Reported Earnings • Aug 15
First quarter 2027 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2027 results: EPS: ₹6.46 (up from ₹4.25 in 1Q 2026). Revenue: ₹46.7b (up 19% from 1Q 2026). Net income: ₹2.14b (up 52% from 1Q 2026). Profit margin: 4.6% (up from 3.6% in 1Q 2026). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 6.7%. Earnings per share (EPS) exceeded analyst estimates by 1.2%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Announcement • Aug 08
Voltas Limited to Report Q1, 2027 Results on Aug 14, 2026 Voltas Limited announced that they will report Q1, 2027 results on Aug 14, 2026 Announcement • Jul 01
Voltas and Trent Announce Noel Tata Stepping Down as Chairman Voltas Limited announced that Noel Tata bows out of Voltas, a week after quitting Trent . Tata Trusts chairman wraps up his last AGM at the cooling-products maker, handing the baton to a leadership bench built on promotions and lateral hires . Noel Tata is calling time on his chairmanship of Voltas, telling shareholders at the company’s 72nd annual general meeting that this was his final outing in the role — just a week after he announced an identical exit from Trent. He joined the Voltas board in January 2003 and took the chairman’s seat in September 2017, succeeding Ishaat Hussain. The timing is no accident. Tata turns 70 in November, and under the Companies Act, 2013, a managing or whole-time director cannot continue past that age without special approval. He has clocked 40 years with the Tata group, and the group’s succession clock now appears to be ticking in earnest, having struck the same note at Trent’s AGM on 23 June. Tata’s plate remains far from empty. He stays on as chairman of Tata Trusts, the largest shareholder in Tata Sons, and continues as non-executive chairman of Trent, Tata Investment Corporation, Tata International, Trent Hypermarket and Tata International West Asia DMCC, Dubai. He is also vice-chairman of Tata Steel and Titan Company Ltd. Two chairmanships down, several to go — for Noel Tata, this exit isn’t a farewell tour. It’s a reshuffle. Announcement • Jun 17
Voltas Limited Announces Appointment of Vishal Gupta to Head - IT & Digital, Effective June 15, 2026 Voltas Limited informed that Mr. Vishal Gupta had been appointed as Head - IT & Digital of the Company effective June 15, 2026. Mr. Vishal Gupta is an IT and Digital Transformation leader with over 24 years of experience, including more than 13 years in leadership roles across global markets. He holds an MBA in Systems and Marketing from IMT Ghaziabad, a Bachelor of Engineering in Electrical from L.D. College of Engineering, Ahmedabad, and has completed a Business Analytics program from Harvard Business School Online. He has previously worked with reputed organizations such as Godrej Consumer Products Limited, Marico Limited, and Maruti Suzuki India Limited. Declared Dividend • May 27
Dividend reduced to ₹4.00 Dividend of ₹4.00 is 43% lower than last year. Ex-date: 12th June 2026 Payment date: 30th July 2026 Dividend yield will be 0.3%, which is lower than the industry average of 0.6%. Sustainability & Growth Dividend is covered by earnings (35% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 4.4% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 125% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • May 15
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.6% Last year net profit margin: 5.5% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (2.6% net profit margin). Reported Earnings • May 15
Full year 2026 earnings: EPS and revenues miss analyst expectations Full year 2026 results: EPS: ₹11.36 (down from ₹25.43 in FY 2025). Revenue: ₹142.4b (down 7.6% from FY 2025). Net income: ₹3.76b (down 55% from FY 2025). Profit margin: 2.6% (down from 5.5% in FY 2025). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) also missed analyst estimates by 31%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Announcement • May 07
Voltas Limited to Report Q4, 2026 Results on May 14, 2026 Voltas Limited announced that they will report Q4, 2026 results on May 14, 2026 Reported Earnings • Jan 30
