Voltas
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Qatar’s Court of Cassation dismissed OHL International and Contrack’s appeal as inadmissible, leaving undisturbed the Court of Appeal’s 4 May order in the Kentz–Voltas Consortium dispute. The order required OHL&C to pay outstanding subcontract amounts and compensation and return Voltas’s advance and performance bank guarantees. Voltas had already applied to execute the order, and the guarantees had been cancelled while recovery of the awarded amounts continued. The guarantees totalled ₹432.66 crore, and management had expected no financial impact from the pending appeal.
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Qatar’s Court of Cassation dismissed OHL International and Contrack’s appeal as inadmissible, leaving undisturbed the Court of Appeal’s 4 May order in the Kentz–Voltas Consortium dispute. The order required OHL&C to pay outstanding subcontract amounts and compensation and return Voltas’s advance and performance bank guarantees. Voltas had already applied to execute the order, and the guarantees had been cancelled while recovery of the awarded amounts continued. The guarantees totalled ₹432.66 crore, and management had expected no financial impact from the pending appeal.
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** India's Voltas VOLT.NS posted 52.2% y/y rise in Q1 profit helped by strong demand for room air conditioners
** Shares down 1.2% at 1,304.4 rupees
MARKET-SHARE GAINS OFFSET BY COST HEADWINDS
** BOB Capital Markets ("Hold", TP:1,440 rupees) says strong AC demand and market-share gains were offset by cost inflation and weak project execution; cuts FY27-FY29 earnings estimates by 4%-7%
** Ambit Capital ("Sell", TP:1,129 rupees) says co continues to face "market share versus margin" trade-off, with competitive intensity and raw-material pressures likely to keep profitability under pressure
** Emkay Global ("Buy",TP:1,500 rupees) says room AC growth partly offset by execution challenges in projects business, with margin recovery likely to be gradual and project-business recovery seen only in H2 of FY27
** ICICI Securities ("Add", TP:1,400 rupees) says room AC execution helped co extend market leadership, while margins improved despite 10%-12% cost inflation; expects profitability to improve over coming quarters
(Reporting by Surbhi Misra in Bengaluru)
(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))
** India's Voltas VOLT.NS posted 52.2% y/y rise in Q1 profit helped by strong demand for room air conditioners
** Shares down 1.2% at 1,304.4 rupees
MARKET-SHARE GAINS OFFSET BY COST HEADWINDS
** BOB Capital Markets ("Hold", TP:1,440 rupees) says strong AC demand and market-share gains were offset by cost inflation and weak project execution; cuts FY27-FY29 earnings estimates by 4%-7%
** Ambit Capital ("Sell", TP:1,129 rupees) says co continues to face "market share versus margin" trade-off, with competitive intensity and raw-material pressures likely to keep profitability under pressure
** Emkay Global ("Buy",TP:1,500 rupees) says room AC growth partly offset by execution challenges in projects business, with margin recovery likely to be gradual and project-business recovery seen only in H2 of FY27
** ICICI Securities ("Add", TP:1,400 rupees) says room AC execution helped co extend market leadership, while margins improved despite 10%-12% cost inflation; expects profitability to improve over coming quarters
(Reporting by Surbhi Misra in Bengaluru)
(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))
Voltas signed a binding term sheet with Atomberg Innovation Private Limited to establish a joint venture for developing, manufacturing and supplying high-efficiency room air-conditioner compressors and related parts in India. Voltas was to serve as the venture's anchor customer, while Atomberg Innovation was to provide compressor technology and engineering capabilities; the venture could also supply other customers. The proposed transaction remained subject to due diligence, definitive agreements and applicable approvals. Voltas's UCP business generated ₹9,501 crore of revenue and ₹305 crore of EBIT in FY26.
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Voltas signed a binding term sheet with Atomberg Innovation Private Limited to establish a joint venture for developing, manufacturing and supplying high-efficiency room air-conditioner compressors and related parts in India. Voltas was to serve as the venture's anchor customer, while Atomberg Innovation was to provide compressor technology and engineering capabilities; the venture could also supply other customers. The proposed transaction remained subject to due diligence, definitive agreements and applicable approvals. Voltas's UCP business generated ₹9,501 crore of revenue and ₹305 crore of EBIT in FY26.
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Voltas approved a binding term sheet with Atomberg Innovation to establish an equal-shareholding Indian joint venture for developing, manufacturing and commercialising room air-conditioner compressors. The proposed five-member board would include three Voltas nominees and two from Atomberg, while definitive agreements, due diligence and applicable approvals remained pending. Voltas's UCP business generated ₹9,501 crore of revenue and ₹305 crore of EBIT in FY26. Its existing Voltas-Arçelik home-appliance joint venture, Voltbek, remained loss-making despite washing-machine market share of 8-10% and refrigerator market share above 6%.
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Voltas approved a binding term sheet with Atomberg Innovation to establish an equal-shareholding Indian joint venture for developing, manufacturing and commercialising room air-conditioner compressors. The proposed five-member board would include three Voltas nominees and two from Atomberg, while definitive agreements, due diligence and applicable approvals remained pending. Voltas's UCP business generated ₹9,501 crore of revenue and ₹305 crore of EBIT in FY26. Its existing Voltas-Arçelik home-appliance joint venture, Voltbek, remained loss-making despite washing-machine market share of 8-10% and refrigerator market share above 6%.
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Aug 14 (Reuters) - Voltas Ltd VOLT.NS:
VOLTAS Q1 CONSOL NET PROFIT 2.14 BILLION RUPEES
VOLTAS Q1 CONSOL REVENUE FROM OPERATIONS 46.74 BILLION RUPEES
Source text: [ID:]
Further company coverage: VOLT.NS
(([email protected];))
Aug 14 (Reuters) - Voltas Ltd VOLT.NS:
VOLTAS Q1 CONSOL NET PROFIT 2.14 BILLION RUPEES
VOLTAS Q1 CONSOL REVENUE FROM OPERATIONS 46.74 BILLION RUPEES
Source text: [ID:]
Further company coverage: VOLT.NS
(([email protected];))
Noel Tata rises from retail success to Tata power broker
Trusts chief to shape succession
Low-profile heir balances charity mission with group control
By Chandini Monnappa
Aug 13 (Reuters) - For decades, Noel Tata built retail and trading businesses out of the spotlight that followed his half-brother Ratan Tata. Now, as chairman of Tata Trusts, he is set to influence two of the biggest decisions facing the Tata group: who leads it next and whether it ever goes public.
Noel's stewardship of the trusts, influence over Tata Sons' succession process and role in the listing debate could shape the future of one of India's best-known and biggest conglomerates.
Tata Sons, the holding company of the group with a combined market value of around $277 billion, must choose a new leader to succeed Chairman N. Chandrasekaran when his tenure ends in February 2027. Tata Trusts hold great sway over the decision with a controlling stake in Tata Sons.
Long overshadowed by his half-brother Ratan Tata, the public face of the conglomerate for decades, Noel, 68, rose through less prominent corners of the business, building credentials in retail and trading rather than the group's flagship companies.
Though rarely visible publicly, Noel spent years serving on boards across the group. Unlike Ratan Tata, one of India's most recognisable corporate leaders, Noel largely shunned publicity despite his growing influence within the group. He emerged as a central figure only after Ratan's death in October 2024.
Trustees unanimously appointed him as chairman of Tata Trusts and he subsequently joined the Tata Sons board as a non-executive director.
He now occupies one of the most powerful positions in Indian corporate governance.
"The job is to find the most effective allocation of the resources we have, make choices on how to deploy those resources meaningfully, and do what is best for India," he said at an event this month.
"We must serve the purpose for which the founders of the Trusts left their shares – to improve life in India."
SUCCESSION AND LISTING DEBATE
Two issues will shape the future of the 158-year-old conglomerate: the selection of Tata Sons' next chair and whether the privately held company should eventually pursue a public listing.
Tata Sons has faced pressure from minority shareholder Shapoorji Pallonji Group to pursue a public listing, while regulatory requirements could also eventually revive the issue unless the company secures an exemption.
Noel has not made public comments, but media reports said he and other trustees unanimously opposed listing last year. He sought clarification from Tata Sons on four to five issues, including the group's business performance, its five-year plan, capital expenditure and the rationale for remaining unlisted, according to a source with direct knowledge of the matter.
With regard to the next chairman, his influence is likely to be decisive. While the Tata Sons board will oversee the selection process, the trusts' control of the holding company means Noel will have a significant say in choosing a leader capable of balancing commercial ambitions with the group's distinctive governance structure. The trusts appoint a third of Tata Sons directors, who hold veto powers over key decisions.
RETAIL AND TRADING BACKGROUND
Noel spent most of his career away from the public eye after graduating from Britain's Sussex University. He built his reputation within the group through retail and trading businesses rather than its flagship steel, IT and auto companies.
He joined Tata International, the group's trading arm, before moving to Trent TREN.NS, then a relatively small retail business. As managing director from 1999, he helped transform Trent into one of India's biggest retail success stories through brands such as Westside and, later, value-fashion chain Zudio.
The success established him as a respected operator within the Tata group and paved the way for broader leadership responsibilities.
"Noel is well versed with how Tata businesses are run. In retail, many people thought how will Tata compete with the big retailers. Noel has shown it," Sanjay Singh, a former Tata Sons executive who retired in 2019, told Reuters in 2024.
Unlike Ratan Tata, he built influence quietly and remained very private, with his office serving as the main conduit for his views and public statements, the source with knowledge of the group said.
In August 2010, Noel became Tata International's managing director. During his tenure, the company's turnover grew to more than $3 billion from roughly $500 million as it expanded across geographies and businesses.
He stepped down as managing director in November 2021 after reaching the group's retirement age for senior executives but remained its non-executive chairman.
