Stock VOLTAS VOLTAS LIMITED
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Financials Voltas Limited

Equities

VOLTAS

INE226A01021

Electrical Components & Equipment

Market Closed - NSE India S.E.
Other stock markets
 05:10:49 29/04/2024 pm IST 		5-day change 1st Jan Change
1,468 INR +0.89% Intraday chart for Voltas Limited +12.85% +50.01%
15/04 Voltas Limited Receives Order from the Office of the Deputy Commissioner of State Tax, Mumbai, Maharashtra CI
15/04 India consumer firms gear up to cash in on a sizzling summer RE

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 2,08,275 1,57,799 3,31,530 4,12,084 2,70,746 4,85,623 - -
Enterprise Value (EV) 1 2,08,211 1,56,893 3,27,055 4,09,975 2,69,822 4,86,870 4,84,980 4,81,041
P/E ratio 41 x 30.5 x 63.1 x 81.8 x 201 x 127 x 62.4 x 48.7 x
Yield 0.64% 0.84% 0.5% 0.44% 0.52% 0.32% 0.48% 0.58%
Capitalization / Revenue 2.92 x 2.06 x 4.39 x 5.19 x 2.85 x 4.08 x 3.55 x 3.09 x
EV / Revenue 2.92 x 2.05 x 4.33 x 5.17 x 2.84 x 4.09 x 3.55 x 3.07 x
EV / EBITDA 34 x 22.8 x 51 x 60.2 x 47.1 x 81.6 x 47.3 x 38.2 x
EV / FCF -51.6 x 42.2 x 61.1 x 76.5 x -1,494 x -243 x 137 x 80.5 x
FCF Yield -1.94% 2.37% 1.64% 1.31% -0.07% -0.41% 0.73% 1.24%
Price to Book 5.07 x 3.69 x 6.64 x 7.49 x 4.97 x 8.54 x 7.73 x 6.99 x
Nbr of stocks (in thousands) 3,30,885 3,30,885 3,30,885 3,30,885 3,30,885 3,30,885 - -
Reference price 2 629.4 476.9 1,002 1,245 818.2 1,468 1,468 1,468
Announcement Date 09/05/19 29/05/20 12/05/21 05/05/22 26/04/23 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 71,241 76,581 75,558 79,344 94,988 1,19,099 1,36,720 1,56,932
EBITDA 1 6,117 6,867 6,414 6,816 5,724 5,969 10,260 12,578
EBIT 1 5,877 6,547 6,075 6,443 5,328 5,775 9,893 12,101
Operating Margin 8.25% 8.55% 8.04% 8.12% 5.61% 4.85% 7.24% 7.71%
Earnings before Tax (EBT) 1 7,292 8,130 7,092 6,973 3,071 7,110 11,371 13,872
Net income 1 5,079 5,172 5,251 5,041 1,350 3,999 7,734 9,927
Net margin 7.13% 6.75% 6.95% 6.35% 1.42% 3.36% 5.66% 6.33%
EPS 2 15.35 15.63 15.87 15.23 4.080 11.51 23.52 30.12
Free Cash Flow 1 -4,032 3,720 5,353 5,361 -180.6 -2,004 3,531 5,974
FCF margin -5.66% 4.86% 7.08% 6.76% -0.19% -1.68% 2.58% 3.81%
FCF Conversion (EBITDA) - 54.17% 83.46% 78.65% - - 34.41% 47.5%
FCF Conversion (Net income) - 71.92% 101.93% 106.34% - - 45.65% 60.18%
Dividend per Share 2 4.000 4.000 5.000 5.500 4.250 4.748 7.043 8.584
Announcement Date 09/05/19 29/05/20 12/05/21 05/05/22 26/04/23 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 S1 2024 Q3 2024 Q4 2025 Q1
Net sales 1 19,946 26,517 17,852 16,891 17,936 26,666 27,680 17,684 20,056 29,568 33,599 21,161 56,526 24,190 38,198 39,950
EBITDA 1 1,459 3,307 1,358 1,291 1,556 2,610 1,770 1,008 763.7 2,182 1,854 1,212 2,556 1,016 2,784 -
EBIT 1 1,375 - 966 1,007 1,459 2,516 1,685 911.4 653.2 2,078 1,741 1,196 - 1,059 2,829 3,281
Operating Margin 6.89% - 5.41% 5.96% 8.14% 9.43% 6.09% 5.15% 3.26% 7.03% 5.18% 5.65% - 4.38% 7.41% 8.21%
Earnings before Tax (EBT) 1 1,859 3,208 1,681 1,428 1,711 2,474 1,603 134.4 -804.6 2,138 2,029 1,743 - 1,537 3,092 -
Net income 1 1,279 2,377 1,218 1,036 959.8 1,827 1,089 -74.1 -1,104 1,439 1,293 1,048 - 818.2 2,179 -
Net margin 6.41% 8.97% 6.82% 6.13% 5.35% 6.85% 3.93% -0.42% -5.5% 4.87% 3.85% 4.95% - 3.38% 5.71% -
EPS 2 3.870 7.180 3.680 3.130 2.900 5.520 3.290 -0.2200 -3.340 4.350 3.910 3.139 - 2.592 5.829 7.850
Dividend per Share 2 - 5.000 - - - 5.500 - - - 4.250 - - - - 7.000 -
Announcement Date 12/02/21 12/05/21 06/08/21 29/10/21 11/02/22 05/05/22 02/08/22 01/11/22 09/02/23 26/04/23 11/08/23 - 19/10/23 - - -
1INR in Million2INR
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - 1,247 - -
Net Cash position 1 64.6 906 4,475 2,108 924 - 643 4,582
Leverage (Debt/EBITDA) - - - - - 0.2088 x - -
Free Cash Flow 1 -4,032 3,720 5,353 5,361 -181 -2,004 3,531 5,975
ROE (net income / shareholders' equity) 12.9% 12.3% 11.3% 9.61% 4.44% 7.76% 12.9% 14.9%
ROA (Net income/ Total Assets) 6.97% 6.6% 6.25% 5.48% 2.43% 4.5% 6.83% 7.42%
Assets 1 72,877 78,390 84,057 92,009 55,605 88,854 1,13,298 1,33,789
Book Value Per Share 2 124.0 129.0 151.0 166.0 165.0 172.0 190.0 210.0
Cash Flow per Share 2 -9.710 14.00 16.80 17.70 4.820 16.70 27.90 37.30
Capex 1 818 905 208 482 1,799 2,613 2,155 1,663
Capex / Sales 1.15% 1.18% 0.28% 0.61% 1.89% 2.19% 1.58% 1.06%
Announcement Date 09/05/19 29/05/20 12/05/21 05/05/22 26/04/23 - - -
1INR in Million2INR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Voltas Limited

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
35
Last Close Price
1,468 INR
Average target price
1,170 INR
Spread / Average Target
-20.25%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Heating, Ventilation & Air Conditioning Systems

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Heating, Ventilation & Air Conditioning Systems
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