Third quarter 2026 earnings: EPS and revenues miss analyst expectations Third quarter 2026 results: EPS: ₹2.57 (down from ₹3.99 in 3Q 2025). Revenue: ₹31.2b (flat on 3Q 2025). Net income: ₹849.5m (down 36% from 3Q 2025). Profit margin: 2.7% (down from 4.3% in 3Q 2025). Revenue missed analyst estimates by 3.5%. Earnings per share (EPS) also missed analyst estimates by 23%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Announcement • Jan 22
Voltas Limited to Report Q3, 2026 Results on Jan 29, 2026 Voltas Limited announced that they will report Q3, 2026 results on Jan 29, 2026 Reported Earnings • Nov 14
Second quarter 2026 earnings: EPS and revenues miss analyst expectations Second quarter 2026 results: EPS: ₹1.03 (down from ₹4.05 in 2Q 2025). Revenue: ₹23.5b (down 10% from 2Q 2025). Net income: ₹342.9m (down 74% from 2Q 2025). Profit margin: 1.5% (down from 5.1% in 2Q 2025). Revenue missed analyst estimates by 2.7%. Earnings per share (EPS) also missed analyst estimates by 63%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Announcement • Nov 07
Voltas Limited to Report Q2, 2026 Results on Nov 13, 2025 Voltas Limited announced that they will report Q2, 2026 results on Nov 13, 2025 Reported Earnings • Aug 09
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: EPS: ₹4.25 (down from ₹10.10 in 1Q 2025). Revenue: ₹39.4b (down 20% from 1Q 2025). Net income: ₹1.40b (down 58% from 1Q 2025). Profit margin: 3.6% (down from 6.8% in 1Q 2025). Revenue missed analyst estimates by 9.3%. Earnings per share (EPS) also missed analyst estimates by 37%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Aug 02
Voltas Limited to Report Q1, 2026 Results on Aug 08, 2025 Voltas Limited announced that they will report Q1, 2026 results on Aug 08, 2025 Board Change • Jun 17
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Sonia Singh was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jun 16
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: ₹25.43 (up from ₹7.62 in FY 2024). Revenue: ₹154.1b (up 24% from FY 2024). Net income: ₹8.41b (up 234% from FY 2024). Profit margin: 5.5% (up from 2.0% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.2%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 16
Upcoming dividend of ₹7.00 per share Eligible shareholders must have bought the stock before 20 June 2025. Payment date: 07 August 2025. Payout ratio is a comfortable 28% but the company is not cash flow positive. Trailing yield: 0.5%. Lower than top quartile of Indian dividend payers (1.2%). Lower than average of industry peers (0.8%). Announcement • Jun 02
Voltas Limited, Annual General Meeting, Jul 08, 2025 Voltas Limited, Annual General Meeting, Jul 08, 2025, at 15:00 Indian Standard Time. Declared Dividend • Jun 01
Dividend increased to ₹7.00 Dividend of ₹7.00 is 27% higher than last year. Ex-date: 20th June 2025 Payment date: 7th August 2025 Dividend yield will be 0.6%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (28% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 54% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 01
Voltas Limited announces Annual dividend, payable on August 07, 2025 Voltas Limited announced Annual dividend of INR 7.0000 per share payable on August 07, 2025, ex-date on June 20, 2025 and record date on June 20, 2025. Reported Earnings • May 08
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: ₹25.43 (up from ₹7.62 in FY 2024). Revenue: ₹157.4b (up 26% from FY 2024). Net income: ₹8.41b (up 234% from FY 2024). Profit margin: 5.3% (up from 2.0% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.2%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • May 01
Voltas Limited to Report Q4, 2025 Results on May 07, 2025 Voltas Limited announced that they will report Q4, 2025 results on May 07, 2025 Announcement • Mar 13
Voltas Limited Announces Chief Financial Officer Changes, Effective from April 1, 2025 Voltas Limited at its Board of Directors meeting held on March 13, 2025, based on the recommendation of the Nomination and Remuneration Committee and Audit Committee, appointed Mr. K. V. Sridhar as the Chief Financial Officer of the Company with effect from April 1, 2025, to take over from Mr. Jitender Pal Verma consequent to his superannuation on March 31, 2025. Cessation effective from April 1, 2025. Mr. Sridhar joins Voltas from Abbott where he was the Group Finance Director. In his earlier roles, he has held leadership positions in Danone (India and overseas) and Britannia and has extensive experience in Finance, IT, Supply Chain, Demand Planning & Procurement. Mr. Sridhar is a Chartered Accountant from ICAI and Cost & Works Accountant from ICWAI. Announcement • Mar 10
