VOLTAS
Voltas share price & financials
- Price
- ₹1,342.4
- Market cap
- ₹40.4k Cr
- Sector
- Consumer Durables
- Calls analysed
- 6
Voltas Limited Q1 FY27
What went well
- Consolidated income of ₹4,765 crores, up 18.49% YoY.
- Net profit of ₹213 crores, up 51.06% YoY.
- Unitary Cooling Products (UCP) segment grew 33%, with RAC volumes up 45% YoY.
What to watch
- Commercial Refrigeration and Air Coolers showed muted performance due to price increases.
- International Projects new order book delayed due to Middle East conflict.
What Voltas Limited does
Voltas, established in 1954 and part of the Tata Group, is India's market-leading room air conditioner (RAC) manufacturer, also making commercial air conditioning and refrigeration equipment. It earns through three lines: cooling and home-appliance products sold via a nationwide dealer/retail network; execution of electro-mechanical (HVAC, MEP, water, solar) projects in India and the Middle East/GCC region; and sale/service of mining, construction and textile-spinning machinery. Its Voltbek subsidiary, a joint venture with Europe's Arçelik, makes washing machines and refrigerators for the Indian home-appliances market.
Segments
- Unitary Cooling Products (UCP)
- Electro-Mechanical Projects and Services (EMPS)
- Engineering Products and Services
- Manufacturing locations
- Chennai, Pantnagar (2 units), Sanand and Waghodia (2 units)
- Chennai RAC plant installed capacity
- 1.5 million units/year (India's largest integrated AC manufacturing facility)
- Customer touchpoints
- 30,000+
- Exclusive brand outlets
- 400+
- International presence
- 40+ years, 25+ countries (Middle East, Africa, Southeast Asia, select Europe)
- RAC market position
- No. 1 (market leader, ahead of the No. 2 player)
Guidance record · Q1 FY27
what the last two calls moved 13 tracked 3 delivered 5 missed 5 open- UCP Market Share delivered said Q4 FY25 Promised: maintain our leadership position... hovering around 19% Q1 FY27: Achieved 17.3% market share, widening lead to 4 percentage points. Leadership maintained, though share is below 19%.
- UCP EBIT Margin missed said Q4 FY25 Promised: hovering around 9%, 10% all along in the UCP category Q1 FY27: Reported 5.3% EBIT margin. While an improvement from 3.2%, it remains a significant miss from the 9-10% target. Management has now guided for >7% over the next 8 quarters.
- Voltbek Breakeven delayed said Q1 FY27 Promised: Breakeven may get pushed over by a few quarters. Q1 FY27: Management explicitly stated that Voltbek's breakeven timeline is delayed by a few quarters due to commodity price pressures.
All 13 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 29.9%, net profit up 37.9% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,705 | 2,035 | 3,635 | 3,081 | 1,441 −15% | 2,230 +10% | 3,785 +4% | 4,001 +30% |
| EBITDA | 84 | 107 | 242 | 115 | -12 −114% | 70 −35% | 117 −52% | 199 +73% |
| Net profit | 109 | 108 | 220 | 203 | 7 −94% | 48 −56% | 82 −63% | 280 +38% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −16.5% 1Y
1Y: ₹1,394.9 on 10 Sept 2025 → ₹1,165. High ₹1,561.3 (27 Feb 2026), low ₹1,143.8 (9 Sept 2026).
