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Last Updated: April 2, 2026, 3:55 am
Author: Getaka|Social: XLinkedIn

Voltas Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹1,664.00Undervalued by 33.12%vs CMP ₹1,250.00

P/E (79.8) × ROE (13.5%) × BV (₹192.00) × DY (0.56%)

₹549.44Overvalued by 56.04%vs CMP ₹1,250.00
MoS: -127.5% (Negative)Confidence: 63/100 (Moderate)Models: 1 Under, 8 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹1,661.8122%Under (+32.9%)
Graham NumberEarnings₹255.6616%Over (-79.5%)
Earnings PowerEarnings₹29.3211%Over (-97.7%)
DCFCash Flow₹109.8113%Over (-91.2%)
Net Asset ValueAssets₹192.537%Over (-84.6%)
EV/EBITDAEnterprise₹328.569%Over (-73.7%)
Earnings YieldEarnings₹151.307%Over (-87.9%)
ROCE CapitalReturns₹316.189%Over (-74.7%)
Revenue MultipleRevenue₹698.885%Over (-44.1%)
Consensus (9 models)₹549.44100%Overvalued
Key Drivers: Wide model spread (₹29–₹1,662) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -0.1%

*Investments are subject to market risks

Investment Snapshot

57
Voltas Ltd scores 57/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health77/100 · Strong
ROCE 17.6% GoodROE 13.5% GoodD/E 0.05 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money45/100 · Moderate
FII holding down -3.54% (6mo) SellingDII holding up 4.75% MF buyingPromoter holding at 30.3% Stable
Earnings Quality50/100 · Moderate
OPM stable around 5% Steady
Quarterly Momentum40/100 · Moderate
Revenue (4Q): -5% YoY FlatProfit (4Q): -31% YoY Declining
Industry Rank60/100 · Moderate
P/E 79.8 vs industry 60.2 In-lineROCE 17.6% vs industry 14.9% Average3Y sales CAGR: 25% High growth

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:55 am

Market Cap 41,351 Cr.
Current Price 1,250
Intrinsic Value₹549.44
High / Low 1,582/1,172
Stock P/E79.8
Book Value 192
Dividend Yield0.56 %
ROCE17.6 %
ROE13.5 %
Face Value 1.00
PEG Ratio-606.08

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Voltas Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Voltas Ltd 41,351 Cr. 1,250 1,582/1,17279.8 1920.56 %17.6 %13.5 % 1.00
Dixon Technologies (India) Ltd 62,369 Cr. 10,254 18,472/9,60044.3 6700.08 %40.0 %32.8 % 2.00
Whirlpool of India Ltd 10,534 Cr. 830 1,474/75630.2 3210.60 %12.6 %9.26 % 10.0
Havells India Ltd 74,386 Cr. 1,186 1,674/1,17649.0 1380.84 %25.3 %18.8 % 1.00
Avalon Technologies Ltd 6,255 Cr. 937 1,318/69065.1 97.40.00 %12.8 %10.4 % 2.00
Industry Average14,072.20 Cr923.2860.24124.510.23%14.89%11.51%6.44

All Competitor Stocks of Voltas Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 2,0062,9573,3602,2932,6264,2034,9212,6193,1054,7683,9392,3473,071
Expenses 1,9622,7673,2062,2562,6334,0514,5272,4892,9404,4673,7862,3132,926
Operating Profit 4419015437-815239413016530115334145
OPM % 2%6%5%2%-0%4%8%5%5%6%4%1%5%
Other Income -1074770715854801055980826522
Interest 6121011142110141623142031
Depreciation 11101112131213161814182421
Profit before tax -80214203852417445220519134320354116
Tax % 37%33%36%58%216%36%26%35%31%31%31%42%27%
Net Profit -11014312936-281113351331312361413284
EPS in Rs -3.344.353.911.11-0.923.5210.104.053.997.284.241.042.57

Last Updated: February 3, 2026, 2:46 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 26, 2026, 10:46 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 5,2665,1835,7206,0336,4047,1247,6587,5567,9349,49912,48115,41314,124
Expenses 5,0004,7735,3765,4845,7426,5647,0406,9757,3629,04512,14514,42313,492
Operating Profit 266411344549663560618580572454336990632
OPM % 5%8%6%9%10%8%8%8%7%5%3%6%4%
Other Income 121154261212178174179189188-77253324249
Interest 23231616123321262630566288
Depreciation 25282624242432343740486278
Profit before tax 3405145637208056777447096973074861,191716
Tax % 28%25%30%28%28%24%30%25%27%56%49%30%
Net Profit 246388393520578514521529506136248834492
EPS in Rs 7.4211.6211.7015.6417.3015.3515.6315.8715.234.087.6225.4315.13
Dividend Payout % 25%19%22%22%23%26%26%32%36%104%72%28%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)57.72%1.29%32.32%11.15%-11.07%1.36%1.54%-4.35%-73.12%82.35%236.29%
Change in YoY Net Profit Growth (%)0.00%-56.43%31.03%-21.16%-22.23%12.43%0.17%-5.88%-68.77%155.48%153.94%

