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Equity Bottom-Up

<ul><li>We attended Voltas' analyst group meeting</li><li>Management indicated that demand continued to stay subdued in Q3</li><li>The industry decline, however, was less pronounced compared to Q2</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 meetingManagement indicated that demand continued to stay subdued in Q3The industry decline, however, was less pronounced compared to Q2Content 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: Muted Demand Continues Amid Rising Cost Pressures. Maintain ADD

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/voltas-ltd" target="_blank" data-smartkarma-citation="entities:19924:1" rel="noopener">Voltas Ltd (VOLT IN)</a> is a renowned name among the households in India.</li>
<li>The company is a prominent player in the field of air conditioning and cooling technology and offers a variety of services across different industrial sectors, both in India and internationally.</li>
<li>But there are few issues with respect to revenue recognition policy, capital allocation issues and falling market share.</li>
</ul>



Voltas Ltd (VOLT IN) is a renowned name among the households in India.
The company is a prominent player in the field of air conditioning and cooling technology and offers a variety of services across different industrial sectors, both in India and internationally.
But there are few issues with respect to revenue recognition policy, capital allocation issues and falling market share.


<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

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

<ul>
<li>In this Insight, we aim to understand the current demand, environment, competition, and margin trends for major air conditioner manufacturers in India.</li>
<li>Dealers remain optimistic despite a slower seasonal start, anticipating accelerated growth in this season. While there have been price increases, competition, and cost inflation may not translate into margins. </li>
<li>Some of the companies in Focus include <a href="https://www.smartkarma.com/entities/voltas-ltd" target="_blank" data-smartkarma-citation="entities:19924:1" rel="noopener">Voltas Ltd (VOLT IN)</a>, <a href="https://www.smartkarma.com/entities/havells-india-ltd" target="_blank" data-smartkarma-citation="entities:9158:1" rel="noopener">Havells India (HAVL IN)</a>, <a href="https://www.smartkarma.com/entities/johnson-controls-hitachi-air-conditioning-india-ltd" target="_blank" data-smartkarma-citation="entities:6172:1" rel="noopener">Johnson Controls-Hitachi Air Conditioning India (JCHAC IN).</a>
</li>
</ul>


In this Insight, we aim to understand the current demand, environment, competition, and margin trends for major air conditioner manufacturers in India.
Dealers remain optimistic despite a slower seasonal start, anticipating accelerated growth in this season. While there have been price increases, competition, and cost inflation may not translate into margins. 
Some of the companies in Focus include Voltas Ltd (VOLT IN), Havells India (HAVL IN), Johnson Controls-Hitachi Air Conditioning India (JCHAC IN).



India Air Conditioners | Who's Chilling How

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/voltas-ltd" target="_blank" data-smartkarma-citation="entities:19924:1" rel="noopener">Voltas Ltd (VOLT IN)</a> is shifting to a volume-led strategy while investing INR 260 crore to build in-house compressor manufacturing under PLI 3.0.</li>
<li>This approach de-risks supply chains, maintains mass-market pricing, and supports growth amid rising raw material and currency pressures.</li>
<li>Voltas is evolving from a margin-led to scale-focused player, making it a resilient long-term bet on India’s low AC penetration and summer-driven demand.</li>
</ul>



Voltas Ltd (VOLT IN) is shifting to a volume-led strategy while investing INR 260 crore to build in-house compressor manufacturing under PLI 3.0.
This approach de-risks supply chains, maintains mass-market pricing, and supports growth amid rising raw material and currency pressures.
Voltas is evolving from a margin-led to scale-focused player, making it a resilient long-term bet on India’s low AC penetration and summer-driven demand.


India's Summer Stock: Voltas Ltd- Navigating Supply Headwinds

India

Voltas Limited offers engineering solutions for a wide spectrum of industries in areas such as heating, ventilation and air conditioning, refrigeration, electro-mechanical projects, textile machinery, machine tools, mining and construction equipment, materials handling, water management, building management systems, indoor air quality and chemicals.

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Voltas Ltd (VOLT IN)

Voltas: Muted Demand Continues Amid Rising Cost Pressures. Maintain ADD

We attended Voltas' analyst group meeting. Management indicated that demand continued to stay subdued in Q3. The industry decline, however, was...

HDFC Securities

Voltas Ltd: Forensic Analysis

Voltas Ltd is a prominent name in the households of India, but faces challenges with revenue recognition, capital allocation, and market share.

Nitin Mangal

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

India Air Conditioners | Who's Chilling How

Indian air conditioner manufacturers are facing price increases, competition, and cost inflation, but dealers are optimistic about accelerated...

Pranav Bhavsar

India's Summer Stock: Voltas Ltd- Navigating Supply Headwinds

Voltas Ltd is transitioning to a volume-led strategy by investing in in-house compressor manufacturing to de-risk supply chains and support growth...

Sudarshan Bhandari

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Voltas: Muted Demand Continues Amid Rising Cost Pressures. Maintain ADD

We attended Voltas' analyst group meeting. Management indicated that demand continued to stay subdued in Q3. The industry decline, however, was...

HDFC Securities

Voltas Ltd: Forensic Analysis

Voltas Ltd is a prominent name in the households of India, but faces challenges with revenue recognition, capital allocation, and market share.

Nitin Mangal

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

India Air Conditioners | Who's Chilling How

​Indian air conditioner manufacturers are facing price increases, competition, and cost inflation, but dealers are optimistic about accelerated...

Pranav Bhavsar

India's Summer Stock: Voltas Ltd- Navigating Supply Headwinds

​Voltas Ltd is transitioning to a volume-led strategy by investing in in-house compressor manufacturing to de-risk supply chains and support growth...

Sudarshan Bhandari

Indian air conditioner manufacturers are facing price increases, competition, and cost inflation, but dealers are optimistic about accelerated...

Voltas Ltd is transitioning to a volume-led strategy by investing in in-house compressor manufacturing to de-risk supply chains and support growth...