He accumulated other boardroom responsibilities across the conglomerate, including chairmanships at Voltas VOLT.NS and Tata Investment Corporation TINV.NS, and vice-chairmanships at Tata Steel TISC.NS and Titan TITN.NS.
"He has kept a low profile so the outer world doesn't know him well, but he is quintessential Tata," Singh said.
(Reporting by Chandini Monnappa in Bengaluru, Jayshree P Upadhyay in Mumbai, additional reporting by Saikeerthi; Editing by Dhanya Skariachan and Elaine Hardcastle)
(([email protected]; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))
Noel Tata rises from retail success to Tata power broker
Trusts chief to shape succession
Low-profile heir balances charity mission with group control
By Chandini Monnappa
Aug 13 (Reuters) - For decades, Noel Tata built retail and trading businesses out of the spotlight that followed his half-brother Ratan Tata. Now, as chairman of Tata Trusts, he is set to influence two of the biggest decisions facing the Tata group: who leads it next and whether it ever goes public.
Noel's stewardship of the trusts, influence over Tata Sons' succession process and role in the listing debate could shape the future of one of India's best-known and biggest conglomerates.
Tata Sons, the holding company of the group with a combined market value of around $277 billion, must choose a new leader to succeed Chairman N. Chandrasekaran when his tenure ends in February 2027. Tata Trusts hold great sway over the decision with a controlling stake in Tata Sons.
Long overshadowed by his half-brother Ratan Tata, the public face of the conglomerate for decades, Noel, 68, rose through less prominent corners of the business, building credentials in retail and trading rather than the group's flagship companies.
Though rarely visible publicly, Noel spent years serving on boards across the group. Unlike Ratan Tata, one of India's most recognisable corporate leaders, Noel largely shunned publicity despite his growing influence within the group. He emerged as a central figure only after Ratan's death in October 2024.
Trustees unanimously appointed him as chairman of Tata Trusts and he subsequently joined the Tata Sons board as a non-executive director.
He now occupies one of the most powerful positions in Indian corporate governance.
"The job is to find the most effective allocation of the resources we have, make choices on how to deploy those resources meaningfully, and do what is best for India," he said at an event this month.
"We must serve the purpose for which the founders of the Trusts left their shares – to improve life in India."
SUCCESSION AND LISTING DEBATE
Two issues will shape the future of the 158-year-old conglomerate: the selection of Tata Sons' next chair and whether the privately held company should eventually pursue a public listing.
Tata Sons has faced pressure from minority shareholder Shapoorji Pallonji Group to pursue a public listing, while regulatory requirements could also eventually revive the issue unless the company secures an exemption.
Noel has not made public comments, but media reports said he and other trustees unanimously opposed listing last year. He sought clarification from Tata Sons on four to five issues, including the group's business performance, its five-year plan, capital expenditure and the rationale for remaining unlisted, according to a source with direct knowledge of the matter.
With regard to the next chairman, his influence is likely to be decisive. While the Tata Sons board will oversee the selection process, the trusts' control of the holding company means Noel will have a significant say in choosing a leader capable of balancing commercial ambitions with the group's distinctive governance structure. The trusts appoint a third of Tata Sons directors, who hold veto powers over key decisions.
RETAIL AND TRADING BACKGROUND
Noel spent most of his career away from the public eye after graduating from Britain's Sussex University. He built his reputation within the group through retail and trading businesses rather than its flagship steel, IT and auto companies.
He joined Tata International, the group's trading arm, before moving to Trent TREN.NS, then a relatively small retail business. As managing director from 1999, he helped transform Trent into one of India's biggest retail success stories through brands such as Westside and, later, value-fashion chain Zudio.
The success established him as a respected operator within the Tata group and paved the way for broader leadership responsibilities.
"Noel is well versed with how Tata businesses are run. In retail, many people thought how will Tata compete with the big retailers. Noel has shown it," Sanjay Singh, a former Tata Sons executive who retired in 2019, told Reuters in 2024.
Unlike Ratan Tata, he built influence quietly and remained very private, with his office serving as the main conduit for his views and public statements, the source with knowledge of the group said.
In August 2010, Noel became Tata International's managing director. During his tenure, the company's turnover grew to more than $3 billion from roughly $500 million as it expanded across geographies and businesses.
He stepped down as managing director in November 2021 after reaching the group's retirement age for senior executives but remained its non-executive chairman.
He accumulated other boardroom responsibilities across the conglomerate, including chairmanships at Voltas VOLT.NS and Tata Investment Corporation TINV.NS, and vice-chairmanships at Tata Steel TISC.NS and Titan TITN.NS.
"He has kept a low profile so the outer world doesn't know him well, but he is quintessential Tata," Singh said.
(Reporting by Chandini Monnappa in Bengaluru, Jayshree P Upadhyay in Mumbai, additional reporting by Saikeerthi; Editing by Dhanya Skariachan and Elaine Hardcastle)
(([email protected]; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))
** Shares of Voltas VOLT.NS rise as much as 5.1%; last up 2.3% at 1,373.5 rupees
** BNP Paribas re-iterates "Outperform" with TP of 1,470 rupees
** Brokerage says co likely sold more than 1 mln units in Q1, which could result in 33%-35% volume growth, helped by weak year-ago base and a sharp uptick in market share
** Notes co's potential for revenue uptick since concerns on co's margins due to elevated commodity costs, FX depreciation and staggered price hikes have been baked in May's stock price correction
** Expects 32%-35% revenue growth in co's unitary cooling products division
** Says secondary demand remains strong, while channel inventory levels are below normal
** Adds, a stronger summer could aid in sharper margin recovery via operating leverage and lower discounts
** Stock rated "Hold" on average by 37 analysts; median TP at 1,362.5 rupees
** YTD, stock up ~3%
(Reporting by Mridula Kumar in Bengaluru)
(([email protected];))
** Shares of Voltas VOLT.NS rise as much as 5.1%; last up 2.3% at 1,373.5 rupees
** BNP Paribas re-iterates "Outperform" with TP of 1,470 rupees
** Brokerage says co likely sold more than 1 mln units in Q1, which could result in 33%-35% volume growth, helped by weak year-ago base and a sharp uptick in market share
** Notes co's potential for revenue uptick since concerns on co's margins due to elevated commodity costs, FX depreciation and staggered price hikes have been baked in May's stock price correction
** Expects 32%-35% revenue growth in co's unitary cooling products division
** Says secondary demand remains strong, while channel inventory levels are below normal
** Adds, a stronger summer could aid in sharper margin recovery via operating leverage and lower discounts
** Stock rated "Hold" on average by 37 analysts; median TP at 1,362.5 rupees
** YTD, stock up ~3%
(Reporting by Mridula Kumar in Bengaluru)
(([email protected];))
May 14 (Reuters) - Voltas Ltd VOLT.NS:
VOLTAS MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 48.88 BILLION RUPEES
VOLTAS MARCH-QUARTER CONSOL NET PROFIT 1.16 BILLION RUPEES
VOLTAS - RECOMMENDS DIVIDEND OF 4 RUPEES PER SHARE FOR FY26
Further company coverage: VOLT.NS
(([email protected];))
May 14 (Reuters) - Voltas Ltd VOLT.NS:
VOLTAS MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 48.88 BILLION RUPEES
VOLTAS MARCH-QUARTER CONSOL NET PROFIT 1.16 BILLION RUPEES
VOLTAS - RECOMMENDS DIVIDEND OF 4 RUPEES PER SHARE FOR FY26
Further company coverage: VOLT.NS
(([email protected];))
March 30 (Reuters) - Voltas Ltd VOLT.NS:
RECEIVES CUSTOMS ORDER FOR 107.6 MILLION RUPEES DUTY AND 127.6 MILLION RUPEES PENALTY
Source text: ID:nNSE1c7mLr
Further company coverage: VOLT.NS
(([email protected];))
March 30 (Reuters) - Voltas Ltd VOLT.NS:
RECEIVES CUSTOMS ORDER FOR 107.6 MILLION RUPEES DUTY AND 127.6 MILLION RUPEES PENALTY
Source text: ID:nNSE1c7mLr
Further company coverage: VOLT.NS
(([email protected];))
March 13 (Reuters) - Voltas Ltd VOLT.NS:
ASSISTANT COMMISSIONER OF STATE TAX INITIATES INSPECTION AT VOLTAS OFFICE
NO MATERIAL IMPACT ON VOLTAS FINANCIALS OR OPERATIONS DUE TO INSPECTION
Source text: ID:nNSE7Q4jFs
Further company coverage: VOLT.NS
(([email protected];;))
March 13 (Reuters) - Voltas Ltd VOLT.NS:
ASSISTANT COMMISSIONER OF STATE TAX INITIATES INSPECTION AT VOLTAS OFFICE
NO MATERIAL IMPACT ON VOLTAS FINANCIALS OR OPERATIONS DUE TO INSPECTION
Source text: ID:nNSE7Q4jFs
Further company coverage: VOLT.NS
(([email protected];;))
Adds analyst comments in paragraph 5, company comments in paragraph 9
Feb 11 (Reuters) - LG Electronics India LGEL.NS reported a near 62% drop in third-quarter profit on Wednesday, hit by weaker demand in its home appliances and air solutions business as cooler weather hurt sales of cooling products in Asia's third-largest economy.
The Indian unit of South Korea's LG Electronics 066570.KS posted a standalone profit of 896.7 million rupees ($9.89 million) for the quarter ended December 31, down from 2.33 billion rupees a year earlier.
Demand for room air conditioners remained subdued for most of the quarter as cooler-than-usual weather dampened sales, while elevated inventory levels at dealers curtailed fresh orders, analysts said.
LG said demand in its home appliances segment softened after the festival of Diwali, when Indians typically splurge on big-ticket items, but it chose not to cut prices to protect long‑term profitability.
Analysts at ICICI Securities expected a weaker third quarter for LG India. However they said, the company is prioritising margin protection over volume growth in a soft demand environment, positioning it well for when demand normalises.