Voltas Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:12%
5 Years:15%
3 Years:25%
TTM:3%
Compounded Profit Growth
10 Years:9%
5 Years:9%
3 Years:18%
TTM:42%
Stock Price CAGR
10 Years:18%
5 Years:17%
3 Years:12%
1 Year:-21%
Return on Equity
10 Years:11%
5 Years:9%
3 Years:8%
Last Year:13%

Last Updated: September 5, 2025, 1:51 pm

Balance Sheet

Last Updated: December 10, 2025, 3:39 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 33333333333333333333333333
Reserves 1,7862,0692,7783,2743,8724,0774,2474,9605,4665,4195,7876,4806,336
Borrowings 2641222711711423152192613616517448921,755
Other Liabilities 2,6602,6622,7882,9913,2493,0913,6573,4023,8744,1715,4305,7024,751
Total Liabilities 4,7444,8865,8696,4697,2967,5158,1568,6559,73410,27411,99413,10812,875
Fixed Assets 288269276300297343380388384525548973984
CWIP 241141626959983688275
Investments 7321,0941,9752,2682,7542,3862,3433,0463,6153,1093,5083,2432,940
Other Assets 3,7213,5193,6173,9014,2424,7715,4065,2125,6766,5427,5718,8098,876
Total Assets 4,7444,8865,8696,4697,2967,5158,1568,6559,73410,27411,99413,10812,875

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 295311219428325-321462556584159762-224
Cash from Investing Activity + -285-104-315-73-199393-210-256-365-82-522158
Cash from Financing Activity + -79-23648-211-181-18-294-122-10755-116-100
Net Cash Flow -68-29-47143-5553-42179113133123-166
Free Cash Flow 285516203405292-402379537537-18473-415
CFO/OP 144%101%111%111%87%-9%108%108%140%72%289%9%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow2.00289.0073.00378.00521.00245.00399.00319.00211.00-197.00-408.0098.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 939487888992878797847059
Inventory Days 8588657865769784103797983
Days Payable 154156156172174165177161182149140119
Cash Conversion Cycle 2426-4-6-193791814924
Working Capital Days 252721253241494738311843
ROCE %17%22%19%22%22%17%18%15%13%10%9%18%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 30.30%30.30%30.30%30.30%30.30%30.30%30.30%30.30%30.30%30.30%30.30%30.30%
FIIs 20.58%19.08%17.84%17.18%14.71%15.08%18.09%21.31%21.95%21.16%20.26%18.41%
DIIs 33.14%33.63%35.82%37.00%40.36%40.19%37.25%34.39%32.99%33.15%35.62%37.74%
Government 0.21%0.21%0.21%0.21%0.21%0.21%0.21%0.21%0.21%0.21%0.21%0.14%
Public 15.78%16.78%15.84%15.32%14.41%14.22%14.16%13.78%14.53%15.17%13.61%13.40%
No. of Shareholders 2,73,0472,99,2702,80,9422,61,0092,41,7942,47,7752,35,0152,39,1302,85,6423,21,3482,84,3552,68,704