How the price took the results
close before → close after
- Q1 FY27
- +2.4%
- 14 Aug
- Q4 FY26
- +2.7%
- 14 May
- Q3 FY26
- −1.7%
- 29 Jan
- Q2 FY26
- +1.0%
- 14 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 6.2% a year over 3 years, FY23 to FY26. Operating margin narrowed to 2.8%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹8.8k Cr | ₹8.7k Cr | ₹11.3k Cr | ₹10.5k Cr |
| Operating profit | ₹395 Cr | ₹522 Cr | ₹726 Cr | ₹290 Cr |
| Operating margin | 4.5% | 6.0% | 6.4% | 2.8% |
| Interest | ₹24 Cr | ₹20 Cr | ₹34 Cr | ₹65 Cr |
| Depreciation | ₹38 Cr | ₹43 Cr | ₹56 Cr | ₹78 Cr |
| Net profit | ₹151 Cr | ₹604 Cr | ₹776 Cr | ₹340 Cr |
| Net margin | 1.7% | 7.0% | 6.9% | 3.2% |
| Cash from operations | ₹35 Cr | ₹419 Cr | ₹23 Cr | ₹-130 Cr |
| Free cash flow | ₹-137 Cr | ₹141 Cr | ₹-166 Cr | ₹-254 Cr |
| ROCE | 9.0% | 10.0% | 13.0% | 6.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹33 Cr | ₹33 Cr | ₹33 Cr | ₹33 Cr | ₹33 Cr | ₹33 Cr |
| Reserves | ₹5.0k Cr | ₹5.5k Cr | ₹6.7k Cr | ₹7.5k Cr | ₹6.3k Cr | ₹7.9k Cr |
| Borrowings | ₹108 Cr | ₹140 Cr | ₹315 Cr | ₹430 Cr | ₹1.8k Cr | ₹811 Cr |
| Other liabilities | ₹2.9k Cr | ₹3.5k Cr | ₹3.0k Cr | ₹3.8k Cr | ₹4.8k Cr | ₹5.2k Cr |
| Total liabilities | ₹8.0k Cr | ₹9.2k Cr | ₹10.0k Cr | ₹11.8k Cr | ₹12.9k Cr | ₹14.0k Cr |
| Fixed assets | ₹306 Cr | ₹303 Cr | ₹437 Cr | ₹455 Cr | ₹984 Cr | ₹989 Cr |
| Capital work in progress | ₹9 Cr | ₹59 Cr | ₹98 Cr | ₹368 Cr | ₹75 Cr | ₹22 Cr |
| Investments | ₹3.4k Cr | ₹4.1k Cr | ₹5.0k Cr | ₹5.4k Cr | ₹2.9k Cr | ₹5.2k Cr |
| Other assets | ₹4.2k Cr | ₹4.7k Cr | ₹4.5k Cr | ₹5.6k Cr | ₹8.9k Cr | ₹7.8k Cr |
| Total assets | ₹8.0k Cr | ₹9.2k Cr | ₹10.0k Cr | ₹11.8k Cr | ₹12.9k Cr | ₹14.0k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +5.78 pp while FIIs trimmed −4.22 pp. The shareholder count shrank 16% to 2,71,399.
- Promoters
- 30.3%
- FIIs
- 16.9%
- DIIs
- 38.9%
- Government
- 0.1%
- Public
- 13.7%
Since Jun 2025
- DIIs +5.78 pp
- FIIs −4.22 pp
- Public −1.45 pp
How it drifted, 12 quarters
Over this window DIIs went from 35.8% to 38.9% — +3.1 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 30.3%, FIIs 17.8%, DIIs 35.8%, Government 0.2%, Public 15.8%.Dec '23: Promoters 30.3%, FIIs 17.2%, DIIs 37.0%, Government 0.2%, Public 15.3%.Mar '24: Promoters 30.3%, FIIs 14.7%, DIIs 40.4%, Government 0.2%, Public 14.4%.Jun '24: Promoters 30.3%, FIIs 15.1%, DIIs 40.2%, Government 0.2%, Public 14.2%.Sep '24: Promoters 30.3%, FIIs 18.1%, DIIs 37.3%, Government 0.2%, Public 14.2%.Dec '24: Promoters 30.3%, FIIs 21.3%, DIIs 34.4%, Government 0.2%, Public 13.8%.Mar '25: Promoters 30.3%, FIIs 21.9%, DIIs 33.0%, Government 0.2%, Public 14.5%.Jun '25: Promoters 30.3%, FIIs 21.2%, DIIs 33.1%, Government 0.2%, Public 15.2%.Sep '25: Promoters 30.3%, FIIs 20.3%, DIIs 35.6%, Government 0.2%, Public 13.6%.Dec '25: Promoters 30.3%, FIIs 18.4%, DIIs 37.7%, Government 0.1%, Public 13.4%.Mar '26: Promoters 30.3%, FIIs 18.4%, DIIs 38.3%, Government 0.1%, Public 12.9%.Jun '26: Promoters 30.3%, FIIs 16.9%, DIIs 38.9%, Government 0.1%, Public 13.7%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- ICICI Prudential Life Insurance Company Limited Insurer newly disclosed 1.02% held
