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Voltas Stock Fundamental Analysis - Financial Results & Equity Research | Invest Yadnya Stock-o-Meter





Voltas is an Indian multinational electronics company that manufactures home appliances and has mastery in air conditioning and cooling technology. It has also forayed into kitchen and other home electronic appliances with the launch of Voltas Beko brand. The company was incorporated on 6 September 1954 in Mumbai, as a collaboration between Tata Sons and Volkart Brothers. Its revenue mix consists of Unitary cooling products for comfort and commercial use (62%), Electro- mechanical projects and services (31%), engineering products and services (7%).


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Sector: Refineries

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Voltas, incorporated in 1954, is India’s largest air conditioning company and one of the world’s premier engineering solutions provider and projects specialist. The Swiss based Volkart Brothers joined hands with Tata Sons to create Voltas. They believed that innovation could change the world. The company continues to stand at the forefront of re-engineering the future through innovative thinking and smart engineering. As India’s largest air conditioning company, Voltas is also one of the most reputed engineering solution providers specializing in project management. Voltas plays a vital role in developing the infrastructure of the nation as well as exporting their unparalleled expertise across Technology, Engineering, Construction, Cooling and Ventilation, Infrastructure Projects, Textile, Mining and Manufacturing sectors, making them one of the most trusted and reliable engineering solution providers.

Business area of the company

The Company is engaged in the field of air conditioning, refrigeration, in the business of electro - mechanical projects as an EPC contractor both in domestic and international geographies (Middle East and Singapore), and also in the business of engineering product services for mining, water management and treatment, construction equipments and textile industry.


  • Cooling & Refrigeration
  • Home Appliances
  • Textile Machinery 
  • Mining & Construction Equipment 


2015 National

  • Effie Award.
  • Best Regional Dealer for the year 2015 at Powerscreen’s 50th year celebrations.
  • Dun & Bradstreet Corporate Award.
  • Award from Dept. of Central Excise & Service tax, for being one of the Top 10 assessees.

2015 international

  • Voltas was awarded 'The Best Global Agent' by M/s RIFA, China in 2015.

2016 National

  • Tata Innovista Award.
  • The ‘All Weather Smart AC’ campaign won the Prime Time Award bestowed by exchange4media (E4M) for Best Media Strategy - Integrated TV Campaign in 2016.
  • Voltas was recognised by Principals M/s Reggiani, Italy as ‘Winner of Sales Award 2016’.
  • Voltas was feted as one of the Top Corporate Brands of FY 2016 by Economic Times. The award was based on a market research initiated by the Times Group, and conducted by MRRS India, a leading company in the field.

2017 National

  • Voltas wins Gold Award at Reliance Digital Awards Ceremony, in the category of “High Impact Communication Brand”. In a highly competitive environment of almost 140 brands, Voltas emerged as the winner.
  • Voltas was honoured at Indywood Built-In India Excellence Awards 2017 organised by Indywood and Govt. of Telangana. DPG won the award in Manufacturing Built-In Category for the Innovative solutions in HVAC space.
  • Voltas won the 'Tata Group - Excellence in Communication Awards 2016-17' in the Digital Marketing Category.
  • Voltas won the the Danfoss Popular Choice Award 2017 at ACREX Hall of Fame, a platform to recognize, celebrate and benchmark Air Conditioning and Refrigeration Projects in India.

2017 international

  • MEP Contractor of the year.
  • MEP Middle East Award 2017, Dubai.
  • Plumbing Project of the year (for regent Emirates Pearl Hotel - Grand Hyatt in Abu Dhabi) Middle East Award 2017, Dubai.
  • Voltas was ranked No.5 in the list of Top 25 MEP Contractors for 2017 announced by the MEP Middle East, a reputed publication in the GCC.

