Voltas Limited increased revenue from operations 15.3% year over year in the July-September quarter, with room air conditioner volumes also up 32%, while NDTV Profit reported differing brokerage views on margin recovery.
Revenue from operations reached ₹2,706.57 crore (₹27.07 billion) for the quarter ended Sept. 30, 2026, against ₹2,347.32 crore a year earlier, results filed by Voltas with the BSE show. Total income was ₹2,746.08 crore. Consolidated profit after tax was ₹47.71 crore, compared with ₹31.50 crore. The filing separately recorded ₹52.64 crore in profit attributable to shareholders, up from ₹34.29 crore.
Voltas said revenue in its Unitary Cooling Products business grew 29%, while room air conditioner volumes increased 32%. The company reported 17.4% market share for room air conditioners through September, with a 4.2% lead over its nearest competitor. It cited commodity inflation and adverse currency movements as pressures on the cooling-products business. Calibrated pricing actions and cost optimization supported profitability, according to its exchange-filed release.
In a Nov. 9 roundup, NDTV Profit said Goldman Sachs kept a Sell rating and a ₹1,025 target price. Jefferies maintained Buy while cutting its target to ₹1,445 from ₹1,495; UBS maintained Buy and lowered its target to ₹1,350 from ₹1,500. The outlet linked Goldman Sachs’ caution to higher input costs, a slower-than-expected recovery in cooling products and limits on passing costs through some institutional contracts.
NDTV Profit also reported that Jefferies expected recent price increases of 5%-7% to support margin recovery from Q3 FY27. The brokerage projected annualized sales growth of 14% and EBITDA growth of 24% through FY29. EBITDA is a measure of earnings before interest, taxes, depreciation and amortization. UBS cut its earnings-per-share estimates for FY27, FY28 and FY29 by 15%, 14% and 5%, respectively, citing commodity inflation and weak underlying margins, the outlet reported.
Voltas’ release did not quantify a margin recovery target or the reported price increases. EconoTimes previously covered brokerage target revisions after Havells’ September-quarter results.
