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
 07:43:53 2024-06-10 am EDT 		5-day change 1st Jan Change
1,461 INR +0.67% Intraday chart for Voltas Limited +3.90% +49.35%
May. 20 Whirlpool's India arm misses Q4 profit view on stiff competition, higher input costs RE
May. 14 India's Bajaj Electricals misses Q4 profit view on sluggish demand RE

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 208,275 157,799 331,530 412,084 270,746 480,279 - -
Enterprise Value (EV) 1 208,211 156,893 327,055 409,975 269,822 365,148 471,434 468,256
P/E ratio 41 x 30.5 x 63.1 x 81.8 x 201 x 145 x 60.7 x 46.9 x
Yield 0.64% 0.84% 0.5% 0.44% 0.52% 0.33% 0.5% 0.6%
Capitalization / Revenue 2.92 x 2.06 x 4.39 x 5.19 x 2.85 x 2.93 x 3.33 x 2.9 x
EV / Revenue 2.92 x 2.05 x 4.33 x 5.17 x 2.84 x 2.93 x 3.27 x 2.83 x
EV / EBITDA 34 x 22.8 x 51 x 60.2 x 47.1 x 76.9 x 46.1 x 36.6 x
EV / FCF -51.6 x 42.2 x 61.1 x 76.5 x -1,494 x -251 x 272 x 74.3 x
FCF Yield -1.94% 2.37% 1.64% 1.31% -0.07% -0.4% 0.37% 1.35%
Price to Book 5.07 x 3.69 x 6.64 x 7.49 x 4.97 x 8.44 x 7.58 x 6.8 x
Nbr of stocks (in thousands) 330,885 330,885 330,885 330,885 330,885 330,885 - -
Reference price 2 629.4 476.9 1,002 1,245 818.2 1,452 1,452 1,452
Announcement Date 5/9/19 5/29/20 5/12/21 5/5/22 4/26/23 5/7/24 - -
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 94,988 124,812 144,071 165,388
EBITDA 1 6,117 6,867 6,414 6,816 5,724 4,746 10,237 12,798
EBIT 1 5,877 6,547 6,075 6,443 5,328 4,270 9,874 12,190
Operating Margin 8.25% 8.55% 8.04% 8.12% 5.61% 3.42% 6.85% 7.37%
Earnings before Tax (EBT) 1 7,292 8,130 7,092 6,973 3,071 6,244 11,694 14,393
Net income 1 5,079 5,172 5,251 5,041 1,350 2,520 7,914 10,262
Net margin 7.13% 6.75% 6.95% 6.35% 1.42% 2.02% 5.49% 6.2%
EPS 2 15.35 15.63 15.87 15.23 4.080 7.620 23.89 30.98
Free Cash Flow 1 -4,032 3,720 5,353 5,361 -180.6 -1,918 1,731 6,300
FCF margin -5.66% 4.86% 7.08% 6.76% -0.19% -1.61% 1.2% 3.81%
FCF Conversion (EBITDA) - 54.17% 83.46% 78.65% - - 16.91% 49.23%
FCF Conversion (Net income) - 71.92% 101.93% 106.34% - - 21.87% 61.39%
Dividend per Share 2 4.000 4.000 5.000 5.500 4.250 4.748 7.199 8.741
Announcement Date 5/9/19 5/29/20 5/12/21 5/5/22 4/26/23 5/7/24 - -
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 46,625
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 3,180
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 3,400
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% 7.29%
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 3,413
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 2,208
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% 4.74%
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 7.895
Dividend per Share 2 - 5.000 - - - 5.500 - - - 4.250 - - - - 7.000 -
Announcement Date 2/12/21 5/12/21 8/6/21 10/29/21 2/11/22 5/5/22 8/2/22 11/1/22 2/9/23 4/26/23 8/11/23 - 10/19/23 - - -
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 - 8,845 12,023
Leverage (Debt/EBITDA) - - - - - 0.2088 x - -
Free Cash Flow 1 -4,032 3,720 5,353 5,361 -181 -1,918 1,731 6,300
ROE (net income / shareholders' equity) 12.9% 12.3% 11.3% 9.61% 4.44% 7.76% 13% 15.1%
ROA (Net income/ Total Assets) 6.97% 6.6% 6.25% 5.48% 2.43% 4.5% 6.6% 7.19%
Assets 1 72,877 78,390 84,057 92,009 55,605 88,854 119,857 142,665
Book Value Per Share 2 124.0 129.0 151.0 166.0 165.0 172.0 192.0 213.0
Cash Flow per Share 2 -9.710 14.00 16.80 17.70 4.820 16.70 17.80 35.00
Capex 1 818 905 208 482 1,799 2,587 3,024 2,138
Capex / Sales 1.15% 1.18% 0.28% 0.61% 1.89% 2.17% 2.1% 1.29%
Announcement Date 5/9/19 5/29/20 5/12/21 5/5/22 4/26/23 5/7/24 - -
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
HOLD
Number of Analysts
31
Last Close Price
1,452 INR
Average target price
1,320 INR
Spread / Average Target
-9.05%
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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