āagman

Not investment advice. Data and computed figures, for information only.

Voltas Ltd

NSE: VOLTASF&O
₹1,029.10
−₹22.90 (−2.18%)
NSE · 16 Oct 2026, close
NSE
As of 31 Mar 2026
Market Cap
₹34,204 Cr
CMP
₹1,029.10
52-wk High / Low
₹1,583 / 1,013
P/E
73.2
P/B
5.4
Book Value
₹193.0
Div Yield
0.39%
ROCE
9.0%
ROE
6.1%
Face Value
₹1
D/E
0.16

Price−25.3% over 1Y

āagman read

Computed by āagman
Derived from 12 years and 15 quarters of filings. Not reported by the company.
As of 16 Oct 2026
How we compute these
Piotroski F-Score
3
/ 9
3 of 9 F-score tests passed
Graham Number
₹222
√(22.5 × EPS × book value per share)
ROIC
3.9%
vs 12.3% sector median
Cash flow to profit
0.19
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
+99
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
4.4%
ROE × earnings retention ratio
ROE stability
3.7
pp σ
Standard deviation of ROE across periods. Lower = more stable
Holder deltas
QoQ
pp
Prom +0.00FII −1.50DII +0.65
Latest quarter vs the previous one
Cash-accrual divergence
2.2%
of assets
Low = accruals track cash flow
Strengths
Watch-outs
−Latest ROCE of 9% trails the sector median of 19%
−Borrowings are up 266.1% since FY2016 (271 to 992)
−Price trades below its 200-day moving average (0.8x)
−Price is 35.0% below its 52-week high
−Piotroski F-Score of 3/9 is in the weak band (≤3)

Peer comparison

Peers
NameP/EMar Cap ₹ CrROCE %ROE %

Quarterly results

Consolidated basis (as filed) · ₹ Cr · 13 quarters
As of 30 Jun 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales3,3602,2932,6264,2034,9212,6193,1054,7683,9392,3473,0714,8884,674
Expenses3,2062,2562,6334,0514,5272,4892,9404,4673,7862,3132,9264,7034,445
Operating Profit15437−815239413016530115334145185228
OPM %4.6%1.6%−0.3%3.6%8.0%5.0%5.3%6.3%3.9%1.4%4.7%3.8%4.9%
Other Income707158548010559808265224391
Interest10111421101416231420312213
Depreciation11121312131618141824212121
Profit before tax203852417445220519134320354116184285
Net Profit12936−281113351331312361413284113213
EPS (₹)3.911.11−0.923.5210.104.053.997.284.241.042.573.516.46

Profit & Loss

As of 30 Jun 2026
Consolidated · ₹ Cr · 12 years + TTM
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales5,1835,7206,0336,4047,1247,6587,5567,9349,49912,48115,41314,24414,979
Expenses4,7735,3765,4845,7426,5647,0406,9757,3629,04512,14514,42313,72814,387
Operating Profit411344549663560618580572454336990516592
OPM %7.9%6.0%9.1%10.4%7.9%8.1%7.7%7.2%4.8%2.7%6.4%3.6%4.0%
Other Income154261212178174179189188−77253324212221
Interest23161612332126263056628786
Depreciation28262424243234374048628487
Profit before tax5145637208056777447096973074861,191557640
Net Profit388393520578514521529506136248834370442
EPS (₹)11.6211.7015.6417.3015.3515.6315.8715.234.087.6225.4311.3613.58

Balance Sheet

As of 30 Jun 2026
Consolidated · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Jun 2026
Equity Capital333333333333333333333333—
Reserves2,0692,7783,2743,8724,0774,2474,9605,4665,4195,7876,4806,343—
Borrowings122271171142315219261361651744892992—
Other Liabilities2,6622,7882,9913,2493,0913,6573,4023,8744,1715,4305,7027,127—
Total Liabilities4,8865,8696,4697,2967,5158,1568,6559,73410,27411,99413,10814,496—
Fixed Assets2692763002973433803883845255489731,080—
CWIP41141626959983688222—
Investments1,0941,9752,2682,7542,3862,3433,0463,6153,1093,5083,2432,762—
Other Assets3,5193,6173,9014,2424,7715,4065,2125,6766,5427,5718,80910,632—
Total Assets4,8865,8696,4697,2967,5158,1568,6559,73410,27411,99413,10814,496—

Cash Flows

As of 31 Mar 2026
Consolidated · ₹ Cr
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity295311219428325−321462556584159762−22571
Cash from Investing Activity−285−104−315−73−199393−210−256−365−82−522158297
Cash from Financing Activity−79−23648−211−181−18−294−122−10755−116−100−262
Net Cash Flow−68−29−47143−5553−42179113133123−166105

