Voltas Past Earnings Performance
Past criteria checks 2/6
Voltas has been growing earnings at an average annual rate of 3.8%, while the Construction industry saw earnings growing at 30.5% annually. Revenues have been growing at an average rate of 15.4% per year. Voltas's return on equity is 5.8%, and it has net margins of 2.6%.
Key information
3.76%
Earnings growth rate
3.76%
EPS growth rate
| Construction Industry Growth | 18.99% |
| Revenue growth rate | 15.38% |
| Return on equity | 5.78% |
| Net Margin | 2.64% |
| Last Earnings Update | 31 Mar 2026 |
Recent past performance updates
Recent updates
Narrative Update • Jun 06
VOLTAS: Upcoming Dividend Cut And Results Will Shape Future Earnings Multiple
Analysts have trimmed their price target on Voltas to about ₹1,337 from roughly ₹1,433. This reflects updated views on higher assumed discount rates and P/E multiples, along with adjustments to revenue growth and profit margin forecasts.
Narrative Update • May 23
VOLTAS: Revised Fair Value And Dividend Prospect Will Support Long Term Earnings Quality
Analysts have revised Voltas' fair value estimate down from about ₹1,742.68 to ₹1,550.00, citing updated views on revenue growth, profit margins, and future P/E assumptions. What's in the News Board meeting scheduled for May 14, 2026, to review and approve audited standalone and consolidated financial results for the quarter and year ended March 31, 2026 (company filing).Analysis Article • May 17
Voltas Limited Just Missed Earnings - But Analysts Have Updated Their Models
Shareholders might have noticed that Voltas Limited ( NSE:VOLTAS ) filed its yearly result this time last week. The...Narrative Update • Apr 27
VOLTAS: Higher Future P E Multiple Will Support Long Term Earnings Quality
The analyst price target for Voltas has shifted from ₹1,788.69 to ₹1,742.68 as analysts adjust their assumptions for revenue growth, profit margins and future P/E levels, while also updating the discount rate in their valuation models. Valuation Changes Fair Value: revised slightly lower from ₹1,788.69 to ₹1,742.68.
Narrative Update • Apr 13
VOLTAS: Slightly Higher Discount Rate Will Likely Keep Shares Looking Expensive
Analysts have trimmed their price target on Voltas from ₹1,100 to about ₹1,077, citing updated assumptions around discount rate, revenue growth, profit margin and future P/E, which collectively point to slightly more conservative expectations. What's in the News Board meeting scheduled on Jan 29, 2026, to consider and approve the unaudited financial results for the quarter and nine months ended Dec 31, 2025 (company filing).Narrative Update • Mar 30
VOLTAS: Upcoming Results Will Confirm Stronger Margins And Supportive Earnings Multiple
Analysts have revised their fair value estimate for Voltas to ₹1,432.89 from ₹1,407.59, reflecting updated views on the discount rate, revenue growth, profit margins and future P/E assumptions. What's in the News A board meeting is scheduled on January 29, 2026 to consider and approve the unaudited financial results for the quarter and nine months ended December 31, 2025 (company filing).Narrative Update • Mar 16
VOLTAS: Slight Assumption Shifts Will Likely Keep Shares Looking Expensive
Analysts have kept Voltas' fair value estimate steady at ₹1,100, while slightly adjusting key assumptions such as the discount rate, revenue growth, profit margin and future P/E. Together, these factors support a broadly unchanged price target narrative.Narrative Update • Mar 02
VOLTAS: Minor Assumption Tweaks Will Likely Keep Shares Looking Overvalued
Analysts have maintained their ₹1,100 price target on Voltas. Small adjustments to the discount rate, revenue growth, profit margin and future P/E assumptions support an unchanged fair value view.Narrative Update • Feb 16
VOLTAS: Refined Assumptions Will Still Leave Shares Looking Overvalued
Voltas’ analyst price target remains at ₹1,100, with analysts pointing to slightly adjusted assumptions for discount rate, revenue growth, profit margin and future P/E to reflect a more refined view of the company’s risk profile and earnings potential. What's in the News A board meeting is scheduled for January 29, 2026, to consider and approve the unaudited financial results for the quarter and nine months ended December 31, 2025 (company filing).Narrative Update • Feb 02
