# Voltas (VOLTAS) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/voltas

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹1,099
- Change: -1.47%
- As of: 2026-11-06
- 1D return: -1.47%
- 5D return: +6.91%
- 1M return: +6.49%
- Latest complete quarter: fy27_q1

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

VOLTAS exhibits a sharp, short-term bullish reversal on the daily chart, trading at ₹1099.0 as of 2026-11-06. The stock has surged +15.7% over the last 10 days, driven by high-severity upward gaps on 2026-11-03 and 2026-11-05, with an ADX of 33.95 confirming established trend strength. Price sits above key daily moving averages (20/50 EMA/SMA) and the Supertrend, positioning it in the upper 87.9% of its 20-day range. However, this momentum conflicts with the broader medium-term structure: the weekly and monthly trends remain bearish, with price below all major moving averages and Supertrends on those horizons. The stock is still down -40.1% from its available high, indicating a significant long-term drawdown. A Harami pattern formed on 2026-11-06 suggests potential consolidation or indecision after the rapid rise. Immediate resistance lies at ₹1102.43 (pivot), while support is found at ₹1090.80. The setup is valid only if the daily uptrend holds against the prevailing weekly/monthly downtrend; failure to sustain above recent highs could result in a reversion to the lower-range norms.

- Daily Trend Strength: Bullish with ADX 33.95; price above 20/50 EMAs and Supertrend, but below 200 SMA.
- Momentum & Gaps: High-severity upward gaps on 2026-11-03 (+0.9%) and 2026-11-05 (+4.8%) drove a +15.7% 10-day return.
- Timeframe Conflict: Weekly and Monthly trends remain bearish (price below all MAs/Supertrend); current move is a counter-trend rally within a larger downtrend.
- Key Levels: Resistance at ₹1102.43 (pivot, +0.31%) and ₹1131.47 (high, +2.95%); Support at ₹1090.80 (low, -0.75%).
- Risk Context: Current drawdown is -40.1% from available high; annualized volatility is +33.9%; ATR is 3.19%.

- Harami
- Bullish Engulfing Reversal
- Doji
- Outside Bar

### What Changed

On 6 November 2026, Voltas was among the listed companies scheduled to announce its Q2 FY2026 results. This earnings release represents a key material development for the company's current reporting cycle. Concurrently, the stock traded at ₹1,099.0 on this observation date, reflecting a decline from the previous recorded price of ₹1,154.0 (noted as ₹1115.4 in prior data fields). While broader market indices like the Nifty reclaimed levels above 24,500 supported by easing crude prices, Voltas-specific technical trends were not defined in the available snapshot. The upcoming results announcement will provide the next substantive update on the company's operational performance.

- Voltas is scheduled to announce Q2 FY2026 results on 6 November 2026, marking a significant near-term corporate event.
- The stock price stood at ₹1,099.0 on 6 November 2026, down from the previous reference price of ₹1,154.0.
- No specific directional technical trends or new filings were reported for Voltas during this period.

- [Noel Tata to step down as Titan vice-chairman and director on 12 November as he turns 70 | Company Business News](https://www.livemint.com/companies/people/noel-tata-to-step-down-as-titan-vice-chairman-and-director-on-november-12-as-he-turns-70-11793946571237.html)
- [Q2 Results Today Live: Hindalco, Bosch, Siemens, Aster DM, Coromandel Intl, Gland Pharma, Voltas, Nuvama Wealth, 3M India to announce Q2 results, Bharti Airtel, LIC, Titan, ONGC, M&M shares in focus](https://www.thehindubusinessline.com/markets/q2-results-today-live-updates-hindalco-ind-bosch-siemens-aster-dm-coromandel-intl-gland-pharma-voltas-nuvama-wealth-3m-india-airtel-lic-titan-mahindra-ongc-company-results-06-november-2026/article71669522.ece)
- [Nifty reclaims 24,500 as crude prices ease: Can the rally extend further?](https://www.cnbctv18.com/market/nifty-outlook-friday-november-6-index-reclaims-24500-as-crude-prices-ease-can-the-rally-extend-further-20028314.htm)

### Official Filings

Voltas Limited has scheduled its Board of Directors meeting for Friday, 6 November 2026, to approve Unaudited Financial Results for the quarter and half-year ended 30 September 2026. Following the results declaration, a virtual Group Conference Call with analysts and institutional investors will be held at 18:30 IST on the same day, featuring Managing Director Mukundan Menon C P and CFO K V Sridhar.

In regulatory developments, the GST Authority accepted Voltas’ submissions on 9 October 2026 regarding alleged wrongful input tax credit availment for FY 2022–23. The authority dropped the show cause notice, granting complete relief and nullifying a proposed tax demand of ₹15.43 crores plus interest and penalties of ₹14.79 crores. Additionally, the company closed its trading window effective 24 September 2026 in compliance with insider trading regulations; this window is set to reopen 48 hours after the financial results are declared.

- Board Meeting & Earnings: Scheduled for 6 November 2026 to approve Q2FY27 (half-year ended 30 Sep 2026) unaudited financial results.
- Conference Call: Virtual group call with analysts/investors on 6 November 2026 at 18:30 IST, led by MD Mukundan Menon C P and CFO K V Sridhar.
- Regulatory Relief: GST Authority dropped show cause notice on 9 Oct 2026, granting complete relief from a proposed tax demand of ₹15.43 crores and penalties/interest of ₹14.79 crores for FY 2022–23.
- Trading Window Closure: Closed since 24 Sep 2026; reopens 48 hours post-results declaration.