Revenue from the company's home appliances and air solutions division fell 10% to 27.88 billion rupees, pushing overall revenue down 6% to 41.14 billion rupees.
AC makers Voltas VOLT.NS and Blue Star BLUS.NS posted a drop in third-quarter profit, hurt by weakness in their cooling products segment and charges related to India's new labour laws.
LG reported a 124.50 million rupee impact on its results from the labour code changes.
The company said that the reduction of U.S. tariffs and EU trade deal with India is expected to drive export-related opportunities, adding that it aims to double exports in the next financial year.
LG's revenue from the home entertainment segment rose nearly 2%, helped by the country's recent slashing of consumption tax.
Shares of the company closed 1.5% lower on the day and are down 11% since listing in October.
($1 = 90.6910 Indian rupees)
(Reporting by Nishit Navin and Urvi Dugar in Bengaluru; Editing by Tasim Zahid)
(([email protected];))
Adds analyst comments in paragraph 5, company comments in paragraph 9
Feb 11 (Reuters) - LG Electronics India LGEL.NS reported a near 62% drop in third-quarter profit on Wednesday, hit by weaker demand in its home appliances and air solutions business as cooler weather hurt sales of cooling products in Asia's third-largest economy.
The Indian unit of South Korea's LG Electronics 066570.KS posted a standalone profit of 896.7 million rupees ($9.89 million) for the quarter ended December 31, down from 2.33 billion rupees a year earlier.
Demand for room air conditioners remained subdued for most of the quarter as cooler-than-usual weather dampened sales, while elevated inventory levels at dealers curtailed fresh orders, analysts said.
LG said demand in its home appliances segment softened after the festival of Diwali, when Indians typically splurge on big-ticket items, but it chose not to cut prices to protect long‑term profitability.
Analysts at ICICI Securities expected a weaker third quarter for LG India. However they said, the company is prioritising margin protection over volume growth in a soft demand environment, positioning it well for when demand normalises.
Revenue from the company's home appliances and air solutions division fell 10% to 27.88 billion rupees, pushing overall revenue down 6% to 41.14 billion rupees.
AC makers Voltas VOLT.NS and Blue Star BLUS.NS posted a drop in third-quarter profit, hurt by weakness in their cooling products segment and charges related to India's new labour laws.
LG reported a 124.50 million rupee impact on its results from the labour code changes.
The company said that the reduction of U.S. tariffs and EU trade deal with India is expected to drive export-related opportunities, adding that it aims to double exports in the next financial year.
LG's revenue from the home entertainment segment rose nearly 2%, helped by the country's recent slashing of consumption tax.
Shares of the company closed 1.5% lower on the day and are down 11% since listing in October.
($1 = 90.6910 Indian rupees)
(Reporting by Nishit Navin and Urvi Dugar in Bengaluru; Editing by Tasim Zahid)
(([email protected];))
By Praveen Paramasivam
Feb 5 (Reuters) - India's Voltas VOLT.NS expects a double-digit revenue growth in its room air conditioner business this summer, betting on first-time buyers to lead a rebound in demand after a subdued season last year, according to a senior company executive.
Industry estimates show only a tenth of Indian households own an AC, compared to two-thirds in China and one-third in Thailand, even as the world's most populous country frequently grapples with heat waves.
"Research shows 85% of buyers are first-time buyers," Jayant Balan, who heads Voltas' room AC business, told Reuters in an interview on Wednesday, adding the category's revenue will grow in the double-digit percentage range in the April–June quarter.
Revenue from Voltas' business group that sells room ACs and accounts for two-thirds of overall revenue slumped 25% in April-June 2025 due to early monsoon showers and milder summer temperatures. The firm booked 154.13 billion rupees ($1.7 billion) in total revenue in 2024-25.
Voltas, India's AC market leader with nearly an 18% share, competes with local rival Blue Star BLUS.NS, Japan's Daikin Industries 6367.T and South Korea's LG Electronics LGEL.NS.
ACs are likely to get more expensive this year despite September's consumption tax cuts, as Voltas has raised prices after new energy-efficiency norms took effect, and as soaring copper and silver prices lift input costs.
Further commodity inflation could trigger additional price increases, Balan said.
U.S. President Donald Trump announced a trade deal with India on Monday to cut tariffs to 18% from 50% in exchange for New Delhi halting Russian oil purchases and lowering trade barriers, including on U.S. industrial goods.
It came days after India's trade deal with the European Union, opening the door to freer trade with its 27 members.
Balan dismissed concerns over new entrants, saying Voltas already contends with more cost-competitive rivals.
Voltas is also looking to quickly expand its small export footprint, with its research and development teams developing products for overseas markets, as Europe increasingly adopts ACs.
($1 = 90.3700 Indian rupees)
(Reporting by Praveen Paramasivam in Chennai; Editing by Rashmi Aich)
(([email protected]; +91 867-525-3569;))
By Praveen Paramasivam
Feb 5 (Reuters) - India's Voltas VOLT.NS expects a double-digit revenue growth in its room air conditioner business this summer, betting on first-time buyers to lead a rebound in demand after a subdued season last year, according to a senior company executive.
Industry estimates show only a tenth of Indian households own an AC, compared to two-thirds in China and one-third in Thailand, even as the world's most populous country frequently grapples with heat waves.
"Research shows 85% of buyers are first-time buyers," Jayant Balan, who heads Voltas' room AC business, told Reuters in an interview on Wednesday, adding the category's revenue will grow in the double-digit percentage range in the April–June quarter.
Revenue from Voltas' business group that sells room ACs and accounts for two-thirds of overall revenue slumped 25% in April-June 2025 due to early monsoon showers and milder summer temperatures. The firm booked 154.13 billion rupees ($1.7 billion) in total revenue in 2024-25.
Voltas, India's AC market leader with nearly an 18% share, competes with local rival Blue Star BLUS.NS, Japan's Daikin Industries 6367.T and South Korea's LG Electronics LGEL.NS.
ACs are likely to get more expensive this year despite September's consumption tax cuts, as Voltas has raised prices after new energy-efficiency norms took effect, and as soaring copper and silver prices lift input costs.
Further commodity inflation could trigger additional price increases, Balan said.
U.S. President Donald Trump announced a trade deal with India on Monday to cut tariffs to 18% from 50% in exchange for New Delhi halting Russian oil purchases and lowering trade barriers, including on U.S. industrial goods.
It came days after India's trade deal with the European Union, opening the door to freer trade with its 27 members.
Balan dismissed concerns over new entrants, saying Voltas already contends with more cost-competitive rivals.
Voltas is also looking to quickly expand its small export footprint, with its research and development teams developing products for overseas markets, as Europe increasingly adopts ACs.
($1 = 90.3700 Indian rupees)
(Reporting by Praveen Paramasivam in Chennai; Editing by Rashmi Aich)
(([email protected]; +91 867-525-3569;))
Jan 29 (Reuters) - Voltas Ltd VOLT.NS:
VOLTAS Q3 CONSOL NET PROFIT 849.5 MILLION RUPEES; IBES EST. 1.29 BILLION RUPEES
VOLTAS Q3 CONSOL REVENUE FROM OPERATIONS 30.71 BILLION RUPEES; IBES EST. 32.79 BILLION RUPEES
Further company coverage: VOLT.NS
(([email protected];))
Jan 29 (Reuters) - Voltas Ltd VOLT.NS:
VOLTAS Q3 CONSOL NET PROFIT 849.5 MILLION RUPEES; IBES EST. 1.29 BILLION RUPEES
VOLTAS Q3 CONSOL REVENUE FROM OPERATIONS 30.71 BILLION RUPEES; IBES EST. 32.79 BILLION RUPEES
Further company coverage: VOLT.NS
(([email protected];))
Dec 31 (Reuters) - Voltas Ltd VOLT.NS:
TAX DEMAND REDUCED FROM 2.65 BILLION RUPEES TO 107.7 MILLION RUPEES
Source text: ID:nNSE69HXD2
Further company coverage: VOLT.NS
(([email protected];;))
Dec 31 (Reuters) - Voltas Ltd VOLT.NS:
TAX DEMAND REDUCED FROM 2.65 BILLION RUPEES TO 107.7 MILLION RUPEES
Source text: ID:nNSE69HXD2
Further company coverage: VOLT.NS
(([email protected];;))
Dec 12 (Reuters) - Voltas Ltd VOLT.NS:
TAX DEMAND REDUCED FROM 317.7 MILLION RUPEES TO 14,000 RUPEES
Source text: ID:nBSE5FgS5Y
Further company coverage: VOLT.NS
(([email protected];))
Dec 12 (Reuters) - Voltas Ltd VOLT.NS:
TAX DEMAND REDUCED FROM 317.7 MILLION RUPEES TO 14,000 RUPEES
Source text: ID:nBSE5FgS5Y
Further company coverage: VOLT.NS
(([email protected];))
LG Electronics India stock soars 53.4% on debut, outshines Tata Capital and WeWork India
India unit of LG Electronics notches $13 billion valuation, surpassing parent company
India's tax cuts, dovish central bank policies to boost appliance makers' growth
Rewrites throughout, adds analyst comments in paragraph 3
By Vivek Kumar M and Kashish Tandon
Oct 14 (Reuters) - LG Electronics India LGEL.NS soared 53.4% in its trading debut on Tuesday, overtaking its South Korean parent's market value, as investors bet big on its manufacturing and retail ambitions in the country, fuelled by a surge in consumer demand.
Policy support, including India's recent tax cuts on consumer goods such as refrigerators and televisions, and a dovish central bank stance are expected to lift near-term growth for appliance makers.
The listing - the strongest for a billion-dollar IPO in India since 2021 - coincides not only with India's festive season, when spending peaks, but also comes amid a busy primary market, where favourable policies are driving a fundraising boom set to surpass last year's record $20.5 billion.