VOLTAS: Upcoming Board Meetings Will Support Higher Long Term Earnings Quality
Analysts have nudged their fair value estimate for Voltas up from ₹1,775.00 to about ₹1,788.69. They now factor in slightly stronger profit margins and a lower future P/E assumption, while moderating their revenue growth expectations and making a small adjustment to the discount rate.Analysis Article • Feb 01
Earnings Miss: Voltas Limited Missed EPS By 23% And Analysts Are Revising Their Forecasts
The analysts might have been a bit too bullish on Voltas Limited ( NSE:VOLTAS ), given that the company fell short of...Narrative Update • Jan 19
VOLTAS: Board Meeting Outlook Will Support Higher Long Term Earnings Quality
Analysts have modestly raised their fair value estimate for Voltas to ₹1,775, reflecting updated assumptions on revenue growth, profit margins and future P/E, while also adjusting the discount rate in their models. What's in the News Voltas has scheduled a Board Meeting on November 13, 2025, to consider and approve the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025 (Key Developments).Analysis Article • Jan 18
Voltas (NSE:VOLTAS) Has Some Way To Go To Become A Multi-Bagger
There are a few key trends to look for if we want to identify the next multi-bagger. Ideally, a business will show two...Narrative Update • Jan 04
VOLTAS Will Likely See Limited Upside Despite Improved Long Term Assumptions
Analysts have reiterated their price target on Voltas at ₹1,100.00, citing slightly improved long term revenue growth and profit margin assumptions that are modestly offset by a marginally lower future P/E multiple and discount rate. What's in the News Board meeting scheduled on November 13, 2025, to consider and approve unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025 (company filing).Narrative Update • Dec 15
VOLTAS: Higher Discount Rate Will Limit Upside Despite Earnings Outlook
Analysts have raised their price target for Voltas from ₹1,035 to ₹1,100, citing expectations of slightly faster revenue growth, modestly improved profit margins, and a marginally higher future valuation multiple, despite a small uptick in the assumed discount rate. What's in the News Board meeting scheduled for November 13, 2025, to review and approve unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, and to consider other business matters (company filing) Valuation Changes The consensus analyst price target and fair value estimate has risen slightly from ₹1,035 to ₹1,100 per share.Analysis Article • Dec 09
Is Voltas (NSE:VOLTAS) Using Too Much Debt?
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...Analysis Article • Nov 21
We Believe That Voltas' (NSE:VOLTAS) Weak Earnings Are A Good Indicator Of Underlying Profitability
Shareholders didn't appear too concerned by Voltas Limited's ( NSE:VOLTAS ) weak earnings. We did some digging, and we...Analysis Article • Nov 16
Voltas Limited Just Missed EPS By 63%: Here's What Analysts Think Will Happen Next
It's shaping up to be a tough period for Voltas Limited ( NSE:VOLTAS ), which a week ago released some disappointing...Narrative Update • Nov 13
VOLTAS: Upcoming Financial Results Will Guide Measured Outlook Amid Mixed Forecasts
Analysts have raised Voltas's price target from ₹1,386.05 to ₹1,407.59. They cite slight improvements in revenue growth and fair value estimates, even though there is a modest dip in profit margin forecasts.Analysis Article • Nov 04
Voltas Limited's (NSE:VOLTAS) P/E Still Appears To Be Reasonable
When close to half the companies in India have price-to-earnings ratios (or "P/E's") below 27x, you may consider Voltas...Analysis Article • Oct 17
Here's What To Make Of Voltas' (NSE:VOLTAS) Decelerating Rates Of Return
What trends should we look for it we want to identify stocks that can multiply in value over the long term? Firstly...Narrative Update • Sep 23
Indian Urbanization And Green Cooling Trends Will Drive Market Expansion
As Voltas' Future P/E and Net Profit Margin remained largely stable, the consensus analyst price target saw only a marginal increase from ₹1360 to ₹1386. What's in the News Board meeting scheduled to consider and approve unaudited financial results for the quarter ended June 30, 2025.Narrative Update • Sep 05