- [Voltas Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/VOLTAS_RB_03112026173122_SE_Intimation.pdf)
- [VOLTAS LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_231_WebXMLFile_20261103_181323108.xml)
- [Financial Results |Meeting Date: 06-Nov-2026](https://nsearchives.nseindia.com/corporate/VOLTAS_RB_30102026153732_PriorintimationQ227.pdf)
- [VOLTAS LIMITED has informed the Exchange about Board Meeting to be held on 06-Nov-2026 to inter-alia consider and approve the Unaudited Financial results of the Company for the Half Yearly ended September 2026 . |SUBJECT: Board Meeting Intimation](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_231_WebXMLFile_20261030_155555064.xml)
- [Update on Intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( SEBI Listing Regulations ) |SUBJECT: Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company](https://nsearchives.nseindia.com/corporate/VOLTAS_RB_12102026165305_SE_Update_12102026_signed.pdf)
- [Voltas Limited has informed the Exchange about Pendency of any litigation(s) or dispute(s)-(Sub-para 8-Para B) |SUBJECT: Pendency of any litigation(s) or dispute(s)-(Sub-para 8-Para B)](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_231_WebXMLFile_20261012_165930131.xml)
- [Voltas Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018 |SUBJECT: Certificate under SEBI (Depositories and Participants) Regulations, 2018](https://nsearchives.nseindia.com/corporate/VOLTAS_RB_12102026191840_Covering_74_signed_Q2FY27.pdf)
- [VOLTAS LIMITED has informed the Exchange about Closure of Trading Window |SUBJECT: Trading Window-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_231_WebXMLFile_20260923_155600991.xml)
- [Voltas Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015 |SUBJECT: Trading Window](https://nsearchives.nseindia.com/corporate/VOLTAS_RB_23092026160021_SE_Intimation.pdf)
- [Voltas Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/VOLTAS_RB_21092026161509_SE_Intimation_21092026.pdf)

### Fundamentals

Voltas is navigating a transition from a period of earnings contraction to early signs of operational recovery. While the full year ended March 2026 saw Net Profit fall sharply to ₹370 crore from ₹834 crore in the prior year, driven by a 7.6% decline in Sales to ₹14,244 crore and rising finance costs (₹87 crore), the most recent quarter (Q1 FY2026-27) demonstrates a significant turnaround. Revenue stabilized at ₹4,673.50 crore, and Profit Before Tax surged 46% sequentially to ₹322.70 crore, with Net Profit nearly doubling to ₹212.76 crore.

Earnings quality remains a concern, as evidenced by Cash from Operating Activity turning negative (-₹225 crore) in FY2025 before recovering slightly to ₹71 crore in FY2026. The Cash Conversion Cycle has deteriorated from 9 days to 19 days, primarily due to Inventory Days rising to 113 days and Debtor Days increasing to 78 days. However, the balance sheet shows progress in capital allocation: Capital Work-in-Progress (CWIP) dropped dramatically from ₹368 crore to ₹22 crore, suggesting completed projects are now contributing to Fixed Assets (₹1,080 crore). Promoter holding remains stable at 30.3%, while DII ownership increased to 38.51% in September 2026.

- {'detail': 'Net Profit rose 87.6% sequentially to ₹212.76 crore in Q1 FY2026-27, reversing the annual decline.', 'metric': 'Quarterly Recovery'}
- {'detail': 'Operating cash flow was negative (-₹225 crore) in FY2025; Cash Conversion Cycle worsened to 19 days in Mar 2026 due to higher inventory (113 days) and debtor days (78 days).', 'metric': 'Cash Flow & Efficiency'}
- {'detail': 'CWIP fell sharply to ₹22 crore (from ₹368 crore in Mar 2024), indicating asset completion, while Borrowings rose to ₹992 crore.', 'metric': 'Balance Sheet Shift'}
- {'detail': 'Monitor if operating margins sustain in subsequent quarters given the rise in finance costs (₹87 crore in FY2026) and working capital pressures.', 'metric': 'Next Checkpoint'}

### Bear Case

Voltas faces significant downside pressure as evidenced by its technical setup and recent price performance. On a monthly basis, the stock is in a bearish trend with a Supertrend signal indicating downward momentum, while the weekly chart also confirms a bearish direction with negative slopes on both the 20-day and 50-day moving averages. The stock has experienced substantial losses over longer horizons, with a year-to-date decline of -20.6% and a six-month return of -20.3%. The current drawdown stands at -40.1%, approaching the historical maximum drawdown of -48.5%, suggesting persistent selling pressure and limited near-term recovery strength despite a short-term daily bullish signal.

- Monthly and weekly trends are bearish, with negative slopes on key moving averages (SMA 20: -79.12 weekly; SMA 50: -35.07 weekly).
- Long-term underperformance persists with YTD returns of -20.6% and a 6-month return of -20.3%.
- Current drawdown is -40.1%, nearing the all-time high drawdown of -48.5%, indicating severe recent weakness.
- Annualized volatility remains elevated at +33.9%, reflecting continued price instability.

