Interim report
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13th November, 2025 BSE Limited National Stock Exchange of India Limited Department of Corporate Services Listing Department Phiroze Jeejeebhoy Towers Exchange Plaza Dalal Street Bandra-Kurla Complex Mumbai 400 001 Bandra (East), Mumbai 400 051 Scrip Code: 500575 NSE Symbol: VOLTAS Sub: Unaudited Financial Results for the quarter and half year ended 30th September, 2025 Dear Sirs, The Board of Directors at its Meeting held today, i.e., 13th November, 2025, has approved the Unaudited Standalone and Consolidated Financial Results of the Company for quarter and half year ended 30th September, 2025. The signed Financial Results along with the Limited Review Reports issued by the Statutory Auditors are enclosed. A copy of the Press Release is also enclosed. The above information will also be made available on the website of the Company at www.voltas.in. The Board Meeting commenced at 10:00 a.m. and concluded at 3.15 p.m. Yours faithfully, For Voltas Limited Ratnesh Rukhariyar Company Secretary & Compliance Officer Encl.: a/a
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1 Voltas Positioned for Future Growth with Strong Fundamentals and Strategic Clarity Mumbai, 13th November 2025: The Board of Directors of Voltas Limited, India’s No. 1 Air Conditioning brand from the house of Tata’s, announced the consolidated financial results (including the consolidated segment report) of the Company for the quarter and six months ended 30th September 2025. The period was marked by external challenges such as lean summer and GST-related demand deferment, which impacted retail offtake and margins. Despite these short-term headwinds, Voltas retained its market leadership and continued to strengthen its strategic position through product innovation, manufacturing excellence, and channel expansion, while its diversified portfolio, including Electro-Mechanical Projects and Services and Engineering Products, acted as a stabilizer, reinforcing Voltas’ evolution into a comprehensive consumer durables and engineering solutions enterprise. Consolidated Results for the quarter ended 30th September, 2025: For the quarter ended 30th September 2025, Voltas recorded Consolidated Total Income of ₹2,412 crores, compared to ₹2,725 crores in the same period last year. Profit Before Tax of ₹54 crores vs ₹205 crores in Q1 FY25. Net Profit of ₹32 crores compared to ₹133 crores last year. For the six months ended 30th September 2025, Voltas reported a Consolidated Total Income of ₹6,433 crores, compared to ₹7,726 crores in the same period last year. Profit Before Tax of ₹257 crores versus ₹657 crores in the corresponding period last year. And a Net Profit for the period stood at ₹172 crores compared to ₹468 crores last year. Segment Revenue and Results for the quarter and six months ended 30th September, 2025: Q2 FY26 Q2 FY25 H1 FY26 H1 FY25 ₹ Crores ₹ Crores ₹ Crores ₹ Crores Total Income 2,412 2,725 6,433 7,726 Profit before tax (PBT) 54 205 257 657 Profit after tax (PAT) 32 133 172 468 Revenue Results Q2 FY26 H1 FY26 Q2 FY26 H1 FY26 ₹ Crores ₹ Crores ₹ Crores ₹ Crores A - Unitary Cooling Products 1,215 4,083 (46) 59 B - Electro-Mechanical Projects and Services 966 1,888 92 141 C - Engineering Products and Services 139 274 44 84
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2 Consolidated Segment Results for the quarter and six months ended 30th September 2025: (A) Unitary Cooling Products (UCP): The segment faced muted retail offtake due to lag affect of early monsoon and GST rate reduction (from 28% to 18%), which led to deferred purchases and higher channel inventory. Despite these challenges, Voltas improved its market share sequentially, reinforcing its leadership position. Margins were temporarily impacted by higher marketing support and under-absorption at new facilities in Chennai and Waghodia. These investments will deliver economies of scale in the long term. Complementary categories such as Air Coolers, Water Heaters, and Fans continue to show promise, supported by product upgrades and channel expansion. Voltas Beko: Voltbek continued its growth trajectory in H1, gaining market share across Washing Machines, Refrigerators, and Small Domestic Appliances and becoming the fastest growing home appliance brand in the country. Backed by agile manufacturing, an expanding product roadmap, and deep retail reach, the brand combines scale with innovation agility. Voltbek remains integral to Voltas’ long-term strategy of diversification and premiumisation, reinforcing its position as a comprehensive home solutions provider. (B) Electro-Mechanical Projects and Services: Segment B supported the diversified portfolio that Voltas manages, mitigating seasonality in the cooling business. The Domestic projects business advanced execution across MEP, water, electrical, and solar projects, while International operations maintained disciplined project management and high-quality delivery. Together, these initiatives underscore Voltas’ engineering leadership and reinforce its diversified growth model. (C) Engineering Products and Services: The segment maintained operational resilience, with Mining and Construction Equipment showing stable performance and Textile Machinery meeting revenue and collection targets. Aftersales service continues to be a strong contributor to profitability. Commenting on the performance, Mr. Mukundan Menon C P, Managing Director, Voltas Limited, said, “The second quarter of FY26 was marked by external challenges, but our fundamentals remain strong. The GST reduction and upcoming BEE efficiency transition will unlock pent-up consumer demand in upcoming quarters. Our integrated strategy, diversified portfolio, combining product innovation, manufacturing excellence, and channel revitalisation, positions us well for sustainable growth and value creation”.