Shareholding Pattern Chart

No. of Shareholders

Voltas Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
SBI Conservative Hybrid Fund 4,355 0.45 3080N/AN/AN/A
Nippon India Growth Mid Cap Fund 6,909,978 2.45 1078.85N/AN/AN/A
Kotak Midcap Fund 5,190,211 1.31 810.35N/AN/AN/A
DSP Mid Cap Fund 3,639,527 2.89 568.242,482,5592025-10-30 04:00:2846.6%
Nippon India Multi Cap Fund 3,466,711 1.07 541.264,516,7112026-02-21 14:37:45-23.25%
Nippon India Small Cap Fund 2,496,994 0.58 389.862,503,0802025-11-02 18:14:38-0.24%
Kotak Large & Midcap Fund 1,886,750 0.96 294.582,000,0002026-03-24 00:24:29-5.66%
SBI Large & Midcap Fund 1,875,000 0.76 292.743,800,0002025-10-30 02:04:49-50.66%
Mirae Asset Midcap Fund 1,781,113 1.54 278.092,717,8992026-03-23 11:17:09-34.47%
Mirae Asset Large & Midcap Fund 1,415,437 0.51 220.992,830,4612026-03-24 01:55:36-49.99%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 1.001.001.001.001.00
Basic EPS (Rs.) 25.437.624.0815.2315.87
Diluted EPS (Rs.) 25.437.624.0815.2315.87
Cash EPS (Rs.) 30.9013.138.9619.7618.85
Book Value[Excl.RevalReserv]/Share (Rs.) 196.89176.97166.07167.40152.04
Book Value[Incl.RevalReserv]/Share (Rs.) 196.89176.97166.07167.40152.04
Revenue From Operations / Share (Rs.) 465.92377.30287.15239.86228.41
PBDIT / Share (Rs.) 43.5522.0022.3926.3225.10
PBIT / Share (Rs.) 41.6820.5621.2025.2024.07
PBT / Share (Rs.) 39.8118.8812.9324.4123.28
Net Profit / Share (Rs.) 29.0311.697.7718.6317.83
NP After MI And SOA / Share (Rs.) 25.437.624.0815.2415.87
PBDIT Margin (%) 9.345.837.7910.9710.98
PBIT Margin (%) 8.945.457.3810.5010.53
PBT Margin (%) 8.545.004.5010.1710.19
Net Profit Margin (%) 6.233.092.707.767.80
NP After MI And SOA Margin (%) 5.452.011.426.356.95
Return on Networth / Equity (%) 12.914.322.479.1610.51
Return on Capital Employeed (%) 19.3110.8312.3814.6415.45
Return On Assets (%) 6.392.091.315.176.06
Long Term Debt / Equity (X) 0.050.030.000.000.00
Total Debt / Equity (X) 0.130.120.110.060.05
Asset Turnover Ratio (%) 1.221.120.770.790.79
Current Ratio (X) 1.481.341.401.451.48
Quick Ratio (X) 1.020.971.051.041.12
Inventory Turnover Ratio (X) 6.363.642.252.391.91
Dividend Payout Ratio (NP) (%) 21.6355.80134.7932.9425.20
Dividend Payout Ratio (CP) (%) 20.1546.94104.2130.6723.67
Earning Retention Ratio (%) 78.3744.20-34.7967.0674.80
Cash Earning Retention Ratio (%) 79.8553.06-4.2169.3376.33
Interest Coverage Ratio (X) 23.1913.0325.0433.6631.75
Interest Coverage Ratio (Post Tax) (X) 16.467.9217.9224.8223.55
Enterprise Value (Cr.) 48459.2936400.1327016.9540977.6632969.91
EV / Net Operating Revenue (X) 3.142.922.845.164.36
EV / EBITDA (X) 33.6450.0136.4747.0639.71
MarketCap / Net Operating Revenue (X) 3.132.922.855.194.39
Retention Ratios (%) 78.3644.19-34.7967.0574.79
Price / BV (X) 7.416.274.967.496.64
Price / Net Operating Revenue (X) 3.132.922.855.194.39
EarningsYield 0.010.010.000.010.01

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Voltas Ltd. is a Public Limited Listed company incorporated on 06/09/1954 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L29308MH1954PLC009371 and registration number is 009371. Currently Company is involved in the business activities of Manufacture of refrigerating or freezing equipment f industrial use, including assemblies of major components. Company's Total Operating Revenue is Rs. 11295.54 Cr. and Equity Capital is Rs. 33.08 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Consumer ElectronicsVoltas House `A', Dr. Babasaheb Ambedkar Road, Mumbai Maharashtra 400033Contact not found
Management
NamePosition Held
Mr. Noel N TataChairman
Mr. Pradeep BakshiManaging Director & CEO
Mr. Vinayak DeshpandeDirector
Mr. Aditya SehgalDirector
Mr. Saurabh Mahesh AgrawalDirector
Mr. Pheroz Naswanjee PudumjeeDirector
Ms. Sonia SinghDirector
Mr. Arun Kumar AdhikariDirector
Mr. Jayesh Tulsidas MerchantDirector
Mr. Mukundan C P MenonDirector

FAQ

What is the intrinsic value of Voltas Ltd and is it undervalued?

As of 17 April 2026, Voltas Ltd's intrinsic value is ₹549.44, which is 56.04% lower than the current market price of ₹1,250.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (13.5 %), book value (₹192), dividend yield (0.56 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Voltas Ltd?

Voltas Ltd is trading at ₹1,250.00 as of 17 April 2026, with a FY2026-2027 high of ₹1,582 and low of ₹1,172. The stock is currently near its 52-week low. Market cap stands at ₹41,351 Cr..

How does Voltas Ltd's P/E ratio compare to its industry?

Voltas Ltd has a P/E ratio of 79.8, which is above the industry average of 60.24. The premium over industry average may reflect growth expectations or speculative interest.

Is Voltas Ltd financially healthy?

Key indicators for Voltas Ltd: ROCE of 17.6 % indicates efficient capital utilization. Dividend yield is 0.56 %.

Is Voltas Ltd profitable and how is the profit trend?

Voltas Ltd reported a net profit of ₹834 Cr in Mar 2025 on revenue of ₹15,413 Cr. Compared to ₹506 Cr in Mar 2022, the net profit shows an improving trend.

Does Voltas Ltd pay dividends?

Voltas Ltd has a dividend yield of 0.56 % at the current price of ₹1,250.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Voltas Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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