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Guidance of 8-10% for blended EBITDA margin.
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Lightning products have higher margins compared to appliances.
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Preferential allotment shares will be listed by next September due to conflicting guidelines of the BSE.
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Reciprocatory compressors have an annual domestic demand of 2 crore units. The company is setting up 28 lakh capacity at peak utilization, having a 7-8% EBITDA margin.
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The domestic AC market has shifted to rotary compressors, while reciprocatory compressors are primarily used in refrigeration and commercial applications.
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Voltas has booked 70% of AC capacity.
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The company is developing a controller board for EV chargers with an EBITDA margin of 13-15%. It might contribute 3-5% in sales.
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Aspirational guidance for FY26 is 1000-1200 crore.
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FY25 guidance is 700-750 crore, with a hope of achieving a slight increase.
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Voltas plans to relocate some of its capacity to in-house manufacturing beyond FY27. If capacity is not booked further, management will explore alternative vendors.
Valuation:
FY | Sales | NPM | Net Profit | PE (at CMP) |
---|---|---|---|---|
2025 | 800 | 2% | 16 | 55.88 |
2026 | 1200 | 2% | 24 | 37.25 |
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