VOLTAS

📅 Corporate Highlights & Schedule Voltas has set June 20, 2025 as the record date for its final FY2024–25 dividend. The 71st Annual General Meeting (AGM) will take place virtually on July 8, 2025. The company hosted analyst and institutional investor meetings in mid-June to discuss the upcoming Q1 FY26 performance and outlook. 📊 Q1 FY26 Financial Snapshot Reported a 17% quarter-over-quarter rise in consolidated revenue, reaching ₹4,921 crore. Net profit soared by approximately 187% QoQ, landing at ₹334 crore. For the full fiscal year FY25, Voltas delivered a robust 24% increase in revenue (to ₹15,410 crore) and a 234% jump in net profit (to ₹841 crore), translating to an EPS of ₹25.43—up sharply from ₹7.62. 🌦 Cooling Segment: Market Headwinds Unseasonal April–May rainfall led to a 20–25% dip in AC volumes compared to last year. Despite slight improvement in June, channel inventory remains elevated (6–8 weeks), prompting industry-wide discounting and aggressive promotions. Consequently, forecasts for FY25 cooling division growth have been revised downward, now expected in the 10–15% range, rather than the earlier 25–30%. 📉 Market Sentiment & Broker Views Voltas stock has declined by around 30% year-to-date, reflecting muted cooling demand and margins pressure. Analysts present a mixed outlook: Emkay Global maintains a “Buy” rating with a target near ₹1,450. Motilal Oswal is neutral, projecting a more cautious target of ~₹1,350. HDFC Securities remains upbeat, viewing current headwinds as short-term. Jefferies and Nuvama have downgraded their stance, taking a more cautious or “Hold” view. 🌍 Strategic Moves & Outlook Voltas engaged in discussions to forge a compressor plant partnership in China. Though plans to acquire equity were dropped, a technical collaboration is still being explored. This move potentially aligns with India’s broader drive to bolster local electronics and component manufacturing