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3 About Voltas Limited: Voltas Limited, founded in India in 1954 and part of the Tata Group, is a premier air conditioning and engineering solutions provider, projects specialist, and one of the leading players in the consumer durables category. Alongside its undisputed market leadership in Room Air Conditioners—with a footprint of over 30,000 touch points—Voltas has expanded into the home appliances segment through a wide range of innovative products under the Voltas Beko brand. The Company’s portfolio also includes Commercial Refrigeration, Air Coolers, Water Heaters, Fans, Water Dispensers, Water Coolers, and Commercial Air Conditioning products, offering comprehensive cooling and comfort solutions. Issued by: Ms. Vaishali Desai Head- Corporate Communications Voltas vaishalidesai@voltas.com Ms. Richa Seth Sr. Group Head Adfactors PR richa.seth@adfactorspr.com
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SR BC & COLLP 12th Floor, The Ruby 29 Senapati Bapat Marg Dadar ( West) Chartered Accountants Mumbai - 400 028, India Tel: +91 22 6819 8000 Independent Auditor 's Review Report on the Quarterly and Year to Date Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations , 2015, as amended Review Report to The Board of Directors Voltas Limited I. We have reviewed the accompany ing Statement of Unaudited Consolidated Financia l Results of Voltas Limited (the "Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group"), its associates and joint ventures for the quarter ended September 30, 2025 and year to date from April 0 l , 2025 to September 30, 2025 (the "Statement") attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirem ents) Regulations, 2015, as amended (the "Listing Regulations"). 2. The Holding Company's Management is responsible for the preparation of the Statement in accorda nce with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) " Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 20 I 3 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Holding Company's Board of Directors . Our responsibility is to express a conclusion on the Statem ent based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 24 10, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants ofln dia. This Standard requires that we plan and perfom1 the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Aud iting and conseq uently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also perfonn ed procedures in accordance with the Master Circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable. 4. The Statement includes the results of the following entities: Nature ofRelationshio Subsidiar ies Joint Ventures Assoc iates Name of the Entity Universal MEP Proiects & En2ineerin e: Serv ices Limited Universal Lalbuksh Engineering Services Trading LLC (formerly known as ' Lalbuksh Voltas Ene:ineerine: Services and Tradine: LLC') Voltas Netherlands B.V. Weathennaker FZE Saudi Ensas Comoanv for Engineering Services W.L.L. Voltas Qatar W.L.L. Voltas Component s Private Limited (formerly known as 'Hi-Volt Entemrises Private Limited') Universal MEP Proiects Pte Limited Universal Oman SPC (fonnerly known as 'Vo ltas Oman SPC') Voltas Social Develooment Foundation Universal MEP Contracting L.L.C. Voltbek Home Aooliances Private Limited Universal Va ltas L.L.C. Olavan Voltas Contracting Company Limited Naba Die:anta Water Management Limit ed Brihat Trading Private Limited SR BC & co llP. a Lim ited Liability Par tnership with LLP Identity No. AAB-43 18 Regd. Office: 22, Camac Street, Block 'B', 3rd Floor, Kolkata·700 0 16
