35 35.87 41.06 30.63 63.11 81.67 200.49 144.86 57.34
Price/Book(x) 4.4 3.26 4.12 5.26 5.07 3.7 6.64 7.49 4.96 6.27 7.41
Dividend Yield(%) 0.81 0.94 0.85 0.64 0.63 0.84 0.5 0.44 0.52 0.5 0.48
EV/Net Sales(x) 1.76 1.62 2.23 3.18 2.93 2.06 4.36 5.16 2.84 2.91 3.14
EV/Core EBITDA(x) 17.56 16.23 17.3 24.37 26.13 17.17 39.68 47.04 36.41 49.96 33.62
Net Sales Growth(%) -1.58 10.36 5.47 6.16 11.24 7.5 -1.34 5.01 19.72 31.4 23.49
EBIT Growth(%) 48.12 7.74 27.28 8.11 -13.03 0.42 -3.93 -1.66 -53.44 60.86 131.29
PAT Growth(%) 57.05 1.83 32.24 7.2 -11.08 -7.89 1.49 -4.31 -73.08 82.14 236.25
EPS Growth(%) 56.64 0.72 33.65 10.62 -11.27 1.82 1.54 -4.01 -73.22 86.65 233.88
Debt/Equity(x) 0.06 0.1 0.05 0.04 0.08 0.05 0.05 0.07 0.11 0.12 0.13
Current Ratio(x) 1.42 1.4 1.31 1.41 1.72 1.5 1.48 1.45 1.4 1.34 1.48
Quick Ratio(x) 1.09 1.15 1.01 1.16 1.39 1.11 1.12 1.04 1.05 0.97 1.03
Interest Cover(x) 23.09 36.61 45.9 68.53 21.54 36.28 28.12 27.95 11.38 9.69 20.17
Total Debt/Mcap(x) 0.01 0.03 0.01 0.01 0.02 0.01 0.01 0.01 0.02 0.02 0.02

Voltas Shareholding Pattern

# Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Promoter 30.3 30.3 30.3 30.3 30.3 30.3 30.3 30.3 30.3 30.3
FII 17.83 17.17 14.71 15.08 18.08 21.31 21.96 21.16 20.26 18.41
DII 36.03 37.21 40.59 40.41 37.46 34.6 33.21 33.36 35.82 37.89
Public 15.84 15.32 14.4 14.21 14.16 13.79 14.54 15.18 13.62 13.4
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Voltas News

Voltas Pros & Cons

Pros

  • Debtor days have improved from 126.23 to 117.01days.
  • Company is almost debt free.

Cons

  • Promoter holding is low: 30.3%.
  • Company has a low return on equity of 7% over the last 3 years.
  • Stock is trading at 6.8 times its book value.
  • The company has delivered a poor profit growth of 9% over past five years.
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