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.

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

Thematic (Sector/Industry)

<ul><li>Tata Motors: While the US tariffs have come down from the peak tariffs of 27.5% for both Europe and UK exports, they nevertheless remain higher than the earlier tariffs of 2.5%, up 300% for UK exports and 500% for EU exports</li><li>Additionally, lowering of the price threshold for luxury taxes has further impacted demand in China</li><li>Considering a weak demand situation in most markets for JLR, with additional operating costs, we expect volumes to decline 12.3% in FY26, with a rebound of 10.9% in FY27</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.

Tata Motors: While the US tariffs have come down from the peak tariffs of 27.5% for both Europe and UK exports, they nevertheless remain higher than the earlier tariffs of 2.5%, up 300% for UK exports and 500% for EU exportsAdditionally, lowering of the price threshold for luxury taxes has further impacted demand in ChinaConsidering a weak demand situation in most markets for JLR, with additional operating costs, we expect volumes to decline 12.3% in FY26, with a rebound of 10.9% in FY27Content 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.

HSIE Results Daily: Tata Motors, Siemens, Voltas, Metro Brands, Apollo Tyres

<ul><li>Post a reasonably good festive season, demand environment is likely to have slackened for most consumer durable categories due to (1) weak consumer sentiment due to inflationary pressures, and (2) delayed onset of winters</li><li>RAC continues to shine aided by second summer season and normal channel inventory thereby supporting overall industry growth</li><li>Timely onset of summer season remains key monitorable in coming months</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.

Post a reasonably good festive season, demand environment is likely to have slackened for most consumer durable categories due to (1) weak consumer sentiment due to inflationary pressures, and (2) delayed onset of wintersRAC continues to shine aided by second summer season and normal channel inventory thereby supporting overall industry growthTimely onset of summer season remains key monitorable in coming monthsContent 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 & EMS (Q3FY25): Demand slackens post some festive cheer

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

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: 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

HSIE Results Daily: Tata Motors, Siemens, Voltas, Metro Brands, Apollo Tyres

Tata Motors: While the US tariffs have come down from the peak tariffs of 27.5% for both Europe and UK exports, they nevertheless remain higher...

HDFC Securities

Consumer Durables & EMS (Q3FY25): Demand slackens post some festive cheer

RAC continues to shine aided by second summer season and normal channel inventory thereby supporting overall industry growth. Timely onset of...

HDFC Securities

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

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