VOLTAS · Consumer Durables · filed 6 Nov 2026
Voltas Ltd. reported revenue of ₹1,795 cr for July to September 2026, +24.6% on the year and −55.1% on the quarter.
Operating profit (EBITDA) was ₹29.6 cr, a margin of 1.6%, +246 bps on the year and −332 bps on the quarter.
Net profit was ₹21.9 cr, +198.5% on the year and −92.2% on the quarter, with earnings per share of ₹0.66.
Of the 17 companies in Consumer discretionary and retail that have reported Q2 FY27 so far, Voltas Ltd. ranks 5th on revenue growth; the sector median is +16.7%. Its margin moved +246 bps on the year against a sector median of +34 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.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Source: Results filing
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Cash behind the profit, 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 | ₹894 cr | ₹2,079 cr | ▼ 57.0% |
| Inventory | ₹3,447 cr | ₹3,377 cr | ▲ 2.1% |
| Cash | ₹252 cr | ₹477 cr | ▼ 47.1% |
| Bank balances | ₹17.1 cr | ₹18.8 cr | ▼ 9.0% |
| Long-term borrowings | ₹376 cr | ₹376 cr | 0.0% |
| Short-term borrowings | ₹952 cr | ₹415 cr | ▲ 129.5% |
| Trade payables | ₹2,398 cr | ₹3,854 cr | ▼ 37.8% |
| Net block | ₹942 cr | ₹922 cr | ▲ 2.1% |
| Capital work in progress | ₹14.1 cr | ₹22.1 cr | ▼ 36.3% |
| Equity | ₹8,376 cr | ₹7,964 cr | ▲ 5.2% |
| Total assets | ₹13,267 cr | ₹13,987 cr | ▼ 5.2% |
Receivables at 28 days of sales (−44 days against the last year end). Inventory at 109 days of sales (−8 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% |
| Q2 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|
| Revenue | ₹1,441 cr | ₹4,001 cr | ₹1,795 cr |
| YoY | — | — | +25% |
| EBITDA margin | −0.8% | 5.0% | 1.6% |
| Other income, % of PBT | 733% | 49% | 133% |
| Exceptional items | — | — | — |
| Tax rate | 3% | 16% | 22% |
| Net profit | ₹7.3 cr | ₹280 cr | ₹21.9 cr |
| YoY | — | — | +198% |
| Core profit YoY | — | — | — |
| EPS | ₹0.22 | ₹8.48 | ₹0.66 |
| Flags | 1 | 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 ₹1,795 cr (+24.6% on the year) and net profit of ₹21.9 cr (+198.5% on the year) for July to September 2026.
1 check raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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