Voltas Limited (VOLTAS.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-51.5%

₹505.24

vs ₹1,040.80 price

Levered DCF

₹261.99

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	112.04×	53.17×	151.13×	200.55×	81.77×	63.13×	30.51×	40.66×
P/B	6.6×	6.87×	6.55×	4.97×	7.49×	6.64×	3.69×	5.02×
P/S	2.96×	2.9×	3.05×	2.85×	5.19×	4.39×	2.06×	2.9×
EV / EBITDA	58.14×	38.54×	75.78×	45.14×	58×	47.8×	21.7×	30.56×
Gross margin	15.1%	22.4%	21.2%	22.2%	25.5%	26.0%	27.3%	26.0%
Operating margin	3.9%	14.7%	13.4%	13.3%	15.9%	16.1%	16.9%	15.1%
Net margin	2.6%	5.5%	2.0%	1.4%	6.4%	7.0%	6.8%	7.1%
Current ratio	1.37×	1.48×	1.34×	1.4×	1.45×	1.48×	1.49×	1.72×
Debt / equity	0.16×	0.14×	0.13×	0.12×	0.07×	0.05×	0.05×	0.08×
Interest coverage	6.48×	37.13×	29.83×	42.64×	48.63×	46.55×	61.38×	32.7×
Dividend yield	0.6%	0.4%	0.4%	0.7%	0.4%	0.4%	1.0%	0.8%
Payout ratio	61.8%	21.6%	56.8%	134.8%	33.3%	25.9%	31.5%	31.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	5.9%	12.9%	4.3%	2.5%	9.2%	10.5%	12.1%	12.4%
Return on invested capital	4.9%	20.8%	12.6%	8.9%	15.1%	16.8%	19.6%	19.4%
Return on assets	2.6%	6.4%	2.1%	1.3%	5.2%	6.1%	6.3%	6.8%
Free cash flow yield	-0.2%	-1.0%	1.2%	-0.1%	1.3%	1.6%	2.4%	-2.0%
Earnings yield	0.9%	1.9%	0.7%	0.5%	1.2%	1.6%	3.3%	2.5%
Enterprise value	₹423.3B	₹449.8B	₹380.3B	₹270.3B	₹410.1B	₹329.7B	₹157.3B	₹206.6B
Net debt / EBITDA	0.29×	0.21×	-0.14×	-0.07×	-0.28×	-0.27×	-0.07×	0.01×
Cash conversion cycle (days)	71	54	32	61	53	62	51	45