Voltas financials and balance sheet

NSE: VOLTASBSE: 500575Consumer DurablesMid Cap

₹950.00₹39.10 (3.95%)BSE ₹950.00

Share price at the NSE close on 23 Oct 2026. Previous close ₹989.10.

52-week range of traded prices to 23 Oct 2026

₹939.20Low, 23 Oct 2026₹1,582.50High, 27 Feb 2026

Market cap: ₹31,434 Cr204th largest listed
P/E: 70.0
P/B: 4.9
Dividend yield: 0.42%
ROE: 7.0%
ROCE: 8.8%
Debt to equity: 0.15
Volume, NSE: 5,68,76838.3% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Voltas annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 1.0% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2021, the company's revenue for that year, ₹7,457 Cr, differs from its quarters added, ₹7,532 Cr.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue14,245
Materials and goods−11,070
Employee costs−939
Other expenses−1,589
Operating profit647
Depreciation−84
Other income+238
One-off items−26
Finance costs−87
Profit before tax688
Tax−187
Joint ventures−131
Net profit370

What the company owns

Plant, investments and other assets₹6,984 Cr
Inventory₹3,433 Cr
Receivables₹3,035 Cr
Cash and bank₹781 Cr
Current investments₹277 Cr

What pays for it: net worth and liabilities

Net worth₹6,399 Cr
Owed to suppliers₹5,228 Cr
Other liabilities₹1,916 Cr
Borrowings₹966 Cr

Voltas business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Voltas segment results by quarter

Revenue by segment

₹14,153 CrTotal

Unitary Cooling Products₹9,501 Cr67.1% of total
Electro - Mechanical Projects and Services₹4,053 Cr28.6% of total
Engineering Products and Services₹599 Cr4.2% of total