- [Noel Tata to step down as Titan vice-chairman and director on 12 November as he turns 70 | Company Business News](https://www.livemint.com/companies/people/noel-tata-to-step-down-as-titan-vice-chairman-and-director-on-november-12-as-he-turns-70-11793946571237.html)
- [Q2 Results Today Live: Hindalco, Bosch, Siemens, Aster DM, Coromandel Intl, Gland Pharma, Voltas, Nuvama Wealth, 3M India to announce Q2 results, Bharti Airtel, LIC, Titan, ONGC, M&M shares in focus](https://www.thehindubusinessline.com/markets/q2-results-today-live-updates-hindalco-ind-bosch-siemens-aster-dm-coromandel-intl-gland-pharma-voltas-nuvama-wealth-3m-india-airtel-lic-titan-mahindra-ongc-company-results-06-november-2026/article71669522.ece)
- [Nifty reclaims 24,500 as crude prices ease: Can the rally extend further?](https://www.cnbctv18.com/market/nifty-outlook-friday-november-6-index-reclaims-24500-as-crude-prices-ease-can-the-rally-extend-further-20028314.htm)
- [Voltas Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/VOLTAS_RB_03112026173122_SE_Intimation.pdf)
- [VOLTAS LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_231_WebXMLFile_20261103_181323108.xml)
- [Financial Results |Meeting Date: 06-Nov-2026](https://nsearchives.nseindia.com/corporate/VOLTAS_RB_30102026153732_PriorintimationQ227.pdf)
- [VOLTAS LIMITED has informed the Exchange about Board Meeting to be held on 06-Nov-2026 to inter-alia consider and approve the Unaudited Financial results of the Company for the Half Yearly ended September 2026 . |SUBJECT: Board Meeting Intimation](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_231_WebXMLFile_20261030_155555064.xml)
- [Update on Intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( SEBI Listing Regulations ) |SUBJECT: Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company](https://nsearchives.nseindia.com/corporate/VOLTAS_RB_12102026165305_SE_Update_12102026_signed.pdf)
- [Voltas Limited has informed the Exchange about Pendency of any litigation(s) or dispute(s)-(Sub-para 8-Para B) |SUBJECT: Pendency of any litigation(s) or dispute(s)-(Sub-para 8-Para B)](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_231_WebXMLFile_20261012_165930131.xml)
- [Voltas Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018 |SUBJECT: Certificate under SEBI (Depositories and Participants) Regulations, 2018](https://nsearchives.nseindia.com/corporate/VOLTAS_RB_12102026191840_Covering_74_signed_Q2FY27.pdf)

### FAQs

**When does Voltas announce its Q2 FY27 results, and what is the schedule for investor engagement?**

Voltas Limited will hold its Board of Directors meeting on Friday, 6 November 2026, to approve Unaudited Financial Results for the quarter and half-year ended 30 September 2026. Following this, a Group Conference Call with analysts and institutional investors is scheduled for the same day at 6:30 PM IST, featuring Managing Director Mukundan Menon C P and CFO K V Sridhar.

**What recent regulatory developments have impacted Voltas' tax liabilities?**

On 9 October 2026, the GST Authority accepted Voltas’ submissions and dropped a show cause notice regarding alleged wrongful input tax credit availment and short payment of tax for financial year 2022–23. The company received complete relief from a proposed tax demand of ₹15.43 crores, along with associated interest and penalty of ₹14.79 crores.

**How has Voltas' stock performance trended over various time horizons as of 6 November 2026?**

As of 6 November 2026, Voltas shares closed at ₹1,099.00. Year-to-date returns stand at -20.6%, with a one-year return of -15.0%. Short-term momentum shows a +15.7% gain over the last 10 days and +2.9% over the past month, though the stock remains in a significant drawdown of -40.1% from its peak.

**What are the key technical support and resistance levels for Voltas near-term trading?**

Immediate resistance sits at ₹1,102.43 (pivot), followed by ₹1,131.47 and ₹1,147.53. On the downside, immediate support is observed at ₹1,090.80, with further levels at ₹1,086.37 and ₹1,057.33. Daily technical indicators suggest a bullish Supertrend direction, while weekly and monthly trends remain bearish.

- [Noel Tata to step down as Titan vice-chairman and director on 12 November as he turns 70 | Company Business News](https://www.livemint.com/companies/people/noel-tata-to-step-down-as-titan-vice-chairman-and-director-on-november-12-as-he-turns-70-11793946571237.html)
- [Q2 Results Today Live: Hindalco, Bosch, Siemens, Aster DM, Coromandel Intl, Gland Pharma, Voltas, Nuvama Wealth, 3M India to announce Q2 results, Bharti Airtel, LIC, Titan, ONGC, M&M shares in focus](https://www.thehindubusinessline.com/markets/q2-results-today-live-updates-hindalco-ind-bosch-siemens-aster-dm-coromandel-intl-gland-pharma-voltas-nuvama-wealth-3m-india-airtel-lic-titan-mahindra-ongc-company-results-06-november-2026/article71669522.ece)
- [Nifty reclaims 24,500 as crude prices ease: Can the rally extend further?](https://www.cnbctv18.com/market/nifty-outlook-friday-november-6-index-reclaims-24500-as-crude-prices-ease-can-the-rally-extend-further-20028314.htm)
- [Voltas Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/VOLTAS_RB_03112026173122_SE_Intimation.pdf)
- [VOLTAS LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_231_WebXMLFile_20261103_181323108.xml)
- [Financial Results |Meeting Date: 06-Nov-2026](https://nsearchives.nseindia.com/corporate/VOLTAS_RB_30102026153732_PriorintimationQ227.pdf)
- [VOLTAS LIMITED has informed the Exchange about Board Meeting to be held on 06-Nov-2026 to inter-alia consider and approve the Unaudited Financial results of the Company for the Half Yearly ended September 2026 . |SUBJECT: Board Meeting Intimation](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_231_WebXMLFile_20261030_155555064.xml)
- [Update on Intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( SEBI Listing Regulations ) |SUBJECT: Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company](https://nsearchives.nseindia.com/corporate/VOLTAS_RB_12102026165305_SE_Update_12102026_signed.pdf)
- [Voltas Limited has informed the Exchange about Pendency of any litigation(s) or dispute(s)-(Sub-para 8-Para B) |SUBJECT: Pendency of any litigation(s) or dispute(s)-(Sub-para 8-Para B)](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_231_WebXMLFile_20261012_165930131.xml)
- [Voltas Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018 |SUBJECT: Certificate under SEBI (Depositories and Participants) Regulations, 2018](https://nsearchives.nseindia.com/corporate/VOLTAS_RB_12102026191840_Covering_74_signed_Q2FY27.pdf)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Weak Uptrend
- Weekly trend: Moderate Downtrend
- Pivot point: ₹1,102.43
- Risk regime: Higher Price Risk

