loader2
Login Open ICICI 3-in-1 Account
  • Text Size
  • Text to Speech
  • Color Contrast
  • Pause Animations

Open ICICI
3-in-1 Account

Manage your Savings, Demat and Trading Account conveniently at one place

+91

BLOG

Voltas reported a strong Q1FY27, with revenue at ₹4,674 crore

ICICIdirect Research 17 Aug 2026 DISCLAIMER

News: Voltas reported a strong Q1FY27, with revenue at ₹4,674 crore (+18.7% YoY/-4.4% QoQ), EBITDA at ₹265.5 crore (+48.7% YoY/20.3% QoQ) and EBITDA margin at 5.7%, up from 4.5% on both YoY and QoQ basis, while PAT stood at ₹214 crore (+52.3% YoY/+85.9% QoQ). Unitary Cooling Products was the key growth driver, with revenue up 33% YoY, within which the growth was led by 45% RAC volume growth, much higher than industry trend. Voltas achieved 17.3% market share. Voltbek recorded its highest-ever quarterly sales, while commercial refrigeration and Electro-Mechanical Projects saw weaker execution and industry softness which resulted in decline in these segments. Additionally, Voltas entered into a proposed 50:50 JV with Atomberg Innovation to develop, manufacture and supply high-efficiency room AC compressors.

View: Considering the intense competition among brands in RAC space, Voltas reported strong volume growth of ~45% vs industry at ~20% which was supported by marketing refresh across TV/digital/retail, product premiumisation, channel expanision in tier 2/3 and supply chain preparedness. Further, its backward integration into compressor strengthens its business model. Decline in commercial refrigeration and electro-mechanical projects seems transitory condidering price hikes and west asia crisis. Gross margin maintained and company has been able to pass on most the cost increase which is commendable while delivering strong growth.

Impact: Positive

Download ICICI Direct app

Invest, Track, and Manage your Portfolio Anytime, Anywhere

Download ICICI Direct app

Invest, Track, and Manage your Portfolio Anytime, Anywhere