Profit by segment

Unitary Cooling Products₹305 Cr40.0% of total
Electro - Mechanical Projects and Services₹299 Cr39.2% of total
Engineering Products and Services₹158 Cr20.8% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Unitary Cooling Products
Revenue, ₹ crore
6,475
8,160
10,614
9,501
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
538
693
892
305
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Electro - Mechanical Projects and Services
Revenue, ₹ crore
2,403
3,683
4,157
4,053
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−302
−328
169
299
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Engineering Products and Services
Revenue, ₹ crore
522
588
569
599
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
201
206
155
158
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	7,086	7,652	7,481	7,841	9,399	12,431	15,340	14,153
Company revenue, as in its results	7,124	7,658	7,457	7,934	9,499	12,481	15,413	14,245
Revenue	–	–	–	–	6,475	8,160	10,614	9,501
Revenue growth	–	–	–	–	–	26.0%	30.1%	−10.5%
Profit	–	–	–	–	538	693	892	305
Profit growth	–	–	–	–	–	28.9%	28.7%	−65.8%
Margin	–	–	–	–	8.3%	8.5%	8.4%	3.2%
Return on capital	–	–	–	–	57.2%	49.3%	42.9%	12.3%
Assets	–	–	–	–	2,902	4,332	5,129	6,660
Liabilities	–	–	–	–	1,962	2,926	3,051	4,171
Capital employed	–	–	–	–	941	1,406	2,078	2,489
Revenue	–	–	–	–	2,403	3,683	4,157	4,053
Revenue growth	–	–	–	–	–	53.3%	12.9%	−2.5%
Profit	–	–	–	–	−302	−328	169	299
Profit growth	–	–	–	–	–	–	–	77.1%
Margin	–	–	–	–	−12.6%	−8.9%	4.1%	7.4%
Return on capital	–	–	–	–	−33.6%	−171.7%	25.5%	47.1%
Assets	–	–	–	–	2,735	2,248	2,831	3,087
Liabilities	–	–	–	–	1,835	2,056	2,170	2,453
Capital employed	–	–	–	–	900	191	661	635
Revenue	–	–	–	–	522	588	569	599
Revenue growth	–	–	–	–	–	12.6%	−3.2%	5.3%
Profit	–	–	–	–	201	206	155	158
Profit growth	–	–	–	–	–	2.5%	−24.5%	2.0%
Margin	–	–	–	–	38.5%	35.0%	27.3%	26.4%
Return on capital	–	–	–	–	249.3%	327.4%	167.5%	159.7%
Assets	–	–	–	–	191	197	213	252
Liabilities	–	–	–	–	111	134	121	153
Capital employed	–	–	–	–	81	63	93	99
Revenue	3,619	3,246	3,566	2,470	–	–	–	–
Revenue growth	–	−10.3%	9.9%	−30.7%	–	–	–	–
Profit	277	170	109	126	–	–	–	–
Profit growth	–	−38.5%	−36.2%	15.6%	–	–	–	–
Margin	7.7%	5.2%	3.0%	5.1%	–	–	–	–
Return on capital	29.8%	15.5%	10.0%	11.8%	–	–	–	–
Assets	2,806	3,124	3,028	2,425	–	–	–	–
Liabilities	1,876	2,023	1,936	1,363	–	–	–	–
Capital employed	930	1,101	1,092	1,062	–	–	–	–
Revenue	3,156	4,074	3,555	4,882	–	–	–	–
Revenue growth	–	29.1%	−12.7%	37.3%	–	–	–	–
Profit	325	512	502	513	–	–	–	–
Profit growth	–	57.4%	−2.0%	2.3%	–	–	–	–
Margin	10.3%	12.6%	14.1%	10.5%	–	–	–	–
Return on capital	58.6%	107.5%	86.9%	89.6%	–	–	–	–
Assets	1,500	1,800	1,667	2,723	–	–	–	–
Liabilities	945	1,323	1,090	2,150	–	–	–	–
Capital employed	556	476	578	573	–	–	–	–
Revenue	312	332	359	489	–	–	–	–
Revenue growth	–	6.4%	8.4%	35.9%	–	–	–	–
Profit	105	99	114	158	–	–	–	–
Profit growth	–	−5.5%	15.2%	38.1%	–	–	–	–
Margin	33.7%	29.9%	31.8%	32.3%	–	–	–	–
Return on capital	160.6%	118.2%	255.0%	290.1%	–	–	–	–
Assets	119	153	127	142	–	–	–	–
Liabilities	54	69	82	88	–	–	–	–
Capital employed	65	84	45	54	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Voltas quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 10 May	Mar 2020Filed 30 May	Mar 2021Filed 13 May	Mar 2022Filed 7 May	Mar 2023Filed 28 Apr	Mar 2024Filed 8 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
Revenue from operations	6,095	6,428	7,124	7,658	7,457	7,934	9,499	12,481	15,413	14,245
	5,516	5,765	6,512	6,971	6,914	7,253	8,926	12,007	14,297	13,598
Materials and goods bought	820	4,568	5,262	5,555	5,578	5,897	7,378	9,814	11,960	11,070
Employee costs	–	–	642	672	602	618	667	779	890	939
Other expenses	–	–	608	745	734	739	881	1,414	1,446	1,589