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SR BC & COLLP Chartered Accountants 5. Based on our review conducted and procedures perfonned as stated in paragraph 3 above , nothing has come to our attention that causes us to believe that the accompa nying Statement, prepared in accordance with recognition and measurement principle s laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified und er Sect ion 133 of the Companies Act, 20 13, as amended, read with relevant rules issued thereunder and other accoun ting principles generally accepted in India, has not disclose d the infom1ation required to be disclosed in tenns of the Listing Regulation s, includin g the manner in which it is to be disclosed, or that it contains any material misstatement. 6. We draw attention to Note 2 of the accompanyin g consolidated financial results which describes the uncerta inty relating to the outcome of ongoing litigation including claim for encashment of bank guarantees by the contractor in respec t of one of the overseas projects exec uted by the Holding Company in earlier periods. Our conclusion is not modifi ed in respect of this matter. For S R B C & CO LLP Chartered Accountants ICAI Firm registration number : 324982E/E300003 ~~ per Vikram Mehta wi6J\\ 1- . Partner ~ i , . Membership No.: 105938 ~~ ;/ UDIN: 25\~SC\388t\r\MVV ~~~,, Place: Mumbai ~ Date: November 13, 2025
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VOLTAS LIMITED Regist ered Office : Votbs House 'A', Dr. Babasaheb Ambedk:ir Road, Chinchp okli, Mumbai 400 033. CIN : l29308MH1954PLC 009371 Tel: 91-22-66656 666 Fax: 91-22-66656 231 Webs;te: www.vo tta.s.com e-mail : shareservic es@voltas.com Statement of Unaudited Consolidated Financia l Results for the quarter and six months ended 30th September 2025 Sr. No. 1. Income a. Income from operations b. Other operating income C. Revenue from operations (a + b) d. Other income e. Tota l Income (c + d) 2. Expenses a. Consump tion of materials, cost of jobs and services b. Purchase of stock-in-trade c. Changes in inventories of finished goods, stock-in-trade and work-in-progress d. Employee benefits expenses e. Finance costs f Depreciation and amortisation expenses g. Other expenses Total expenses r 2/al to 2/al I 3. Profit before share of profit /(loss) of joint ventures and associates and tax (1 - 2) 4. Share of profit I (loss) of joint ventures and associates (net of tax) 5. Profit before tax (3 + 4) 6. Tax expense a. Current tax b. Adjustment of tax relating to earlier periods C. Deferred tax chargel(credit) Total tax expenses 7. Net profit for the period (5 . 6) 8. Other comprehensive income (A) (i) Items that are not to be reclassified to profit and loss (ii} Income tax on items that are not to be reclassified to profit and loss (B) Items that will be reclassified to profit and loss Other comprehensive income (Net of tax) (A + B) 9. Total comprehensive income for the period (7 + 8) .10. Net Profit for the period attributable to : - Owners of the Company - Non controlling interest 11. Other comprehensive income for the period attributable to : - Owners of the Company - Non controlling interest .12. Total comprehensive income for the period attributable to : - Owners of the Company - Non controlling interest 13. Paid-up equity share capital (Face value ~11- each) 14. Other equity 