### Support levels
- 1090.8
- 1040.6
- 1012.5

### Resistance levels
- 1179
- 1304.45
- 1335.402734375

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | -1.47% |
| return_10 | +15.68% |
| return_1m | +2.91% |
| return_1y | -14.96% |
| return_20 | +6.49% |
| return_3m | -13.80% |
| return_5 | +6.91% |
| return_6m | -20.34% |
| return_since_start | -39.85% |
| return_ytd | -20.61% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | high_risk |
| label | Higher price risk |
| summary | Recent drawdown or price variability is materially high and may lead to larger short-term outcomes. |
| maximum_drawdown | -48.46% |
| annualized_volatility | +33.90% |

## Quarterly financials

- Latest complete quarter: fy27_q1

# Profit Grows Faster Than Revenue as Margins Improve

Voltas Limited reported results for FY2026-27 Q1 as of 2026-06-30, showing a year-on-year revenue increase of nearly 19% alongside a sharper rise in profitability. Profit before tax grew 41.2% from the same quarter last year and 46.3% from the preceding quarter, while profit for the period rose 51.3% year-on-year and 87.6% sequentially. These percentage gains exceeded the corresponding revenue changes, resulting in higher margins at both the total company and operating segment levels. Basic earnings per share also increased across both comparisons.

## Revenue and Segment Trends

Total revenue from operations was ₹4,673.50 crore, compared with ₹3,938.58 crore in the year-earlier quarter and ₹4,887.83 crore in the preceding quarter. This represents an 18.7% year-on-year increase and a 4.4% sequential decline. 

Segment revenue from operations was ₹4,623.30 crore, up 18.2% from ₹3,912.29 crore a year earlier and down 4.6% from ₹4,843.54 crore in the preceding quarter. The preceding quarter was the highest-revenue quarter among the five reported quarters, meaning the sequential decline followed a higher base. Segment revenue closely tracked total revenue across both timeframes.

## Profitability and Margins

Profit before tax reached ₹322.70 crore, rising from ₹228.60 crore a year earlier and ₹220.51 crore in the prior quarter. Profit for the period (net profit) increased to ₹212.76 crore from ₹140.61 crore and ₹113.43 crore, respectively. 

As a result, profit before tax as a percentage of revenue from operations expanded to 6.9%, up from 5.8% a year ago and 4.5% in the preceding quarter. Profit for the period as a percentage of revenue from operations rose to 4.6%, compared with 3.6% and 2.3% over the same comparisons. Basic earnings per share increased to ₹6.46 from ₹4.25 a year earlier and ₹3.51 in the prior quarter.

## Expense Movements

Finance costs were ₹12.75 crore, lower than ₹13.53 crore a year earlier and ₹22.20 crore in the preceding quarter, marking a 42.6% sequential decline. Other expenses were ₹498.90 crore, up 10.9% year-on-year from ₹449.95 crore but down 8.1% sequentially from ₹542.93 crore. The sequential reduction in these two expense lines occurred alongside the 4.4% sequential drop in revenue and the sharp sequential increase in profit.

## Segment Profit Performance

Segment profit before tax was ₹285.46 crore, up 40.8% year-on-year from ₹202.72 crore and 54.7% sequentially from ₹184.50 crore. This growth rate outpaced segment revenue growth of 18.2% year-on-year and a 4.6% sequential decline. Segment profit before tax as a percentage of segment revenue rose to 6.2%, compared with 5.2% a year ago and 3.8% in the preceding quarter, indicating wider profitability at the operating segment level.

## Management Commentary

Management reported strong Q1 FY27 performance with RAC volumes up 45% YoY, achieving a 17.3% market share and a record 1 million units sold in 81 days. Despite commodity inflation and currency depreciation, segment margins improved through price increases and cost optimisation initiatives, including strategic sourcing and localisation. The company expanded distribution across Tier II and Tier III markets and launched AI-powered Vertis Split ACs to drive premiumisation.

Looking ahead, management aims to consolidate RAC leadership, scale Voltbek (which posted record quarterly sales with growing market shares in appliances), and navigate geopolitical risks delaying international project orders in the Middle East. A proposed JV with Atomberg to build compressors locally targets reduced import dependence. With a healthy balance sheet, a project order book of over ₹6,345 crores, and a focus on profitable growth, Voltas expects to capitalise on emerging opportunities.

