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Tata Group's air-conditioning leader, also running engineering/EPC and mining equipment businesses.
Tata Group's air-conditioning leader, also running engineering/EPC and mining equipment businesses.
Room air conditioners, sold through dealers and retailers, carry the company, and sales bunch in the hot months, so a cool or rainy summer hurts the year. The project business wins cooling and electrical contracts, including in the Gulf, and books revenue as work is done. Tata Sons is the largest shareholder.
In one line: India's Carrier / Trane for air conditioning.
Moat: narrow (brand, distribution, installed base). Longtime #1 India room-AC brand with a wide dealer network; the EPC arm is lower-moat and contract-driven.
Headquarters: Mumbai, India · Founded: 1954 · Employees: 16,372
Size Voltas (VOLTAS.NS) is an India Industrials company (Industrial Machinery) with a market value of $3.84B, the 247th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,099 on 6 Nov 2026.
Performance Over six months the shares fell 19.4%, against -13.6% for the median peer and 0.0% for the India market (cap-weighted) — 8th lowest of 20 in its peer set.
Growth Revenue grew 3.8% over the last twelve months (peer median +7.8%); the operating margin is 4.3% (peer median 9.2%).
Valuation It trades at 50.1× forward earnings against a peer median of 18.0× (2nd most expensive of 18).
Capital Return on invested capital runs 5.7 points below its cost of capital (13.3% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹150B | ₹142B | ₹154B | ₹125B | ₹94.9B |
| Revenue growth | — | -8% | +23% | +31% | — |
| Gross profit | ₹22.9B | ₹16.8B | ₹21.2B | ₹15.7B | ₹13.7B |
| EBITDA | ₹7.34B | ₹7.05B | ₹11.3B | ₹4.83B | ₹5.81B |
| Net income | ₹4.49B | ₹3.76B | ₹8.41B | ₹2.52B | ₹1.35B |
| Free cash flow | n/a | -₹745M | -₹3.91B | ₹4.71B | -₹39.3M |
| Capital expenditure | n/a | ₹1.33B | ₹2.08B | ₹2.93B | ₹1.80B |
| Total debt | n/a | ₹9.92B | ₹8.92B | ₹7.44B | ₹6.51B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Voltas VOLTAS.NS | $3.84B | -19% | +4% | 4% | 50.1× | n/a |
| Blue Star BLUESTARCO.NS | $3.43B | -10% | +9% | 5% | 56.0× | n/a |
| PG Electroplast PGEL.NS | $1.65B | +2% | +21% | 6% | 49.3× | n/a |
| Havells India HAVELLS.NS | $7.47B | -11% | +16% | 7% | 44.0× | 39.8% |
| Daikin Industries 6367.T | $40.4B | -1% | +11% | 8% | 21.8× | 7.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | VOLTAS.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.0% | -3.1% | 8th highest of 21 |
| 6-month return | -19.4% | -13.6% | 8th lowest of 20 |
| Distance from 52-week high | -30.6% | -34.1% | 9th highest of 21 |
| Revenue growth (TTM) | +3.8% | +7.8% | 7th lowest of 21 |
| Operating margin | 4.3% | 9.2% | 4th lowest of 21 |
| Forward P/E | 50.1× | 18.0× | 2nd most expensive of 18 |
| ROIC minus cost of capital | -5.7 pp | -0.1 pp | 5th lowest of 21 |
| Net debt / EBITDA | -0.2× | -0.2× | 7th least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Voltas VOLTAS.NS | India | $3.84B | -19% | +4% | 4% | 50.1× | n/a | n/a |
| Aixtron AIXA.DE | Germany | $3.84B | -45% | -9% | 16% | 42.6× | 5.7% | +15.6% |
| Estun Automation 2715.HK | Hong Kong | $3.79B | -9% | +13% | 4% | 42.2× | 28.7% | +13.5% |
| Avic Aviation High-Technology 600862.SS | China | $3.92B | -6% | -3% | 22% | 31.2× | 6.0% | +11.4% |
| Ningbo Zhenyu Technology 300953.SZ | China | $3.77B | -35% | +58% | 6% | 21.2× | n/a | n/a |
| Mueller Water Products MWA | United States | $3.75B | -9% | +6% | 21% | 15.3× | 2.4% | +5.8% |
| Krones KRN.DE | Germany | $3.94B | -7% | +3% | 7% | 11.2× | -1.8% | +11.3% |
| Zijin Longking 600388.SS | China | $3.70B | -6% | +13% | 11% | 17.4× | n/a | n/a |
| Sumitomo Heavy Industries 6302.T | Japan | $3.64B | -10% | +9% | 6% | 13.0× | 6.3% | +4.3% |
| Haitian International 1882.HK | Hong Kong | $3.64B | -18% | +8% | 17% | 7.4× | -11.5% | +7.7% |
| Kunshan Kinglai Hygienic Materials 300260.SZ | China | $3.61B | -12% | +11% | 8% | 73.2× | n/a | n/a |
| Amada 6113.T | Japan | $4.10B | -20% | +18% | 10% | 15.9× | 8.7% | +11.8% |
| Danieli & C. Officine Meccaniche DAN.MI | Italy | $3.60B | -24% | -8% | -6% | 13.5× | n/a | n/a |
| Jiangsu Gao Kai Precision Fluid 688835.SS | China | $4.15B | n/a | +21% | 24% | n/a | n/a | n/a |
| Franklin Electric FELE | United States | $4.16B | -5% | +7% | 13% | 18.0× | 9.2% | +11.3% |
| DMG MORI Aktiengesellschaft GIL.DE | Germany | $4.17B | 0% | +3% | 5% | n/a | 11.3% | +2.7% |
| THK 6481.T | Japan | $3.52B | -16% | +8% | 7% | 10.6× | 24.8% | +1.9% |
| Anhui Yingliu Electromechanical 603308.SS | China | $3.50B | -58% | +38% | 13% | 42.0× | n/a | n/a |
| X-Energy XE | United States | $4.24B | -65% | -9% | -156% | n/a | n/a | n/a |
| Thermax THERMAX.NS | India | $3.46B | -34% | +5% | 6% | 43.6× | n/a | n/a |
| Kadant KAI | United States | $3.46B | -14% | +17% | 16% | 21.7× | 15.5% | +10.6% |