Indian Urbanization And Green Cooling Trends Will Drive Market Expansion
With no significant changes in key valuation metrics such as the discount rate and future P/E, the consensus analyst price target for Voltas remains unchanged at ₹1360. What's in the News Board meeting scheduled to consider and approve unaudited financial results for the quarter ended June 30, 2025.Analysis Article • Aug 12
Voltas Limited Just Missed Earnings - But Analysts Have Updated Their Models
As you might know, Voltas Limited ( NSE:VOLTAS ) last week released its latest first-quarter, and things did not turn...Analysis Article • Jul 25
Voltas Limited's (NSE:VOLTAS) Popularity With Investors Is Under Threat From Overpricing
When close to half the companies in India have price-to-earnings ratios (or "P/E's") below 29x, you may consider Voltas...Analysis Article • Jul 07
Voltas (NSE:VOLTAS) Has More To Do To Multiply In Value Going Forward
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for...Analysis Article • Jun 19
Analysts Are Updating Their Voltas Limited (NSE:VOLTAS) Estimates After Its Full-Year Results
Voltas Limited ( NSE:VOLTAS ) last week reported its latest annual results, which makes it a good time for investors to...Analysis Article • Jun 18
Voltas (NSE:VOLTAS) Has Announced That It Will Be Increasing Its Dividend To ₹7.00
The board of Voltas Limited ( NSE:VOLTAS ) has announced that it will be paying its dividend of ₹7.00 on the 7th of...Analysis Article • Jun 03
Voltas (NSE:VOLTAS) Has Announced That It Will Be Increasing Its Dividend To ₹7.00
Voltas Limited ( NSE:VOLTAS ) will increase its dividend from last year's comparable payment on the 7th of August to...Analysis Article • May 15
Voltas' (NSE:VOLTAS) Earnings Are Of Questionable Quality
Despite posting some strong earnings, the market for Voltas Limited's ( NSE:VOLTAS ) stock hasn't moved much. Our...Analysis Article • Mar 28
Returns At Voltas (NSE:VOLTAS) Appear To Be Weighed Down
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for...Analysis Article • Mar 10
These 4 Measures Indicate That Voltas (NSE:VOLTAS) Is Using Debt Safely
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...Analysis Article • Feb 01
Voltas Limited Just Missed Earnings - But Analysts Have Updated Their Models
It's been a sad week for Voltas Limited ( NSE:VOLTAS ), who've watched their investment drop 13% to ₹1,261 in the week...Analysis Article • Jan 31
With A 29% Price Drop For Voltas Limited (NSE:VOLTAS) You'll Still Get What You Pay For
Voltas Limited ( NSE:VOLTAS ) shareholders won't be pleased to see that the share price has had a very rough month...Analysis Article • Dec 24
The Returns On Capital At Voltas (NSE:VOLTAS) Don't Inspire Confidence
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Firstly, we'd want to identify a...Analysis Article • Dec 06
Voltas Limited's (NSE:VOLTAS) Price Is Out Of Tune With Revenues
When close to half the companies in the Construction industry in India have price-to-sales ratios (or "P/S") below 2x...
New Narrative • Dec 02
Expanding Capacity And Beko's Home Appliance Success Will Drive Revenue And Margin Growth
Voltas is leveraging production expansions and strategic investments to enhance market presence and revenue, particularly in air conditioners and home appliances.Analysis Article • Nov 01
Voltas Limited (NSE:VOLTAS) Half-Year Results: Here's What Analysts Are Forecasting For This Year
Last week, you might have seen that Voltas Limited ( NSE:VOLTAS ) released its interim result to the market. The early...Analysis Article • Sep 19
Is Voltas (NSE:VOLTAS) Using Too Much Debt?
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it might be obvious that you need to...Analysis Article • Sep 01
Voltas Limited's (NSE:VOLTAS) Popularity With Investors Is Clear
Voltas Limited's ( NSE:VOLTAS ) price-to-sales (or "P/S") ratio of 4.1x may not look like an appealing investment...Analysis Article • Aug 14
Earnings Beat: Voltas Limited Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Models
A week ago, Voltas Limited ( NSE:VOLTAS ) came out with a strong set of quarterly numbers that could potentially lead...Analysis Article • Jul 30
