Voltas (VOLT IN) – Q2FY27 Result Update – UCP led recovery should support momentum – Downgrade to ‘ACCUMUALTE’
Published on 13 Nov 2026
Voltas reported 15.3% YoY growth supported by 29.0% growth in UCP revenue and 32.0% growth in RAC volumes. YTD Sep’26 RAC market share stood at 17.4%, with a 4.2% lead over the nearest competitor. Despite 18% cost inflation, the company implemented cumulative price hikes of ~14%, and a 5-7% increase effective Oct’26, to mitigate input cost pressures. Company continued focus on localization, strategic sourcing, product redesign and manufacturing productivity to support profitability. Due to recent upward movement in stock price we downgrade the rating from ‘BUY‘ to ‘Accumulate’ while we maintain our SOTP-based TP of INR1,251, implying PE of 40x Sep’29E.