Consumption is "where LG has gotten a better response compared to other IPOs that are currently in the market", said Deven Choksey, managing director at DRChoksey FinServ.
The blockbuster $1.3 billion offering opened for bids around the same time as the year's largest IPO Tata Capital TATC.NS and office working space major WeWork India's WEWO.NS listing.
However, while LG's IPO was fully subscribed within hours of opening, attracting bids worth nearly $50 billion, both Tata Capital and WeWork logged muted demand across investor segments.
On listing day, the former rose only 1.4%, while the latter fell 3%.
"After a long time, we're seeing a genuinely strong IPO in the consumer space — solid fundamentals, reasonable valuations and sector-leading growth prospects," said Dhiraj Relli, managing director and CEO of HDFC Securities.
The country's second-biggest appliance maker has begun construction of its $600 million-manufacturing facility - its third in India - with plans to convert India into a global export hub, hugely underpinning the investor enthusiasm.
LG Electronics India's shares closed 48.2% higher at 1,689.9 rupees, after listing at 1,710.10 rupees - well above the issue price of 1,140 rupees.
The company notched a valuation of around $13 billion, surpassing its $8.73 billion target and the roughly $9 billion market value of its parent LG Electronics 066570.KS.
The IPO was a pure offer-for-sale, with the parent offloading 15% of its stake as it defends its margins in its core TV and appliance businesses from fierce Chinese competition.
Qualified institutional buyers had bid 166.5-fold their quota, while non-institutional and retail investors had subscribed 22.4 times and 3.54 times, respectively.
Institutional investors are unlikely to be satisfied with the current 5 billion–6 billion rupee allocation, Relli said, adding that they will be forced to participate aggressively beyond the listing to achieve reasonable sizing.
At least five brokerages initiated coverage on the firm, with price targets between 1,700 to 1,800 rupees.
($1 = 88.7680 Indian rupees)
Listing performance of India's billion-dollar IPOs https://reut.rs/3WDjvkA
(Reporting by Kashish Tandon, Vivek Kumar, Chandini Monnappa and Mridula Kumar; Editing by Janane Venkatraman)
LG Electronics India stock soars 53.4% on debut, outshines Tata Capital and WeWork India
India unit of LG Electronics notches $13 billion valuation, surpassing parent company
India's tax cuts, dovish central bank policies to boost appliance makers' growth
Rewrites throughout, adds analyst comments in paragraph 3
By Vivek Kumar M and Kashish Tandon
Oct 14 (Reuters) - LG Electronics India LGEL.NS soared 53.4% in its trading debut on Tuesday, overtaking its South Korean parent's market value, as investors bet big on its manufacturing and retail ambitions in the country, fuelled by a surge in consumer demand.
Policy support, including India's recent tax cuts on consumer goods such as refrigerators and televisions, and a dovish central bank stance are expected to lift near-term growth for appliance makers.
The listing - the strongest for a billion-dollar IPO in India since 2021 - coincides not only with India's festive season, when spending peaks, but also comes amid a busy primary market, where favourable policies are driving a fundraising boom set to surpass last year's record $20.5 billion.
Consumption is "where LG has gotten a better response compared to other IPOs that are currently in the market", said Deven Choksey, managing director at DRChoksey FinServ.
The blockbuster $1.3 billion offering opened for bids around the same time as the year's largest IPO Tata Capital TATC.NS and office working space major WeWork India's WEWO.NS listing.
However, while LG's IPO was fully subscribed within hours of opening, attracting bids worth nearly $50 billion, both Tata Capital and WeWork logged muted demand across investor segments.
On listing day, the former rose only 1.4%, while the latter fell 3%.
"After a long time, we're seeing a genuinely strong IPO in the consumer space — solid fundamentals, reasonable valuations and sector-leading growth prospects," said Dhiraj Relli, managing director and CEO of HDFC Securities.
The country's second-biggest appliance maker has begun construction of its $600 million-manufacturing facility - its third in India - with plans to convert India into a global export hub, hugely underpinning the investor enthusiasm.
LG Electronics India's shares closed 48.2% higher at 1,689.9 rupees, after listing at 1,710.10 rupees - well above the issue price of 1,140 rupees.
The company notched a valuation of around $13 billion, surpassing its $8.73 billion target and the roughly $9 billion market value of its parent LG Electronics 066570.KS.
The IPO was a pure offer-for-sale, with the parent offloading 15% of its stake as it defends its margins in its core TV and appliance businesses from fierce Chinese competition.
Qualified institutional buyers had bid 166.5-fold their quota, while non-institutional and retail investors had subscribed 22.4 times and 3.54 times, respectively.
Institutional investors are unlikely to be satisfied with the current 5 billion–6 billion rupee allocation, Relli said, adding that they will be forced to participate aggressively beyond the listing to achieve reasonable sizing.
At least five brokerages initiated coverage on the firm, with price targets between 1,700 to 1,800 rupees.
($1 = 88.7680 Indian rupees)
Listing performance of India's billion-dollar IPOs https://reut.rs/3WDjvkA
(Reporting by Kashish Tandon, Vivek Kumar, Chandini Monnappa and Mridula Kumar; Editing by Janane Venkatraman)
** Shares of air-conditioner maker Voltas VOLT.NS fall 2.1% to 1,390 rupees
** Brokerages flag near-term pressure on demand and margins, despite an optimistic outlook for the second half of fiscal 2026 driven by tax cuts and festive demand
** In a meeting with analysts, the company says demand remains weak due to elevated channel inventory and an extended monsoon
** Consumer purchases are also delayed between August 15, when Prime Minister Narendra Modi signaled tax cuts, and September 22, when they take effect
** Nomura notes Voltas struggles to provide growth guidance for fiscal 2025 and warns margins could shrink amid aggressive pricing
** Ambit Capital highlights concerns about regaining market share
** Nuvama and Antique Stock Broking expect softness in sales across key segments
** LSEG data shows the average analyst rating is "hold", with a median target of 1,408.50 rupees
** Voltas shares are down 21% in 2025 so far, trailing the Nifty Midcap 100's .NIFMDCP100 3.2% gain
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
** Shares of air-conditioner maker Voltas VOLT.NS fall 2.1% to 1,390 rupees
** Brokerages flag near-term pressure on demand and margins, despite an optimistic outlook for the second half of fiscal 2026 driven by tax cuts and festive demand
** In a meeting with analysts, the company says demand remains weak due to elevated channel inventory and an extended monsoon
** Consumer purchases are also delayed between August 15, when Prime Minister Narendra Modi signaled tax cuts, and September 22, when they take effect
** Nomura notes Voltas struggles to provide growth guidance for fiscal 2025 and warns margins could shrink amid aggressive pricing
** Ambit Capital highlights concerns about regaining market share
** Nuvama and Antique Stock Broking expect softness in sales across key segments
** LSEG data shows the average analyst rating is "hold", with a median target of 1,408.50 rupees
** Voltas shares are down 21% in 2025 so far, trailing the Nifty Midcap 100's .NIFMDCP100 3.2% gain
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
** Voltas shares VOLT.NS slump 7.9% to 1,201 rupees, lowest since May 9
** Biggest loser on Nifty Midcap 50 index .NIMDCP50, which is down 0.05%
** AC maker's Q1 profit missed estimates on Friday
** Investec (rating: "hold") cuts PT to 1,140 rupees from 1,250 rupees; warns next few quarters may also disappoint
** Goldman Sachs (rating: "sell") cuts PT to 1,100 rupees from 1,180 rupees; adds, no positive triggers
** Jefferies (rating: "buy") trims PT to 1,670 rupees from 1,680 rupees; backs Voltas' brand strength, market leadership in under-penetrated segment
** Average rating among 35 analysts is "hold", median PT is 1,383 rupees - data compiled by LSEG
** YTD, stock down 32.9% vs NIMDCP50 down 1.2%
(Reporting by Rudra Pratap Singh in Bengaluru)
** Voltas shares VOLT.NS slump 7.9% to 1,201 rupees, lowest since May 9
** Biggest loser on Nifty Midcap 50 index .NIMDCP50, which is down 0.05%
** AC maker's Q1 profit missed estimates on Friday
** Investec (rating: "hold") cuts PT to 1,140 rupees from 1,250 rupees; warns next few quarters may also disappoint
** Goldman Sachs (rating: "sell") cuts PT to 1,100 rupees from 1,180 rupees; adds, no positive triggers
** Jefferies (rating: "buy") trims PT to 1,670 rupees from 1,680 rupees; backs Voltas' brand strength, market leadership in under-penetrated segment
** Average rating among 35 analysts is "hold", median PT is 1,383 rupees - data compiled by LSEG
** YTD, stock down 32.9% vs NIMDCP50 down 1.2%
(Reporting by Rudra Pratap Singh in Bengaluru)
By Aditya Kalra and Arpan Chaturvedi
NEW DELHI, July 7 (Reuters) - The Indian unit of U.S. air conditioning giant Carrier CARR.N has become the latest major firm to sue Prime Minister Narendra Modi's government over electronic waste rules that have hiked the fees manufacturers must pay to recyclers.
South Korea's Samsung Electronics 005930.KS and LG Electronics 066570.KS as well as Japan's Daikin 6367.T and Tata's Voltas VOLT.NS have also brought suits, which are set to be heard by the High Court of Delhi on Tuesday. All of the companies are seeking to have the rules quashed.
India is the third-biggest generator of electronic waste behind China and the U.S., but the government says only 43% of the country's e-waste last year was recycled.
Modi's government in September fixed a floor price that electronics makers must pay recyclers, which manufacturers argue is roughly three to four times higher than what they paid earlier.
In a 380-page court filing dated June 3, which has not been disclosed publicly, Carrier said recyclers were willing to continue their work at the older prices and the government should not interfere in private dealings between companies and recyclers.
"The burden of the benefit being given to the recyclers has been put on the producers, which is unfair and arbitrary," said submissions by Carrier Airconditioning & Refrigeration which were reviewed by Reuters.
