Voltas Ltd's Q2 FY27 numbers came in soft, with revenue of Rs. 2,706.57 Cr (+15.30% YoY) and PAT growth of +51.46% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 06, 2026 |
|---|---|
| Revenue (Q2) | Rs. 2,706.57 Cr (+15.30% YoY) |
| PAT (Q2) | Rs. 47.71 Cr (+51.46% YoY) |
| EBITDA margin | 3.21% (+177 bps YoY) |
| EPS (Q2) | Rs. 1.59 (+54.37% YoY) |
Revenue grew 15.30% YoY with RAC volumes up 32% and market share at 17.4%, but the entire 53% PBT improvement came from the 63.04 crore Qatar write-back and 25 crore PLI credit; normalized PBT is essentially zero. UCP margin ex-PLI turned negative against management's step-up path toward 8.4%, EMPS revenue fell 15.50% YoY, and the UMCL slump sale slipped to 31 Dec 2026. The Qatar legal finality and >6,800 crore order book are genuine positives, but underlying profitability execution remains the key test for H2.
| Driver | What happened | Verdict |
|---|---|---|
| Seg A growth positive YoY but decelerating from Q1's +45% volume print | +28.94% revenue; RAC volumes +32% vs +45% | Played out |
| EMPS "explicitly guided soft in Q2" | −15.50% YoY; order book up | Played out |
| UCP margin step-up "stalled or reversed" under copper/rupee | 5.31% (Q1) → 1.26% reported / negative ex-PLI | Played out |
| Margins "likely compressing or flat at best" | EBITDA margin 4.88% → 3.21%; normalized EBITDA margin 0.14% | Played out |
| One-offs (Qatar/PLI) flow-through "a call question, not a given"; UMCL confirmation expected | Both booked into other operating income (+88.04 combined) and account for the entire PBT; UMCL pushed to 31 Dec 2026 — flow-through happened and inflated PBT; UMCL slipped | Partially |
| Seasonally softer sequentially | Total income −42.37% QoQ | Played out |
Read our full results preview.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| RAC growth 15–20% in FY27 on a weak base | Q1 FY27 earnings call (Aug 2026) | Q2 RAC volume growth +32%; Segment A revenue +28.94% YoY | On Track |
| UCP margin "gradual step-up" toward FY25's 8.4% (EBIT basis) | Q4 FY26 and Q1 FY27 earnings calls | Q2 UCP EBIT margin 1.26% reported; ex-PLI catch-up, negative — a step back from Q1's 5.31% — open-ended guide; QoQ reversal | Missed this quarter |
| EMPS soft in Q2, "significant recovery in Q3 and Q4" | Q1 FY27 earnings call | Q2 revenue −15.50% YoY — soft as guided; order book >Rs.6,800 Cr (up QoQ) | On Track |
| Voltbek EBITDA breakeven pushed "over by a few quarters" from FY27 | Q1 FY27 earnings call | Consolidated JV/associate loss widened to 41.10 (vs 36.52 yr-ago); NCI loss (4.93) vs (2.79) — losses persisting | On Track with deferral |
| UMCL slump-sale consummation by 30 Sep 2026 | Q1 FY27 earnings call / company updates | Filing now states expected by 31 Dec 2026 — pushed a quarter | Missed |
| "RAC business recording 32% volume growth"; 17.4% YTD share, 4.2 pp lead | Company KPI, not independently derivable from the tables; consistent with Segment A's +28.94% revenue on a lean seasonal quarter | Too Early / company-reported | |
| UCP "improving profitability despite commodity and currency related cost pressures" | Segment A result +19.74 vs (45.80) YoY ✓ — but ex-PLI the underlying result is ~(0.26), so the improvement is principally the PLI credit | Contradicted on an underlying basis | |
| EMPS "order pad exceeding Rs.6,800 crore, providing revenue visibility" | Order book up from Rs.6,345 Cr at 30 Jun; segment revenue still −15.50% YoY — order pad); recovery still pending | Confirmed | |
| Engineering Products "registered 30+% growth" | Segment C revenue +33.33% YoY | Confirmed | |
| Consolidated Total Income Rs.2,746 Cr vs Rs.2,412 Cr; PBT Rs.83 Cr vs Rs.54 Cr; PAT Rs.48 Cr vs Rs.32 Cr | Matches the results statement exactly | Confirmed |
| Metric | Q1 FY27 | Q2 FY27 |
|---|---|---|
| RAC volume growth YoY | +45% | +32% |
| RAC secondary market share (season-to-date basis) | 17.3% (lead 4.0 pp) | 17.4% (lead 4.2 pp) |
| Segment B carry-forward order book | Rs.6,345 Cr | >Rs.6,800 Cr |
| Voltbek YTD share — washing machines / refrigerators | 9.4% / 7.4% | 8.8% / 7.0% |
| Channel inventory | ~4 weeks | not disclosed in filing |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.