Voltas Limited Announces Cessation of Anjali Bansal as Non-Executive Independent Director Voltas Limited announced that Ms. Anjali Bansal completed her term as Non-Executive Independent Director of the Company on 8th March, 2025 and accordingly, ceased to be a Director of the Company effective 9th March, 2025. Announcement • Mar 07
Voltas Limited Appoints Juhi Chaudhary as Head - Legal Voltas Limited announced that Ms. Juhi Chaudhary has been appointed as Head - Legal of the Company effective 7 March 2025. Ms. Juhi Chaudhary, BA LLB and Company Secretary, has extensive experience of 18 years in Legal. Before joining Voltas, she served as the General Counsel and Chief Compliance Officer of Rallis India Limited. She has also held senior positions at Essel Finance Group, Thomson Reuters, Mahindra and Mahindra Limited, Vaish Associates & Advocates and Seth Dua & Associates. Price Target Changed • Jan 31
Price target decreased by 9.9% to ₹1,605 Down from ₹1,781, the current price target is an average from 33 analysts. New target price is 27% above last closing price of ₹1,261. Stock is up 19% over the past year. The company is forecast to post earnings per share of ₹26.29 for next year compared to ₹7.62 last year. Announcement • Jan 30
Pradeep Bakshi Do Not Seek for Reappointment as CEO of Voltas Limited, Upon Completion of Current Term on 31 August 2025 Voltas Limited announced that at its board meeting held on 29 January, 2025, Mr. Pradeep Bakshi, CEO of the Company has expressed his desire not to seek reappointment as CEO upon completion of his current term on 31 August 2025. Respecting his decision, the Board has accepted his request. Announcement • Jan 29
Voltas Limited Announces Pradeep Bakshi Not to Seek Reappointment as Managing Director Voltas Limited at its board meeting held on 29th January, 2025 announced Mr. Pradeep Bakshi Managing Director & CEO of the Company has expressed his desire not to seek reappointment as Managing Director upon completion of his current term on 31 August, 2025. Respecting his decision, the Board has accepted his request. Announcement • Jan 24
Voltas Limited to Report Q3, 2025 Results on Jan 29, 2025 Voltas Limited announced that they will report Q3, 2025 results on Jan 29, 2025 Announcement • Jan 16
Voltas Limited Appoints Kishore Chandrasekharan as Head Commercial Air Conditioning Voltas Limited announced that Mr. Kishore Chandrasekharan has been appointed as Head Commercial Air Conditioning of the Company effective 13 January, 2025. Brief profile: Mr. Kishore is a B. Tech in Mechanical Engineering from Shivaji University and PMP Certified from the Project Management Institute, USA. His journey spans over 26 years, in Commercial Air Conditioning, MEP, aftermarket customer service, project management and sales. In his most recent role, he was working as GM Sales and Service, heading operations at AJM Kooheji Group, Bahrain. His career also includes experiences at Al Futtaim Group & General Electric Trading-Muscat Oman and Blue Star Limited, India. Reported Earnings • Oct 30
Second quarter 2025 earnings: EPS misses analyst expectations Second quarter 2025 results: EPS: ₹4.05 (up from ₹1.11 in 2Q 2024). Revenue: ₹26.2b (up 14% from 2Q 2024). Net income: ₹1.34b (up 265% from 2Q 2024). Profit margin: 5.1% (up from 1.6% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.0%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Announcement • Oct 23
Voltas Limited to Report Q2, 2025 Results on Oct 29, 2024 Voltas Limited announced that they will report Q2, 2025 results on Oct 29, 2024 Announcement • Aug 15