2018 National

  • Voltas was recognised by Dun & Bradstreet, India with the Dun & Bradstreet Best Corporate Award 2018 on 25th May 2018 for the 'Consumer Durables & Appliances' category.
  • Voltas was honoured in Green Building Category at the '4th Smart Cities India 2018 Awards' held in May 2018 for the 'Paryavaran Bhavan' Project, which is the first 'Net Zero' building in India with LEED Platinum certification.
  • Voltas was recognised as the ‘Best Brand in Digital Marketing Excellence in Consumer Durables Category’ at DigiXX 2018.
  • M Gopikrishna - EVP & COO, Domestic Projects Group, has been recognized as the Smart Digital Strategy Leader (for digital/IoT business models) and was conferred with the Digital Transformation Award.
  • Voltas has been ranked by the Brand Trust Report India Study 2018 as 'India's most Trusted Air Conditioner Brand' in a study covering 9000 brands across 16 cities.
  • Voltas has been certified as a 'Preferred Work Place for Women' as per the FICCI industry survey for the gender parity index for formal sector.
  • Voltas M&CE team in West Bokaro appreciated by Tata Steel for excellent performance in achievement of 50,000 hours successfully completion of Loader L1100 through out the period and to make this loader run successfully.
  • Voltas UPBG is the proud recipient of Best Fulfilment Partner Award at the Reliance Retail Annual Partners Award 2018. The award was received by the company’s MD & CEO, Pradeep Bakshi and Modern Trade team, comprising of Deba Ghoshal, Srinivas Raju, Sandeep Bagga and Maulik Patel.
  • Voltas Domestic Projects Group recognized at Indywood Built In India Excellence Awards 2018.

2018 International

  • Voltas IOBG is the proud winner at MEP Middle East Awards, 2018.
  • Lalbuksh Voltas Engineering Services was recognised as 'Contractor of the Year' at the Construction Week Oman Awards 2018. Voltas was commended for the variety of projects in its portfolio.
  • Voltas proud winner at Dossier Construction’s Infrastructure Awards & Summit,Oman.
  • IOBG wins The MEP Contractor of the Year at the Big Project Middle East Awards.
  • Voltas IOBG recognised at the 8th Annual Climate Control Awards 2018.

2019 National

  • Team DAICEC DPG achieves 5 Million Man Hours of Safety without any LTI.
  • Voltas the proud winner at Mint-EY Emerging Technology awards held at Mint Digital Innovation Summit, Bengaluru.
  • Voltas Wins at the Digixx Awards 2018-19 for SEO search activity in the 'Search Marketing/Display Marketing- Consumer Electronics' category.
  • Voltas was recognized as a Trusted Brand under two categories - AC & Air Purifier in the survey conducted by Reader's Digest in April 2019.
  • Voltas Recognised at Tata Business Excellence Awards 2019.
  • Voltas DPG recognised at the OHSSAI Annual Excellence Awards 2019.
  • Voltas DPG Recognised by Chennai Metro Rail.
  • Voltas’s 2019 Adjustable AC campaign has won the prestigious IndIAA (Indian Chapter of International Advertising Association) Award in the Consumer Durable category.
  • Voltas wins the Best Performance Award from HDB Financial Services 2019.

2019 International

  • Voltas wins 5 major honors at the Construction Week Oman Awards 2019 - Contractor of the Year, Construction Executive of the Year, Hospitality Project of the Year, Sustainability Initiative of the Year and Engineer of the Year.
  • Voltas IOBG wins 5 major honours at MEP Awards 2019, Dubai.
  • Voltas ranked Nos.1 inTop 25 MEP Contractors Rankings 2019 by MEP Middle East Magazine.
  • Voltas IOBG receives recognition at the Construction Week Awards 2019, Dubai.
  • Voltas IOBG Oman and Lalbuksh Voltas receives two awards at the Dossier Construction Infrastructure Awards & Summit 2019(DCIAS) - The EPC Contractor and Best Contractor for a Retail Project.
  • Voltas IOBG wins 'Climate Control Award 2019'.
  • Voltas in MEP Middle East HVAC power 25 List.

2020 National

  • Voltas Domestic Projects Business bags the Bangalore Metro project
  • Tata Steel recognises Voltas West Bokaro Team for Quality and Safety management
  • Voltas Chennai Metro Rail team has won the National Global Safety Award, 2020
  • Digixx 2020 : Marketer of the Year
  • Voltas recognized as India’s ‘Most Desired Brand’ in the Air Conditioner category - TRA Most Desired Brand
  • Voltas West Bokaro team wins big at the Annual Mines Safety Week, 2020
  • Voltas wins the ‘Making Customers Smile’
  • The Economic Times has recognised Voltas as one of the most ‘Iconic Brands of India’, for 2019-2020
  • Voltas wins Gold Standard of Marketing Award at the 2020 Effie Award