## Key Takeaway

Voltas delivered a quarter of year-on-year revenue growth of nearly 19%, with profit before tax and profit for the period rising at significantly faster rates. Margins expanded at both the consolidated and segment levels. The sequential revenue decline from a higher fourth-quarter base did not prevent sequential profit growth; finance costs and other expenses were lower than the preceding quarter, and basic earnings per share increased year-on-year and sequentially. Earnings were higher than both the prior-year and preceding-quarter levels.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q1
- As of: 2026-06-30
- Promoter holding: +30.30%
- FII holding: +16.94%
- DII holding: +38.93%
- Mutual fund holding: +15.58%
- Retail holding: +10.25%
- Promoter pledged: +0.00%

### Major reported shareholders

- Tata Sons Private Limited — +26.64% (Bodies Corporate)
- Life Insurance Corporation Of India — +7.72%
- NPS Trust- A/C SBI Pension Fund Scheme - State Govt — +5.79%
- Nippon Life India Trustee Ltd (Various Accounts) — +5.73%
- Tata Investment Corporation Ltd — +3.01% (Bodies Corporate)
- Kotak Midcap Fund (Various Accounts) — +2.29%
- SBI Life Insurance Co. Ltd — +2.26%
- HDFC Life Insurance Company Limited — +1.92%
- Tata AIA Life Insurance Co Ltd — +1.61%
- SBI Large & Midcap Fund (Various Accounts) — +1.36%

## Official filings

- 2026-11-06 — Generic Announcement: Voltas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/VOLTAS_RB_06112026165554_02SE_Directorssigned.pdf)
- 2026-11-06 — Generic Announcement: Voltas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/VOLTAS_RB_06112026165629_03_Auditor_appointment_signed.pdf)
- 2026-11-06 — Generic Announcement: Voltas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/VOLTAS_RB_06112026165511_01_Financial_Results_signed.pdf)
- 2026-11-06 — Generic Announcement: Voltas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/VOLTAS_RB_06112026170542_03_Auditor_appointment_signed.pdf)
- 2026-11-06 — Press Release: Voltas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/VOLTAS_RB_06112026174401_01_Financial_Results_signed.pdf)
- 2026-11-06 — Earnings Presentation: Voltas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/VOLTAS_RB_06112026180943_SEIntimationsigned.pdf)
- 2026-11-06 — Generic Announcement: Voltas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_231_WebXMLFile_20261106_204015242.xml)
- 2026-11-06 — Financial Results Filing: Voltas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1755179_06112026085530_WEB.xml)
- 2026-11-06 — Financial Results Filing: Voltas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1755186_06112026085901_WEB.xml)
- 2026-11-06 — Generic Announcement: Voltas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/VOLTAS_RB_06112026211403_SEIntimationAudioRecording.pdf)
- 2026-11-06 — Generic Announcement: Voltas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_231_WebXMLFile_20261106_212454399.xml)
- 2026-11-03 — Generic Announcement: Voltas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/VOLTAS_RB_03112026173122_SE_Intimation.pdf)
- 2026-11-03 — Generic Announcement: Voltas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_231_WebXMLFile_20261103_181323108.xml)
- 2026-10-30 — Board Meeting Notice: Voltas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/VOLTAS_RB_30102026153732_PriorintimationQ227.pdf)
- 2026-10-30 — Generic Announcement: Voltas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_231_WebXMLFile_20261030_155555064.xml)
- 2026-10-12 — Litigation Disclosure: Voltas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/VOLTAS_RB_12102026165305_SE_Update_12102026_signed.pdf)
- 2026-10-12 — Litigation Disclosure: Voltas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_231_WebXMLFile_20261012_165930131.xml)
- 2026-10-12 — Generic Announcement: Voltas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/VOLTAS_RB_12102026191840_Covering_74_signed_Q2FY27.pdf)
- 2026-09-23 — Generic Announcement: Voltas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_231_WebXMLFile_20260923_155600991.xml)
- 2026-09-23 — Generic Announcement: Voltas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/VOLTAS_RB_23092026160021_SE_Intimation.pdf)
- 2026-09-21 — Generic Announcement: Voltas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/VOLTAS_RB_21092026161509_SE_Intimation_21092026.pdf)
- 2026-09-17 — Generic Announcement: Voltas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/VOLTAS_RB_17092026184210_SE_Intimation_Letter.pdf)
- 2026-09-17 — Generic Announcement: Voltas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_231_WebXMLFile_20260917_184922639.xml)
- 2026-09-17 — Generic Announcement: Voltas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_231_WebXMLFile_20260917_184931224.xml)
- 2026-09-17 — Generic Announcement: Voltas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_231_WebXMLFile_20260917_184939736.xml)

