Voltas Q2 FY26 Results: Profit Declines Sharply Amid Weak Summer and GST-Linked Demand Shift

Voltas Q2 FY26 results reflected the combined impact of a subdued summer season and GST-related demand deferment, which weighed on consumer offtake and overall profitability.

Voltas Q2 FY26 Performance at a Glance

Voltas posted a 74.4% year-on-year fall in net profit at ₹34.3 crore, compared with ₹134 crore in the same quarter last year. Revenue also moderated by 10.4%, coming in at ₹2,347 crore versus ₹2,619 crore a year earlier.

Operational performance remained under pressure.

• EBITDA: ₹70.4 crore, down 56.6% from ₹162 crore
• EBITDA Margin: 3%, compared with 6.2% last year
• Revenue from Operations: ₹2,347 crore

Voltas Q2 FY26: Key Factors Impacting the Quarter

The company faced several external headwinds:

1. Lean Summer Season

A milder than usual summer led to lower demand for cooling products, a core revenue segment for Voltas. Reduced footfall and slower replacement cycles affected retail sales.

2. GST-Related Demand Deferment

GST revisions and policy expectations caused temporary postponement in purchases, particularly in large appliances, impacting retail dealer offtake and inventory movement.

3. Margin Pressures

Lower volumes, competitive pricing, and higher input costs contributed to the contraction in operating margin from 6.2% to 3%.

Voltas Share Price Performance

Voltas shares traded higher during the market session on 14 November 2025. The stock was quoted at ₹1,369.90, up 2.47% from the previous close of ₹1,336.90. It opened at ₹1,304.00 and moved within a range of ₹1,299.30 to ₹1,385.50.

Conclusion

Overall, Voltas’ Q2 FY26 performance reflects the impact of seasonal and policy-related factors that influenced demand and profitability during the quarter. The company’s operational metrics and market activity will continue to depend on consumer demand trends, the pace of recovery in cooling product sales, and execution across its engineering and project segments.

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