The submissions added that the rules will impose a "huge financial burden" on the company.
Carrier did not respond to a Reuters request for comment.
India's Ministry of Environment also did not respond to Reuters queries. It has previously argued in court that the pricing rules are needed to ensure proper waste disposal and were a "reasonable" intervention.
The new rules mandate a minimum payment of 22 rupees per kilogram to recycle consumer electronics. Such rates are still lower than levels in the U.S where they are up to five times higher, according to research firm Redseer.
Carrier reported sales of $248 million in India last year, its highest level since at least the financial year ending March 2020. Its filing said it installed India's first-ever air conditioning system in Jaipur city in 1936.
(Reporting by Aditya Kalra and Arpan Chaturvedi; Editing by Edwina Gibbs)
(([email protected];))
By Aditya Kalra and Arpan Chaturvedi
NEW DELHI, July 7 (Reuters) - The Indian unit of U.S. air conditioning giant Carrier CARR.N has become the latest major firm to sue Prime Minister Narendra Modi's government over electronic waste rules that have hiked the fees manufacturers must pay to recyclers.
South Korea's Samsung Electronics 005930.KS and LG Electronics 066570.KS as well as Japan's Daikin 6367.T and Tata's Voltas VOLT.NS have also brought suits, which are set to be heard by the High Court of Delhi on Tuesday. All of the companies are seeking to have the rules quashed.
India is the third-biggest generator of electronic waste behind China and the U.S., but the government says only 43% of the country's e-waste last year was recycled.
Modi's government in September fixed a floor price that electronics makers must pay recyclers, which manufacturers argue is roughly three to four times higher than what they paid earlier.
In a 380-page court filing dated June 3, which has not been disclosed publicly, Carrier said recyclers were willing to continue their work at the older prices and the government should not interfere in private dealings between companies and recyclers.
"The burden of the benefit being given to the recyclers has been put on the producers, which is unfair and arbitrary," said submissions by Carrier Airconditioning & Refrigeration which were reviewed by Reuters.
The submissions added that the rules will impose a "huge financial burden" on the company.
Carrier did not respond to a Reuters request for comment.
India's Ministry of Environment also did not respond to Reuters queries. It has previously argued in court that the pricing rules are needed to ensure proper waste disposal and were a "reasonable" intervention.
The new rules mandate a minimum payment of 22 rupees per kilogram to recycle consumer electronics. Such rates are still lower than levels in the U.S where they are up to five times higher, according to research firm Redseer.
Carrier reported sales of $248 million in India last year, its highest level since at least the financial year ending March 2020. Its filing said it installed India's first-ever air conditioning system in Jaipur city in 1936.
(Reporting by Aditya Kalra and Arpan Chaturvedi; Editing by Edwina Gibbs)
(([email protected];))
July 2 (Reuters) - Voltas Ltd VOLT.NS:
VOLTAS LTD - RECEIVES SHOW CAUSE NOTICE FOR SHORT PAYMENT OF GST
VOLTAS LTD - SHOW CAUSE NOTICE DEMANDS 2.65 BILLION RUPEES IN TAX, INTEREST, PENALTY
Source text: ID:nBSEWbZ50
Further company coverage: VOLT.NS
(([email protected];;))
July 2 (Reuters) - Voltas Ltd VOLT.NS:
VOLTAS LTD - RECEIVES SHOW CAUSE NOTICE FOR SHORT PAYMENT OF GST
VOLTAS LTD - SHOW CAUSE NOTICE DEMANDS 2.65 BILLION RUPEES IN TAX, INTEREST, PENALTY
Source text: ID:nBSEWbZ50
Further company coverage: VOLT.NS
(([email protected];;))
** Shares of Voltas VOLT.NS fall as much as 2.53% to 1,261.50 rupees apiece
** AC maker's stock last down about 2%
** Multiple brokerages lower PT and earnings expectations, flag sales decline due to unseasonal rains in May and June
** Jefferies cuts FY28 EPS estimates by 6%, PT to 1,680 rupees from 1,790 rupees; rating "buy"
** Citi and Morgan Stanley say VOLT faces challenging FY26Q1; Citi PT 1,850 rupees, rating "buy"; MS PT 1,526 rupees, rating "overweight"
** Nuvama cuts PT to 1,190 rupees from 1,250 rupees, maintains "hold" rating
** Motilal Oswal and DAM Capital downgrade to "neutral" from "buy" with PT 1,350 and 1,370 rupees, respectively
** Avg rating of 35 analysts tracking VOLT is "buy", median PT 1,370 rupees- data compiled by LSEG
** YTD, VOLT down 28%, Nifty mid-cap index .NIFMDCP100 up 1.7%
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
** Shares of Voltas VOLT.NS fall as much as 2.53% to 1,261.50 rupees apiece
** AC maker's stock last down about 2%
** Multiple brokerages lower PT and earnings expectations, flag sales decline due to unseasonal rains in May and June
** Jefferies cuts FY28 EPS estimates by 6%, PT to 1,680 rupees from 1,790 rupees; rating "buy"
** Citi and Morgan Stanley say VOLT faces challenging FY26Q1; Citi PT 1,850 rupees, rating "buy"; MS PT 1,526 rupees, rating "overweight"
** Nuvama cuts PT to 1,190 rupees from 1,250 rupees, maintains "hold" rating
** Motilal Oswal and DAM Capital downgrade to "neutral" from "buy" with PT 1,350 and 1,370 rupees, respectively
** Avg rating of 35 analysts tracking VOLT is "buy", median PT 1,370 rupees- data compiled by LSEG
** YTD, VOLT down 28%, Nifty mid-cap index .NIFMDCP100 up 1.7%
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
** Shares of air conditioner maker Voltas VOLT.NS up 0.5%, after rising as much as 3.5% earlier
** Co reports Q4 net profit of 2.41 bln rupees ($28.4 mln), up more than 100% y/y
** Rev up 13.4% to 47.68 bln rupees, helped by a 17% rise in unitary cooling products segment
** Stock on track to snap 2 weeks of losses; gained 3% so far this week
** More than 4.8 mln shares traded as of 12:44 p.m. IST, 2.4x their 30-day moving avg
** Mean rating of stock is 'buy'; their median PT is 1,520 rupees - data compiled by LSEG
** Stock trims YTD losses to 30.5%
($1 = 84.8900 Indian rupees)
(Reporting by Meenakshi Maidas in Bengaluru)
(([email protected];))
** Shares of air conditioner maker Voltas VOLT.NS up 0.5%, after rising as much as 3.5% earlier
** Co reports Q4 net profit of 2.41 bln rupees ($28.4 mln), up more than 100% y/y
** Rev up 13.4% to 47.68 bln rupees, helped by a 17% rise in unitary cooling products segment
** Stock on track to snap 2 weeks of losses; gained 3% so far this week
** More than 4.8 mln shares traded as of 12:44 p.m. IST, 2.4x their 30-day moving avg
** Mean rating of stock is 'buy'; their median PT is 1,520 rupees - data compiled by LSEG
** Stock trims YTD losses to 30.5%
($1 = 84.8900 Indian rupees)
(Reporting by Meenakshi Maidas in Bengaluru)
(([email protected];))
Repeats April 21 story with no changes to text
India e-waste pricing policy prompts criticism, lawsuits
LG, Samsung latest companies to challenge Modi government rules
India has mandated higher payouts for e-waste recycling
Industry worried about increased costs, business impact
By Aditya Kalra
NEW DELHI, April 21 (Reuters) - South Korea's LG 066570.KS and Samsung 005930.KS have sued India's government to quash a policy which increases payouts to electronic-waste recyclers, court filings show, joining other major companies in contesting the country's environmental rules citing business impact.
The lawsuits, set to be heard on Tuesday with other challenges, mark an escalation of a standoff involving foreign companies' and Prime Minister Narendra Modi's government over its stance towards waste management practices.
LG and Samsung did not respond to Reuters' requests for comment. India's Environment Ministry also did not respond.
India is the third-biggest e-waste generator behind China and the U.S., but the government says only 43% of the country's e-waste last year was recycled and at least 80% of the sector comprises informal scrap dealers.
Daikin 6367.T, India's Havells HVEL.NS and Tata's Voltas VOLT.NS have already sued Modi's administration.
Samsung and LG had lobbied against a decision to fix a floor price payable to recyclers, which New Delhi says is needed to get more formal players into the sector and boost investment in e-waste recycling.
LG's filing in the Delhi High Court, which is not public but was reviewed by Reuters on Monday, said the pricing rules "fail to take into consideration that merely by fleecing companies and taxing them in the name of the 'polluter pays principle', the (government) objectives sought to be achieved cannot be achieved."
"(If) the authorities have not been able to regulate the informal sector, then it is an enforcement failure," the 550-page court filing from April 16 showed.
Samsung in its 345-page filing, seen by Reuters, said: "The regulation of prices does not inherently serve the purposes of environmental protection," and said this was "expected to cause substantial financial impact."
India's new rules mandate a minimum payment of 22 rupees (25 U.S. cents) per kilogram to recycle consumer electronics. Electronics companies say that will roughly triple their costs and benefit recyclers at their expense.
LG's court filing showed it wrote to the Indian government in August saying the proposed rates were "very high and should be reduced" and the government should let market forces determine the prices.
Samsung wrote to Modi's office last year, the company's court filing showed, saying the new pricing was "5-15 times the price currently paid."
Research firm Redseer said India's recycling rates were still low compared with the U.S., where they are up to five times higher, and China, where they at least 1.5 times higher.
Indian air conditioner maker, Blue Star BLUS.NS, has also filed a lawsuit challenging the rules, citing compliance burdens, its court filings, seen by Reuters, showed.
Johnson Controls-Hitachi has moved to withdraw its lawsuit in recent days without giving reasons, based on court filings seen by Reuters.