15. Basic and Diluted Earnings per share (f ) (• not annualised) SIGNED FOR IDENTIFICATION BY \JI SA BC & CO LLP MUMBAI Quarte r Quarter ended ended 30.09.2025 30.06.2025 (Unaudited) (Unaudited) 2314.39 3,912.29 32.93 26.29 2347.32 3938.58 64.61 82.07 2411.93 4020.65 1683.52 2,209.65 265.43 1,117.65 (184.49) (247.71) 240.76 230.51 19.96 13.53 24.42 18.47 271.69 449.95 2321.29 3792.05 90.64 228.60 (36.52) (25.88) 54.12 202.72 10.22 58.98 12.40 3.13 22.62 62.11 31.50 140.61 (136.16) 46.73 19.13 (6.32) (16.44) 6.57 (133.47 ) 46.99 (101.97) 187.60 34.29 140.46 (2.79) 0.15 (134.27) 46.89 0.80 0.10 (99.98) 187.35 (1.99) 0.25 33.08 33.08 '1.03 "4.25 VOLTAS LIMITED Finance and MIS Department Quarter Six Months ended ended 30.09.2024 30.09.2025 (Unaudited) (Unaudited) 2601.15 6226.68 17.96 59.22 2619.11 6285.90 105.47 146.68 2724.58 6432.58 1781.21 3893.17 631.96 1383.08 (471.06) (432.20) 238.16 471.27 13.56 33.49 16.43 42.89 276.63 721.64 2486.89 6113.34 237.69 319.24 (32.26) (62.40) 205.43 256.84 54.08 69.20 - 18.52 15.53 72.60 84.73 132.83 172.11 86.44 (89.43) (17.65) 12.81 17.92 (9.87) 86.71 (86.49) 219.54 85.62 133.99 174.75 (1.16) (2.64) 86.49 (87.39) 0.22 0.90 220.48 87.36 (0.94) (1.74) 33.08 33.08 ' 4.05 "5.28 Six Months ended 30.09.2024 (Unaudited) 7505 .06 35.07 7540 .13 185.72 7725.85 3503.60 2284.04 46.70 440.43 23.31 29.86 679.35 7007.29 718.56 (61.61) 656.95 172.08 17.04 189.12 467.83 188.95 (28.88) 12.02 172.09 639.92 468.22 (0.39) 171.88 0.21 640.10 (0.18) 33.08 ' 14.15 Registered Office Voltas House 'A' Dr. Babasaheb Ambedkar Road Chinchpokli Mumbai 400 033 Tel 91 22 6665 6290 website www.voltas.com Corporate Identity Number L29308MH1954 PLC009371 A TATA Enterpri se 0 /c_ (' In crore s) Year ended 31.03.2025 (Audited) 15320.45 92.34 15412.79 324.46 15737.25 8125.96 4016.97 (182.54) 890.07 62.11 61.78 1446.15 14420.50 1316.75 (126.00) 1190.75 370.99 (1.70) (12.82) 356.47 834.28 45.16 (9.46) (1.90) 33.80 868.08 841.37 (7.09) 33.37 0.43 874.74 (6.66) 33.08 6480.17 25.43
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VOLTAS VOL TAS LIMITED Consolidated Segmentwise Revenue, Results, Assets and Liabilities ( , In crores ) Quarter Quarter Quarter Six months Six months Year ended ended ended ended ended ended 30.09.2025 30.06.2025 30.09.2024 30.09.2025 30.09.2024 31.03.2025 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 1. Segment Revenue a ) Segment • A ( Unitary Cooling Products ) 1215 .13 2867.86 1582.19 4082.99 5384.36 10613 .92 b ) Segment • B ( Electro • Mechanical Project s and Services ) 966.17 921.83 879.91 1888.00 1829.04 4156.79 c ) Segment • C ( Engineering Products and Services ) 139.05 135.44 146.71 274.49 307.49 569.24 Gross Turnover 2320.35 3925.13 2608.81 6245.48 7520.89 15339.95 Less : Inter segment revenue 6.96 12.84 7.66 18.80 15.83 19.S0 Income from Operations 2314.39 3912.29 2601.15 6226.68 7505.06 15320.45 2. Segment Results a ) Segment • A ( Unitary Cooling Products ) (45.80) 104.37 116.22 58.57 443.24 892.30 b ) Segment • B ( Electro • Mechanical Project s and Services ) 92.04 49.24 46.19 141.28 113.68 168.64 c ) Segment • C ( Engineering Products and Services ) 43.92 40.11 39.60 84.03 84.44 155.31 Total 90.16 193.72 202.01 283.88 641.36 1216.25 Add/ (Less) : I. Finance cost (19.96) (13.53) (13.56) (33.49) (23.31) (62.11) Ii. Share of profit / (loss) of Joint ventures and associates (net of tax) (36.52) (25.88) (32.26) (62.40) (61.61) (126.00) Iii. Other unallocab le Income net of unallocable