Voltas Q4 Results Review: Dolat Capital Maintains 'Add' Post Mixed Segmental Performance, Cuts Target Price

Delayed summer and unseasonal rains in some regions hampered secondary room AC sales in April 2025. Voltas is hopeful of pickup in demand over May-June'25. Hence, owing to unfavorable summer season so far, Dolat Capitas has reduced our FY26E/27E EPS estimate by 4.6/4.1% to Rs 31/38 respectively.

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Dolat Capital Report

Voltas Ltd.'s Q4 FY25 results were in line with our estimates. UCP segment margins, expanding by 80 bps YoY to 10%, was a positive surprise. However, EMP segment posting an operating loss in Q4, after three consecutive quarters of profit, was disappointing.

Total C/F order book stood resilient at Rs 65 billion, providing healthy revenue visibility. Focus will be on execution efficiency and timely collections, in both domestic and international operations. Voltas' market share stood at ~19% as of Mar'25 (YTD).

Delayed summer and unseasonal rains in some regions hampered secondary room AC sales in April 2025. Management is hopeful of pickup in demand over May-June'25. Hence, owing to unfavorable summer season so far, we have reduced our FY26E/27E EPS estimate by 4.6/4.1% to Rs 31/38 resp. Maintain ‘Accumulate' rating with revised target price of Rs 1,415, valuing at 38x FY27E EPS.

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