Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,400.00 last close on 12 Oct 2026 −0.23%
Research updated
Voltas Limited
NSE: VOLTASConsumer CyclicalFurnishings, Fixtures & Appliances
- Last close
- ₹1,020.00
- Day change
- −₹13.70 (−1.33%)vs
- Market cap
- ₹33,750 crIndian rupees
- Research updated
- 1 report
About Voltas
Voltas Limited, a flagship company of the Tata Group, is a premier player in the air conditioning and engineering solutions market. It specializes in the manufacturing of air conditioning and cooling products and also offers a wide array of engineering solutions that extend to electromechanical projects, and water management and treatment. The company is well-known for its air conditioning units, refrigerators, and commercial cooling products that cater to residential and corporate clients. It plays a significant role in sectors such as construction, manufacturing, and infrastructure. Voltas has a substantial presence both in India and abroad, especially in the Middle East, where its innovative projects contribute to its reputation. Founded in 1954 and headquartered in Mumbai, India, Voltas continues to be pivotal in driving technological advancements in thermal solutions and empowering infrastructure development through its comprehensive services and products.
- Sector
- Consumer Cyclical
- Industry
- Furnishings, Fixtures & Appliances
- Listing
- NSE: VOLTAS
- Chief executive
- Mr. Pradeep Kumar Bakshi B.Sc., D. M. M.
- Employees
- 1,912
- Headquarters
- Mumbai, India
- ISIN
- INE226A01021
- Website
- voltas.com
Public research · Report of
Business model & financial foundation
Voltas (NSE: VOLTAS), Room air-conditioners, commercial cooling and electro-mechanical (MEP) projects: revenue of ₹14,245 crore in FY26 (-7.6% on FY25), an EBITDA margin of 4.5%, net profit of ₹375.9 crore and net cash of ₹2,399 crore.
- Revenue, FY26 (₹ crore)
- 14,245
- consolidated
- Revenue growth, FY26
- -7.6%
- on FY25
- EBITDA margin, FY26
- 4.5%
- EBITDA (revenue less cogs, employee, other expenses) / revenue
- Net profit, FY26 (₹ crore)
- 375.9
- to owners
- Return on equity, FY26
- 5.8%
- on average equity
- Net debt, FY26 (₹ crore)
- -2,399
- Net debt (negative = net cash)
- Market capitalisation (₹ crore)
- 37,423
- at the close of 12 Oct 2026
Company profile
Voltas, a Tata group company, is India's largest room air-conditioner brand (GfK secondary share 17.3% YTD Jun 2026), with commercial refrigeration, air coolers and commercial ACs in its Unitary Cooling Products segment (about two-thirds of revenue). Its Electro-Mechanical Projects and Services segment executes MEP, water and electrical projects in India and the Middle East, and Engineering Products serves textile machinery and mining. It owns 49% of Voltbek, the Voltas Beko home appliances JV with Arcelik.
| Item | Value |
|---|---|
| Legal name | Voltas Limited |
| Exchange and ticker | NSE: VOLTAS; BSE: 500575 |
| ISIN | INE226A01021 |
| CIN | L29308MH1954PLC009371 |
| Sector | Consumer Durables |
| Industry | Room air-conditioners, commercial cooling and electro-mechanical (MEP) projects |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S R B C & Co LLP |
| Market capitalisation | ₹37,423 crore (12 Oct 2026) |
| Shares outstanding | 33.09 crore shares (FY26) |
| Price | ₹1,034 (close, 12 Oct 2026) |
| 52-week range | ₹1,024 - ₹1,583 (to 12 Oct 2026) |
| Website | https://www.voltas.in |
Corporate structure and shareholding
Parent: Tata Sons Private Limited (promoter group 30.30%).
