VOLTAS

Voltas Limited

Tata group's air conditioning and engineering business — room AC market leader

Consumer Discretionary›Consumer Durables›Consumer Durables›Household Appliances

voltas.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹1029.10
Market cap
34,053 Cr
Stock P/E
75.8
P/B
5.34
Dividend yield
0.7%
ROE (FY26)
5.9%
ROCE (FY26)
8.7%
Operating margin (FY26)
4.0%
Debt / equity (FY26)
0.15
OCF / EBITDA (FY26)
11.0%
OCF / EBITDA (3Y)
27.2%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Voltas sells room air conditioners and other cooling products to Indian consumers, and also executes electro-mechanical projects and sells engineering products.

Company snapshot

2ndBy market cap

Ranked among 21 companies in Household Appliances.

Segment mix

Reportable segments as of 2024-12-31 (Standalone). Revenue share = segment revenue ÷ total revenue.

Largest segment: 93.4% of revenue

SegmentRevenue shareRevenuePBTAssets
a ) Segment - A ( Unitary Cooling Products )
93.4%
7,155 Cr548 Cr—
b ) Segment-B (Electro-Mechanical Projects and Services)
5.7%
436 Cr-0.15 Cr—

What we see

Positives
  • ✓Debt-to-equity of 0.15x — the company is largely funded by its own money, not borrowed funds.
Concerns
  • ✗Net margin is very thin at 2.6% — little room for error if costs rise.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales2,293 Cr2,626 Cr4,203 Cr4,921 Cr2,619 Cr3,105 Cr4,768 Cr3,939 Cr2,347 Cr3,071 Cr4,888 Cr4,674 Cr
Operating expenses (approx.)2,222 Cr2,597 Cr4,012 Cr4,497 Cr2,457 Cr2,908 Cr4,435 Cr3,760 Cr2,277 Cr2,893 Cr4,667 Cr4,408 Cr
EBITDA70 Cr28 Cr191 Cr424 Cr162 Cr197 Cr333 Cr179 Cr70 Cr177 Cr221 Cr266 Cr
OPM %3.1%1.1%4.5%8.6%6.2%6.4%7.0%4.5%3.0%5.8%4.5%5.7%
Other income71 Cr58 Cr54 Cr80 Cr105 Cr59 Cr80 Cr82 Cr65 Cr49 Cr43 Cr91 Cr
Interest11 Cr14 Cr21 Cr10 Cr14 Cr16 Cr23 Cr14 Cr20 Cr31 Cr22 Cr13 Cr
Depreciation12 Cr13 Cr12 Cr13 Cr16 Cr18 Cr14 Cr18 Cr24 Cr21 Cr21 Cr21 Cr
Profit before tax85 Cr24 Cr174 Cr452 Cr205 Cr191 Cr343 Cr203 Cr54 Cr116 Cr185 Cr285 Cr
Tax %58.0%215.7%36.4%25.8%35.3%31.4%31.3%30.6%41.8%27.0%38.5%25.5%
Net profit36 Cr-28 Cr111 Cr335 Cr133 Cr131 Cr236 Cr141 Cr32 Cr84 Cr113 Cr213 Cr
EPS (₹)₹1.11₹-0.92₹3.52₹10.10₹4.05₹3.99₹7.28₹4.25₹1.03₹2.57₹3.51₹6.46