- Nippon Life India Trustee Ltd (Various Accounts) Mutual fund +0.65 pp 5.73% held
- HDFC Life Insurance Co Ltd Insurer +0.37 pp 1.92% held
- NPS Trust- A/C SBI Pension Fund Scheme - State Govt Pension / PF +0.30 pp 5.79% held
- Kotak Midcap Fund (Various Accounts) Mutual fund +0.28 pp 2.29% held
- DSP Midcap Fund (Various Accounts) Mutual fund +0.12 pp 1.28% held
- PT TQCert Indonesia newly disclosed 0.00% held
- TQ Cert Services LLC, Qatar newly disclosed 0.00% held
The same filing shows 4 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Voltas Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Tata Sons Private Limited | 26.64% | unchanged |
| Life Insurance Corporation Of India Insurer | 7.72% | −0.25 pp |
| NPS Trust- A/C SBI Pension Fund Scheme - State Govt Pension / PF | 5.79% | +0.30 pp |
| Nippon Life India Trustee Ltd (Various Accounts) Mutual fund | 5.73% | +0.65 pp |
| Tata Investment Corporation Ltd | 3.01% | unchanged |
| Kotak Midcap Fund (Various Accounts) Mutual fund | 2.29% | +0.28 pp |
| SBI Life Insurance Co. Ltd Insurer | 2.26% | −0.72 pp |
| HDFC Life Insurance Co Ltd Insurer | 1.92% | +0.37 pp |
| Tata AIA Life Insurance Company Limited Insurer | 1.61% | −0.19 pp |
| SBI Large & Midcap Fund (Various Accounts) Mutual fund | 1.36% | −0.08 pp |
| DSP Midcap Fund (Various Accounts) Mutual fund | 1.28% | +0.12 pp |
| Vanguard Total International Stock Index Fund Global fund house | 1.02% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in VOLTAS
Filings to Aug 2026
1 new, 10 added, 2 trimmed, 1 sold out — net −0.71 L shares (−0.3%).
- Held by funds
- ₹2.9k Cr
- 28 schemes
- Biggest holder
- Nippon India Growth Mid Cap Fund
- ₹825 Cr · 1.6% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Growth Mid Cap Fund Nippon India Mutual Fund | ₹825 Cr | held | Jun '18 |
| Nippon India Multi Cap Fund Nippon India Mutual Fund | ₹575 Cr | held | May '22 |
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹298 Cr | held | Aug '23 |
| SBI Large and Midcap Fund SBI Mutual Fund | ₹224 Cr | held | Feb '26 |
| HDFC Large and Mid Cap Fund HDFC Mutual Fund | ₹141 Cr | held | Dec '22 |
| Nippon India Value Fund Nippon India Mutual Fund | ₹132 Cr | +0.50 L | Jun '25 |
| Nippon India Vision Large & Mid Cap Fund Nippon India Mutual Fund | ₹121 Cr | held | Apr '26 |
| Nippon India Power & Infra Fund Nippon India Mutual Fund | ₹114 Cr | held | Jun '25 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
10 added, 2 trimmed — net −70,727 shares (−0.3%)
- Funds are sitting on
- +11%
- vs est. average cost
- Held by funds
- ₹2.9k Cr
- 28 schemes · ≈ 8.0% of the company
- Biggest holder
- Nippon India Growth Mid Cap Fund
- ₹825 Cr · 1.6% of that fund
Shares held by these funds +43%
Aug '23 2.41 cr shares Jul '26
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse Voltas Limited
Guides on how to read this kind of business and the numbers that matter.