Voltas Limited Appoints Aditya Sehgal as Additional Director (Non-Executive and Independent Director), Effective 30 August 2024 The Board of JPMorgan China Growth & Income plc announced that Mr. Aditya Sehgal will join the Board of Voltas Limited as an Additional Director (Non-Executive and Independent Director) for three years, with effect from 30 August 2024. Announcement • Aug 14
Voltas Limited Announces Changes in Company Secretary and Compliance Officer Voltas Limited appointed Mr. Ratnesh Rukhariyar (FCS 5833) as the Company Secretary and Compliance Officer of the Company with effect from 15th August, 2024, to take over from Mr. Varun Prakash Malhotra consequent to his superannuation, Superannuation on 14th August, 2024 and Cessation effective from 15 August, 2024. Mr. Ratnesh Rukhariyar is a Commerce graduate and a qualified Company Secretary from the Institute of Company Secretaries of India. He has over two decades of experience and has spent 12 plus years with various group companies of Reliance Industries Limited. Prior to joining Voltas, he was Group Company Secretary of Network18 Media & Investments Limited (flagship company of Reliance's media segment). During his extensive career, he has also worked with Trident Limited, Barak Valley Cements Limited and Indraprastha Gas Limited. Reported Earnings • Aug 12
First quarter 2025 earnings released: EPS: ₹10.10 (vs ₹3.91 in 1Q 2024) First quarter 2025 results: EPS: ₹10.10 (up from ₹3.91 in 1Q 2024). Revenue: ₹50.0b (up 49% from 1Q 2024). Net income: ₹3.34b (up 159% from 1Q 2024). Profit margin: 6.7% (up from 3.8% in 1Q 2024). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Announcement • Jul 31
Voltas Limited to Report Q1, 2025 Results on Aug 14, 2024 Voltas Limited announced that they will report Q1, 2025 results on Aug 14, 2024 Reported Earnings • Jun 18
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: ₹7.62 (up from ₹4.08 in FY 2023). Revenue: ₹124.8b (up 31% from FY 2023). Net income: ₹2.52b (up 87% from FY 2023). Profit margin: 2.0% (up from 1.4% in FY 2023). Revenue exceeded analyst estimates by 4.8%. Earnings per share (EPS) missed analyst estimates by 34%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Upcoming Dividend • Jun 18
Upcoming dividend of ₹5.50 per share Eligible shareholders must have bought the stock before 25 June 2024. Payment date: 15 July 2024. Payout ratio is a comfortable 72% and this is well supported by cash flows. Trailing yield: 0.4%. Lower than top quartile of Indian dividend payers (1.1%). Lower than average of industry peers (0.6%). Price Target Changed • May 10
Price target increased by 8.0% to ₹1,265 Up from ₹1,170, the current price target is an average from 34 analysts. New target price is approximately in line with last closing price of ₹1,289. Stock is up 59% over the past year. The company is forecast to post earnings per share of ₹24.17 for next year compared to ₹7.62 last year. Reported Earnings • May 08
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: ₹7.62 (up from ₹4.08 in FY 2023). Revenue: ₹127.3b (up 34% from FY 2023). Net income: ₹2.52b (up 87% from FY 2023). Profit margin: 2.0% (up from 1.4% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.8%. Earnings per share (EPS) missed analyst estimates by 34%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Announcement • May 08
Voltas Limited Recommends Dividend for the Year 2023-24 Voltas Limited recommended Dividend of INR 5.50 per share on face value of INR 1 per share (550%) for the year 2023-24 which shall be paid/despatched on or after fifth day from conclusion of upcoming 70th Annual General Meeting, subject to approval of shareholders of the Company. Price Target Changed • Apr 25
Price target increased by 7.6% to ₹1,170 Up from ₹1,088, the current price target is an average from 35 analysts. New target price is 18% below last closing price of ₹1,427. Stock is up 76% over the past year. The company is forecast to post earnings per share of ₹11.53 for next year compared to ₹4.08 last year. Price Target Changed • Feb 01
Price target increased by 8.7% to ₹1,044 Up from ₹960, the current price target is an average from 34 analysts. New target price is approximately in line with last closing price of ₹1,050. Stock is up 28% over the past year. The company is forecast to post earnings per share of ₹11.26 for next year compared to ₹4.08 last year. Board Change • Feb 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 5 highly experienced directors. Additional Executive Director Mukundan C. Menon was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Jan 30