## News and market events

- 2026-11-07 — DECCANCHRONICLE.COM: **Noel Tata to Step Down as Voltas Chairman, Become Chairman Emeritus** — Noel Tata is retiring as Chairman and Director of Voltas Ltd on November 11, 2026, upon reaching the age of superannuation under Tata Group governance guidelines, after which he will assume the role of Chairman Emeritus. Sunil D'Souza, currently Managing Director and CEO of Tata Consumer Products, has been appointed as the new Chairman of Voltas effective November 12, 2026. Additionally, Jayant Balan is designated as Managing Director Designate to succeed C P Mukundan Menon, whose tenure ends in May 2027, subject to shareholder approval. — [Source](https://www.deccanchronicle.com/business/noel-tata-to-step-down-as-voltas-chairman-become-chairman-emeritus-2002599)
- 2026-11-07 — NEWS.WEBINDIA123.COM: **Noel Tata to become Voltas Chairman Emeritus as Sunil D'Souza takes over from Nov 12** — Voltas is undergoing a leadership transition with Sunil Alaric D'Souza assuming the role of Chairman from November 12, succeeding Noel Tata. The change follows Tata's retirement at age 70 in accordance with Tata Group Governance Guidelines, as disclosed in an exchange filing. — [Source](https://news.webindia123.com/news/Articles/Business/20261107/4516936.html)
- 2026-11-07 — Times of India: **Noel Tata to step down as Voltas chairman from November 12; Sunil D'Souza named successor** — Noel Tata is stepping down as Voltas chairman on November 12 upon reaching the age of 70, with Sunil Alaric D'Souza named as his successor in accordance with Tata Group governance guidelines. Concurrently, the board approved Jayant Balan as Managing Director Designate to succeed Mukundan Menon C.P., whose tenure ends in May 2027. These leadership changes at Voltas align with similar retirements from the boards of Trent and Titan as Noel Tata retires from those entities as well. — [Source](https://timesofindia.indiatimes.com/business/india-business/noel-tata-to-step-down-as-voltas-chairman-from-november-12-sunil-dsouza-named-successor/articleshow/135628610.cms)
- 2026-11-07 — Mint: **Who is Sunil D'Souza? Meet Voltas' new Chairman, his career, education and why Noel Tata is stepping down | Company Business News** — Voltas has appointed Sunil D'Souza, currently the CEO of Tata Consumer Products, as its new Chairman effective November 12, 2026. This leadership change follows Noel Tata's retirement at age 70 in accordance with Tata Group governance guidelines, marking a transition for both Voltas and other group entities like Trent and Titan. — [Source](https://www.livemint.com/companies/people/voltas-gets-a-new-chairman-who-is-sunil-dsouza-his-career-and-education-and-why-is-noel-tata-stepping-down-11794030619663.html)
- 2026-11-07 — MONEYCONTROL: **Noel Tata to step down as Voltas chairman, appointed Chairman Emeritus** — Noel Tata is stepping down as chairman of Voltas and has been appointed Chairman Emeritus. This leadership transition at the Tata Group's air-conditioning subsidiary marks a change in the company's top governance structure. — [Source](https://www.moneycontrol.com/news/business/noel-tata-to-step-down-as-voltas-chairman-appointed-chairman-emeritus-14074013.html)
- 2026-11-07 — The Hindu: **Noel Tata named Voltas Chairman Emeritus; Sunil D'Souza appointed Chairman** — Voltas has appointed Noel Tata as Chairman Emeritus following his retirement due to age superannuation, with Sunil D'Souza taking over as the new Chairman. Jayant Balan is designated as Managing Director-designate to succeed C P Mukundan Menon in May 2027, subject to shareholder approval. — [Source](https://www.thehindubusinessline.com/companies/noel-tata-appointed-voltas-chairman-emeritus-sunil-dsouza-to-take-over-as-chairman/article71677134.ece)
- 2026-11-06 — Economic Times: **Voltas reshuffles top leadership; Sunil D'Souza named Chairman** — Voltas has announced a leadership reshuffle in which Noel Tata will retire as chairman on November 11 and be succeeded by Sunil D'Souza, currently the managing director of Tata Consumer Products. Additionally, Jayant Balan has been designated as managing director-designate to succeed outgoing MD Mukundan Menon C P, who is set to retire in May 2027. — [Source](https://economictimes.indiatimes.com/news/company/corporate-trends/voltas-reshuffles-top-leadership-sunil-dsouza-named-chairman/articleshow/135619397.cms)
- 2026-11-06 — News18: **Noel Tata To Step Down As Voltas Chairman On November 11, Sunil D'Souza To Succeed Him** — Noel Tata is stepping down as Chairman and Director of Voltas on November 11, upon reaching the age of superannuation under Tata Group governance guidelines, with Sunil D’Souza appointed as his successor. Additionally, C P Mukundan Menon’s tenure as Managing Director will end in May 2027, at which point Jayant Balan is set to succeed him, subject to shareholder approval. — [Source](https://www.news18.com/business/noel-tata-to-step-down-as-voltas-chairman-on-november-11-sunil-dsouza-to-succeed-him-ws-l-10416210.html)
- 2026-11-06 — Mint: **Chandra hire D’Souza is Voltas chair; Trent MD joins board | Company Business News** — Sunil D’Souza, CEO of Tata Consumer Products and an executive hired by N. Chandrasekaran, has been appointed chairman of Voltas Ltd, replacing Noel Tata who is stepping down in accordance with retirement rules. This leadership change at Voltas, alongside the appointment of Trent’s managing director to its board, reflects a deepening leadership tussle within the Tata Group between Noel Tata and Chandrasekaran, with Voltas appearing to move through consensus while Trent favored Noel's choice. — [Source](https://www.livemint.com/companies/chandra-hire-d-souza-is-voltas-chair-trent-md-joins-board-11793969347494.html)
