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  5. Voltas Q2 Results: Net profit plunges 74% to ₹34 crore YoY as weak summer, GST deferment hit demand

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Voltas Q2 Results: Net profit plunges 74% to ₹34 crore YoY as weak summer, GST deferment hit demand

Ahana Chatterjee - image.jpg
By Ahana Chatterjee

3 min read | Updated on November 13, 2025, 17:09 IST

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SUMMARY

For the six months ended September 30, 2025, Voltas reported a consolidated total income of ₹6,433 crore, down from ₹7,726 crore in the same period last year

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VOLTAS
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On Thursday, shares of Voltas settled at ₹1,330 apiece on NSE, falling 0.57%. The earnings, however, came after market hours. | Image: voltas.in

On Thursday, shares of Voltas settled at ₹1,330 apiece on NSE, falling 0.57%. The earnings, however, came after market hours. | Image: voltas.in

Voltas reported a 74.4% year-on-year (YoY) decline in its consolidated net profit to ₹34 crore on Thursday, November 13, for the second quarter of the fiscal year 2025-26 (Q2 FY26) as against ₹134 crore reported in the year-ago period.
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Revenue from operations of the home appliances maker stood at ₹2,347 crore in Q2 FY26, down 10% in the reporting quarter as compared to ₹2,619 crore in Q2 FY25. The total income also slipped 11% to ₹2,412 crore from ₹4,257 crore on a year-on-year (YoY) basis.

The air-conditioning maker and engineering services provider’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) declined 57% YoY to ₹70 crore in Q2 FY26 from ₹162 crore in the corresponding quarter of the previous fiscal year.

Its operating margin also contracted to 2.98% in Q2 FY26 in contrast to 6.17% in Q2 FY25.

According to Voltas, the quarter was impacted by external challenges such as a lean summer and GST-related demand deferment, which affected retail offtake and margins. The company stated that despite these short-term headwinds, it maintained its market leadership and continued to strengthen its strategic position through product innovation, manufacturing excellence, and channel expansion.

Also read: Eicher Motors Q2 results: Net profit rises 24% to ₹1,369 crore, EBITDA jumps 39%, margin contracts by 100 bps

For the six months ended September 30, 2025, Voltas reported a consolidated total income of ₹6,433 crore, down from ₹7,726 crore in the same period last year. Profit before tax (PBT) stood at ₹257 crore, compared to ₹657 crore a year ago, while net profit declined to ₹172 crore from ₹468 crore in the corresponding period last year.

Commenting on the earnings, Mukundan Menon C P, Managing Director, Voltas Limited, said, “The second quarter of FY26 was marked by external challenges, but our fundamentals remain strong. The GST reduction and upcoming BEE efficiency transition will unlock pent-up consumer demand in upcoming quarters. Our integrated strategy and diversified portfolio, combining product innovation, manufacturing excellence, and channel revitalisation, positions us well for sustainable growth and value creation.”

Segment updates

Unitary Cooling Products (UCP): The segment faced muted retail offtake due to the lag effect of the early monsoon and the GST rate reduction (from 28% to 18%), which led to deferred purchases and higher channel inventory. Margins were temporarily impacted by higher marketing support and under-absorption at new facilities in Chennai and Waghodia.
Voltbek continued its growth trajectory in H1, gaining market share across washing machines, refrigerators, and small domestic appliances and becoming the fastest-growing home appliance brand in the country.
However, its revenue from electro-mechanical projects and services, which comprises domestic and international project businesses, was also up 9.8% in the September quarter to ₹966.17 crore.
Also read: Paras Defence Q2 earnings: Net profit jumps 50%, revenue rises to ₹106 crore YoY

This “supported the diversified portfolio that Voltas manages, mitigating seasonality in the cooling business. The domestic projects business advanced execution across MEP, water, electrical, and solar projects, while international operations maintained disciplined project management and high-quality delivery,” the company said in a statement.

Revenue from the Engineering Products and Services segment declined 5.22% to ₹139.05 crore. The segment, however, demonstrated operational resilience, with the Mining and Construction Equipment division maintaining stable performance and the Textile Machinery business achieving its revenue and collection targets. After-sales services continued to be a key contributor to profitability.

On Thursday, shares of Voltas settled at ₹1,330 apiece on NSE, falling 0.57%. The earnings, however, came after market hours.

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About The Author

Ahana Chatterjee - image.jpg
Ahana Chatterjee is a business journalist with 7 years of experience across several leading news platforms. At Upstox, she covers stock markets and corporate news.

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