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales6,095 Cr6,428 Cr7,124 Cr7,658 Cr7,457 Cr7,934 Cr9,499 Cr12,481 Cr15,413 Cr14,245 CrSign in free for the trailing twelve months
Operating expenses (approx.)5,528 Cr5,765 Cr6,512 Cr6,971 Cr6,914 Cr7,253 Cr8,926 Cr12,007 Cr14,297 Cr13,598 CrSign in free for the trailing twelve months
EBITDA567 Cr663 Cr612 Cr687 Cr542 Cr682 Cr572 Cr475 Cr1,116 Cr647 CrSign in free for the trailing twelve months
OPM %9.3%10.3%8.6%9.0%7.3%8.6%6.0%3.8%7.2%4.5%Sign in free for the trailing twelve months
Other income212 Cr174 Cr186 Cr231 Cr288 Cr189 Cr168 Cr253 Cr324 Cr238 CrSign in free for the trailing twelve months
Interest16 Cr12 Cr33 Cr21 Cr26 Cr26 Cr30 Cr56 Cr62 Cr87 CrSign in free for the trailing twelve months
Depreciation24 Cr24 Cr24 Cr32 Cr34 Cr37 Cr40 Cr48 Cr62 Cr84 CrSign in free for the trailing twelve months
Profit before tax720 Cr805 Cr677 Cr744 Cr709 Cr697 Cr307 Cr486 Cr1,191 Cr557 CrSign in free for the trailing twelve months
Tax %27.8%28.2%24.1%30.0%25.4%27.4%55.6%48.9%29.9%33.6%Sign in free for the trailing twelve months
Net profit520 Cr578 Cr514 Cr521 Cr529 Cr506 Cr136 Cr248 Cr834 Cr370 CrSign in free for the trailing twelve months
EPS (₹)₹15.64₹17.30₹15.35₹15.63₹7.18₹15.23₹4.08₹7.62₹25.43₹11.36Sign in free for the trailing twelve months
Dividend payout %————25.7%33.1%134.2%57.7%21.8%62.7%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital33 Cr33 Cr33 Cr33 Cr33 Cr33 Cr33 Cr33 Cr33 Cr33 Cr
Reserves3,274 Cr3,872 Cr4,077 Cr4,247 Cr4,960 Cr5,466 Cr5,419 Cr5,787 Cr6,480 Cr6,343 Cr
Borrowings171 Cr142 Cr315 Cr218 Cr261 Cr343 Cr616 Cr713 Cr863 Cr966 Cr
Other liabilities2,973 Cr3,230 Cr3,063 Cr3,622 Cr3,365 Cr3,865 Cr4,169 Cr5,468 Cr5,748 Cr7,144 Cr
Total liabilities6,480 Cr7,310 Cr7,522 Cr8,156 Cr8,655 Cr9,746 Cr10,279 Cr12,036 Cr13,152 Cr14,510 Cr
Fixed assets (net)173 Cr170 Cr216 Cr240 Cr238 Cr230 Cr361 Cr390 Cr820 Cr967 Cr
CWIP0.55 Cr4 Cr16 Cr26 Cr9 Cr59 Cr98 Cr368 Cr82 Cr22 Cr
Investments2,268 Cr2,754 Cr2,222 Cr2,389 Cr2,819 Cr3,669 Cr3,158 Cr3,553 Cr3,287 Cr2,799 Cr
Loans & advances——11 Cr2 Cr2 Cr3 Cr0.49 Cr1 Cr1 Cr1 Cr
Inventories907 Cr813 Cr1,091 Cr1,469 Cr1,280 Cr1,661 Cr1,592 Cr2,135 Cr2,715 Cr3,433 Cr
Trade receivables1,454 Cr1,570 Cr1,803 Cr1,827 Cr1,801 Cr2,110 Cr2,192 Cr2,533 Cr2,511 Cr3,035 Cr
Cash & bank313 Cr258 Cr311 Cr270 Cr448 Cr559 Cr693 Cr815 Cr650 Cr755 Cr
Other assets1,364 Cr1,740 Cr1,853 Cr1,933 Cr2,059 Cr1,455 Cr2,185 Cr2,240 Cr3,086 Cr3,498 Cr
Total assets6,480 Cr7,310 Cr7,522 Cr8,156 Cr8,655 Cr9,746 Cr10,279 Cr12,036 Cr13,152 Cr14,510 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity428 Cr325 Cr-321 Cr462 Cr556 Cr695 Cr159 Cr762 Cr-224 Cr71 Cr
Cash from investing-73 Cr-199 Cr393 Cr-210 Cr-256 Cr-365 Cr-82 Cr-522 Cr158 Cr282 Cr
Cash from financing-211 Cr-181 Cr-18 Cr-294 Cr-122 Cr-107 Cr55 Cr-116 Cr-100 Cr-262 Cr
Net cash flow143 Cr-55 Cr53 Cr-42 Cr179 Cr223 Cr133 Cr124 Cr-166 Cr105 Cr
Free cash flow (OCF − Capex)402 Cr291 Cr-403 Cr372 Cr535 Cr646 Cr-21 Cr468 Cr-432 Cr-62 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %21.0%20.0%15.9%16.9%13.9%12.3%5.5%8.2%16.9%8.7%
ROE %15.5%14.7%12.3%12.0%10.4%9.1%2.5%4.3%12.9%5.9%
Debtor days87899287889784745978
Inventory days98105112163136150121115122151
Days payable215281243298261266228208174230
Cash conversion cycle-30-87-39-48-38-19-24-197-2
OCF / EBITDA %75.5%49.1%-52.5%67.3%102.6%101.9%27.8%160.4%-20.1%11.0%
OCF / EBITDA % (3 years)——23.5%23.8%37.9%89.7%78.5%93.5%32.2%27.2%
Debt / equity0.050.040.080.050.050.060.110.120.130.15
Current ratio1.311.411.721.491.481.451.401.341.481.37
Net debt / EBITDA-0.25—0.0060-0.08-0.35-0.32-0.13-0.210.190.33