| Entity | Holding | Business |
|---|---|---|
| Universal MEP Projects & Engineering Services Ltd | 100% | Domestic and international MEP projects |
| Universal MEP Projects Pte Ltd (Singapore) | 100% | Holding company for international projects entities (Weathermaker FZE, Saudi Ensas, Lalbuksh, Universal MEP Contracting LLC) |
| Voltas Netherlands BV | 100% | Overseas holding entity |
| Weathermaker FZE | 100% | Ducting and air distribution products, UAE |
| Lalbuksh Voltas Engineering Services & Trading LLC | 60% | MEP contracting, Oman |
| Voltas Qatar WLL (Universal MEP Contracting Services and Trading WLL) | 97% | MEP contracting, Qatar |
| Voltbek Home Appliances Pvt Ltd (JV with Arcelik/Beko) | 49% | Refrigerators, washing machines, dishwashers, microwaves under Voltas Beko brand; equity-accounted JV, loss-making |
| Olayan Voltas Contracting Co (JV) | 50% | MEP contracting, Saudi Arabia; equity-accounted |
| Universal Voltas LLC (JV) | 49% | MEP contracting, UAE; equity-accounted |
Associates Naba Diganta Water Management (26%) and Brihat Trading (33.23%) immaterial. Holdings as per FY25 annual report note 49; FY26 annual report notes not retrieved.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 30.30% | 30.30% | 30.30% | 30.30% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 20.26% | 18.41% | 18.45% | 16.94% |
| Domestic institutions | 35.83% | 37.89% | 38.40% | 39.05% |
| of which mutual funds | 15.31% | 14.70% | 15.58% | |
| Retail | 13.62% | 13.40% | 12.86% | 13.71% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Voltas (Tata group, promoter 30.30%) makes money in three segments:
- Unitary Cooling Products (UCP): room ACs, commercial ACs, commercial refrigeration and air coolers. FY26 revenue 9,500.6 cr, about 67% of the total. It sells through dealers and modern trade, Croma among them. Room ACs are made at Pantnagar (~1.4mn units) and Chennai (1.5mn).
- Electro-Mechanical Projects and Services (EMPS): MEP, water and electrical contracting in India and the Middle East. FY26 revenue 4,052.5 cr.
- Engineering Products and Services (EP&S): textile-machinery agency and mining services. FY26 revenue 599.4 cr, at a 26% margin.
Voltas also owns 49% of Voltbek, the Voltas Beko appliances JV with Arcelik. It is equity-accounted below EBITDA and loses money: share of loss -130.6 cr in FY26.
What Voltas controls and does not:
- It controls brand, distribution and assembly.
- It does not control compressors (imported, now quota-limited under the QCO), copper and aluminium prices, or the rupee.
| Segment | revenue, FY26 (₹ crore) | Share | result, FY26 (₹ crore) | Share | growth, FY26 (fraction) | Share |
|---|---|---|---|---|---|---|
| Unitary Cooling Products (Segment A) | 9,501 | 66.8% | 305.2 | 38.1% | -0.10 | |
| Electro-Mechanical Projects and Services (Segment B) | 4,053 | 28.5% | 298.6 | 37.3% | -0.03 | |
| Engineering Products and Services (Segment C) | 599.4 | 4.2% | 158.4 | 19.8% | 0.05 | |
| Inter-segment revenue elimination (deduction) | -29.6 | -0.2% | ||||
| Other unallocable income net of unallocable expenditure | 38.7 | 4.8% | ||||
| Bridge: consolidated less sum of the three segments | 91.9 | 0.6% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Blue Star (BLUESTARCO) | Closest listed RAC plus commercial cooling plus MEP projects peer |
| LG Electronics India (LGEINDIA) | Leading RAC and appliances brand; main share competitor |
