External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Aggregate revenue three-year CAGR at 10%: Our appliances coverage universe is expected to deliver three-year revenue CAGR of 10% YoY in Q1FY23 (vs -3% in Q1FY22 and 12% in Q4FY22)</li><li>During Q1FY23, cooling products sustained their demand momentum, with India (ex-south) seeing a strong summer</li><li>Demand for electrical construction materials has sustained a healthy trend, led by strong housing and home improvement demand</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aggregate revenue three-year CAGR at 10%: Our appliances coverage universe is expected to deliver three-year revenue CAGR of 10% YoY in Q1FY23 (vs -3% in Q1FY22 and 12% in Q4FY22)During Q1FY23, cooling products sustained their demand momentum, with India (ex-south) seeing a strong summerDemand for electrical construction materials has sustained a healthy trend, led by strong housing and home improvement demandContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer Durables - Demand Remains Strong; Margin Recovery on the Cards

Equity Bottom-Up

<ul><li>We attended Voltas' analyst group meeting on 17 June 2025</li><li>Management noted a ~20-25% YoY Room Air Conditioner (RAC) volume decline across both the industry and company in April and May, due to the early monsoon onset</li><li>June has shown some recovery in some parts of the northern market</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We attended Voltas' analyst group meeting on 17 June 2025Management noted a ~20-25% YoY Room Air Conditioner (RAC) volume decline across both the industry and company in April and May, due to the early monsoon onsetJune has shown some recovery in some parts of the northern marketContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Voltas: Navigating Headwinds: A Slow Start to FY26. Maintain BUY

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Voltbek, which is still in an investment mode, is likely to be value accretive from FY25, in our view.</li><li>It has focussed on gaining volumes and market shares since its inception in FY18.</li><li>We believe it will have market share of ~10% in its both the key categories i.e. refrigerators and washing machines in next couple of years.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Voltbek, which is still in an investment mode, is likely to be value accretive from FY25, in our view.It has focussed on gaining volumes and market shares since its inception in FY18.We believe it will have market share of ~10% in its both the key categories i.e. refrigerators and washing machines in next couple of years.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Voltas - Voltbek Likely to Be Value Accretive from FY25

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Voltas (VOLT)’s 2QFY25 earnings were above our estimates, led by higher-than-estimated revenue/EBIT growth in the UCP segment and higher margin in the EMPS segment.</li><li>Revenue grew 14% YoY to INR26.2b (5% beat), while EBITDA jumped 131% YoY to INR1.6b (11% beat).</li><li>OPM surged 3.1pp YoY to ~6% (+30bp vs. our est.). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Voltas (VOLT)’s 2QFY25 earnings were above our estimates, led by higher-than-estimated revenue/EBIT growth in the UCP segment and higher margin in the EMPS segment.Revenue grew 14% YoY to INR26.2b (5% beat), while EBITDA jumped 131% YoY to INR1.6b (11% beat).OPM surged 3.1pp YoY to ~6% (+30bp vs. our est.). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Voltas - Healthy UCP Performance; Recovery Continues in EMPS

<ul><li>Voltas’ UCP segment reported robust revenue growth of 43% YoY with RAC volumes growing by 70% (35% in FY24)</li><li>However, segment margins contracted by 80bps YoY to 9.2% on account of (1) heightened competitive intensity, (2) input price escalation, and (3) inability to take price hikes</li><li>While Voltas’s YTD RAC market share was 18.7%, management cited its primary market share to be 20% (2mn units sold out of an industry total of 10mn)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Voltas’ UCP segment reported robust revenue growth of 43% YoY with RAC volumes growing by 70% (35% in FY24)However, segment margins contracted by 80bps YoY to 9.2% on account of (1) heightened competitive intensity, (2) input price escalation, and (3) inability to take price hikesWhile Voltas’s YTD RAC market share was 18.7%, management cited its primary market share to be 20% (2mn units sold out of an industry total of 10mn)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Voltas (Q4FY24): To Focus on Driving Volume Growth. Maintain ADD

India

Voltas Limited is an Indian multinational home appliance and engineering solutions company, known for its air conditioning products and a wide range of cooling and home appliances. It also provides electro-mechanical project services and engineering products. The company is headquartered in Mumbai, India, and was founded in 1954.

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Voltas (VOLT IN)

Consumer Durables - Demand Remains Strong; Margin Recovery on the Cards

Aggregate revenue three-year CAGR at 10%: Our appliances coverage universe is expected to deliver three-year revenue CAGR of 10% YoY in Q1FY23 (vs....

HDFC Securities

Voltas: Navigating Headwinds: A Slow Start to FY26. Maintain BUY

Management noted a ~20-25% YoY Room Air Conditioner (RAC) volume decline across both the industry and company in April and May, due to the early...

HDFC Securities

Voltas - Voltbek Likely to Be Value Accretive from FY25

Voltbek, which is still in an investment mode, is likely to be value accretive from FY25, in our view. It has focussed on gaining volumes and...

ICICI Securities Limited

Voltas - Healthy UCP Performance; Recovery Continues in EMPS

Voltas (VOLT)’s 2QFY25 earnings were above our estimates, led by higher-than-estimated revenue/EBIT growth in the UCP segment and higher margin in...

Motilal Oswal

Voltas (Q4FY24): To Focus on Driving Volume Growth. Maintain ADD

While Voltas’s YTD RAC market share was 18.7%, management cited its primary market share to be 20% (2mn units sold out of an industry total of 10mn)

HDFC Securities

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