Voltas (NSE:VOLTAS) Might Be Having Difficulty Using Its Capital Effectively
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for...Analysis Article • Jun 22
Voltas' (NSE:VOLTAS) Earnings Are Of Questionable Quality
Voltas Limited ( NSE:VOLTAS ) announced strong profits, but the stock was stagnant. We did some digging, and we found...Analysis Article • May 10
Voltas Limited Just Missed EPS By 34%: Here's What Analysts Think Will Happen Next
It's been a mediocre week for Voltas Limited ( NSE:VOLTAS ) shareholders, with the stock dropping 14% to ₹1,276 in the...Analysis Article • May 09
Voltas (NSE:VOLTAS) Has A Pretty Healthy Balance Sheet
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...Analysis Article • Apr 18
Voltas (NSE:VOLTAS) Will Want To Turn Around Its Return Trends
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Firstly, we'll want to...Analysis Article • Mar 28
The Price Is Right For Voltas Limited (NSE:VOLTAS)
When close to half the companies in the Construction industry in India have price-to-sales ratios (or "P/S") below...Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Voltas makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Mar 26 | 142,445 | 3,759 | 9,386 | 0 |
| 31 Dec 25 | 141,242 | 5,007 | 11,732 | 0 |
| 30 Sep 25 | 141,586 | 5,479 | 11,797 | 0 |
| 30 Jun 25 | 144,304 | 6,476 | 11,771 | 0 |
| 31 Mar 25 | 154,128 | 8,414 | 11,489 | 0 |
| 31 Dec 24 | 148,481 | 7,168 | 10,495 | 0 |
| 30 Sep 24 | 143,687 | 5,543 | 10,230 | 0 |
| 30 Jun 24 | 140,424 | 4,569 | 9,793 | 0 |
| 31 Mar 24 | 124,812 | 2,520 | 9,576 | 0 |
| 31 Dec 23 | 112,351 | 2,795 | 9,081 | 0 |
| 30 Sep 23 | 106,150 | 1,995 | 8,776 | 0 |
| 30 Jun 23 | 100,906 | 1,554 | 8,579 | 0 |
| 31 Mar 23 | 94,988 | 1,350 | 8,279 | 0 |
| 31 Dec 22 | 92,086 | 1,738 | 7,959 | 0 |
| 30 Sep 22 | 89,965 | 3,802 | 7,780 | 0 |
| 30 Jun 22 | 89,173 | 4,912 | 7,572 | 0 |
| 31 Mar 22 | 79,345 | 5,041 | 7,542 | 0 |
| 31 Dec 21 | 79,195 | 5,591 | 6,662 | 0 |
| 30 Sep 21 | 81,206 | 5,911 | 6,647 | 0 |
| 30 Jun 21 | 80,440 | 5,658 | 6,540 | 0 |
| 31 Mar 21 | 75,558 | 5,251 | 7,371 | 0 |
| 31 Dec 20 | 69,938 | 4,461 | 7,501 | 0 |
| 30 Sep 20 | 64,916 | 4,051 | 7,687 | 0 |
| 30 Jun 20 | 63,010 | 4,332 | 7,831 | 0 |
| 31 Mar 20 | 76,581 | 5,172 | 7,889 | 0 |
| 31 Dec 19 | 76,313 | 4,981 | 7,928 | 0 |
| 30 Sep 19 | 76,306 | 4,921 | 7,795 | 0 |
| 30 Jun 19 | 76,300 | 4,892 | 7,942 | 0 |
| 31 Mar 19 | 71,241 | 5,079 | 7,741 | 0 |
| 31 Dec 18 | 71,096 | 5,610 | 7,412 | 0 |
| 30 Sep 18 | 69,925 | 5,795 | 7,314 | 0 |
| 30 Jun 18 | 66,079 | 5,707 | 7,043 | 0 |
| 31 Mar 18 | 64,044 | 5,724 | 7,090 | 0 |
| 31 Dec 17 | 63,911 | 5,704 | 7,051 | 0 |
| 30 Sep 17 | 61,969 | 5,511 | 7,027 | 0 |
| 30 Jun 17 | 61,274 | 5,370 | 7,168 | 0 |
| 31 Mar 17 | 60,328 | 5,174 | 7,317 | 0 |
| 31 Dec 16 | 59,907 | 4,679 | 7,839 | 0 |
| 30 Sep 16 | 60,762 | 4,455 | 7,971 | 0 |
| 30 Jun 16 | 61,490 | 4,407 | 7,888 | 0 |
| 31 Mar 16 | 57,198 | 3,871 | 7,374 | 0 |
| 31 Dec 15 | 54,586 | 3,272 | 12,026 | 0 |
| 30 Sep 15 | 51,020 | 3,804 | 11,766 | 0 |
| 30 Jun 15 | 50,240 | 3,859 | 11,596 | 0 |
Quality Earnings: VOLTAS has high quality earnings.
Growing Profit Margin: VOLTAS's current net profit margins (2.6%) are lower than last year (5.5%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: VOLTAS's earnings have grown by 3.8% per year over the past 5 years.
Accelerating Growth: VOLTAS's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: VOLTAS had negative earnings growth (-55.3%) over the past year, making it difficult to compare to the Construction industry average (18.3%).
Return on Equity
High ROE: VOLTAS's Return on Equity (5.8%) is considered low.
Return on Assets
Return on Capital Employed
Discover strong past performing companies
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/07 05:17 |
| End of Day Share Price | 2026/06/05 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2026/03/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
| |
| Ownership | 10 years |
| |
| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Voltas Limited is covered by 55 analysts. 34 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Kunal Sheth | 360 ONE Capital Market Private Limited |
| Dhruv Jain | Ambit Capital |
| Manish Valecha | Anand Rathi Shares and Stock Brokers Limited |