Voltas Q2 FY27 Results: Consolidated Net Profit ₹47.71 Crore on Total Income of ₹2,746 Crore
- Earnings
- Air conditioning and engineering solutions
Reviewed byRachit TripathiBlacklitt Research
Voltas (NSE: VOLTAS) reported consolidated total income of ₹2,746.08 crore and net profit of ₹47.71 crore for the quarter ended 30 Sep 2026, it said in a filing on 06 Nov 2026. Standalone total income was ₹1,832.19 crore and net profit ₹21.88 crore. Consolidated net profit attributable to owners was ₹52.64 crore.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹2,746.08 crore, up 13.9% YoY and down 42.4% QoQ
- Net profit: ₹47.71 crore, up 51.5% YoY and down 77.6% QoQ
- EPS: ₹1.59 basic, not annualised, against ₹1.03 a year earlier
- Other operating income: Includes a ₹63.04 crore write-back in the Qatar project matter
Standalone
The company on its own, without its subsidiaries
- Total income: ₹1,832.19 crore, up 22.4% YoY and down 56.0% QoQ
- Net profit: ₹21.88 crore, up 198.5% YoY and down 92.2% QoQ
- EPS: ₹0.66 basic, not annualised, against ₹0.22 a year earlier
- Other income: ₹37.26 crore, down 32.8% YoY
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 2,746.08 | 2,411.93 | +13.9% | 4,764.74 | -42.4% | |
| Revenue from operations | 2,706.57 | 2,347.32 | +15.3% | 4,673.50 | -42.1% |
| Other income | 39.51 | 64.61 | -38.8% | 91.24 | -56.7% |
| 47.71 | 31.50 | +51.5% | 212.76 | -77.6% | |
| Profit before tax | 82.93 | 54.12 | +53.2% | 285.46 | -70.9% |
| Finance costs | 19.77 | 19.96 | -1.0% | 12.75 | +55.1% |
| Depreciation | 23.57 | 24.42 | -3.5% | 21.31 | +10.6% |
| Tax expense | 35.22 | 22.62 | +55.7% | 72.70 | -51.6% |
| Net profit margin | 1.74% | 1.31% | +0.43 pp | 4.47% | -2.73 pp |
| EPS, basic (₹) | 1.59 | 1.03 | +54.4% | 6.46 | -75.4% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated net profit grew faster than total income over the year: profit rose 51.5% to ₹47.71 crore while total income rose 13.9% to ₹2,746.08 crore. Revenue from operations rose 15.3% to ₹2,706.57 crore, while other income fell 38.8% to ₹39.51 crore. Other income is 1.4% of total income this quarter and 47.6% of profit before tax of ₹82.93 crore.
Other operating income of ₹139.01 crore includes the ₹63.04 crore write-back that the filing links to the Qatar sub-contract, following a Court of Cassation order dated 30 Aug 2026. The filing also includes ₹25 crore of Production Linked Incentive income, of which ₹15 crore relates to April 2025 to March 2026 and ₹5 crore to April 2026 to June 2026. Together these two items sit inside revenue and are not separated in the other income line.
Finance costs were ₹19.77 crore, 0.7% of total income, against ₹19.96 crore a year earlier. Tax expense of ₹35.22 crore is 42.5% of profit before tax. Share of loss of joint ventures and associates, net of tax, was ₹41.10 crore. Profit attributable to owners was ₹52.64 crore, with a non-controlling interest loss of ₹4.93 crore.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 1,832.19 | 1,496.37 | +22.4% | 4,165.36 | -56.0% | |
| Revenue from operations | 1,794.93 | 1,440.91 | +24.6% | 4,000.63 | -55.1% |
| Other income | 37.26 | 55.46 | -32.8% | 164.73 | -77.4% |
| 21.88 | 7.33 | +198.5% | 280.47 | -92.2% | |
| Profit before tax | 27.93 | 7.57 | +269.0% | 334.20 | -91.6% |
| Finance costs | 16.72 | 13.16 | +27.1% | 9.57 | +74.7% |
| Depreciation | 22.20 | 23.05 | -3.7% | 19.88 | +11.7% |
| Tax expense | 6.05 | 0.24 | n/a | 53.73 | -88.7% |
| Net profit margin | 1.19% | 0.49% | +0.70 pp | 6.73% | -5.54 pp |
| EPS, basic (₹) | 0.66 | 0.22 | +200.0% | 8.48 | -92.2% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit of ₹21.88 crore rose 198.5% on a year earlier, faster than total income's 22.4% rise. Profit before tax rose 269.0% to ₹27.93 crore, and tax expense was ₹6.05 crore against ₹0.24 crore a year earlier. Standalone revenue from operations rose 24.6% to ₹1,794.93 crore.
Standalone other income of ₹37.26 crore is 133.4% of profit before tax of ₹27.93 crore, and it fell 32.8% from a year earlier. Standalone finance costs were ₹16.72 crore, 0.9% of total income. The standalone other operating income of ₹139.21 crore also includes the same ₹63.04 crore Qatar write-back and ₹25 crore PLI incentive income, per the notes.
Compared with the quarter ended 30 Jun 2026, standalone total income fell 56.0% and net profit fell 92.2%.
Consolidated total income of ₹2,746.08 crore is ₹913.89 crore higher than standalone total income of ₹1,832.19 crore. Consolidated net profit of ₹47.71 crore is ₹25.83 crore higher than standalone net profit of ₹21.88 crore. The consolidated statement includes the results of Universal MEP Projects & Engineering Services Limited, Voltbek Home Appliances Private Limited and other subsidiaries, joint ventures and associates, as listed in the auditor's review report.
Consolidated net profit grew 51.5% a year earlier, slower than standalone net profit's 198.5%, so the gap between the two narrowed on that measure.
Inference
The filing states that the Board approved the results on 6 Nov 2026 after Board Audit Committee review on 5 Nov 2026, and both statements were reviewed by the statutory auditors with an unmodified limited review conclusion. Dividend payments of ₹132.38 crore appear in the cash flow statements for the six months, and the filing does not state the amount of any dividend declared with these results.
The filing says the transfer of the Dubai and Abu Dhabi overseas branches to Universal MEP Contracting L.L.C. is expected to be completed by 31 Dec 2026 or another mutually agreed date, and that it has no impact on consolidated results. The effect on standalone figures is not stated, and it is not known from the filing how much of the standalone figures the branches represent.
Board changes were filed the same day, including the appointment of a new Chairman and Managing Director; the filing text reviewed does not give the reasons for these changes.
Filed with BSE on . Reference: Original filing (PDF)
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