expenditure 20.44 48.41 49.24 68.85 100.51 162.61 Profit before tax 54.12 202.72 205.43 256.84 656.95 1190.75 3. Segment Assets a ) Segment • A ( Unitary Cooling Products ) 5241.29 5145.24 3772 .65 5241.29 3772.65 5129.11 b ) Segment • B ( Electro • Mechanical Projects and Services ) 2916.13 2931.85 2431 .97 2916.13 2431.97 2830.67 c ) Segment - C ( Engineering Products and Services ) 213.18 206.31 199.56 213.18 199.56 213.23 d ) Unallo cated 4504 .26 5449.41 5439 .18 4504.26 5439.18 4979 .01 Total Segment Assets 12874 .86 13732.81 11843.36 12874.86 11843.36 13152.02 4. Segment Llabllllles a ) Segment • A ( Unitary Cooling Products ) 2108 .80 3482.40 2246.67 2108.80 2246.67 3050.66 b ) Segment • B ( Electro - Mechanical Projects and Services ) 2182 .37 2162.25 1940.67 2182.37 1940.67 2170.17 c ) Segment • C ( Engineering Products and Services ) 95.64 103.66 121.07 95.64 121.07 120.51 d ) Unallocat ed 2094 .44 1255.95 1222.82 2094.44 1222.82 1270.38 Total Segment Liabilities 6481.25 7004.26 5531.23 6481.25 5S31.23 6611 .72 Notes: 1) Segment 'A' is seasonal in nature with sales generally being highest In the first quarter. r A TATA Enterprise
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YOLTAS VOL TAS LIMITED CONSOLIDATED STATEM ENT OF ASSETS AND LIABILITIES ( f in crores ) As at Asat 30.09.2025 31.03.2025 (Unaudited) (Audited) I ASSETS Non-current ass ets (a} Property, plant and equipment 836.11 819.82 (b) Capital wort<~n-progress 75.17 82.35 (C} inveslment properties 39.06 43.94 (d) GoodWill 72.31 72.31 (e} Right-of-use assets 33.27 34.01 (f} Other intangible assets 3.45 3.40 (9) Investments accounted for using equity method 143.13 206.99 (h} Financial assels (i) Investments 2,477.78 2,637.56 (i) Loans 0.06 0.07 (iii) Other financial assets 454.98 237.23 (i) income tax assets (net) 69.94 15.42 0) Deferred tax assets (net} 49.52 44.37 (k) Other non-current assets 77.55 76.63 Total non-current assets 4,332.33 4,274.10 Current assets (a} Inventories 3,110.48 2,714.81 (b) Contract assets (Refer note 4) 1,589.94 1,579.31 (c) Financial assets (i) Investments 318.66 398.66 (ii} Trade receivables (Refer note 4) 1,794.58 2,231.86 (iii} Cash and cash equivalents 474.81 649.79 (iv} Other balances with banks 23.62 28.45 (v} Loans 1.11 1.04 (vi} Other financial assets 580.60 842 .55 (d} Other current assets 648.73 431 .45 Total current assets 8,542.53 8,877.92 Total asset, 12,674,Bij 13,15Z,02 II EQUITY AND LIABILITIES Equity (a} Equity share capital 33.08 33.08 (b) Other equity 6,335.91 6,480.17 Equity attributable to owners of the Company 6,368.99 6,5 13.25 Non-controlling Interests 24.62 27.05 Total Equity 6,393.61 6,540.30 Liabilities Non-current llabllities (a} Contract liabilities 12.13 7.89 (b) Financial liabilities (i) Borrowings 422 .75 382.28 (ii} Lease 6abilijies 16.72 18.17 (iii) Other financial liabilities 59.93 41.53 (c) Other non-current liabilities 2.48 2.82 (d) Provisions 99.19 95.21 (8) Deferred tax liabilities (net) 65.72 58.32 Total non-current llabllltl es 678.92 606.22 Current llablllll es (a} Contract liabiijies 604.16 578.42 (b} Financial liabilities (i) Borrowings 1,304.21 481.02 (ii} Lease liabllilles 11.32 10.50 (ni) Trade payables - Total outstanding dues of mtero and small enterprises 566.48 395.07 - Total outstanding dues of creditors other than micro and small 2,599.88 3,497.74 enterprises (iv} Other financial liabilities 217.45 364.72 (c) Other current liabilities 141.52 321.41 (d) Provisions 252.78 239.81 (e) Income tax liabilities (net) 104.53 116.81 Total current llabllill es 5,802.33 6,005.5 0 Total llablllli es 6,481.2 5 6,611.72 Total equity and llabillli es 12,874.86 13,152.02 SIGJ/NEO F.OR IDENTIFICATION 3 BY SR BC & CO LLP TATA Enterprise MUMBAI I