2020 International

  • Voltas IOBG bags 3 major awards at MEP Awards 2020, held in Dubai
  • Recognised for ‘Best Safety Auditing Practice’ At Global Safety Summit, 2020
  • Construction Week's Power 100 - 2020 Ranking
  • Voltas Oman Operations wins big in 2020 MEED National Awards



  • Voltas is incorporated in Mumbai on September 06, 1954. The company is jointly promoted by Switzerland’s Volkart Brothers and India’s Tata Sons.
  • Across engineering, chemical and pharmaceutical industries, marketing & distribution commences. Voltas begins to develop and manufacture products in-house.
  • The first step towards being a nation-builder, Voltas wins the contract to build power plants & use earth-moving machinery at the Tungabhadra Dam.
  • Marketing begins with the Ruti Hot Air Sizing Machine with the Theckersey Mooljee Group.
  • India’s first room AC is developed.
  • India’s first climatizer is launched: heating in winter and cooling in summer.
  • Ashoka becomes India’s first fully air-conditioned hotel.


  • Voltas enters a joint venture with the Mine Safety Appliances Co, USA & Associated Battery Makers (Easter Ltd, Kolkata).
  • Voltas undertakes the distribution of Ruti automatic looms.
  • JV with Merlin & Gerin set up to manufacture switchgear equipment.
  • A long-standing partnership with Laxmi Machine Works is established.
  • Voltas starts the supply of heavy- mining equipment to the coal-mining sector with Mack Dumpers.
  • Voltas obtains the license to manufacture the complete range of Carrier air conditioning equipment.
  • Asia’s first water-chilling plant at the Atomic Energy Establishment is a Voltas installation.
  • Voltas’s Thane plant is operational. The project engineering division is formed. Their first task is the pre-cooling of concrete for the Rihad Dam.


  • Voltas launches the Opal Refrigerator.
  • The International Operations Division is set up. Voltas debuts in the global market.
  • Voltas introduces India’s first completely indigenous machine for well-drilling in drought-hit areas.
  • The new Agro-industrial Products division is established for the sale & servicing of tractors and other agricultural implements.
  • The new export division books substantial orders for AC&R mining & material handling equipment.


  • HVAC projects move into ship, railway and dairy sector.
  • India’s first high-speed train ever, uses Voltas manufactured air conditioning.
  • Mobile aircraft cooler for Air India’s jumbo fleet developed in-house.
  • Diversification into air pollution control in collaboration with US based Research Cottrell.
  • Voltas’ Materials Handling Division introduces diesel forklift trucks.
  • Voltas air conditions the royal palace of the Sultan of Oman.
  • Voltas perfects milk-vending machines for the National Dairy Development Board.


  • A 1,000-capacity prayer hall for Qaboos Mosque in the Oman is air-conditioned in a record 4 days.
  • Successful air conditioning of one of India’s largest underground shopping centre, Delhi’s Palika Bazaar.
  • A high-prestige HVAC project is conducted for a hotel in Sanaa, Yemen.
  • 25 Years of Excellence in India. Voltas celebrates its silver jubilee.
  • The Project Engineering Division enters into water pollution control with Ames Crosta Ltd.
  • AC&R business wins the title of the biggest contributor to profitability.
  • 7,500 MVA, 200KV breakers from its principals, Merlin Gerin,Grenoble, France installed for the Gujarat Electricity Board.
  • Thane plant expands to centrifugal compressors of large capacity.


  • Launch and manufacture of OMEGA rough terrain hydraulic crane in collaboration with Harnischfeger (USA).
  • Nitrogen gas sealed, silicone liquid transformers built in India for the first time.
  • Construction of a new refrigerator factory begins.
  • The Consumer Products Division enters the foods sector as Volfarm.
  • Equity interest in Punjab Agro Fruits and Vegetable products.
  • HVAC projects’ clientele grows to include synthetic fibres, fertilizers, electronics, construction, R&D, transportation, labs, offices, hotels, auditoria and homes.
  • India’s first split AC units in Mumbai are launched.


