Voltas · Research view

Voltas Ltd.

NSE: VOLTASBSE: 500575ISIN INE226A01021Face value ₹1standalone

₹1,054

−1.56% · 2026-10-01 · 52-wk ₹1,054–₹1,561

Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidated standalone

Section 02 · Synthesis

What stands out?

The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.

StrengthConcernWatchContext

WatchTalking point

Debt rising as profit falls

Total debt rose 11.9% while net profit fell 55.7% — worth checking how the balance sheet is being funded.

Importance 66 / 95 · financial health

WatchTalking point

Sharp margin drop

EBITDA margin dropped 3.1 percentage points in a single year, from 9.3% to 6.2% — worth investigating.

Importance 64 / 95 · anomaly

ConcernTalking point

Weak cash conversion

Operating cash flow was only 0.19× reported profit (FY2026).

Importance 58 / 95 · cash quality

WatchTalking point

Volatile earnings

Profit has swung sharply over 7 years (from ₹136 to ₹834) — one year is a weak guide to the earnings power.

Importance 57 / 95 · growth

Section 03 · The company

Who is this company?

Classified by the exchange under Consumer Discretionary › Consumer Durables › Consumer Durables › Household Appliances.

Market cap: ₹34,866 cr
FY2026 revenue: ₹10,538 cr
FY2026 net profit: ₹341 cr
Net worth: ₹7,964 cr
Total debt: ₹790 cr
EPS (basic): ₹10.31
Listed: NSE · BSE
Reporting: Ind-ASApr–Mar

Peer set used on this page: 3 household appliances.

Section 04 · Business performance

Is the business growing?

Revenue & net profit — FY19 to FY26₹ crore · consolidated

RevenueNet profit

Watch

Profit has swung sharply over 7 years (from ₹136 to ₹834) — one year is a weak guide to the earnings power.

Rule EARNINGS_VOLATILE

Revenue growth per year: +6.7%over 7 years
Revenue growth: −6.7%vs last year
Net profit growth: −56.1%vs last year
Change in net profit since FY19: −27%

Net profit fell 55.7% year on year (FY2025 → FY2026).

Revenue fell 7.6% year on year (FY2025 → FY2026).

Revenue has compounded at 10.4% a year over 7 years (₹7,124 → ₹14,245) — steady rather than rapid.

Section 05 · Recent activity

What changed recently?

Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.

Strength

Q1 FY27 net profit was ₹213 cr, up 51.3% from ₹141 cr a year earlier.

Rule QTR_PROFIT_GROWTH_YOY

Strength

Q1 FY27 net profit grew 51.3% vs the same quarter last year, reversing the decline seen in the two preceding quarters (−35.4% and −51.9%).

Rule QTR_TREND_REVERSAL

Strength

Q1 FY27 EBIT was ₹335 cr, up 38.5% from ₹242 cr a year earlier.

Rule QTR_OPERATING_PERFORMANCE_CHANGE_YOY

A. Quarterly results

Latest quarters — Q2 '25 to Q1 '27₹ crore · consolidated

RevenueNet profit

Quarter	Revenue	YoY	Net profit	YoY	Net margin
Q2 FY25	2,619	—	133	—	5.1%
Q3 FY25	3,105	+18.3%	131	−573.8%	4.2%
Q4 FY25	4,768	+13.4%	236	+113.0%	4.9%
Q1 FY26	3,939	−20.0%	141	−58.0%	3.6%
Q2 FY26	2,347	−10.4%	32	−76.3%	1.3%
Q3 FY26	3,071	−1.1%	84	−35.4%	2.8%
Q4 FY26	4,888	+2.5%	113	−51.9%	2.3%
Q1 FY27	4,674	+18.7%	213	+51.3%	4.6%

B. TTM snapshot

Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters

Revenue: ₹14,979 crTTM
EBITDA: ₹981 crTTM
EBIT: ₹894 crTTM
PBT: ₹782 crTTM
Net profit: ₹442 crTTM

