VOLTAS · Consumer Durables · filed 6 Nov 2026
Voltas Ltd. reported revenue of ₹2,707 cr for July to September 2026, +15.3% on the year and −42.1% on the quarter. That is faster than this quarter has grown in recent years (+1.9% on average), so the year-on-year number is not just the season. Over the last four quarters revenue comes to ₹15,339 cr, +8.3% on the four before.
Operating profit (EBITDA) was ₹128 cr, a margin of 4.7%, +172 bps on the year and −96 bps on the quarter. Over the last 8 quarters the margin has ranged from 3.0% to 6.3%, averaging 4.7%. Operating costs grew +13.3% against revenue growth of +15.3%, so more of each rupee of sales reached operating profit.
Net profit was ₹47.7 cr, +51.5% on the year and −77.6% on the quarter, with earnings per share of ₹1.59. The tax rate was 42% against an average of 33% over the previous 8 quarters, which weighed on profit this quarter. Profit over the last four quarters totals ₹457 cr, −15.2% on the four before.
Of the 14 companies in Consumer discretionary and retail that have reported Q2 FY27 so far, Voltas Ltd. ranks 8th on revenue growth; the sector median is +16.3%. Its margin moved +172 bps on the year against a sector median of +184 bps.
Retail growth comes from new stores and from sales at existing stores; the statements show the total, the filing shows how much each contributed.
On earnings per share of ₹14.13 over the last four quarters, the stock at ₹1,090.10 trades at 77.1 times trailing earnings.
Profit with no operating cash behind it. Where did the cash go?
Source: Cash flow statement
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, IPO money used as stated, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹1,717 cr | ₹3,035 cr | ▼ 43.4% |
| Inventory | ₹3,494 cr | ₹3,433 cr | ▲ 1.8% |
| Cash | ₹511 cr | ₹755 cr | ▼ 32.3% |
| Bank balances | ₹17.1 cr | ₹25.8 cr | ▼ 33.6% |
| Long-term borrowings | ₹376 cr | ₹376 cr | 0.0% |
| Short-term borrowings | ₹1,138 cr | ₹591 cr | ▲ 92.6% |
| Trade payables | ₹3,810 cr | ₹5,228 cr | ▼ 27.1% |
| Net block | ₹955 cr | ₹935 cr | ▲ 2.1% |
| Capital work in progress | ₹14.1 cr | ₹22.1 cr | ▼ 36.3% |
| Equity | ₹6,749 cr | ₹6,376 cr | ▲ 5.8% |
| Total assets | ₹13,768 cr | ₹14,510 cr | ▼ 5.1% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | −₹442 cr | −₹1,075 cr |
| Capital expenditure | −₹67.8 cr | −₹63.7 cr |
| Investing cash flow | −₹122 cr | ₹304 cr |
| Financing cash flow | ₹369 cr | ₹593 cr |
| Dividends paid | −₹132 cr | −₹232 cr |
Operating cash flow was -1.70× profit. Receivables at 42 days of sales (−35 days against the last year end). Inventory at 86 days of sales (−2 days).
No emphasis of matter.
Filing p. consolidated limited review report p.1-2
Court of Cassation (Qatar) upheld judgment directing return of bank guarantees of ₹437.99 crore and settlement payment to Voltas, enabling write-back of ₹63.04 crore in Q2 FY27. (p. consolidated note 2)
Approved transfer of overseas branches at Dubai and Abu Dhabi to step-down subsidiary Universal MEP Contracting L.L.C. on slump sale basis, expected to be consummated by December 31, 2026. (p. consolidated note 3)
Tax: Consolidated tax expense of ₹35.22 crore (current tax ₹43.96 crore, deferred tax credit ₹8.74 crore) on Profit before tax of ₹82.93 crore for Q2 FY27
| Metric | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Stores | 30,000 | — |
| Gross margin | 28.86% | 28.89% |
| Inventory days (days) | 86.41 | — |
Worked out from filed numbers. Consolidated Gross Margin: Gross margin = (Revenue ₹2,706.57 crore - COGS ₹1,925.55 crore) / ₹2,706.57 crore * 100 = 28.86% · Inventory Days: Inventory (₹3,494.49 crore) / (Annualised H1 FY27 Revenue ₹7,380.07 crore * 2) * 365 = 86.41 days
Room Air Conditioner business achieved 32% volume growth in Q2 FY27, driving Unitary Cooling Products revenue up 29% YoY to ₹1,566.79 crore through expansion across 30,000+ touch points and market share gains (+1.5% YoY to 17.4% YTD).