Blue Star and Johnson Controls-Hitachi did not respond to requests for comment.
(Reporting by Aditya Kalra. Editing by Jane Merriman)
((Email: [email protected]; X: @adityakalra;))
Repeats April 21 story with no changes to text
India e-waste pricing policy prompts criticism, lawsuits
LG, Samsung latest companies to challenge Modi government rules
India has mandated higher payouts for e-waste recycling
Industry worried about increased costs, business impact
By Aditya Kalra
NEW DELHI, April 21 (Reuters) - South Korea's LG 066570.KS and Samsung 005930.KS have sued India's government to quash a policy which increases payouts to electronic-waste recyclers, court filings show, joining other major companies in contesting the country's environmental rules citing business impact.
The lawsuits, set to be heard on Tuesday with other challenges, mark an escalation of a standoff involving foreign companies' and Prime Minister Narendra Modi's government over its stance towards waste management practices.
LG and Samsung did not respond to Reuters' requests for comment. India's Environment Ministry also did not respond.
India is the third-biggest e-waste generator behind China and the U.S., but the government says only 43% of the country's e-waste last year was recycled and at least 80% of the sector comprises informal scrap dealers.
Daikin 6367.T, India's Havells HVEL.NS and Tata's Voltas VOLT.NS have already sued Modi's administration.
Samsung and LG had lobbied against a decision to fix a floor price payable to recyclers, which New Delhi says is needed to get more formal players into the sector and boost investment in e-waste recycling.
LG's filing in the Delhi High Court, which is not public but was reviewed by Reuters on Monday, said the pricing rules "fail to take into consideration that merely by fleecing companies and taxing them in the name of the 'polluter pays principle', the (government) objectives sought to be achieved cannot be achieved."
"(If) the authorities have not been able to regulate the informal sector, then it is an enforcement failure," the 550-page court filing from April 16 showed.
Samsung in its 345-page filing, seen by Reuters, said: "The regulation of prices does not inherently serve the purposes of environmental protection," and said this was "expected to cause substantial financial impact."
India's new rules mandate a minimum payment of 22 rupees (25 U.S. cents) per kilogram to recycle consumer electronics. Electronics companies say that will roughly triple their costs and benefit recyclers at their expense.
LG's court filing showed it wrote to the Indian government in August saying the proposed rates were "very high and should be reduced" and the government should let market forces determine the prices.
Samsung wrote to Modi's office last year, the company's court filing showed, saying the new pricing was "5-15 times the price currently paid."
Research firm Redseer said India's recycling rates were still low compared with the U.S., where they are up to five times higher, and China, where they at least 1.5 times higher.
Indian air conditioner maker, Blue Star BLUS.NS, has also filed a lawsuit challenging the rules, citing compliance burdens, its court filings, seen by Reuters, showed.
Johnson Controls-Hitachi has moved to withdraw its lawsuit in recent days without giving reasons, based on court filings seen by Reuters.
Blue Star and Johnson Controls-Hitachi did not respond to requests for comment.
(Reporting by Aditya Kalra. Editing by Jane Merriman)
((Email: [email protected]; X: @adityakalra;))
India e-waste pricing policy prompts criticism, lawsuits
LG, Samsung latest companies to challenge Modi government rules
India has mandated higher payouts for e-waste recycling
Industry worried about increased costs, business impact
By Aditya Kalra
NEW DELHI, April 21 (Reuters) - South Korea's LG 066570.KS and Samsung 005930.KS have sued India's government to quash a policy which increases payouts to electronic-waste recyclers, court filings show, joining other major companies in contesting the country's environmental rules citing business impact.
The lawsuits, set to be heard on Tuesday with other challenges, mark an escalation of a standoff involving foreign companies' and Prime Minister Narendra Modi's government over its stance towards waste management practices.
LG and Samsung did not respond to Reuters' requests for comment. India's Environment Ministry also did not respond.
India is the third-biggest e-waste generator behind China and the U.S., but the government says only 43% of the country's e-waste last year was recycled and at least 80% of the sector comprises informal scrap dealers.
Daikin 6367.T, India's Havells HVEL.NS and Tata's Voltas VOLT.NS have already sued Modi's administration.
Samsung and LG had lobbied against a decision to fix a floor price payable to recyclers, which New Delhi says is needed to get more formal players into the sector and boost investment in e-waste recycling.
LG's filing in the Delhi High Court, which is not public but was reviewed by Reuters on Monday, said the pricing rules "fail to take into consideration that merely by fleecing companies and taxing them in the name of the 'polluter pays principle', the (government) objectives sought to be achieved cannot be achieved."
"(If) the authorities have not been able to regulate the informal sector, then it is an enforcement failure," the 550-page court filing from April 16 showed.
Samsung in its 345-page filing, seen by Reuters, said: "The regulation of prices does not inherently serve the purposes of environmental protection," and said this was "expected to cause substantial financial impact."
India's new rules mandate a minimum payment of 22 rupees (25 U.S. cents) per kilogram to recycle consumer electronics. Electronics companies say that will roughly triple their costs and benefit recyclers at their expense.
LG's court filing showed it wrote to the Indian government in August saying the proposed rates were "very high and should be reduced" and the government should let market forces determine the prices.
Samsung wrote to Modi's office last year, the company's court filing showed, saying the new pricing was "5-15 times the price currently paid."
Research firm Redseer said India's recycling rates were still low compared with the U.S., where they are up to five times higher, and China, where they at least 1.5 times higher.
Indian air conditioner maker, Blue Star BLUS.NS, has also filed a lawsuit challenging the rules, citing compliance burdens, its court filings, seen by Reuters, showed.
Johnson Controls-Hitachi has moved to withdraw its lawsuit in recent days without giving reasons, based on court filings seen by Reuters.
Blue Star and Johnson Controls-Hitachi did not respond to requests for comment.
(Reporting by Aditya Kalra. Editing by Jane Merriman)
((Email: [email protected]; X: @adityakalra;))
India e-waste pricing policy prompts criticism, lawsuits
LG, Samsung latest companies to challenge Modi government rules
India has mandated higher payouts for e-waste recycling
Industry worried about increased costs, business impact
By Aditya Kalra
NEW DELHI, April 21 (Reuters) - South Korea's LG 066570.KS and Samsung 005930.KS have sued India's government to quash a policy which increases payouts to electronic-waste recyclers, court filings show, joining other major companies in contesting the country's environmental rules citing business impact.
The lawsuits, set to be heard on Tuesday with other challenges, mark an escalation of a standoff involving foreign companies' and Prime Minister Narendra Modi's government over its stance towards waste management practices.
LG and Samsung did not respond to Reuters' requests for comment. India's Environment Ministry also did not respond.
India is the third-biggest e-waste generator behind China and the U.S., but the government says only 43% of the country's e-waste last year was recycled and at least 80% of the sector comprises informal scrap dealers.
Daikin 6367.T, India's Havells HVEL.NS and Tata's Voltas VOLT.NS have already sued Modi's administration.
Samsung and LG had lobbied against a decision to fix a floor price payable to recyclers, which New Delhi says is needed to get more formal players into the sector and boost investment in e-waste recycling.
LG's filing in the Delhi High Court, which is not public but was reviewed by Reuters on Monday, said the pricing rules "fail to take into consideration that merely by fleecing companies and taxing them in the name of the 'polluter pays principle', the (government) objectives sought to be achieved cannot be achieved."
"(If) the authorities have not been able to regulate the informal sector, then it is an enforcement failure," the 550-page court filing from April 16 showed.
Samsung in its 345-page filing, seen by Reuters, said: "The regulation of prices does not inherently serve the purposes of environmental protection," and said this was "expected to cause substantial financial impact."
India's new rules mandate a minimum payment of 22 rupees (25 U.S. cents) per kilogram to recycle consumer electronics. Electronics companies say that will roughly triple their costs and benefit recyclers at their expense.
LG's court filing showed it wrote to the Indian government in August saying the proposed rates were "very high and should be reduced" and the government should let market forces determine the prices.
Samsung wrote to Modi's office last year, the company's court filing showed, saying the new pricing was "5-15 times the price currently paid."
Research firm Redseer said India's recycling rates were still low compared with the U.S., where they are up to five times higher, and China, where they at least 1.5 times higher.
Indian air conditioner maker, Blue Star BLUS.NS, has also filed a lawsuit challenging the rules, citing compliance burdens, its court filings, seen by Reuters, showed.
Johnson Controls-Hitachi has moved to withdraw its lawsuit in recent days without giving reasons, based on court filings seen by Reuters.
Blue Star and Johnson Controls-Hitachi did not respond to requests for comment.
(Reporting by Aditya Kalra. Editing by Jane Merriman)
((Email: [email protected]; X: @adityakalra;))
April 17 (Reuters) - Voltas Ltd VOLT.NS:
RECEIVES SHOW CAUSE NOTICE FROM OFFICE OF COMMISSIONER OF CUSTOMS
NOTICE ALLEGES SHORT PAYMENT OF 248.1 MILLION RUPEES CUSTOM DUTIES
Source text: ID:nNSE2zPMDt
Further company coverage: VOLT.NS
(([email protected];;))
April 17 (Reuters) - Voltas Ltd VOLT.NS:
RECEIVES SHOW CAUSE NOTICE FROM OFFICE OF COMMISSIONER OF CUSTOMS
NOTICE ALLEGES SHORT PAYMENT OF 248.1 MILLION RUPEES CUSTOM DUTIES
Source text: ID:nNSE2zPMDt
Further company coverage: VOLT.NS
(([email protected];;))
Repeats for website publication; no changes to text
Electronics firms protest India e-waste pricing mandate
Japan's Daikin among companies suing India govt over measures
India sets pricing for recyclers to help sector, curb pollution
Informal sector handles most e-waste recycling in India
By Aditya Kalra, Arpan Chaturvedi
NEW DELHI, April 11 (Reuters) - India wants to tackle its mounting e-waste problem. Global electronics companies say the cost is too high.