- 2026-11-06 — FREEPRESSJOURNAL.IN: **Voltas Reports Strong September Quarter As Room AC Volumes Jump 32%, Profit Rises 51%** — Voltas reported a 51.4% year-on-year increase in consolidated net profit to ₹47.71 crore and a 15.3% rise in revenue to ₹2,706.57 crore for the September quarter of FY27, driven primarily by a 32% jump in room air conditioner volumes. While the company maintained its position as India’s No.1 AC brand with a 17.4% market share, its electro-mechanical projects business saw a 15.5% decline in revenue, though it retained a strong order book exceeding ₹6,800 crore. — [Source](https://www.freepressjournal.in/business/voltas-reports-strong-september-quarter-as-room-ac-volumes-jump-32-profit-rises-51)
- 2026-11-06 — CNBC-TV18: **Voltas Q2 Results: Net profit zooms 53% on RAC growth, better UCP profitability; misses estimates** — Voltas reported a 53.4% year-on-year increase in Q2 FY27 net profit to ₹52.6 crore, driven by 32% volume growth in its room air conditioner business and improved profitability in unitary cooling products. The company's EBITDA surged 82.2% to ₹128.3 crore, beating market estimates, while its projects business maintained an order book exceeding ₹6,800 crore. Despite these strong operational results, Voltas shares fell 2.43% on the BSE following the announcement. — [Source](https://www.cnbctv18.com/market/stocks/voltas-share-price-q2-results-net-profit-zooms-53-on-rac-growth-better-ucp-profitability-misses-estimates-20029073.htm)
- 2026-11-06 — Mint: **Noel Tata to step down as Titan vice-chairman and director on 12 November as he turns 70 | Company Business News** — Noel Tata is stepping down as Vice-Chairman and Director of Titan Company Ltd on 12 November upon turning 70, in compliance with the Companies Act, 2013. This retirement from several Tata Group boards occurs amid a dispute between Tata and Tata Sons over the reappointment of N Chandrasekaran and the proposed listing of the holding company. Despite these changes, Tata will remain a nominee director on Tata Sons' board. — [Source](https://www.livemint.com/companies/people/noel-tata-to-step-down-as-titan-vice-chairman-and-director-on-november-12-as-he-turns-70-11793946571237.html)
- 2026-11-06 — The Hindu: **Q2 Results Today Live: Hindalco, Bosch, Siemens, Aster DM, Coromandel Intl, Gland Pharma, Voltas, Nuvama Wealth, 3M India to announce Q2 results, Bharti Airtel, LIC, Titan, ONGC, M&M shares in focus** — The Hindu Business Line is providing live updates on the Q2 FY2026 earnings announcements for a broad range of listed Indian companies, including Hindalco, Bosch, Siemens, and Titan. The report highlights that shares of major entities such as Bharti Airtel, LIC, ONGC, and Mahindra & Mahindra are in focus during this quarterly results season. — [Source](https://www.thehindubusinessline.com/markets/q2-results-today-live-updates-hindalco-ind-bosch-siemens-aster-dm-coromandel-intl-gland-pharma-voltas-nuvama-wealth-3m-india-airtel-lic-titan-mahindra-ongc-company-results-06-november-2026/article71669522.ece)
- 2026-11-06 — CNBC-TV18: **Nifty reclaims 24,500 as crude prices ease: Can the rally extend further?** — The Nifty index extended its winning streak to a sixth consecutive session, closing at 24,536 as easing crude oil prices and a stronger rupee supported the rally. Analysts view the reclaiming of key moving averages as a bullish development, with near-term outlooks positive due to firm global cues and improving domestic demand expectations. — [Source](https://www.cnbctv18.com/market/nifty-outlook-friday-november-6-index-reclaims-24500-as-crude-prices-ease-can-the-rally-extend-further-20028314.htm)
- 2026-10-30 — FREEPRESSJOURNAL.IN: **Noel Tata, Chandra Meet To Discuss Tata Sons Deadlock; Talks End Without Resolution: Report** — Tata Sons chairman N Chandrasekaran and Tata Trusts chairman Noel Tata concluded discussions on October 25 without resolving leadership differences or agreeing on proposals such as a potential listing of Tata Sons or an acquisition of the Shapoorji Pallonji Group's stake. Concurrently, Noel Tata is set to retire from the boards of six other Tata Group companies on November 12 due to age-related retirement policies, though he will retain his role as a director at Tata Sons. — [Source](https://www.freepressjournal.in/business/noel-tata-chandra-meet-to-discuss-tata-sons-deadlock-talks-end-without-resolution-report)
- 2026-10-29 — Mint: **Noel Tata to step down from six Tata company boards soon, but his Tata Sons role matters | Explained | Company Business News** — Noel Tata is set to step down from the boards of Trent, Voltas, Tata Investment Corporation, Tata Steel, and Titan Company on 12 November due to age-based retirement policies, while retaining his role as a nominee director on the board of Tata Sons and chairman of Tata Trusts. — [Source](https://www.livemint.com/companies/people/noel-tata-to-step-down-from-six-tata-company-boards-soon-but-his-tata-sons-role-matters-explained-11793261287897.html)
- 2026-10-29 — Mint: **Noel Tata is stepping down from six Tata Group company boards in November | Here's why | Company Business News** — Noel Tata will step down from the boards of six Tata Group companies on November 12, when he turns 70, in line with retirement policy. He will remain a Tata Sons director, while his departure comes amid disagreements over chairman N Chandrasekaran’s reappointment and a proposed listing. — [Source](https://www.livemint.com/companies/people/noel-tata-is-stepping-down-from-six-tata-group-company-boards-in-november-heres-why-11793249714321.html)
