Financials Voltas Limited

Equities

VOLTAS

INE226A01021

Electrical Components & Equipment

Market Closed - NSE India S.E. Other stock markets 07:49:43 2025-07-10 am EDT			5-day change	1st Jan Change
1,368.90 ^INR	+0.15%		+0.14%	-23.52%

Jul. 08	Voltas Launches New Range of Ceiling Fans	MT
Jul. 07	Carrier becomes latest global firm to sue India over electronic waste rules	RE

Projected Income Statement: Voltas Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	75,558	79,344	94,988	124,812	154,128	165,929	190,558	211,572
Change	-	5.01%	19.72%	31.4%	23.49%	7.66%	14.84%	11.03%
EBITDA ¹	6,414	6,816	5,724	4,746	11,162	11,955	14,417	16,379
Change	-	6.27%	-16.02%	-17.08%	135.17%	7.11%	20.59%	13.61%
EBIT ¹	6,075	6,443	5,328	4,270	10,544	11,373	13,761	15,592
Change	-	6.06%	-17.31%	-19.84%	146.91%	7.86%	20.99%	13.31%
Interest Paid ¹	-261.5	-258.7	-295.9	-558.8	-621.1	-631.6	-611.8	-551.7
Earnings before Tax (EBT) ¹	7,092	6,973	3,071	6,244	13,168	13,642	16,293	19,043
Change	-	-1.68%	-55.95%	103.3%	110.88%	3.6%	19.43%	16.88%
Net income ¹	5,251	5,041	1,350	2,520	8,414	9,311	11,599	13,907
Change	-	-4.01%	-73.22%	86.65%	233.88%	10.66%	24.58%	19.9%
Announcement Date	5/12/21	5/5/22	4/26/23	5/7/24	5/7/25	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2021 Q1	2021 Q2	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 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	12,969	16,125	19,946	26,517	17,852	16,891	17,936	26,666	27,680	17,684	20,056	29,568	33,599	22,928	26,257	42,029	49,210	26,191	31,051	47,676	43,408	28,527	35,303	52,098
Change	-	24.33%	23.7%	32.94%	-32.68%	-5.38%	6.19%	48.67%	3.8%	-36.11%	13.42%	47.43%	13.63%	-31.76%	14.52%	60.07%	17.09%	-46.78%	18.56%	53.54%	-8.95%	-34.28%	23.75%	47.57%
EBITDA ¹	667.5	979.9	1,459	3,307	1,358	1,291	1,556	2,610	1,770	1,008	763.7	2,182	1,854	703	284.2	1,906	4,238	1,622	1,974	3,328	2,809	1,806	2,184	3,789
Change	-	46.8%	48.88%	126.7%	-58.95%	-4.9%	20.54%	67.7%	-32.19%	-43.03%	-24.27%	185.68%	-15.04%	-62.07%	-59.57%	570.58%	122.37%	-61.72%	21.69%	68.59%	-15.59%	-35.71%	20.96%	73.45%
EBIT ¹	-	-	1,375	-	966	1,007	1,459	2,516	1,685	911.4	653.2	2,078	1,741	585.9	155.8	1,788	4,104	1,458	1,795	3,187	2,427	1,504	2,311	3,579
Change	-	-	-	-	-	4.28%	44.88%	72.37%	-33.02%	-45.91%	-28.33%	218.11%	-16.22%	-66.34%	-73.41%	1,047.43%	129.55%	-64.48%	23.14%	77.55%	-23.87%	-38.02%	53.66%	54.87%
Charge d'intérêts ¹	-67.2	-58.1	-32	-104.2	-35	-62.4	-36.2	-125.1	-39.8	-67.4	-64.3	-124.4	-101.1	-114.5	-135.3	-207.9	-97.5	-135.6	-155.2	-232.8	-121.7	-145	-143.3	-182.3
Earnings before Tax (EBT) ¹	1,075	1,220	1,859	3,208	1,681	1,428	1,711	2,474	1,603	134.4	-804.6	2,138	2,029	849.6	238.5	2,124	4,515	2,054	1,906	3,751	3,345	2,370	2,460	4,482
Change	-	13.5%	52.31%	72.59%	-47.62%	-15.06%	19.83%	44.62%	-35.2%	-91.62%	-698.66%	365.77%	-5.11%	-58.13%	-71.93%	790.57%	112.58%	-54.5%	-7.2%	96.79%	-10.83%	-29.16%	3.8%	82.23%
Net income ¹	811.5	783.5	1,279	2,377	1,218	1,036	959.8	1,827	1,089	-74.1	-1,104	1,439	1,293	366.8	-304.1	1,164	3,342	1,340	1,321	2,410	2,210	1,530	1,594	2,567
Change	-	-3.45%	63.25%	85.86%	-48.77%	-14.93%	-7.36%	90.35%	-40.41%	-106.81%	-1,389.61%	230.39%	-10.17%	-71.63%	-182.91%	482.9%	187.04%	-59.91%	-1.39%	82.41%	-8.3%	-30.79%	4.23%	60.99%
Announcement Date	8/14/20	11/6/20	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	1/30/24	5/7/24	8/12/24	10/29/24	1/29/25	5/7/25	-	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2024 S1	2025 S1
Net sales ¹	56,526	75,401
Change	-	33.39%
EBITDA ¹	2,556	5,860
Change	-	129.25%
EBIT	-	-
Change	-	-
Charge d'intérêts	-	-
Earnings before Tax (EBT)	-	-
Change	-	-
Net income	-	-
Change	-	-
Announcement Date	10/19/23	10/29/24