Daikin, Hitachi and Samsung are among manufacturers alarmed by new Indian government rules that require them to pay significantly more to recycle air conditioners, refrigerators, TVs and other appliances, court papers and lobbying letters show.
The electronics giants are urging environment officials to abandon the approach, with four companies suing Prime Minister Narendra Modi's administration in New Delhi over the measures they say will heighten compliance woes and unsettle businesses.
The previously unreported standoff marks the latest chapter in foreign companies' battles with India over what some perceive as protectionist policies and shifting regulatory goal posts.
India is the third-biggest e-waste generator behind China and the U.S. But government data shows only 43% of the country's e-waste last year was recycled and at least 80% of the sector comprises informal scrap dealers, whose methods can pose environmental and health risks.
Concerned about poor waste-processing practices, New Delhi in September set a floor price that electronics makers must pay recyclers, with the aim of formalising the sector and encouraging investment in e-waste management.
A Reuters review of hundreds of pages of non-public court papers and letters to the government by an industry group representing Samsung and LG reveals the impasse over the new rates, which the industry says have roughly tripled manufacturers' recycling costs.
Johnson Controls-Hitachi, Japan's Daikin 6367.T, India's Havells HVEL.NS and Tata Group's Voltas VOLT.NS each sued Modi's government between November and March to quash the pricing rules.
The measures are unconstitutional, exceed the government's powers under environmental law, and raise compliance costs manifold, the companies said in submissions to New Delhi judges. The government has called for the cases to be dismissed.
Daikin said no Indian government had ever previously drafted policies with the "sole intention" of providing financial gain to some businesses, in this case recyclers, at others' expense. Voltas predicted a "cascading effect" on product prices.
The companies are part of an Indian consumer electronics market Euromonitor estimates will be worth $62 billion this year. The sector has experienced average annual growth of 10% since 2021.
As sales of consumer electronics skyrocket due to rapid urbanisation, companies such as Daikin, Hitachi and Samsung have expanded production in India. In line with global trends, India's e-waste reached 1.7 million metric tons in 2023-24, more than doubling in six years.
Samsung declined to comment. The other companies and India's Environment Ministry didn't respond to Reuters queries about the pricing rules and the industry's response.
'REASONABLE' INTERVENTION
For years, India has resisted foreign companies' demands to revoke protectionist policies. Lobbying by Walmart and Amazon, for example, failed to ease regulations that protect small retailers.
On e-waste, too, Modi's administration is digging in.
In a March 18 submission, the Environment Ministry urged the judges to dismiss the lawsuits, saying it was "reasonable" and within its powers to fix prices.
The alternative of letting companies and recyclers determine prices may not account for all costs of environmentally sound waste management, the ministry said, adding that it wanted to prevent a "race to the bottom" in pricing.
India's government says there are 322 authorised recyclers in the country.
But informal waste handlers flourish nationwide, using methods such as open burning and acid leaching to extract metals and components, which can release hazardous materials.
In western Gujarat state, 60-year-old scrap dealer Mustakeem Malik uses a hammer to dismantle televisions, air conditioners and routers.
Inside his tin-roofed shed where electronic equipment was stacked in haphazard piles, Malik told Reuters he earns 50,000 rupees, or about $580, a month by selling the plastic, circuit boards and copper he extracts from the devices. He doesn't want to work in the formal e-waste sector.
"That business has a lot of expenses. It's for the big guys," he said.
HAPPY RECYCLERS, WORRIED COMPANIES
India's new rules mandate a minimum payment of 22 rupees (25 U.S. cents) per kilogram to recycle consumer electronics and 34 rupees/kg for smartphones.
Makers of heavier devices such as air conditioners are likely to be hit hardest because their per-unit recycling cost has risen by a greater amount compared with makers of lighter gadgets like smartphones.
Research firm Redseer in February said India's recycling rates were still low compared with the U.S., where they are up to five times higher, and China, where they at least 1.5 times higher.
"We are talking about peanuts here," said Nitin Gupta, CEO of one of India's biggest recyclers, Attero, who added that the government rates require manufacturers to pay about $10 to recycle a washing machine.
"If you have to create scientific capacity for recycling, you need extra profits. This is good for us," said Gupta, whose firm counts LG and Daikin as clients.
The electronics makers, though, feel threatened.
India's Consumer Electronics and Appliances Manufacturers Association, which represents LG and Samsung, among others, said in a letter to the government in November that e-waste compliance expenses had risen to 2% to 8% of production costs. The group asked environment officials to reconsider the pricing rules.
Samsung and LG haven't sued the government but have signaled concern. LG India's December IPO prospectus warned without specifics that higher recycling rates "had a significant financial impact on our company".
A person with direct knowledge of the matter said Samsung had told senior Indian officials its recycling costs would be five to 15 times the previous rates, and urged New Delhi not to interfere in commercial dealings with recyclers.
In court, Johnson Controls-Hitachi was the only company to reveal what it previously paid for recycling: 6 rupees per kg, or 7 U.S. cents. That figure has now almost quadrupled.
The company disclosed that it recycled more than 10,000 tons of air conditioners last fiscal year, which would amount to roughly $2.6 million under the new rates. Its India business reported a net loss of $8.8 million the previous year.
(Reporting by Aditya Kalra and Arpan Chaturvedi; Additional reporting by Amit Dave in Gujarat and Jatindra Dash in Odisha; editing by David Crawshaw)
((Email: [email protected]; X: @adityakalra;))
Repeats for website publication; no changes to text
Electronics firms protest India e-waste pricing mandate
Japan's Daikin among companies suing India govt over measures
India sets pricing for recyclers to help sector, curb pollution
Informal sector handles most e-waste recycling in India
By Aditya Kalra, Arpan Chaturvedi
NEW DELHI, April 11 (Reuters) - India wants to tackle its mounting e-waste problem. Global electronics companies say the cost is too high.
Daikin, Hitachi and Samsung are among manufacturers alarmed by new Indian government rules that require them to pay significantly more to recycle air conditioners, refrigerators, TVs and other appliances, court papers and lobbying letters show.
The electronics giants are urging environment officials to abandon the approach, with four companies suing Prime Minister Narendra Modi's administration in New Delhi over the measures they say will heighten compliance woes and unsettle businesses.
The previously unreported standoff marks the latest chapter in foreign companies' battles with India over what some perceive as protectionist policies and shifting regulatory goal posts.
India is the third-biggest e-waste generator behind China and the U.S. But government data shows only 43% of the country's e-waste last year was recycled and at least 80% of the sector comprises informal scrap dealers, whose methods can pose environmental and health risks.
Concerned about poor waste-processing practices, New Delhi in September set a floor price that electronics makers must pay recyclers, with the aim of formalising the sector and encouraging investment in e-waste management.
A Reuters review of hundreds of pages of non-public court papers and letters to the government by an industry group representing Samsung and LG reveals the impasse over the new rates, which the industry says have roughly tripled manufacturers' recycling costs.
Johnson Controls-Hitachi, Japan's Daikin 6367.T, India's Havells HVEL.NS and Tata Group's Voltas VOLT.NS each sued Modi's government between November and March to quash the pricing rules.
The measures are unconstitutional, exceed the government's powers under environmental law, and raise compliance costs manifold, the companies said in submissions to New Delhi judges. The government has called for the cases to be dismissed.
Daikin said no Indian government had ever previously drafted policies with the "sole intention" of providing financial gain to some businesses, in this case recyclers, at others' expense. Voltas predicted a "cascading effect" on product prices.
The companies are part of an Indian consumer electronics market Euromonitor estimates will be worth $62 billion this year. The sector has experienced average annual growth of 10% since 2021.
As sales of consumer electronics skyrocket due to rapid urbanisation, companies such as Daikin, Hitachi and Samsung have expanded production in India. In line with global trends, India's e-waste reached 1.7 million metric tons in 2023-24, more than doubling in six years.
Samsung declined to comment. The other companies and India's Environment Ministry didn't respond to Reuters queries about the pricing rules and the industry's response.
'REASONABLE' INTERVENTION
For years, India has resisted foreign companies' demands to revoke protectionist policies. Lobbying by Walmart and Amazon, for example, failed to ease regulations that protect small retailers.
On e-waste, too, Modi's administration is digging in.
In a March 18 submission, the Environment Ministry urged the judges to dismiss the lawsuits, saying it was "reasonable" and within its powers to fix prices.
The alternative of letting companies and recyclers determine prices may not account for all costs of environmentally sound waste management, the ministry said, adding that it wanted to prevent a "race to the bottom" in pricing.
India's government says there are 322 authorised recyclers in the country.
But informal waste handlers flourish nationwide, using methods such as open burning and acid leaching to extract metals and components, which can release hazardous materials.
In western Gujarat state, 60-year-old scrap dealer Mustakeem Malik uses a hammer to dismantle televisions, air conditioners and routers.
Inside his tin-roofed shed where electronic equipment was stacked in haphazard piles, Malik told Reuters he earns 50,000 rupees, or about $580, a month by selling the plastic, circuit boards and copper he extracts from the devices. He doesn't want to work in the formal e-waste sector.
"That business has a lot of expenses. It's for the big guys," he said.
HAPPY RECYCLERS, WORRIED COMPANIES
India's new rules mandate a minimum payment of 22 rupees (25 U.S. cents) per kilogram to recycle consumer electronics and 34 rupees/kg for smartphones.
Makers of heavier devices such as air conditioners are likely to be hit hardest because their per-unit recycling cost has risen by a greater amount compared with makers of lighter gadgets like smartphones.
Research firm Redseer in February said India's recycling rates were still low compared with the U.S., where they are up to five times higher, and China, where they at least 1.5 times higher.