Operating profit before depreciation	579	663	612	687	542	682	572	475	1,116	647
Operating margin	9.5%	10.3%	8.6%	9.0%	7.3%	8.6%	6.0%	3.8%	7.2%	4.5%
Materials, % of revenue	–	–	73.9%	72.5%	74.8%	74.3%	77.7%	78.6%	77.6%	77.7%
Employee costs, % of revenue	–	–	9.0%	8.8%	8.1%	7.8%	7.0%	6.2%	5.8%	6.6%
Other expenses, % of revenue	–	–	8.5%	9.7%	9.8%	9.3%	9.3%	11.3%	9.4%	11.2%
Depreciation and amortisation	24	24	24	32	34	37	40	48	62	84
Operating profit after depreciation	555	638	588	655	508	644	533	427	1,054	563
Other income	200	174	186	231	288	189	168	253	324	238
Finance costs	16	12	33	21	26	26	30	56	62	87
Profit before one-off items and tax	738	801	741	864	770	808	672	624	1,317	714
One-off items	1	1	−12	−51	0	0	−244	0	0	−26
Profit before tax	740	801	729	813	770	808	428	624	1,317	688
	209	227	164	223	180	191	171	238	356	187
Current tax	–	217	220	197	192	190	150	220	369	192
Deferred tax	–	10	−56	26	−12	1	21	18	−13	−5
Share of profit of joint ventures and associates	−19	–	−52	−69	−61	−110	−121	−139	−126	−131
	511	578	514	521	529	506	136	248	834	370
Belonging to the company's shareholders	511	578	508	517	525	504	135	252	841	376
Belonging to outside owners of subsidiaries	–	–	6	4	4	2	1	−4	−7	−6
Other comprehensive income	–	–	−24	−190	321	170	−38	255	34	−279
Total comprehensive income	–	–	490	331	850	676	98	503	868	91
Net margin	8.4%	9.0%	7.2%	6.8%	7.1%	6.4%	1.4%	2.0%	5.4%	2.6%
Net margin without joint ventures and associates	8.7%	–	7.9%	7.7%	7.9%	7.8%	2.7%	3.1%	6.2%	3.5%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 10 May	Mar 2020Filed 30 May	Mar 2021Filed 13 May	Mar 2022Filed 7 May	Mar 2023Filed 28 Apr	Mar 2024Filed 8 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
	4,145	4,317	5,029	5,538	5,494	5,854	6,540	6,399
	4,110	4,280	4,993	5,500	5,452	5,821	6,513	6,376
Share capital	33	33	33	33	33	33	33	33
Reserves	4,077	4,247	4,960	5,466	5,419	5,787	6,480	6,343
Belonging to outside owners of subsidiaries	35	36	36	38	42	34	27	23
	315	218	261	343	616	713	863	966
Repayable after a year	0	5	6	0	21	228	382	376
Repayable within a year	315	212	255	343	595	485	481	591
	3,285	3,732	3,504	4,056	4,620	5,756	6,006	7,554
Trade payables	2,374	2,689	2,465	2,942	3,013	3,856	3,893	5,228
Other financial liabilities	84	84	95	104	99	230	365	476
Other liabilities	370	599	495	448	699	919	910	862
Provisions	130	141	120	159	166	211	240	292
Tax owed	12	6	76	60	48	56	117	106
	92	108	122	153	166	425	606	557
Other financial liabilities	–	0	19	28	11	8	42	61
Other liabilities	1	7	7	10	36	32	29	8
Provisions	85	93	90	103	92	98	95	96
Deferred tax	7	1	–	12	5	59	58	14
Total assets	7,522	8,156	8,655	9,746	10,279	12,036	13,152	14,510
	1,875	2,578	3,466	3,867	3,833	4,311	4,274	4,180
Plant in use, after depreciation	216	240	238	230	361	390	820	967
Plant being built	16	26	9	59	98	368	82	22
Intangible assets	9	9	22	7	6	6	3	4
Goodwill	72	72	72	72	72	72	72	72
Property held to earn rent	46	45	56	53	49	45	44	38
Investments	940	1,545	2,514	2,915	2,801	2,768	2,638	2,307
Stakes in joint ventures and associates	–	278	–	266	–	239	207	177
Loans given	0	0	0	0	0	0	0	0
Other financial assets	74	91	96	83	272	237	237	454
Deferred tax	106	73	56	44	36	41	44	51
Trade receivables	30	6	–	–	–	–	0	0
Other assets	366	190	403	136	136	145	126	89
	5,647	5,578	5,189	5,879	6,446	7,725	8,878	10,329
Inventories	1,091	1,469	1,280	1,661	1,592	2,135	2,715	3,433
Trade receivables	1,803	1,827	1,801	2,110	2,192	2,533	2,511	3,035
Cash and cash equivalents	311	270	448	559	693	815	650	755
Other bank balances	10	39	11	13	16	37	28	26
Current investments	1,236	520	249	434	307	501	399	277
Loans given	11	2	2	3	0	1	1	1
Other financial assets	86	136	109	80	353	643	843	464
Other assets	1,099	1,316	1,290	1,019	1,294	1,059	1,731	2,338
Net debt	−1,242	−611	−448	−663	−400	−640	−214	−92