Voltas Limited Appoints Mr. Jayesh Tulsidas Merchant as an Additional Director and Non-Executive Independent Director Voltas Limited announced that at the board meeting held on January 30, 2024, the company approved the appointment of Mr. Jayesh Tulsidas Merchant (DIN: 00555052) as an Additional Director and Non-ExecutiveIndependent Director of the Company for a term of 5 years with effect from 30th January, 2024, as per details enclosed. Announcement • Jan 17
Voltas Limited to Report Q3, 2024 Results on Jan 30, 2024 Voltas Limited announced that they will report Q3, 2024 results on Jan 30, 2024 Announcement • Nov 08
Tata Reportedly Considering Sale of Voltas Home Appliance Business Tata Group (Tata Sons Private Limited) is considering selling the home appliance operation of Voltas Limited (NSEI:VOLTAS) as the Indian conglomerate foresees difficulties in scaling up the business in a competitive market, according to people familiar with the matter. Tata Group’s management is deliberating the possibility of the sale and hasn’t decided whether to include its local joint venture with Arcelik AS in a deal, the people said, asking not to be identified because the information is private. Considerations are at an early stage and Tata Group may decide to keep the asset for longer, the people said. A representative for Tata Group declined to comment. Reported Earnings • Oct 22
Second quarter 2024 earnings released: EPS: ₹1.11 (vs ₹0.22 loss in 2Q 2023) Second quarter 2024 results: EPS: ₹1.11 (up from ₹0.22 loss in 2Q 2023). Revenue: ₹22.9b (up 30% from 2Q 2023). Net income: ₹366.8m (up ₹440.9m from 2Q 2023). Profit margin: 1.6% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Announcement • Oct 10
Voltas Limited to Report Q2, 2024 Results on Oct 19, 2023 Voltas Limited announced that they will report Q2, 2024 results on Oct 19, 2023 Reported Earnings • Aug 12
First quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2024 results: EPS: ₹3.91 (up from ₹3.29 in 1Q 2023). Revenue: ₹33.6b (up 21% from 1Q 2023). Net income: ₹1.29b (up 19% from 1Q 2023). Profit margin: 3.8% (down from 3.9% in 1Q 2023). Revenue exceeded analyst estimates by 17%. Earnings per share (EPS) missed analyst estimates by 23%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Announcement • Aug 03
Voltas Limited to Report Q1, 2024 Results on Aug 11, 2023 Voltas Limited announced that they will report Q1, 2024 results on Aug 11, 2023 Announcement • Jun 28
Voltas Limited Appoints Mukundan C. P. Menon as an Additional Director and Executive Director, Effective July 10, 2023 Voltas Limited announced that at the Board Meeting held on June 26, 2023, the Directors have approved the appointment of Mr. Mukundan C. P. Menon as an Additional Director and Executive Director of the company with effect from 10th July, 2023. Mr. Mukundan will head the Room Air Conditioner (RAC) business of Voltas. Mr. Mukundan Menon has done B. Tech in Mechanical Engineering, Graduate Diploma in Management, along with Executive Management programs from IIM (Indian Institute of Management) and a Leadership Excellence program from INSEAD, France. Mr. Mukundan has over 37 years of Management experience, leading organizations in India and Overseas. Till recently, he held the position of the President & Chief Operating Officer of Blue Star Limited and Director of Blue Star Climatech Limited, a wholly owned subsidiary of Blue Star. He is currently the Vice-President of "Refrigeration and Air Conditioning Manufacturing Association" (RAMA) which represents leading MNC's as well as Indian companies in this space. Mr. Mukundan is an active member of the Confederation of Indian Industry (CII) India's premier business association, representing Indian Industry, working with the Government for policy making and nation development. His domain expertise covers the entire spectrum of HVAC products namely – Room Air conditioners, Commercial Air Conditioners and Commercial Refrigeration