C. Corporate actions

12 Jun 2026DividendFinal Dividend - Rs. - 4.0000 — ₹4.00/share

20 Jun 2025DividendFinal Dividend - Rs. - 7.0000 — ₹7.00/share

25 Jun 2024DividendDividend - Rs. - 5.5000 — ₹5.50/share

9 Jun 2023DividendFinal Dividend - Rs. - 4.2500 — ₹4.25/share

9 Jun 2022DividendFinal Dividend - Rs. - 5.5000 — ₹5.50/share

11 Aug 2021DividendDividend - Rs. - 5.0000 — ₹5.00/share

5 Aug 2020DividendDividend - Rs. - 4.0000 — ₹4.00/share

17 Jul 2019DividendFinal Dividend - Rs. - 4.0000 — ₹4.00/share

3 Aug 2018DividendDividend - Rs. - 4.0000 — ₹4.00/share

4 Aug 2017DividendDividend - Rs. - 3.5000 — ₹3.50/share

5 Aug 2016DividendDividend - Rs. - 2.6000 — ₹2.60/share

10 Jul 2015DividendDividend - Rs. - 2.2500 — ₹2.25/share

8 Aug 2014DividendSpecial Dividend - Rs. - 0.2500 — ₹0.25/share

8 Aug 2014DividendDividend - Rs. - 1.6000 — ₹1.60/share

2 Aug 2013DividendDividend - Rs. - 1.6000 — ₹1.60/share

1 Aug 2012DividendDividend - Rs. - 1.6000 — ₹1.60/share

22 Jul 2011DividendDividend - Rs. - 2.0000 — ₹2.00/share

16 Jul 2010DividendDividend - Rs. - 2.0000 — ₹2.00/share

10 Jul 2009DividendDividend - Rs. - 1.6000 — ₹1.60/share

27 Jun 2008DividendDividend - Rs. - 1.3500 — ₹1.35/share

6 Jul 2007DividendDividend - Rs. - 1.0000 — ₹1.00/share

22 Sept 2006Otherother

28 Jun 2001DividendDividend - Rs. - 1.2000 — ₹1.20/share

Section 06 · Business performance

Is it becoming more profitable?

Margins — FY19 to FY26% of revenue · consolidated

EBITDA marginNet margin

Concern

ROE of 5.7% is below the household appliances median of 11.0%.

Rule ROE_BELOW_PEER_MEDIAN

EBITDA margin now: 5.6%
8-year range: 5.6–12.5%
ROE FY2026: 4.2%
ROCE FY2026: 5.8%

ROE declined from 13.5% to 5.7% year on year.

Section 07 · Financial health

Is financial health improving?

Net worth — FY19 to FY26₹ crore · consolidated

Net worth (shareholders' funds)

Watch

Total debt rose 11.9% while net profit fell 55.7% — worth checking how the balance sheet is being funded.

Rule DEBT_UP_EARNINGS_DOWN

Operating cash flow vs net profit₹ crore · FY21–FY26

Operating cash flowNet profit

Total debt: ₹790 cr
Operating cash flow ÷ net profit: -0.38×FY2026
Free cash flow: ₹−254 cr
Current ratio: 1.34×

Operating cash flow was only 0.19× reported profit (FY2026).

Section 08 · Relative position

How does it compare with peers?

Ranked against 3 household appliances (FY2026, consolidated).

EBITDA margin

VOLTAS · 3rd of 3 · set median 8.0%

Return on equity

VOLTAS · 3rd of 3 · set median 16.2%

P/E ratio

VOLTAS · 3rd of 3 · set median 64.0×

Context

Trades at 5.45× book — 38% below the household appliances median of 8.83×.

Rule PB_BELOW_PEERS

P / E: 78.9×TTM to Jun 26
P / B: 5.4×latest book
P / S: 2.3×TTM sales
Earnings yield: 1.3%TTM to Jun 26

On the trailing twelve months. Last full year: P/E 94.2× · P/S 2.4× · ROE 5.7%. TTM and full-year profit differ by more than 15% — a one-off in a recent quarter is moving the trailing figure; weigh it against the full year.

Section 09 · The stock

How has the stock performed?

