Consumer Durables
Voltas is a prominent Household Appliances company listed under the stock ticker VOLTAS. It boasts a market capitalization of Rs. 46,504.2 Crores and primarily operates as an air conditioning and engineering solution provider in India, the Middle East, Africa, and beyond.
The company has three main segments:
Voltas specializes in manufacturing, selling, and servicing various cooling appliances and cold storage products, including:
In addition to these, Voltas offers washing machines, microwaves, and dishwashers. It also handles electro-mechanical projects, such as electrical systems, HVAC (heating, ventilation, and air conditioning), plumbing, firefighting, and specialized activities.
Moreover, the company provides facilities maintenance and hard services, including operations and maintenance contracts in diverse sectors and energy management solutions.
Voltas engages in water treatment solutions for both industrial and domestic sewage, participates in government projects related to water accessibility, and deals with capital machinery for the textile industry. They also sell spare parts for textile equipment and mining and construction machinery.
Their services extend to operations and maintenance for the mining and construction sector, along with the manufacture of ducts and duct accessories, and the undertaking of engineering, procurement, and construction projects.
Founded in 1954, Voltas is headquartered in Mumbai, India. The company reported a trailing 12 months revenue of Rs. 15,147.3 Crores and distributes dividends to investors, currently yielding 0.33% per year. Over the past three years, Voltas has demonstrated a revenue growth of 86.9%, reflecting its strong performance in the market.
Size: Market Cap wise it is among the top 20% companies of india.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Balance Sheet: Strong Balance Sheet.
Growth: Awesome revenue growth! Revenue grew 31.9% over last year and 86.9% in last three years on TTM basis.
Momentum: Stock has a weak negative price momentum.
Comprehensive comparison against sector averages
VOLTAS metrics compared to Consumer
Category | VOLTAS | Consumer |
---|---|---|
PE | 61.30 | 57.96 |
PS | 2.87 | 2.45 |
Growth | 31.9 % | 15.2 % |
VOLTAS vs Consumer (2021 - 2025)
Understand Voltas ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.
Shareholder Name | Holding % |
---|---|
Tata Sons Private Ltd | 26.64% |
NPS Trust- A/C Pension Fund Schemes | 3.66% |
Nippon Life India Mutual Funds (Various Accounts) | 3.51% |
Tata Investment Corporation Ltd | 3.01% |
SBI Life Insurance Co. Ltd. | 2.6% |
Kotak Mutual Funds (Various Accounts) | 2.43% |
HDFC Life Insurance Company Limited | 1.59% |
Aditya Birla Sun Life Mutual Funds (Various Accounts) | 1.46% |
Axis Mutual Funds (Various Accounts) | 1.46% |
ICICI Prudential Life Insurance Company Limited | 1.44% |
Franklin India Mutual Funds (Various Accounts) | 1.19% |
Kotak Funds - India Midcap Fund | 1.02% |
Trusts | 0.61% |
Ewart Investments Ltd | 0.58% |
Clearing Members | 0.24% |
The Tata Power Company Ltd | 0.07% |
Distribution across major stakeholders
Distribution across major institutional holders
Analysis of Voltas's financial performance, highlighting revenue trends, growth patterns, and key metrics through quarterly analysis.
Last Updated: Mar 31, 2025
Description | Share | Value |
---|---|---|
Segment - A ( Unitary Cooling Products ) | 73.1% | 3.5 kCr |
Segment - B ( Electro - Mechanical Projects and Services ) | 24.1% | 1.1 kCr |
Segment - C ( Engineering Products and Services ) | 2.8% | 132.1 Cr |
Total | 4.7 kCr |
Summary of Voltas's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.
Last updated: May 24
Management Outlook:
Voltas anticipates sustained growth in its Unitary Cooling Products (UCP) segment, driven by strong summer demand, expanded product portfolios (especially inverter ACs), and enhanced distribution (Modern Trade, EBOs). The cooling products market is expected to benefit from favorable weather forecasts and consumer demand. For the Projects segment, the focus remains on executing the robust order book (Rs.8,054 crore) with a risk-mitigated approach, particularly in international markets (optimism for recovery in Qatar/Saudi projects). Voltas Beko aims for breakeven in FY25 and targets 10% market share via new launches and expanded retail/e-commerce channels.
Key Highlights:
UCP Segment:
Projects Segment:
Voltas Beko:
Financials:
Focus Areas: Market share expansion (ACs/appliances), margin improvement via cost control, and leveraging manufacturing scale.
Last updated: May 24
Question 1:
"The first question was on the room AC business. If you could share your market share as of end of March '24, and also where do you think you can take this number to in the current year? We understand you have taken a lot of initiatives, especially on the modern trade side tie-ups with a lot of large national retail brands. So, if you could just help us, where do you see your market share in current year?"
Answer:
Voltas' room AC market share stood at 18.7% (YTD March 2024) based on syndicated data, though primary sales suggest ~20% share. Growth is driven by split ACs (95% of sales), modern trade, EBOs, and e-commerce. The company aims to sustain leadership through expanded distribution, competitive pricing, and inverter AC dominance (80% of portfolio).
Question 2:
"In the project business, is it possible you could share with us the provision that was booked in the fourth quarter? And whether all of this was specifically from the Qatar project? And if this is the last of the provision that we have seen over the last two years in Qatar and how are the projects in the other regions? And your outlook for FY "˜25 as far as the project business is concerned?"
Answer:
Q4 provisions were linked to delayed receivables in Qatar projects. Domestic projects grew 73% FY24, with a Rs.5,024 crore order book. International order book is Rs.3,030 crore (UAE/Saudi). Management expects no further provisions and improved international performance in FY25.