| Havells India (Lloyd) (HAVELLS) | |
| Amber Enterprises (AMBER) | RAC contract manufacturer and component supplier; read on industry volumes |
| Whirlpool of India (WHIRLPOOL) | Appliances peer for the Voltbek refrigerator and washing machine business |
| Crompton Greaves Consumer Electricals (CROMPTON) | Consumer durables peer, coolers and fans exposure |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations (incl. other operating revenue) | 7,841 | 9,399 | 12,481 | 15,413 | 14,245 |
| Cost of revenue (vendor classification) * | 5,901 | 7,385 | 9,823 | 11,975 | 11,088 |
| Other operating costs (vendor classification) * | 706.2 | 1,089 | 1,371 | 1,364 | 1,491 |
| EBITDA (vendor classification) * | 680.5 | 315.0 | 458.2 | 1,143 | 661.5 |
| EBIT * | 723.2 | 336.7 | 541.7 | 1,253 | 643.9 |
| Finance costs | 25.9 | 29.6 | 55.9 | 62.1 | 86.8 |
| Profit before tax | 697.3 | 307.1 | 485.8 | 1,191 | 557.1 |
| Total tax expense | 191.3 | 170.9 | 237.7 | 356.5 | 187.1 |
| Net profit for the period | 506.0 | 136.2 | 248.1 | 834.3 | 370.0 |
| Diluted EPS (INR) | 15.23 | 4.08 | 7.62 | 25.43 | 11.36 |
| Materials, jobs & services + stock-in-trade purchases + inventory change | 9,814 | 11,960 | 11,070 | ||
| Employee benefits expense | 778.8 | 890.1 | 938.6 | ||
| Other expenses | 1,414 | 1,446 | 1,589 | ||
| EBITDA (revenue less cogs, employee, other expenses) | 474.6 | 1,116 | 646.9 | ||
| Other income | 253.3 | 324.5 | 238.2 | ||
| Depreciation and amortisation | 47.6 | 61.8 | 84.1 | ||
| Share of profit/(loss) of JVs and associates (net of tax) | -138.6 | -126.0 | -130.6 | ||
| Exceptional items (charge negative) | 0.00 | 0.00 | -26.5 | ||
| Profit attributable to non-controlling interests | -3.89 | -7.09 | -5.88 | ||
| Profit attributable to owners | 252.0 | 841.4 | 375.9 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners | 5,538 | 5,494 | 5,821 | 6,513 | 6,376 |
| Borrowings (current + non-current) | 360.8 | 650.6 | 713.3 | 863.3 | 966.4 |
| Cash and bank balances | 558.9 | 692.7 | 852.3 | 678.2 | 780.9 |
| Trade receivables | 2,110 | 2,192 | 2,400 | 2,232 | 3,035 |
| Inventories | 1,661 | 1,592 | 2,135 | 2,715 | 3,433 |
| Trade payables | 2,942 | 3,013 | 3,775 | 3,893 | 5,228 |
| Net property, plant and equipment * | 250.9 | 396.8 | 424.9 | 853.8 | 966.8 |
| Capital work in progress * | 59.3 | 98.3 | 367.5 | 82.4 | 22.1 |
| Total assets | 9,746 | 10,279 | 12,036 | 13,152 | 14,510 |
| Non-controlling interests | 33.7 | 27.1 | 22.8 | ||
| Investments held as liquidity (current + non-current, excl. equity method) | 3,269 | 3,036 | 2,584 | ||
| Net debt (negative = net cash) | -3,408 | -2,851 | -2,399 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations (consolidated) | 123.0 | -221.3 | 761.5 | -225.2 | 71.0 |
| Free cash flow (vendor definition) * | 536.1 | -20.6 | 468.5 | -432.3 | -61.8 |
| Dividends paid (the provider's sign: an outflow is negative) * | -167.6 | -182.9 | -143.2 | -182.0 | -232.1 |
| Purchase of PPE and intangibles (outflow negative) | -46.9 | -177.4 | -293.1 | -208.2 | -132.7 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 33.09 | 33.09 | 33.09 | 33.09 | 33.09 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations (incl. other operating revenue) | 2,619 | 3,105 | 4,768 | 3,939 | 2,347 | 3,071 | 4,888 | 4,674 |
| Cost of revenue (vendor classification) * | 1,942 | 2,381 | 3,760 | 3,080 | 1,764 | 2,344 | 3,882 | 3,651 |
