Voltas feels the freeze in Q1, and the thaw may be slow

Lukewarm show

- Pallavi Pengonda

Voltas Ltd's shares fell about 5% on Monday after it put up a weaker-than-expected show in the June quarter (Q1FY26) and management commentary pointed to a slow recovery.

Consolidated total operating revenue fell 20% year-on-year (y-o-y) to ₹3,939 crore, but the bigger disappointment was the much steeper 58% fall in Ebitda to ₹179 crore, with the margin plunging 408 basis points (bps).

Expectation from Q1 was already muted owing to a dull season, marked by delayed summer onset, relatively milder temperatures and early monsoon that hurt demand for cooling products such as air conditioners. Plus, there was a high base with robust sales a year ago.