GOLDMAN SACHS ON VOLTAS ; MAINTAINS SELL, TARGET PRICE ₹1,025 (CMP ₹1,056.50)

• Q2 revenue in line with estimates, but earnings missed expectations and EBITDA quality remained weak. • UCP segment delivered strong volume growth, gaining market share in room ACs and Voltas Beko (Voltbek). • UCP margin recovery remained below expectations despite strong volume growth. • EMPS margins benefited from a one-off write-back, while the engineering business remained strong. • October price hikes expected to support UCP margin improvement from Q4. • TARGET IMPLIES 2.98% DOWNSIDE from the quoted CMP.

VOLTAS LTD

← Back to feed