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 13 May	Mar 2022Filed 7 May	Mar 2023Filed 28 Apr	Mar 2024Filed 8 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
	556	695	159	762	−224	71
	625	911	325	973	87	282
	−38	−186	−384	80	−1,093	−352
Receivables	−87	−293	−287	−636	−191	−755
Inventories	189	−382	69	−543	−579	−718
Payables	−182	485	81	847	140	1,242
Other working capital	42	4	−246	413	−463	−121
Tax paid	−69	−217	−166	−212	−311	−211
Capital spending	21	48	180	293	208	133
Free cash flow	535	646	−21	468	−432	−62
	−256	−365	−82	−522	158	282
Plant and property sold	2	1	2	5	17	4
Interest received	21	9	37	45	79	71
Dividends received	12	6	9	10	17	5
	−122	−107	55	−116	−100	−262
Borrowings raised	553	108	1,504	590	454	2,112
Borrowings repaid	−511	−17	−1,231	−493	−304	−2,039
Interest paid	−21	−23	−28	−52	−54	−89
Lease payments	−5	−9	−6	−18	−14	−14
Dividends paid	136	168	183	143	182	232
Shares bought back	2	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	179	223	133	123	−166	90

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Voltas dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 10 May	Mar 2020Filed 30 May	Mar 2021Filed 13 May	Mar 2022Filed 7 May	Mar 2023Filed 28 Apr	Mar 2024Filed 8 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
Earnings per share	₹15.38	₹17.30	₹15.35	₹15.63	–	₹15.23	₹4.08	₹7.62	₹25.43	₹11.36
Diluted earnings per share	₹15.38	₹17.30	₹15.35	₹15.63	–	₹15.23	₹4.08	₹7.62	₹25.43	₹11.36
Dividend per share	₹3.50	₹4.00	₹4.00	₹4.00	₹5.00	₹5.50	₹4.25	₹5.50	₹7.00	₹4.00
Book value per share	–	–	₹124.24	₹129.39	₹150.91	₹166.25	₹164.81	₹175.95	₹196.89	₹192.75
Dividend payout	22.6%	22.9%	26.1%	25.6%	31.5%	36.1%	104.1%	72.2%	27.5%	35.2%
Shareholder yield	–	–	–	–	0.4%	0.4%	0.7%	0.4%	0.4%	0.6%
Market cap at the year end (₹ crore)	13,636	20,545	20,828	15,780	33,153	41,208	27,075	36,515	48,266	42,115

Earnings per share is left blank for the year to Mar 2021: the earnings per share stated does not match any profit the filing states over the shares in issue, and the share count barely moved during the period.

