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Swing Capital

Voltas Ltd

NSE: VOLTAS BSE: 500575Infra

Voltas is engaged in the business of air conditioning, refrigeration, electro - mechanical projects as an EPC contractor both in domestic and international geographies (Middle East and Singapore) and engineering product services for mining, water management and treatment, construction equipments and textile industry.

₹1,252
52W: ₹1187 — ₹1582
PE 117 · Book ₹241 · +420% vs book
Market Cap₹41,440 Cr
Stock P/E117Price to Earnings
ROCE5.83%Return on Capital
ROE4.39%Return on Equity
Div. Yield0.58%Face Value ₹1

Strengths

  • +Company has been maintaining a healthy dividend payout of 32.9%

Weaknesses

  • −Stock is trading at 5.03 times its book value
  • −The company has delivered a poor sales growth of 10.6% over past five years.
  • −Company has a low return on equity of 7.49% over last 3 years.
  • −Earnings include an other income of Rs.283 Cr.

Shareholding Pattern

Promoters30.3%
FIIs18.44%
DIIs38.28%
Public12.86%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters30.3%30.3%30.3%30.3%30.3%30.3%30.3%30.3%
FIIs15.08%18.09%▲3.021.31%▲3.221.95%▲0.621.16%▼0.820.26%▼0.918.41%▼1.918.44%▲0.0
DIIs40.19%37.25%▼2.934.39%▼2.932.99%▼1.433.15%▲0.235.62%▲2.537.74%▲2.138.28%▲0.5
Public14.22%14.16%▼0.113.78%▼0.414.53%▲0.815.17%▲0.613.61%▼1.613.4%▼0.212.86%▼0.5

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales1,5883,0573,9201,7052,0353,6353,0811,4412,2303,785
Expenses1,5012,8733,6271,6211,9283,3932,9671,4532,1603,668
Operating Profit8618429384107242115-1270117
OPM %5%6%7%5%5%7%4%-1%3%3%
Net Profit9719033910910822020374882
EPS ₹2.945.7510.253.293.276.666.150.221.452.48

AI Insights

Revenue Trend

Mar 2026 revenue at ₹10,538Cr, down 6.7% YoY. OPM at 3%.

Debt Position

Borrowings at ₹811Cr. Debt-to-equity ratio: 0.10x. Healthy balance sheet.

Capex Cycle

CWIP at ₹22Cr (2% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 38.28% (+4.65pp change). FIIs: 18.44% (-0.64pp change). Promoters hold 30.3%.

Margin & Efficiency

ROCE declining from 23% (Mar 2015) to 6% (Mar 2026). Working capital days: 48.

Valuation

PE 117x with 5.83% ROCE. Price is 420% above book value of ₹241. Dividend yield: 0.58%.

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