Strong RAC volume growth (+32% YoY) and market share gains demonstrate healthy demand and distribution expansion.
Consolidated inventory stood at ₹3,494.49 crore as of September 30, 2026 (vs ₹3,432.85 crore as of March 31, 2026), maintaining inventory days at 86.41 days to support seasonal product availability.
Inventory levels remained controlled (+1.8% increase) while supporting solid top-line revenue execution.
Read using the Consumer discretionary and retail framework (named in the filing read). Primary valuation lens: P/E against same-store growth.
Read more closely in this sector: Growth from new stores against same stores · Inventory build against sales.
| Metric | Guidance | For | Against earlier guidance |
|---|---|---|---|
| Transfer of Overseas UAE Branches Slump Sale Consummation Target Date | 2026-12-31 | By December 31, 2026 | unchanged or first given |
Held for next quarter's said-then-did check.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Unitary Cooling Products | ₹1,567 cr | ▲ 28.9% | ₹19.7 cr | — |
| Electro - Mechanical Projects and Services | ₹816 cr | ▼ 15.5% | ₹74.8 cr | ▼ 18.8% |
| Engineering Products and Services | ₹185 cr | ▲ 33.3% | ₹52.9 cr | ▲ 20.3% |
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,626 cr | ₹4,203 cr | ₹4,921 cr | ₹2,619 cr | ₹3,105 cr | ₹4,768 cr | ₹3,939 cr | ₹2,347 cr | ₹3,071 cr | ₹4,888 cr | ₹4,674 cr | ₹2,707 cr |
| YoY | — | — | +46% | +14% | +18% | +13% | −20% | −10% | −1% | +3% | +19% | +15% |
| EBITDA margin | −0.3% | 3.6% | 8.0% | 5.0% | 5.3% | 6.3% | 3.9% | 3.0% | 4.7% | 3.8% | 5.7% | 4.7% |
| Other income, % of PBT | 242% | 31% | 18% | 51% | 31% | 23% | 40% | 119% | 19% | 23% | 32% | 48% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | — | 36% | 26% | 35% | 31% | 31% | 31% | 42% | 27% | 39% | 25% | 42% |
| Net profit | −₹28.0 cr | ₹111 cr | ₹335 cr | ₹133 cr | ₹131 cr | ₹236 cr | ₹141 cr | ₹31.5 cr | ₹84.0 cr | ₹113 cr | ₹213 cr | ₹47.7 cr |
| YoY | — | — | +160% | +269% | — | +113% | −58% | −76% | −36% | −52% | +51% | +51% |
| Core profit YoY | — | — | +180% | +614% | — | +119% | −67% | −110% | −29% | −46% | +61% | — |
| EPS | −₹0.92 | ₹3.52 | ₹10.10 | ₹4.05 | ₹3.99 | ₹7.28 | ₹4.24 | ₹1.03 | ₹2.57 | ₹3.51 | ₹6.46 | ₹1.59 |
| Flags | 1 | 2 | 1 | 1 | ✓ | ✓ | 2 | 2 | 1 | ✓ | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Voltas Ltd. reported revenue of ₹2,707 cr (+15.3% on the year) and net profit of ₹47.7 cr (+51.5% on the year) for July to September 2026.
1 check raised a question: Profit with no operating cash behind it. Where did the cash go?
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