Product. Mr. Mukundan is acknowledged for his strategic understanding of the Indian market Opportunity with a very sharp focus on the Air conditioning and Refrigeration domain, access to networks and stake holders, operational experience to enter new markets and new product categories, scale up businesses with a clear long term strategic vision and exceptional short and mid-term execution capabilities. He is a dynamic mentor with exceptional People and HR skills, with specialized knowledge in areas of thought leadership and growth orientation. He combines strong proven business acumen with a sense of purpose. He has also been a speaker at various acclaimed platforms imparting his immense professional knowledge and experiences. Upcoming Dividend • Jun 02
Upcoming dividend of ₹4.25 per share at 0.5% yield Eligible shareholders must have bought the stock before 09 June 2023. Payment date: 22 July 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 0.5%. Lower than top quartile of Indian dividend payers (1.6%). Lower than average of industry peers (1.0%). Reported Earnings • Jun 01
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: ₹4.08 (down from ₹15.24 in FY 2022). Revenue: ₹95.0b (up 20% from FY 2022). Net income: ₹1.35b (down 73% from FY 2022). Profit margin: 1.4% (down from 6.4% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 56%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Announcement • May 19
Voltas Limited, Annual General Meeting, Jun 22, 2023 Voltas Limited, Annual General Meeting, Jun 22, 2023. Reported Earnings • Apr 27
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: ₹4.08 (down from ₹15.24 in FY 2022). Revenue: ₹96.7b (up 22% from FY 2022). Net income: ₹1.35b (down 73% from FY 2022). Profit margin: 1.4% (down from 6.4% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 56%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Reported Earnings • Feb 10
Third quarter 2023 earnings released: ₹3.34 loss per share (vs ₹2.90 profit in 3Q 2022) Third quarter 2023 results: ₹3.34 loss per share (down from ₹2.90 profit in 3Q 2022). Revenue: ₹20.4b (up 14% from 3Q 2022). Net loss: ₹1.10b (down 215% from profit in 3Q 2022). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Announcement • Jan 25
Voltas Limited to Report Q3, 2023 Results on Feb 09, 2023 Voltas Limited announced that they will report Q3, 2023 results at 4:00 PM, Indian Standard Time on Feb 09, 2023 Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 4 highly experienced directors. Non-Independent Non-Executive Director Saurabh Agrawal was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 02
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: ₹0.22 loss per share (down from ₹3.13 profit in 2Q 2022). Revenue: ₹18.3b (up 8.5% from 2Q 2022). Net loss: ₹74.1m (down 107% from profit in 2Q 2022). Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Announcement • Oct 22
Voltas Limited to Report Q2, 2023 Results on Nov 01, 2022 Voltas Limited announced that they will report Q2, 2023 results on Nov 01, 2022 Board Change • Sep 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 4 highly experienced directors. Non-Independent Non-Executive Director Saurabh Agrawal was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 03
First quarter 2023 earnings: EPS misses analyst expectations First quarter 2023 results: EPS: ₹3.29 (down from ₹3.68 in 1Q 2022). Revenue: ₹27.9b (up 57% from 1Q 2022). Net income: ₹1.09b (down 11% from 1Q 2022). Profit margin: 3.9% (down from 6.8% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 46%. Over the next year, revenue is forecast to grow 10%, compared to a 13% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 22
Voltas Limited to Report Q1, 2023 Results on Aug 02, 2022 Voltas Limited announced that they will report Q1, 2023 results on Aug 02, 2022 Upcoming Dividend • Jun 02
Upcoming dividend of ₹5.50 per share Eligible shareholders must have bought the stock before 09 June 2022. Payment date: 24 July 2022. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of Indian dividend payers (1.7%). Lower than average of industry peers (1.4%). Price Target Changed • May 17
