Voltas Limited (VOLTAS) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Voltas Limited ₹147, price ₹1,130, upside -87.0%, quality 43 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Structural break:
The valuation model sees a lasting decline in earnings power for this stock, the confidence band is broken. Treat the target with caution.
Weakest SetupStrongly overvalued and low quality.
!Fair value ₹146.86 · Strongly overvalued (−87%)
!Quality 43/100
!Expensive Growth(revenue 5y +13.5 %/yr)
!Thin margins · 2.6% net margin (TTM)
!Low debt · negative free cash flow
·0.35% dividend yield
!Trails peers(4/13)
!Narrow moat35/100
!Evidence only low, so the estimate is less certain
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range ₹734.94 – ₹1,915 · fair‑value band ₹129.99 – ₹146.86 · the ₹1,130 price screens above the ₹146.86 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Voltas Limited operates as an air conditioning and engineering solutions provider primarily in India, the Middle East, Africa, and internationally. It operates through three segments: Unitary Cooling Products; Electro - Mechanical Projects and Services; and Engineering Products and Services.
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Voltas Limited operates as an air conditioning and engineering solutions provider primarily in India, the Middle East, Africa, and internationally. It operates through three segments: Unitary Cooling Products; Electro - Mechanical Projects and Services; and Engineering Products and Services. The company manufactures, sells, and services cooling appliances and cold storage products, such as room air conditioners, water dispensers and coolers, visi coolers, chest and convertible freezers, cold rooms, medical refrigeration, air coolers and purifiers, water heaters, ducted AC, variable refrigerant flow, cassette and tower AC, and chillers, as well as refrigerators, washing machines, microwave ovens, dishwashers, dry iron, and mixer grinders. It also offers a comprehensive range of electro-mechanical services, including HVAC (heating, ventilation, and air conditioning), electrical systems, plumbing, firefighting, extra low voltage, and specialized services. In addition, the company provides facilities maintenance services, such as operations and maintenance contracts in various sectors, AMCs, retrofit jobs, etc. Further, it engages in the provision of water treatment solutions for industrial and domestic sewage segments, as well as last mile connectivity of water tab under various government schemes; sale and service of capital machinery for textile industry; sale of spares and accessories for textile equipment; and sale of mining and construction equipment. Additionally, the company offers operations and maintenance services for mining and construction industry; undertakes rural electrification, power augmentation, substations, industrial electrification, and solar projects related to engineering, procurement, and construction. Furthermore, it engages in manufacturing of ducts and ducts accessories; drilling, irrigation, and landscaping activities; and construction of water treatment plants. Voltas Limited was incorporated in 1954 and is headquartered in Mumbai, India.
Stock analysis
Voltas Limited (VOLTAS) currently trades at ₹1,130, while our model-based Fair Value estimate is ₹146.86, implying the stock looks roughly 669.2% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of ₹233.16 per share, and 0 of the 17 models we run sit above the ₹1,130 price.
Bear case: the Earnings-Based group reads lowest at ₹101.67, and 17 of the 17 models stay below the price. Evidence for this calculation is low.
Scenario range: ₹129.99 (bear) to ₹146.86 (bull), the price of ₹1,130 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 43/100 (below-average quality), in the Consumer Cyclical sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Voltas Limited reported revenue of ₹142B in FY2026 versus ₹79.3B in FY2022, a compound +15.8%/yr. Reported net income was ₹3.8B in FY2026, compounding −7.1%/yr from FY2022.
Key figures
Market cap ₹447B (≈ $4.6B) · P/E ratio 95.1 · P/S ratio 2.51 · EPS (TTM) ₹11.88 · Dividend yield 0.4% · Net margin 2.6% · Return on equity 5.7% · Return on assets (EBIT) 12.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 27% below its 52-week high and 3% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 1% fair-value upside, at −87%, VOLTAS screens richer than that median.
Fair Value models
Bear ₹129.99Fair Value ₹146.86Bull ₹146.86
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹3.82 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.51/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−7.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.5%
Start year 2021 (pandemic). Over 10 years: +9.6% a year
Revenue growth 22 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.3%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−5.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−6.2%
Dividend (yield on the price)0.4%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−6% vs 0%, slowing
Profit margin 2004 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.3% → 4%
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Furnishings, Fixtures & Appliances · 316 stocks
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Voltas Limited Fair Value". https://www.fairvalue-calculator.com/stock/VOLTAS
Frequently asked questions
Is Voltas Limited (VOLTAS) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of ₹146.86 versus a price of ₹1,130, about −87% upside (overvalued).
What is the fair value of VOLTAS?
Our model-based fair value for Voltas Limited is ₹146.86 (as of Sep 24, 2026), built from audited fundamentals. The current price: ₹1,130.
What is the quality score of VOLTAS?
Voltas Limited has a Quality Score of 43/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Voltas Limited (VOLTAS)?