- 2026-10-28 — Orissa POST: **Noel Tata to step down from six Tata Group Boards upon turning 70 - OrissaPOST** — Mumbai: Noel Tata, chairman of Tata Trusts, is set to step down from the boards of six major Tata Group companies November 12, when he turns 70, in line with the conglomerate’s retirement policy for non-executive directors. The move will mark a significant leadership transition within the salt-to-software conglomerate, where Noel Tata currently holds key […] — [Source](https://www.orissapost.com/noel-tata-to-step-down-from-six-tata-group-boards-upon-turning-70/)
- 2026-10-28 — BUSINESSTODAY: **Noel Tata to exit six Tata Group boards on November 12** — Tata Trusts chairman Noel Tata is set to step down from the boards of six major Tata Group companies on November 12, when he turns 70, Moneycontrol reported on Wednesday. — [Source](https://www.businesstoday.in/latest/corporate/story/noel-tata-to-exit-six-tata-group-boards-on-november-12-564279-2026-10-28)
- 2026-10-21 — BUSINESS: **Midcap 100, Smallcap 100 index down 1%; MRF, Biocon, Swiggy at 52-week lows** — Yes Bank, PI Industries, MRF, Swiggy, Biocon, NMDC, Tube Investments of India, Vishal Mega Mart, Voltas and Max Financial Services from the Midcap 100 index hitting their respective 52-week lows. — [Source](https://www.business-standard.com/markets/news/midcap-100-smallcap-100-index-down-1-mrf-biocon-swiggy-at-52-week-lows-126102100269_1.html)
- 2026-10-17 — Economic Times: **India's cooling problem is becoming an electricity-cost problem, and the AC industry is trying to solve it** — Indias rising temperatures and growing AC adoption: The country's AC market is predicted to grow significantly in the coming years due to rising temperatures and urbanization. A recent survey indicates that air conditioners are an essential part of household electricity consumption. Many consumers are prioritizing energy efficiency when purchasing air conditioning units to reduce their electricity bills. Companies are responding by introducing advanced technology and enhancing energy-saving feat... — [Source](https://economictimes.indiatimes.com/industry/cons-products/durables/india-ac-cooling-electricity-bills-energy-efficient-air-conditioners-cost-problem-and-the-ac-industry-is-trying-to-solve-it/articleshow/135008430.cms)
- 2026-09-28 — MONEYCONTROL: **LG India to hike AC prices by 5-7% from October 1 amid rising input costs** — LG Electronics India, AC prices, air conditioners, BEE standards, festive sales — [Source](https://www.moneycontrol.com/news/business/companies/lg-india-to-hike-ac-prices-by-5-7-from-october-1-amid-rising-input-costs-14040408.html)
- 2026-09-28 — CNBC-TV18: **​LG Electronics announces 5-7% hike in air-conditioner prices from Oct 1** — The price increase comes ahead of the second leg of festive sales, with LG citing higher commodity, logistics and energy costs along with currency movements. Voltas, Havells, Godrej Appliances and Bosch Home have also raised AC prices. — [Source](https://www.cnbctv18.com/business/lg-electronics-announces-5-7-hike-in-air-conditioner-prices-from-oct-1-20000338.htm)
- 2026-09-28 — CNBC-TV18: **Sensex closes over 1,000 points lower: 5 reasons behind today's market fall** — All four frontline indices closed nearly 2% lower, with the Nifty Bank emerging as the biggest underperformer. Rising crude continued to weigh on the market, with seven Nifty stocks closing at their 52-week lows. — [Source](https://www.cnbctv18.com/market/sensex-closes-over-1000-points-lower-5-reasons-behind-todays-market-fall-20000056.htm)
- 2026-09-28 — Economic Times: **Behind bigger price tags hides a fault line in India’s growth story** — Indias consumer durables face a third price hike in 2026 as copper, steel, aluminium, resin, logistics and energy costs surge. LG, Daikin, Voltas, Samsung and Godrej are raising appliance prices ahead of Diwali. The pressure exposes Indias dependence on imported components and highlights why deeper localisation, domestic manufacturing and stronger supply chains are critical to containing global cost shocks. — [Source](https://economictimes.indiatimes.com/industry/cons-products/electronics/behind-bigger-ac-tv-refrigerator-price-tags-hides-a-fault-line-in-indias-growth-story-consumer-durables-price-hike-global-commodity-shock-copper-steel-aluminium-appliance-prices-india-localisation/articleshow/134535049.cms)

## Business profile

**Strategic vision:** Indian multinational company operating in cooling, projects, and engineering services.

### Business segments
- **Unitary Cooling Products (UCP):** This segment focuses on consumer appliances, primarily manufacturing and distributing room air conditioners and air coolers, and expanding into home appliances through a joint venture.
- **Electromechanical Projects & Services (EMPS):** This segment delivers MEP and HVAC solutions for enterprises and government entities, executing projects both in India and internationally through a subsidiary.
- **Engineering Products & Services (EPS):** This segment represents leading equipment manufacturers, facilitating sales, distribution, and after-sales service for machinery in sectors like Textile Machinery and Mining & Construction Equipment.

### Competitive strengths
- Part of the Tata Group conglomerate.
- Extensive distribution networks for consumer products.
- Project execution expertise for large-scale electromechanical services.

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## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/voltas
Markdown representation: https://faxioms.com/stocks/voltas?render=md