Ratios

As of 31 Mar 2026
13 periods
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %17.022.019.022.022.017.018.015.013.010.09.018.09.0
ROE %————————————6.1
EPS (₹)7.4211.6211.7015.6417.3015.3515.6315.8715.234.087.6225.4311.36
Book Value (₹)————————————193.0
Face Value (₹)————————————1
P/E————————————73.2
Div Yield %————————————0.39
NPM %4.77.36.68.38.87.06.66.86.21.41.95.32.6
OPM %5.08.06.09.010.08.08.08.07.04.82.76.03.6
D/E0.150.060.100.050.040.080.050.050.070.120.130.140.16
P/B————————————5.4

Growth

As of 11 Oct 2026
Compounded sales growth
10 years+10.0%
5 years+14.0%
3 years+14.0%
TTM+4.0%
Compounded profit growth
10 years+2.0%
5 years−6.0%
3 years+17.0%
TTM−28.0%
Stock price CAGR
10 years+11.0%
5 years−4.0%
3 years+6.0%
Last year−27.0%
Return on equity
10 years10.0%
5 years8.0%
3 years8.0%
Last year6.0%

Shareholding pattern

As of 31 Mar 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters30.30%30.30%30.30%30.30%30.30%30.30%30.30%30.30%30.30%30.30%30.30%30.30%
FIIs20.72%20.72%19.58%13.67%9.87%14.38%26.19%20.58%14.71%21.95%18.44%16.94%
DIIs26.21%26.21%29.33%34.69%39.63%37.22%27.83%33.14%40.36%32.99%38.28%38.93%
Government0.24%0.24%0.34%0.42%0.41%0.24%0.21%0.21%0.21%0.21%0.11%0.11%
Public22.53%22.53%20.45%20.92%19.79%17.86%15.47%15.78%14.41%14.53%12.86%13.72%
No. of shareholders1,08,6421,08,6421,07,4571,16,4031,21,7931,50,9951,71,6202,73,0472,41,7942,85,6422,60,0082,71,399
Change since Jun 2023 (pp)
Promoters +0.00FIIs −3.78DIIs +12.72Public −8.81

Documents

As of 11 Oct 2026
Announcements
Closure of Trading WindowIntimation Under Regulation 30 Of SEBI (LODR) Regulations, 2015 ('SEBI Listing Regulations') - Receipt Of Show Cause NoticeAnnouncement under Regulation 30 (LODR)-Newspaper PublicationAnnouncement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationIntimation - Update On A Pending Material Litigation As Required Under Regulation 30 Of The SEBI (LODR) Regulations, 2015
Annual reports
Annual Report 2026Annual Report 2025Annual Report 2024Annual Report 2023Annual Report 2022
Credit ratings
Rating updateRating updateRating updateRating updateRating update
Concalls
Aug 2026TranscriptAug 2026PPTAug 2026RecordingMay 2026TranscriptMay 2026PPTMay 2026RecordingFeb 2026TranscriptFeb 2026PPTFeb 2026RecordingNov 2025TranscriptNov 2025PPTNov 2025RecordingAug 2025TranscriptAug 2025PPT

Corporate actions

As of 12 Jun 2026
12 Jun 2026DIVIDENDDividend - Rs 4 Per Share—
20 Jun 2025DIVIDENDDividend - Rs 7 Per Share—
25 Jun 2024DIVIDENDAnnual General Meeting/Dividend - Rs 5.50 Per Share—
9 Jun 2023DIVIDENDAnnual General Meeting/Dividend - Rs 4.25 Per Share—
9 Jun 2022DIVIDENDAnnual General Meeting/Dividend - Rs 5.50 Per Share—
11 Aug 2021DIVIDEND Annual General Meeting/Dividend - Rs 5 Per Share—
5 Aug 2020DIVIDEND Annual General Meeting/Dividend - Rs 4 Per Share—
17 Jul 2019DIVIDEND Annual General Meeting/ Dividend - Rs 4 Per Share—
3 Aug 2018DIVIDEND Annual General Meeting / Dividend- Rs 4 Per Share—
4 Aug 2017DIVIDEND Annual General Meeting/Dividend - Rs 3.50 Per Share—
5 Aug 2016DIVIDEND Annual General Meeting And Dividend Rs.2.60 Per Share—
10 Jul 2015DIVIDENDAnnual General Meeting/Dividend - Rs 2.25/- Per Share—
8 Aug 2014DIVIDENDAnnual General Meeting / Dividend - Rs 1.60/- Per Share & Special Diamond Jubilee Dividend - Re 0.25/- Per Share—
2 Aug 2013DIVIDENDAnnual General Meeting / Dividend - Rs 1.60/- Per Share—
1 Aug 2012DIVIDENDAnnual General Meeting And Dividend Rs.1.60 Per Share—
22 Jul 2011DIVIDENDAnnual General Meeting And Dividend Rs.2/- Per Share—
16 Jul 2010DIVIDENDAnnual General Meeting And Dividend Rs.2/- Per Share—
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges. Not investment advice.© 2026 āagman