Consumer Durables
Consumer Electronics
from 1,321 today
Voltas reported robust UCP growth led by strong RAC volume growth, though EMPS revenue declined due to delayed international order bookings amid Middle East geopolitical tensions. We downward revised our FY27E/FY28E earnings by 4.0%/1.9% and maintain our SOTP-based TP of INR1,308 with a Hold rating.
We cut our EPS estimates by ~6%/7% for FY27/FY28 as we estimate lower margins. We arrive at a TP of INR1,290 based on SoTP and reiterate Neutral.
Ratings and target prices as published by each firm. Each summary condenses that firm's stated view in its own note and is attributed to it; no report text is reproduced.