¹INR in Million

Estimates

Forecast Balance Sheet: Voltas Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	-4,475	-2,108	-924	-1,390	1,851	-6,215	-9,489	-11,914
Change	-	52.89%	56.17%	-50.43%	233.17%	-435.84%	-52.68%	-25.56%
Announcement Date	5/12/21	5/5/22	4/26/23	5/7/24	5/7/25	-	-	-

¹INR in Million

Estimates

Cash Flow Forecast: Voltas Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	208.2	481.6	1,799	2,930	2,082	2,488	2,269	2,132
Change	-	131.32%	273.61%	62.87%	-28.96%	19.51%	-8.8%	-6.06%
Free Cash Flow (FCF) ¹	5,353	5,361	-180.6	4,732	-4,323	5,347	5,819	7,539
Change	-	0.15%	-103.37%	2,720.27%	-191.35%	223.7%	8.82%	29.55%
Announcement Date	5/12/21	5/5/22	4/26/23	5/7/24	5/7/25	-	-	-

¹INR in Million

Estimates

Forecast Financial Ratios: Voltas Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	8.49%	8.59%	6.03%	3.8%	7.24%	7.21%	7.57%	7.74%
EBIT Margin (%)	8.04%	8.12%	5.61%	3.42%	6.84%	6.85%	7.22%	7.37%
EBT Margin (%)	9.39%	8.79%	3.23%	5%	8.54%	8.22%	8.55%	9%
Net margin (%)	6.95%	6.35%	1.42%	2.02%	5.46%	5.61%	6.09%	6.57%
FCF margin (%)	7.08%	6.76%	-0.19%	3.79%	-2.8%	3.22%	3.05%	3.56%
FCF / Net Income (%)	101.93%	106.34%	-13.38%	187.79%	-51.38%	57.43%	50.17%	54.21%
Profitability
ROA	6.25%	5.48%	2.43%	2.26%	6.68%	6.81%	7.54%	8.22%
ROE	11.33%	9.61%	4.44%	4.47%	13.64%	13.61%	15.42%	16.36%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	0.17x	-	-	-
Debt / Free cash flow	-	-	-	-	-0.43x	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	0.28%	0.61%	1.89%	2.35%	1.35%	1.5%	1.19%	1.01%
CAPEX / EBITDA (%)	3.25%	7.07%	31.44%	61.74%	18.65%	20.81%	15.74%	13.01%
CAPEX / FCF (%)	3.89%	8.98%	-996.29%	61.93%	-48.16%	46.53%	39%	28.28%
Items per share
Cash flow per share ¹	16.81	17.66	4.817	23.03	-6.515	40.11	36.18	40.73
Change	-	5.08%	-72.73%	378.05%	-128.29%	715.7%	-9.82%	12.59%
Dividend per Share ¹	5	5.5	4.25	5.5	7	7.65	8.98	10.87
Change	-	10%	-22.73%	29.41%	27.27%	9.29%	17.38%	21.1%
Book Value Per Share ¹	150.9	166.3	164.8	176	196.9	216.8	241.1	266
Change	-	10.17%	-0.89%	6.78%	11.9%	10.12%	11.21%	10.33%
EPS ¹	15.87	15.23	4.08	7.62	25.43	27.99	35.14	41.75
Change	-	-4.03%	-73.21%	86.76%	233.73%	10.07%	25.53%	18.82%
Nbr of stocks (in thousands)	330,885	330,885	330,885	330,885	330,885	330,885	330,885	330,885
Announcement Date	5/12/21	5/5/22	4/26/23	5/7/24	5/7/25	-	-	-