  • Voltas, Punjab Agro Industries Corp and PepsiCo form a JV to capitalise on emerging opportunities. Distribution of Pepsi snack foods begins.
  • Electro-mechanical solutions commissioned and installed for Internal Security Housing Forces in Saudi Arabia.
  • Material Handling Business introduces up-to-date warehousing equipment to widen its product range.
  • Voltas and Hitachi from Japan together begin the manufacture of their centrifugal compressor.


  • Voltas introduces latest vapour absorption chilling machines following technology transfer agreements with Standard Refrigeration (U.S.A.), Hitachi (Japan) and Sigma (Australia).
  • Washing machines are launched in collaboration with Samsung.
  • Voltas begins manufacture and marketing of circulating pumps after technical agreements with Sulzer Pumps (Switzerland) for pumps, and Wade Manufacturing (U.S.A.) for agricultural machinery. New banner of Pumps & Projects established.
  • New models of window AC and ductable split air-conditioner, specifically suited to shops, showrooms and general office areas.
  • Voltas defines business via newly adopted groups for all categories of products.


  • Voltas receives the Good Corporate Citizen award.
  • AC&R business introduces new technology in vapour absorption machines and ozone-friendly screw chillers.
  • Mining & Construction Equipment turns its focus on open-cast mining and infrastructure development.
  • Commercial refrigeration products.
  • Premium frost-free refrigerator.
  • New range of room air-conditioning and split segments.
  • Ozone-friendly centrifugal chillers.
  • Voltas air-conditions India’s first IT park.
  • Introducing New Brands Voltas Vectra, Voltas Verdant, Voltas Veritas and Voltas Visionaire.
  • Formalised exclusive distribution of wheel loaders, hydraulic excavators and skid steer loaders with Hyundai Heavy Industries.
  • Thermostats built in collaboration with Robert Shaw, of Seibe.
  • Exclusive rights to market UNIT RIG mining equipment in India.


  • Voltas secures order for the world’s tallest building, The Burj Khalifa.
  • Voltas launches Voltas ACs under the Verdant brand, a premium model for the retail segment.
  • Voltas plans to set up a new plant in Uttarakhand.
  • Small capacity refrigerators launched to aid the needs in urban & rural markets.
  • A JV with Sermo Montaigui, France, set up for perfect moulds.
  • Distribution tie-up with Italy’s Uniflair.
  • Contract with Haier to make ACs and refrigerators.
  • A new range of water dispensers is unveiled.


  • MEP Project Manager of the Year Awards are set-up to recognise outstanding individual talent and commitment as seen in real-world outcomes.
  • JV set up with Olayan Financing Company of Saudi Arabia.
  • Voltas scores maximum foreign exchange earned from overseas construction and engineering projects.
  • Voltas joins hands with a Dutch Company.
  • Voltas acquires a majority of the stake in the Fedders’ venture.
  • Voltas teams up with Universal Comfort Products (UCPL) in a 50:50 JV with Fedders International Air-condition (FIACPL).
  • Voltas launches elegant, new range of air-conditioners.
  • Voltas ties up with GMRVF for a community development initiative.
  • MoU signed with Mustafa Sultan Group for a JV initiative in the Sultanate of Oman.


  • Textile Machinery Division puts new initiatives in place to optimise energy usage in a challenging economic scenario.
  • Tata Steel (Odisha) launches the first phase of the water system for their steel melt shop.
  • Voltas embarks on transforming water by specialised applications like sewage and wastewater treatment, canal pumping, river water purification.
  • The largest chilled-water plant installed by Voltas in the domestic market is one of the largest in India.
  • Voltas announces dividends of  Rs 1.60 per share.
  • Voltas and KION Group GmbH agree to establish a JV in India.
  • Voltas acquires 100% stake in Rohini Industrial and Electricals.

2016 onwards

  • Voltas Beko sets up its manufacturing facility foundation.
  • Strengthening its leadership position, Voltas introduces its 2018 range of techinially advanced cooling products.
  • The management of Voltas partners with the Mumbai Police to refurbish eight Police Balwadis where the children of the police constables learn, in a span of 3 months.
  • Voltas, in collaboration with Tata Strive inaugurates Center of Excellence to reach out to the economically weaker and socially disadvantaged youth and empower them through acquisition of skills relevant to industry.
  • Joint Venture Company to be established to tap India’s growing consumer durables market.
Brands Of Voltas


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