Motilal Oswal's research report on Voltas
We interacted with the management of Voltas (VOLT) to understand the current demand trend, the company’s strategy to play festive demand and GST rate cuts, and the segmental performance. VOLT highlighted that it is committed to strengthening its market leadership, unlocking growth potential across business segments, and delivering sustainable value for investors. It expects near-term challenges due to a weak summer season and higher channel inventory. However, VOLT is confident of a pickup in demand momentum in 2HFY26, supported by the festive season, GST rate reduction on RAC, pent-up demand due to the weak summer season, the deferment of purchases by consumers for five weeks between the GST cut announcement and its effective date (22nd Sep’25), and pre-buying ahead of new BEE norms.
Outlook
The commercial AC segment remains its key growth driver for VOLT, while its EMPS business shows resilience with strong domestic execution and selective international orders. We maintain our Neutral rating on the stock with a TP of INR1,350, based on SOTP.
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