Neutral Voltas; target of Rs 1410: Motilal Oswal

Neutral

Motilal Oswal's research report on Voltas

Voltas (VOLT)’s 3QFY26 revenue declined ~1% YoY to INR30.7b (in line), led by ~21%/9% YoY growth in the PES/UCP segments, while EMPS revenue dipped ~18% YoY. EBITDA declined ~10% YoY to INR1.8b (in line). OPM contracted 60bp YoY to 5.8% (in line). Adj. PAT dipped ~19% YoY to INR1.1b (~5% miss, due to lower other income and higher interest cost).

Outlook

We reiterate our Neutral rating on the stock with a TP of INR1,410, based on 45x FY28E EPS for the UCP segment, 20x FY28E EPS for the PES and EMPS (each), and INR20/sh for Voltbek.

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