Voltas shares slipped 2.43% to settle at ₹1,096 on the BSE on Friday, even as the cooling solutions heavyweight reported a 53.4% surge in second-quarter net profit. The Mumbai-headquartered group clocked a bottom line of ₹52.6 crore for the quarter ended September 30, up from ₹34.3 crore in the corresponding period last year. Revenue advanced 15.3% to ₹2,707 crore, beating market consensus forecasts. Yet traders booked profits into AirNews, trimming ₹27.25 off the stock by the closing bell.
Earnings before interest, tax, depreciation, and amortisation (EBITDA) leaped 82.2% year-on-year to ₹128.3 crore from ₹70.4 crore. Operating margin widened 170 basis points to 4.7% from 3.0% twelve months ago. Operating leverage kicked in. Raw material inflation and currency headwinds lingered, but pricing and volume carried the load.
| Financial Metric | Q2 FY27 | Q2 FY26 | YoY Change |
|---|---|---|---|
| Revenue | ₹2,707 crore | ₹2,347 crore | +15.3% |
| EBITDA | ₹128.3 crore | ₹70.4 crore | +82.2% |
| EBITDA Margin | 4.7% | 3.0% | +170 bps |
| Net Profit | ₹52.6 crore | ₹34.3 crore | +53.4% |
Sales momentum came straight from consumer cooling. The Unitary Cooling Products division registered a 29% revenue jump during the quarter, steered by 32% volume growth in room air conditioners. Voltas protected its turf. The company maintained a 17.4% year-to-date market share as of September, preserving a 4.2 percentage-point cushion over its nearest competitor.
Home appliances subsidiary Voltbek delivered its highest-ever second-quarter sales on expanded shelf space and fresh inventory lines. Voltbek’s year-to-date market share touched 8.8% in washing machines and 7.0% in refrigerators, aided by rollouts across frost-free cooling and fully automatic laundry categories. Meanwhile, the Engineering Products and Services unit saw revenue grow over 30%, powered by mining equipment contracts, steady operations across Africa, and crushing machinery orders.
On the project side, the Electro-Mechanical Projects and Services arm ended the quarter with a carry-forward order book topping ₹6,800 crore. The book spans industrial sites, metro rail links, tunnel infrastructure, electronics manufacturing plants, and data centers. Management kept order booking disciplined, emphasizing cash recovery over headline turnover.
"Q2 reflects the continued progress of Voltas across its businesses, led by our Room Air Conditioner business, which recorded 32% volume growth during the quarter," said Mukundan Menon C P, Managing Director of Voltas Ltd, in the regulatory filing. "The improvement in profitability of our Unitary Cooling Products business, despite input cost pressures, reflects our focus on operational efficiencies and cost competitiveness."
Broadening distribution and sweating factory assets will steer capital allocation heading into the second half of the fiscal year, with execution discipline prioritized across pending engineering contracts.