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Motilal Oswal Report
We expect Voltas Ltd.'s Ebitda/adjusted profit to report a compound annual growth rate of 30%/38% over FY23-25 supported by a recovery in margins of both electro mechanical projects segment and room AC segments and reduced losses for Voltbek.
Return on equity should be at 11.4% in FY25E versus 6.9% in FY23 (average of 12.3% over FY13-23), while return on capital employed is likely to be at 11.9% in FY25E versus 6.9% in FY23 (average of 12.8% over FY13-23).
We reinitiate our coverage on Voltas with a 'Buy' rating and a target price of Rs 1,000 premised on 40 times FY25E earnings per share (similar to last 10 years' one-year forward average price/earning multiple, before losses of Voltbek) and Rs 38/share for Voltbek.
We expect Voltas to retain a market share of 21% plus over the next few years as it would continue to enjoy the leadership position in RAC segment.
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