"We are talking about peanuts here," said Nitin Gupta, CEO of one of India's biggest recyclers, Attero, who added that the government rates require manufacturers to pay about $10 to recycle a washing machine.
"If you have to create scientific capacity for recycling, you need extra profits. This is good for us," said Gupta, whose firm counts LG and Daikin as clients.
The electronics makers, though, feel threatened.
India's Consumer Electronics and Appliances Manufacturers Association, which represents LG and Samsung, among others, said in a letter to the government in November that e-waste compliance expenses had risen to 2% to 8% of production costs. The group asked environment officials to reconsider the pricing rules.
Samsung and LG haven't sued the government but have signaled concern. LG India's December IPO prospectus warned without specifics that higher recycling rates "had a significant financial impact on our company".
A person with direct knowledge of the matter said Samsung had told senior Indian officials its recycling costs would be five to 15 times the previous rates, and urged New Delhi not to interfere in commercial dealings with recyclers.
In court, Johnson Controls-Hitachi was the only company to reveal what it previously paid for recycling: 6 rupees per kg, or 7 U.S. cents. That figure has now almost quadrupled.
The company disclosed that it recycled more than 10,000 tons of air conditioners last fiscal year, which would amount to roughly $2.6 million under the new rates. Its India business reported a net loss of $8.8 million the previous year.
(Reporting by Aditya Kalra and Arpan Chaturvedi; Additional reporting by Amit Dave in Gujarat and Jatindra Dash in Odisha; editing by David Crawshaw)
((Email: [email protected]; X: @adityakalra;))
** Emkay Global initiates coverage on India's air-conditioner makers Voltas VOLT.NS and Blue Star BLUS.NS with "buy" rating
** Shares of Voltas up 1.8% at 1,318.2 rupees, and Blue Star up 1.1% at 1,984.1 rupees amid a broader market rebound
** Brokerage's PT on VOLT at 1,600 rupees and on BLUS at 2,400 rupees, an upside of ~21% for both
** Analysts at Emkay Global believes India's room AC penetration is at ~14% against global average of 40%-45%, which represents a "long growth runway"
** Brokerage believes players are well poised to handle an expected ~20%-25% y/y rise in demand during 2025 summer
** Industry is exhibiting a more cohesive approach toward price hikes, mitigating any cost pressure, which augurs well for overall profitability - Emkay Global
** On YTD basis, VOLT is down ~26% while BLUS is down ~8%
(Reporting by Anuran Sadhu in Bengaluru)
(([email protected]; +91 8697274436;))
** Emkay Global initiates coverage on India's air-conditioner makers Voltas VOLT.NS and Blue Star BLUS.NS with "buy" rating
** Shares of Voltas up 1.8% at 1,318.2 rupees, and Blue Star up 1.1% at 1,984.1 rupees amid a broader market rebound
** Brokerage's PT on VOLT at 1,600 rupees and on BLUS at 2,400 rupees, an upside of ~21% for both
** Analysts at Emkay Global believes India's room AC penetration is at ~14% against global average of 40%-45%, which represents a "long growth runway"
** Brokerage believes players are well poised to handle an expected ~20%-25% y/y rise in demand during 2025 summer
** Industry is exhibiting a more cohesive approach toward price hikes, mitigating any cost pressure, which augurs well for overall profitability - Emkay Global
** On YTD basis, VOLT is down ~26% while BLUS is down ~8%
(Reporting by Anuran Sadhu in Bengaluru)
(([email protected]; +91 8697274436;))
** Jefferies says it is positive on electronic manufacturing (EMS), other sectors linked to capex and summer demand in small- and mid-caps
** Top picks are Polycab POLC.NS, Amber Enterprises AMBE.NS, Voltas VOLT.NS and Crompton Greaves Consumer Electricals CROP.NS
** POLC wired for consistent growth despite Ultratech Cement's planned foray into cables and wires segment, says Jefferies
** AMBE likely to benefit from rising domestic market shares in air-conditioners (AC)
** CROP to potentially gain from double-digit growth in premium fans; Voltas to benefit from a demand uptick on forecast of hotter-than-normal summer - Jefferies
** POLC shares up 1.1% on the day; AMBE, VOLT, CROP gain about 3% each - data compiled by LSEG
** Recent market decline is opportunity for investors to evaluate quality in small-cap and mid-cap segments, says Jefferies
** India's benchmark Nifty 50 is down 14.3% from record high levels while small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 are trading 23.8% and 20.5% below their all-time high levels
Jefferies' key picks in India's small- and mid-cap segments https://reut.rs/4iVb6SG
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
** Jefferies says it is positive on electronic manufacturing (EMS), other sectors linked to capex and summer demand in small- and mid-caps
** Top picks are Polycab POLC.NS, Amber Enterprises AMBE.NS, Voltas VOLT.NS and Crompton Greaves Consumer Electricals CROP.NS
** POLC wired for consistent growth despite Ultratech Cement's planned foray into cables and wires segment, says Jefferies
** AMBE likely to benefit from rising domestic market shares in air-conditioners (AC)
** CROP to potentially gain from double-digit growth in premium fans; Voltas to benefit from a demand uptick on forecast of hotter-than-normal summer - Jefferies
** POLC shares up 1.1% on the day; AMBE, VOLT, CROP gain about 3% each - data compiled by LSEG
** Recent market decline is opportunity for investors to evaluate quality in small-cap and mid-cap segments, says Jefferies
** India's benchmark Nifty 50 is down 14.3% from record high levels while small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 are trading 23.8% and 20.5% below their all-time high levels
Jefferies' key picks in India's small- and mid-cap segments https://reut.rs/4iVb6SG
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
March 13 (Reuters) - Voltas Ltd VOLT.NS:
VOLTAS LTD - APPROVES TRANSFER OF DUBAI AND ABU DHABI BRANCHES TO UMCL
VOLTAS - TOTAL CONSIDERATION FOR TRANSFER 450 MILLION RUPEES TO 700 MILLION RUPEES
Source text: ID:nBSE9tztTl
Further company coverage: VOLT.NS
(([email protected];;))
March 13 (Reuters) - Voltas Ltd VOLT.NS:
VOLTAS LTD - APPROVES TRANSFER OF DUBAI AND ABU DHABI BRANCHES TO UMCL
VOLTAS - TOTAL CONSIDERATION FOR TRANSFER 450 MILLION RUPEES TO 700 MILLION RUPEES
Source text: ID:nBSE9tztTl
Further company coverage: VOLT.NS
(([email protected];;))
** Shares of India's Voltas VOLT.NS close 3% lower at 1,352 rupees
** A Qatar court has rejected Voltas' claims against a JV between Spain's OHL International and Contrack (Cyprus) where VOLT had alleged non-payment, payment delays
** Voltas flags financial hit of about 4.02 bln rupees ($46 mln)
** Prabhudas Lilladher says the expected liability is significant, especially for the international business which has faced headwinds for several years
** So far in 2025, VOLT has lost ~25%
($1 = 87.5800 Indian rupees)
(Reporting by Hritam Mukherjee in Bengaluru)
(([email protected];))
** Shares of India's Voltas VOLT.NS close 3% lower at 1,352 rupees
** A Qatar court has rejected Voltas' claims against a JV between Spain's OHL International and Contrack (Cyprus) where VOLT had alleged non-payment, payment delays
** Voltas flags financial hit of about 4.02 bln rupees ($46 mln)
** Prabhudas Lilladher says the expected liability is significant, especially for the international business which has faced headwinds for several years
** So far in 2025, VOLT has lost ~25%
($1 = 87.5800 Indian rupees)
(Reporting by Hritam Mukherjee in Bengaluru)
(([email protected];))
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Popular questions
- Business
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- Shareholdings
What does Voltas do?
Founded in 1954, Voltas Limited is India's largest air conditioning company. It offers services in air conditioning, refrigeration, and engineering product services globally.
Who are the competitors of Voltas?
Voltas major competitors are Blue Star, Amber Enterprises, Bosch Home Comfort, Symphony, Crompt.Greaves Cons., V-Guard Inds., Whirlpool Of India. Market Cap of Voltas is ₹37,817 Crs. While the median market cap of its peers are ₹14,003 Crs.
Is Voltas financially stable compared to its competitors?
Voltas seems to be less financially stable compared to its competitors. Altman Z score of Voltas is 4.75 and is ranked 5 out of its 8 competitors.
Does Voltas pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. Voltas latest dividend payout ratio is 35.2% and 3yr average dividend payout ratio is 44.97%
How has Voltas allocated its funds?
Companies resources are allocated to majorly unproductive assets like Inventory, Accounts Receivable
How strong is Voltas balance sheet?
Balance sheet of Voltas is strong. But short term working capital might become an issue for this company.
Is the profitablity of Voltas improving?
The profit is oscillating. The profit of Voltas is ₹584 Crs for TTM, ₹376 Crs for Mar 2026 and ₹841 Crs for Mar 2025.
Is the debt of Voltas increasing or decreasing?
The net debt of Voltas is decreasing. Latest net debt of Voltas is -₹577.17 Crs as of Mar-26. This is less than Mar-25 when it was -₹460.51 Crs.
Is Voltas stock expensive?
Voltas is not expensive. Latest PE of Voltas is 83.39, while 3 year average PE is 110. Also latest EV/EBITDA of Voltas is 51.29 while 3yr average is 57.78.
Has the share price of Voltas grown faster than its competition?
Voltas has given better returns compared to its competitors. Voltas has grown at ~8.68% over the last 8yrs while peers have grown at a median rate of 0.52%
Is the promoter bullish about Voltas?
Promoters stake in the company seems stable, and we need to go through filings and allocation of resources to gauge promoter bullishness. Latest quarter promoter holding in Voltas is 30.3% and last quarter promoter holding is 30.3%.
Are mutual funds buying/selling Voltas?
The mutual fund holding of Voltas is increasing. The current mutual fund holding in Voltas is 15.58% while previous quarter holding is 14.7%.