Ratios

Consolidated, years to March.Voltas PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 10 May	Mar 2020Filed 30 May	Mar 2021Filed 13 May	Mar 2022Filed 7 May	Mar 2023Filed 28 Apr	Mar 2024Filed 8 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
Revenue growth	4.1%	5.5%	10.8%	7.5%	–	6.4%	19.7%	31.4%	23.5%	−7.6%
Operating profit growth	32.5%	14.4%	−7.7%	12.3%	–	25.7%	−16.0%	−17.1%	135.2%	−42.0%
Net profit growth	32.6%	13.0%	−11.1%	1.4%	1.5%	−4.3%	−73.1%	82.1%	236.3%	−55.7%
Earnings per share growth	–	12.5%	−11.3%	1.8%	–	–	−73.2%	86.8%	233.7%	−55.3%
	–	–	12.4%	12.3%	11.3%	9.6%	2.5%	4.5%	13.6%	5.8%
	–	–	–	0.0 pts	−1.0 pts	−1.7 pts	−7.1 pts	2.0 pts	9.2 pts	−7.8 pts
From the net margin	–	–	–	−0.7 pts	0.5 pts	−1.1 pts	−7.5 pts	1.0 pts	7.6 pts	−7.0 pts
From asset turnover	–	–	–	0.4 pts	−1.2 pts	−0.3 pts	0.2 pts	0.6 pts	1.1 pts	−1.0 pts
From borrowing	–	–	–	0.3 pts	−0.3 pts	−0.3 pts	0.1 pts	0.3 pts	0.4 pts	0.3 pts
Return on capital employed	–	–	13.2%	14.4%	9.6%	11.0%	8.7%	6.5%	14.2%	7.6%
Cash conversion	–	–	–	–	105.2%	137.3%	117.0%	306.9%	−26.9%	19.2%
Interest cover	34.6	53.5	17.8	31.0	19.4	24.9	18.0	7.6	17.0	6.5
Debt to equity	–	–	0.08	0.05	0.05	0.06	0.11	0.12	0.13	0.15
Receivable days	–	–	92	87	88	97	84	74	59	78
Inventory days	–	–	76	97	84	103	79	79	83	113
Payable days	–	–	165	177	161	182	149	143	119	172
Cash conversion cycle, days	–	–	3	7	11	18	14	10	24	19
Working capital days	–	–	57	59	60	53	54	32	54	59
Asset turnover	–	–	0.95	0.98	0.89	0.86	0.95	1.12	1.22	1.03
Assets per rupee of net worth	–	–	1.83	1.87	1.81	1.75	1.83	1.98	2.04	2.15
Sales per rupee of plant	–	–	33.05	31.88	31.28	34.43	26.31	31.99	18.80	14.73
Capital spending to depreciation	–	–	–	–	0.61	1.29	4.54	6.16	3.37	1.58
Plant being built, % of plant in use	–	–	7.3%	10.9%	3.7%	25.7%	27.2%	94.2%	10.0%	2.3%

Revenue growth and operating profit growth are left blank for the year to Mar 2021: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 2.7%
Cash from operations against operating profit: 11.0%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	9.3%	13.8%	14.5%
Profit growth, yearly rate	−0.3%	−6.5%	40.7%
Return on equity, average	–	7.2%	8.0%
Return on capital employed, average	–	9.6%	9.5%
Operating margin, average	7.5%	6.0%	5.2%
Net margin, average	5.6%	3.6%	3.3%
Asset turnover, average	–	1.04	1.12
Cash conversion cycle, days, average	–	17	17
Interest cover, average	23.0	14.8	10.4
Debt to equity, average	–	0.12	0.13

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	1,462	608	71
Cash from investing	−529	−83	282
Cash from financing	−530	−478	−262
Capital spending	862	634	133
Dividends paid	908	557	232
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	4,768	3,156	2,112
Borrowings repaid	4,083	2,836	2,039

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	5	7	5	6	6	4
Altman Z-scorePublished threshold 1.81	–	–	6.12	4.74	7.69	7.98	5.42	5.64	6.85	5.11
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.46	−2.44	−2.34	−2.29	−2.10	−2.21
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	2.72	1.91	0.58	0.08	7.15	0.12
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.20	1.81	0.57	0.42
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−6.16	1.19	10.73	−15.82	−15.84	−24.33	28.42
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	29.12	−13.31	24.13	−29.30	1.12	5.26	33.90
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	3.48	−0.71	−3.77	5.76	0.44	5.66	1.60
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.46	0.28	2.02	0.58	4.79	0.17	0.10
Effective tax ratePublished threshold 17.16 per cent	28.24	28.34	22.43	27.46	23.43	23.69	39.95	38.07	27.07	27.21
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−3.17	1.25	4.19	3.48	−3.52

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
31 Mar 2026	ICRA Limited (opens in a new tab)	Fund-based-Term loan	[ICRA]AA+Review, Re-affirm	Stable	500
31 Mar 2026	ICRA Limited (opens in a new tab)	Fund-based/Non-fund based-Others	[ICRA]AA+ /[ICRA]A1+Review, Re-affirm	Stable	3,066.15
31 Mar 2026	ICRA Limited (opens in a new tab)	Unallocated limits-Unallocated limits	[ICRA]AA+ /[ICRA]A1+Review, Re-affirm	Stable	433.85

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.