NUVAMA ON VOLTAS

Maintain Reduce with target price of ₹1,190 FY26 revenue declined 8% due to weak demand and weather disruptions Room AC revenue fell 10% as summer demand remained weak UCP margins declined sharply due to pricing pressure and BEE transition costs Voltas retained leadership in room air conditioners with market share gap widening March 2026 became one of the highest monthly sales periods EMP revenue declined amid Middle East geopolitical disruptions and execution delays

VOLTAS LTD

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