Adjusted close — 2020-01 to 2026-10₹ per share · split / bonus adjusted

Long-term price performance is shown above.

1-year return: −22.1%
3-year return: +22.1%
5-year return: −13.3%
From 52-wk high: −32.5%

Section 10 · Technical data

What does the technical data say?

Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.

vs 50-day avg: Below₹1,214
vs 200-day avg: Below₹1,333
RSI (14): 27.6oversold
MACD histogram: -3.0
From 52-wk high: −32.5%
From 52-wk low: 0.0%
30-day volatility: 25.2%ann.
6-month return: −17.2%

RSI (14) · 0–10027.6 — oversold

Section 11 · Open questions

What should I investigate further?

Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.

Watch
Debt rising as profit falls
Total debt rose 11.9% while net profit fell 55.7% — worth checking how the balance sheet is being funded.
DEBT_UP_EARNINGS_DOWN · conviction 66
Watch
Sharp margin drop
EBITDA margin dropped 3.1 percentage points in a single year, from 9.3% to 6.2% — worth investigating.
MARGIN_SHARP_DROP · conviction 64
Concern
Weak cash conversion
Operating cash flow was only 0.19× reported profit (FY2026).
WEAK_CASH_CONVERSION · conviction 58
Watch
Volatile earnings
Profit has swung sharply over 7 years (from ₹136 to ₹834) — one year is a weak guide to the earnings power.
EARNINGS_VOLATILE · conviction 57
Concern
Profit fell
Net profit fell 55.7% year on year (FY2025 → FY2026).
PROFIT_DECLINED_YOY · conviction 54
Concern
Less profitable than peers
ROE of 5.7% is below the household appliances median of 11.0%.
ROE_BELOW_PEER_MEDIAN · conviction 52
Concern
Returns declining
ROE declined from 13.5% to 5.7% year on year.
ROE_DETERIORATED_YOY · conviction 50
Watch
Receivables stretching
Receivable days rose from 59 to 78 — collections are slower.
RECEIVABLE_DAYS_JUMP · conviction 48
Concern
Revenue fell
Revenue fell 7.6% year on year (FY2025 → FY2026).
REVENUE_DECLINED_YOY · conviction 40

Cash-flow-statement facts are unavailable for FY2019, FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.

Section 12 · Reference

The numbers

The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.

Income & balance sheet — ₹ crore, consolidated
Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	6,693	7,358	6,252	7,099	7,675	8,688	11,296	10,538
Total income	6,956	7,656	6,598	7,266	7,850	8,988	11,696	10,837
EBITDA	648	852	782	811	602	822	1,127	589
Profit before tax	631	761	733	763	1,528	758	1,036	429
Net profit	464	570	570	583	1,405	604	777	341
EPS (₹)	14.0	17.2	17.2	17.6	42.5	18.3	23.5	10.3
Net worth	3,743	3,956	4,985	5,569	6,773	7,498	8,132	7,964
Total debt	114	88	108	126	285	405	565	790
Operating cash flow	—	—	571	669	35	419	24	−130
Free cash flow	—	—	552	622	−140	141	−165	−254

Key ratios — consolidated
Ratio	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Growth
Revenue growth YoY	—	9.9	-15.0	13.5	8.1	13.2	30.0	-6.7
Profit growth YoY	—	22.7	0.1	2.3	140.9	-57.0	28.5	-56.1
Profitability
EBITDA margin %	9.7	11.6	12.5	11.4	7.8	9.5	10.0	5.6
Net margin %	6.7	7.4	8.6	8.0	17.9	6.7	6.6	3.1
Return on equity %	12.4	14.8	12.8	11.1	22.8	8.5	9.9	4.2
Return on capital %	16.3	20.9	16.5	14.4	8.9	10.4	12.9	5.8
Leverage & cash
Debt to equity	0.03	0.02	0.02	0.02	0.04	0.05	0.07	0.10
Cash flow ÷ profit	—	—	1.00	1.15	0.03	0.69	0.03	-0.38
Current ratio	1.63	1.38	1.47	1.42	1.44	1.45	1.59	1.34