Price target decreased to ₹1,168 Down from ₹1,258, the current price target is an average from 31 analysts. New target price is 18% above last closing price of ₹989. Stock is down 1.9% over the past year. The company is forecast to post earnings per share of ₹21.39 for next year compared to ₹15.23 last year. Reported Earnings • May 08
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: ₹15.23 (down from ₹15.87 in FY 2021). Revenue: ₹79.3b (up 5.0% from FY 2021). Net income: ₹5.04b (down 4.0% from FY 2021). Profit margin: 6.4% (down from 7.0% in FY 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 3.1%. Earnings per share (EPS) also missed analyst estimates by 9.5%. Over the next year, revenue is forecast to grow 28%, compared to a 14% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 07
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₹1,069, the stock trades at a forward P/E ratio of 49x. Average forward P/E is 16x in the Construction industry in India. Total returns to shareholders of 88% over the past three years. Announcement • May 06
Voltas Limited Directors Recommends Dividend for the Year 2021-22 Voltas Limited Directors have recommended Dividend of INR 5.50 per share on face value of INR 1 per share (550%) for the year 2021-22 which shall be subject to approval of shareholders at the upcoming 68th Annual General Meeting of the Company. Announcement • Apr 24
Voltas Limited to Report Fiscal Year 2022 Results on May 05, 2022 Voltas Limited announced that they will report fiscal year 2022 results on May 05, 2022 Reported Earnings • Feb 15
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: EPS: ₹2.90 (down from ₹3.87 in 3Q 2021). Revenue: ₹18.2b (down 8.6% from 3Q 2021). Net income: ₹959.8m (down 25% from 3Q 2021). Profit margin: 5.3% (down from 6.4% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 8.9%. Earnings per share (EPS) also missed analyst estimates by 23%. Over the next year, revenue is forecast to grow 23%, compared to a 13% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 03
Voltas Limited to Report Q3, 2022 Results on Feb 11, 2022 Voltas Limited announced that they will report Q3, 2022 results on Feb 11, 2022 Price Target Changed • Nov 03
Price target increased to ₹1,215 Up from ₹1,110, the current price target is an average from 30 analysts. New target price is approximately in line with last closing price of ₹1,209. Stock is up 67% over the past year. The company is forecast to post earnings per share of ₹19.21 for next year compared to ₹15.87 last year. Reported Earnings • Nov 01
Second quarter 2022 earnings released: EPS ₹3.13 (vs ₹2.37 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: ₹16.9b (up 4.7% from 2Q 2021). Net income: ₹1.04b (up 32% from 2Q 2021). Profit margin: 6.1% (up from 4.9% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 32% per year, which means it is well ahead of earnings. Executive Departure • Oct 07
Non Independent Non-Executive Director Hemant Bhargava has left the company On the 29th of September, Hemant Bhargava's tenure as Non Independent Non-Executive Director ended after 4.4 years in the role. We don't have any record of a personal shareholding under Hemant's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 3.67 years. Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment improved over the past week After last week's 17% share price gain to ₹1,123, the stock trades at a forward P/E ratio of 45x. Average forward P/E is 14x in the Construction industry in India. Total returns to shareholders of 96% over the past three years. Upcoming Dividend • Aug 04
Upcoming dividend of ₹5.00 per share Eligible shareholders must have bought the stock before 11 August 2021. Payment date: 26 September 2021. Trailing yield: 0.5%. Lower than top quartile of Indian dividend payers (1.4%). Lower than average of industry peers (1.1%). Reported Earnings • Aug 03
Full year 2021 earnings released: EPS ₹15.87 (vs ₹15.63 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: ₹75.6b (down 1.3% from FY 2020). Net income: ₹5.25b (up 1.5% from FY 2020). Profit margin: 7.0% (up from 6.8% in FY 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Announcement • May 21