Question 3:
"On the UCP segment, historically when you were doing Rs. 4,000 crores revenue you were reporting 13%, 14%, 15% margin. This time around we are at a much lower margin number. How should we look at this margin going forward?"
Answer:
Margins are prioritized at high-single digits (9% in FY24) amid volume-driven growth (72% Q4 volume surge). Commodity inflation, forex pressures, and competitive pricing limited margin expansion. Focus remains on scaling revenue, cost efficiency, and leveraging new factories (Chennai/Waghodia) for long-term cost benefits.
Question 4:
"What portion of our total [projects] revenues is coming from the domestic side? And what kind of margin levels are we seeing?"
Answer:
Domestic projects contribute ~62% of the segment's order book (Rs.5,024 crore vs. international Rs.3,030 crore). Margins are guided at 4"“5%, with domestic projects yielding higher returns (40%+ ROCE). Growth is driven by MEP, water, and electrical projects, with cautious international bidding.
Question 5:
"In Beko, you had earlier guided for breakeven in FY "˜25. Where are we in that journey?"
Answer:
Voltbek (Beko JV) grew 50%+ in FY24, reaching Rs.1,500 crore revenue. Market share: refrigerators (5.3%), washing machines (8.5%), semi-automatic washing machines (15%). Breakeven (EBITDA level) is targeted for FY25, with 10% market share and premium product launches to drive profitability.
Question 6:
"Can you give the guidance on CAPEX for fiscal '25-'26?"
Answer:
FY25 CAPEX includes ~Rs.250 crore for Chennai plant expansion (total planned Rs.500 crore) and Rs.200"“250 crore for Waghodia facilities. These will boost AC, refrigeration, and commercial AC capacity to 3"“3.5 million units, catering to rising demand and regional markets.
Updated May 5, 2025
Shares of Voltas Ltd. rose by up to 2% on April 22 after reports indicated that the government may relax BIS norms for air conditioners and components weighing below two tonnes.
The potential easing of import regulations for AC compressors and grooved copper tubes is expected to help meet demand during the ongoing heatwave.
With 90% of AC sales volumes in the sub-two tonnes category, this news is seen as a significant boost for the RAC industry.
This information is AI-generated and may contain inaccuracies. Please verify from multiple sources.
Valuation | |
---|---|
Market Cap | 42.83 kCr |
Price/Earnings (Trailing) | 60.38 |
Price/Sales (Trailing) | 2.83 |
EV/EBITDA | 33.64 |
Price/Free Cashflow | 119.04 |
MarketCap/EBT | 37.11 |
Fundamentals | |
---|---|
Revenue (TTM) | 15.15 kCr |
Rev. Growth (Yr) | 17.91% |
Rev. Growth (Qtr) | 16.13% |
Earnings (TTM) | 709.23 Cr |
Earnings Growth (Yr) | 573.77% |
Earnings Growth (Qtr) | -1.56% |
Profitability | |
---|---|
Operating Margin | 7.62% |
EBT Margin | 7.62% |
Return on Equity | 11.24% |
Return on Assets | 5.99% |
Free Cashflow Yield | 0.84% |
Investor Care | |
---|---|
Dividend Yield | 0.33% |
Dividend/Share (TTM) | 5.5 |
Shares Dilution (1Y) | 0.00% |
Diluted EPS (TTM) | 21.66 |
Financial Health | |
---|---|
Current Ratio | 1.46 |
Debt/Equity | 0.13 |
Debt/Cashflow | 0.92 |
Detailed comparison of Voltas against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.
Ticker | Name | Mkt Cap | Revenue | Price %, 1M | Returns, 1Y | P/E | P/S | Rev 1-Yr | Inc 1-Yr |
---|---|---|---|---|---|---|---|---|---|
HAVELLS | Havells IndiaConsumer Electronics | 95.87 kCr | 22.08 kCr | -3.06% | -16.87% | 65.2 | 4.34 | +17.21% | +15.70% |
BLUESTARCO | Blue StarHousehold Appliances | 33.82 kCr | 11.34 kCr | +6.70% | -3.94% | 60.72 | 2.98 | +25.68% | +16.07% |
CROMPTON | Crompton Greaves Consumer ElectricalsHousehold Appliances | 22.14 kCr | 7.83 kCr | -0.63% | -18.17% | 42.11 | 2.83 | +8.63% | +19.52% |
WHIRLPOOL | Whirlpool of IndiaHousehold Appliances | 16.89 kCr | 7.86 kCr | +2.66% | -25.44% | 52.32 | 2.15 | +13.82% | +54.75% |
SYMPHONY | SymphonyHousehold Appliances | 7.78 kCr | 1.62 kCr | -11.90% | -10.28% | 36.54 | 4.8 | +34.47% | +43.92% |
Newspaper Publication • 16 Jun 2025 We enclose herewith Newspaper Publication of 71st AGM and e-voting details. |
General • 14 Jun 2025 We enclose herewith copy of Letter sent to shareholders. |
Analyst / Investor Meet • 11 Jun 2025 Intimation of Schedule of Analysts / Institutional Investors Meet |
Newspaper Publication • 06 Jun 2025 Newspaper Publication |
General • 05 Jun 2025 Further to our letter dated 30th May, 2025, we wish to inform that the 71st Annual General Meeting of the Company will now be held at 1.00 p.m. IST instead of 3.00 p.m. IST (as informed .... |
General • 02 Jun 2025 Communication to Shareholders for deduction of Tax on Dividend |
General • 28 May 2025 Intimation under Regulation 30 of SEBI Listing Regulations |