Voltas’ revenue from operations fell 10.37 per cent to Rs 2,347.32 crore in the September quarter of FY26, compared to Rs 2,619.11 crore in the corresponding quarter a year ago.The quarter faced “near-term headwinds” and “was marked by external challenges such as the lean summer and GST-related demand deferrals, which impacted retail offtake and margins,” Voltas said in its earnings statement.
Voltas’ total expenses stood at Rs 2,321.29 crore, down 6.65 per cent in the September quarter of FY26.
Voltas’ total income, including other income, fell 11.47 percent to Rs 2,411.93 crore. Commenting on the results, Managing Director Mukundan Menon CP said: “The second quarter of FY26 was marked by external challenges, but our fundamentals remain strong. The GST cut and the upcoming BEE efficiency transition will unlock pent-up consumer demand in the coming quarters.” In the first half (H1) of FY26, Voltas’ total consolidated revenues stood at Rs 6,432.58 crore, down 16.73 percent.
In the September quarter, Voltas’ revenue from “unitary cooling products for comfort and commercial use”, which has space AC business, fell 23.2 percent to Rs 1,215.13 crore. It stood at Rs 1,582.19 crore in the corresponding period of last financial year.
“The segment witnessed a moderate decline in retail sales due to the lag effect of early monsoon and reduction in GST rates (from 28% to 18%), leading to deferred purchases and higher channel inventory,” Voltas said.
Additionally, margins were temporarily impacted by higher marketing support and under-absorption at new facilities in Chennai and Waghodia.
However, revenue from “electromechanical projects and services”, which includes domestic and international project activities, also rose 9.8 percent to Rs 966.17 crore in the September quarter.
The growth “supported the diversified portfolio that Voltas manages, limiting seasonality in the cooling sector. The domestic projects business promoted the execution of MEP, water, electricity and solar projects, while the international business maintained disciplined project management and high-quality delivery,” the report said.
Engineering Products and Services revenue fell 5.22 per cent to Rs 139.05 crore.
“The segment maintained operational resilience, with mining and construction equipment showing stable performance and textile machinery achieving sales and collection targets. Aftersales service continues to be a strong contributor to profitability,” the company said.
Shares of Voltas Ltd settled at Rs 1,326.60 apiece on BSE on Thursday, down 0.64 per cent from the previous closing price.
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