Our model-based price target is the fair value of ₹146.86 (as of Sep 24, 2026) from 17 valuation models. Cautious scenario ₹129.99, optimistic scenario ₹146.86. It is a calculation from audited fundamentals, not an analyst target.
What is the Voltas Limited stock forecast for 2026?
Our models put fair value at ₹146.86, about −87% upside versus a price of ₹1,130 (overvalued). Cautious scenario ₹129.99, optimistic scenario ₹146.86. The calculation is refreshed regularly with new filings.
What is the revenue of Voltas Limited (VOLTAS)?
Voltas Limited reported trailing-twelve-month revenue of about ₹142B (latest available figure, as of Sep 24, 2026).
Does Voltas Limited pay a dividend?
Voltas Limited currently shows a dividend yield of about 0.35% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Voltas Limited (VOLTAS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Voltas Limited it is ₹146.86 per share (as of Sep 24, 2026), against a price of ₹1,130. It is the blended result of 17 valuation models (cash flow, earnings, asset, dividend).
Is Voltas Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, VOLTAS trades above its calculated fair value: price ₹1,130, fair value ₹146.86, a gap of about −87% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of VOLTAS?
No. The price is what the market pays today (₹1,130); the fair value is what the company's own numbers justify (₹146.86). For Voltas Limited the two are ₹983.14 per share apart. That gap is exactly why we show both numbers side by side.
How much is Voltas Limited worth?
The market values Voltas Limited at about ₹447B (market capitalisation, as of Sep 24, 2026). Per share that is ₹1,130; our models calculate a fair value of ₹146.86 per share.
What do the bullish and bearish scenarios say about VOLTAS?
Our models span a range for Voltas Limited: cautious scenario ₹129.99, base ₹146.86, optimistic ₹146.86 per share (as of Sep 24, 2026, price ₹1,130). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of VOLTAS?
Voltas Limited trades at a price-to-earnings ratio of 95.1 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹146.86 is built from several models across several years. Other multiples: P/B 7.0, P/S 3.1, EV/EBITDA 62.2.
How solid is the balance sheet of Voltas Limited (VOLTAS)?
Balance-sheet figures for Voltas Limited (as of Sep 24, 2026): return on equity 5.7%, debt of 0.06 per unit of equity. They feed the Quality Score of 43/100, which measures business quality independently of the share price.
How far is VOLTAS from its 52-week high?
Voltas Limited trades at ₹1,130, about 27% below its 52-week high of ₹1,553 and 3% above the low of ₹1,101 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of ₹146.86 is for.
Which stocks are comparable to Voltas Limited?
From the same area (Consumer Cyclical) we also value Midea Group, Gree Electric Appliances, Inc, Haier Smart Home Co, King Slide Works Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Voltas Limited stock attractive at the current price?
The data as of Sep 24, 2026: price ₹1,130, calculated fair value ₹146.86 (−87%), Quality Score 43/100, from 17 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of VOLTAS calculated?
We run Voltas Limited through 17 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹146.86, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Voltas Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Voltas Limited (VOLTAS)?
The closing price on Sep 23, 2026 was ₹1,130. Our model-based fair value is ₹146.86, about −87% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Voltas Limited right now?
The price sits above even our optimistic bull case (₹146.86). The favourable scenario is already priced in. Weak quality (43/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. The models converge in a tight band (₹129.99 to ₹146.86), unusually little disagreement for a valuation.
Where does the earnings growth of Voltas Limited (VOLTAS) come from?
Earnings per share at Voltas Limited grew +1.5 % a year from 2015 to 2026. Broken into its drivers: revenue per share +10.7 %, EBIT margin −3.5 %, tax rate −1.1 %, residual (interest, one-offs) −4.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Voltas Limited
How large is the market capitalisation of Voltas Limited (VOLTAS)?
The market capitalisation of Voltas Limited is ₹447B (≈ $4.6B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Voltas Limited (VOLTAS)?
The price-to-sales ratio of Voltas Limited is 2.51 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Voltas Limited (VOLTAS)?
Earnings per share at Voltas Limited are ₹11.88 (price ÷ EPS = P/E 95.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Voltas Limited (VOLTAS)?
The dividend yield of Voltas Limited is 0.4% (payout 33.7%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Voltas Limited (VOLTAS)?
The net margin of Voltas Limited is 2.6% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Voltas Limited (VOLTAS)?
The return on equity (ROE) of Voltas Limited is 5.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Voltas Limited (VOLTAS)?
On an EBIT basis the return on assets of Voltas Limited is 12.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Voltas Limited (VOLTAS)?
The operating margin of Voltas Limited is 5.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Voltas Limited (VOLTAS)?
Revenue at Voltas Limited is growing +2.5% versus a year earlier (3y avg +14.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Voltas Limited (VOLTAS)?
Earnings per share at Voltas Limited are growing −51.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Voltas Limited (VOLTAS) generate?
The free cash flow of Voltas Limited is −₹745M (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Voltas Limited (VOLTAS) carry?
The net debt of Voltas Limited is ₹2.1B (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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