| Other operating costs (vendor classification) * | 276.6 | 295.9 | -99.6 | 450.0 | 271.7 | 324.7 | 542.9 | 498.9 |
| EBITDA (vendor classification) * | 235.4 | 224.0 | 380.5 | 234.7 | 98.5 | 194.0 | 227.3 | 319.5 |
| EBIT * | 219.0 | 206.2 | 366.5 | 216.3 | 74.1 | 146.9 | 206.7 | 298.2 |
| Finance costs | 13.6 | 15.5 | 23.3 | 13.5 | 20.0 | 31.1 | 22.2 | 12.8 |
| Profit before tax | 205.4 | 190.6 | 343.2 | 202.7 | 54.1 | 115.8 | 184.5 | 285.5 |
| Total tax expense | 72.6 | 59.9 | 107.5 | 62.1 | 22.6 | 31.3 | 71.1 | 72.7 |
| Net profit for the period | 132.8 | 130.8 | 235.7 | 140.6 | 31.5 | 84.5 | 113.4 | 212.8 |
| Diluted EPS (INR) | 4.05 | 3.99 | 7.28 | 4.25 | 1.03 | 2.57 | 3.51 | 6.46 |
| Materials, jobs & services + stock-in-trade purchases + inventory change | 1,942 | 2,381 | 3,745 | 3,080 | 1,764 | 2,344 | 3,882 | 3,651 |
| Employee benefits expense | 238.2 | 231.1 | 218.5 | 230.5 | 240.8 | 224.6 | 242.7 | 258.2 |
| Other expenses | 276.6 | 295.9 | 470.9 | 450.0 | 271.7 | 324.7 | 542.9 | 498.9 |
| EBITDA (revenue less cogs, employee, other expenses) | 162.2 | 197.4 | 332.8 | 178.5 | 70.4 | 177.3 | 220.7 | 265.5 |
| Other income | 105.5 | 59.1 | 79.7 | 82.1 | 64.6 | 48.8 | 42.6 | 91.2 |
| Depreciation and amortisation | 16.4 | 17.9 | 14.1 | 18.5 | 24.4 | 20.6 | 20.6 | 21.3 |
| Share of profit/(loss) of JVs and associates (net of tax) | -32.3 | -32.4 | -32.0 | -25.9 | -36.5 | -32.2 | -36.0 | -37.2 |
| Exceptional items (charge negative) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -26.5 | 0.00 | 0.00 |
| Profit attributable to non-controlling interests | -1.16 | -1.37 | -5.33 | 0.15 | -2.79 | -0.49 | -2.75 | -1.00 |
| Profit attributable to owners | 134.0 | 132.1 | 241.0 | 140.5 | 34.3 | 85.0 | 116.2 | 213.8 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 5.2% | 19.9% | 32.8% | 23.5% | -7.6% |
| EBITDA margin | 3.8% | 7.2% | 4.5% | ||
| Net margin | 2.0% | 5.5% | 2.6% | ||
| Return on equity | 4.5% | 13.6% | 5.8% | ||
| Return on capital employed | 12.9% | 5.6% | 8.5% | 18.0% | 8.7% |
| Return on assets | 2.3% | 6.7% | 2.7% | ||
| Net debt (₹ crore) | -3,408 | -2,851 | -2,399 | ||
| Net debt / EBITDA | -7.18x | -2.55x | -3.71x | ||
| Interest cover | 28.0x | 11.4x | 9.69x | 20.2x | 7.42x |
| Asset turnover | 0.85x | 0.94x | 1.12x | 1.22x | 1.03x |
| Receivable days | 98 | 85 | 70 | 53 | 78 |
| Inventory days (on revenue) | 77 | 62 | 62 | 64 | 88 |
| Payable days (on revenue) | 137 | 117 | 110 | 92 | 134 |
| Cash conversion | 3.02x | -0.27x | 0.19x | ||
| Capex intensity | 0.6% | 1.9% | 2.3% | 1.4% | 0.9% |
| Free cash flow (₹ crore) | 76.1 | -398.7 | 468.5 | -433.3 | -61.8 |
| Dividend payout | 56.8% | 21.6% | 61.8% | ||
| EPS, diluted (₹) | 15.23 | 4.08 | 7.62 | 25.43 | 11.36 |
| Book value per share (₹) | 167.4 | 166.0 | 175.9 | 196.8 | 192.7 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue less cogs, employee, other expenses) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (negative = net cash).
- Net debt / EBITDA: net debt / EBITDA (revenue less cogs, employee, other expenses).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (INR)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 12 Oct 2026); market data at the close of 12 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Voltas includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Voltas
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