Voltas Limited Proposes Dividend for 2020-21, Payable on or After September 1, 2021 Voltas Limited announced that at the AGM to be held on August 27, 2021, the company proposed dividend of 500% (Rs.5 per share of Re.1 each) for 2020-21, subject to approval of the shareholders at the 67th AGM. The, dividend shall be subject to deduction of tax at source, as applicable and shall be paid on or after 1st September, 2021. Reported Earnings • May 13
Full year 2021 earnings released: EPS ₹15.87 (vs ₹15.63 in FY 2020) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2021 results: Revenue: ₹77.4b (up 1.1% from FY 2020). Net income: ₹5.25b (up 1.5% from FY 2020). Profit margin: 6.8% (in line with FY 2020). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Announcement • May 13
Voltas Limited Recommends Dividend The Directors of Voltas Limited have recommended dividend of INR 5 per share on face value of INR 1 per share (500%) for the year 2020-21 which shall be subject to approval of shareholders at the upcoming Annual General Meeting of the company. Price Target Changed • Feb 17
Price target raised to ₹995 Up from ₹853, the current price target is an average from 27 analysts. The new target price is close to the current share price of ₹1,033. As of last close, the stock is up 41% over the past year. Analyst Estimate Surprise Post Earnings • Feb 14
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 21%. Earnings per share (EPS) also surpassed analyst estimates by 33%. Over the next year, revenue is forecast to grow 19%, compared to a 20% growth forecast for the Construction industry in India. Reported Earnings • Feb 14
Third quarter 2021 earnings released: EPS ₹3.87 (vs ₹2.63 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₹19.9b (up 34% from 3Q 2020). Net income: ₹1.28b (up 47% from 3Q 2020). Profit margin: 6.4% (up from 5.8% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 08
New 90-day high: ₹1,039 The company is up 36% from its price of ₹765 on 10 November 2020. The Indian market is up 21% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Construction industry, which is up 46% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₹127 per share. Announcement • Feb 03
Voltas Limited to Report Q3, 2021 Results on Feb 12, 2021 Voltas Limited announced that they will report Q3, 2021 results on Feb 12, 2021 Announcement • Jan 22
Voltas Limited Appoints Saurabh Mahesh Agrawal as an Additional Director The board of directors of Voltas Limited have, based on the recommendation of Nomination & Remuneration Committee, appointed Mr. Saurabh Mahesh Agrawal as an additional director of the company with effect from 21 January 2021. Is New 90 Day High Low • Jan 21
New 90-day high: ₹956 The company is up 36% from its price of ₹705 on 23 October 2020. The Indian market is up 24% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Construction industry, which is up 38% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₹118 per share. Is New 90 Day High Low • Jan 04
New 90-day high: ₹846 The company is up 26% from its price of ₹672 on 06 October 2020. The Indian market is up 20% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Construction industry, which is up 34% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₹120 per share. Is New 90 Day High Low • Dec 16
New 90-day high: ₹830 The company is up 21% from its price of ₹683 on 16 September 2020. The Indian market is up 15% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Construction industry, which is up 25% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₹122 per share. Announcement • Dec 10
Volta Appoints Brandt Hastings as its Chief Revenue Officer Voltas Limited announced that Brandt Hastings has joined the executive leadership team as Chief Revenue Officer. Is New 90 Day High Low • Nov 27
New 90-day high: ₹806 The company is up 22% from its price of ₹662 on 28 August 2020. The Indian market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₹114 per share. Price Target Changed • Nov 10
Price target raised to ₹745 Up from ₹670, the current price target is an average from 23 analysts. The new target price is close to the current share price of ₹765. As of last close, the stock is up 11% over the past year. 