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VOLT/IS VOLTAS LIMITED CONSOLIDATED CASHFLOW STATEMENT A. CASH FLOW FROM OPERATING ACTIVITIES Profit before lax Adjustments for : Share of (profit) / loss of joint ventures and associates Depreciation and amortisatio n expenses (Reversal of) / Allowance for doubtful debts and advances Unrealised foreign exchange (gain)/ toss (net) Interest income Dividend income Gain arising on financial assets measured at Fair Value through Profit or Loss (FVTPL) (net) Finance costs Unclaimed credit balances written back (Gain)/ loss on disposal of property, plant and equipment Rental income Operating profit before working capital changes Changes in Working Capital: Adjustments for (increase)/ decrease in operating assets: Inventories Trade receivables Contract assets Other financial assets Other non-financial assets Adjustments for increase/ (decrease) in operating liabilities: Trade payables Contract liabilities Other financial liabilities Other non-financial liabilities Provisions Net Cash flow (used in) / generated from operati ons Income tax paid (Net of refunds) NET CASH FLOW (USED IN)/ GENERATED FROM OPERATING ACTIVITIES (A) 6 . CASH FLOW FROM INVESTING ACTIVITIES Purchase of property, plant and equipment and intangible assets (including capital advances and capital work-in-progress) Proceeds from disposal of property, plant and equipment Investment in fixed deposits Proceeds from maturity of fixed deposits Purchase of investments Investment in inter corporate deposits Proceeds from sale of investments Interest received Dividend received: - Associates -Others Rent received Rental Deposits received / (repaid) NET CASH FLOW GENERA TED FROM/ (USED IN) INVESTING ACTIVITIES (B) C. CASH FLOW FROM FINANCING ACTIVITIES Repayment of borrowings Proceeds from borrowings Interest paid Payment of principal portion of lease liabilities Payment of interest portion of lease liabilities Dividend paid NET CASH FLOW GENERATED FROM/ (USED IN) IN FINANCING ACTIVITIES (C) NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS (A+B+C) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD CASH AND CASH EQUIVALEN TS AT THE END OF THE PERIOD Cash and cash equivalents at the end of the period consist of: Cash and cash equivalents at the end of the period Effect of exchange difference on restatement of foreign currency Cash and cash equivalents SIGNED FOR IDENTIFICATION BY 'JI SR BC & CO LLP MUMBAI 4 A TATA Enterprise Six months ended 30 Septe mber 2025 (Unaudi ted) 256.84 62.40 42.89 (68.40) (0.22) (48.31) (2.66) (64.19) 33.49 (20.52) 0.39 (18.08) (83.21: 173.63 (395.68) 499.93 (3.41) (24.43) (219.16) (722.85) 23.49 (103.62) (173.69) 13.44 (1,105.98) (932.35) (136.45 (1,068.80) (63.65) 2.57 (388.05) 558.65 (895.36) (112.19) 1,113.40 64.88 1.06 2.66 18.98 0.61 303. 56 (210.63) 1,074.29 (31.61) (5.62) (1.25) /232.3 1) 592.87 (172.37) 650.31 477.94 474.81 3.13 477.94 (' in crores) Six months ended 30 Septe mber 2024 (Unaudited) 656.95 61.61 29.86 18.04 0.19 (46.86) (10.42) (97.46) 23.31 (1.47) 0.40 (14.29) (37.09) 619.86 31.89 584.78 (21.18) 8.88 (126.53) (703.56) 34.88 (4.45) (158.50) 13.45 (340.34 279.52 (155.23! 124.29 (137.61) 0.10 (511.87) 308.88 (1,328.77) (25.00) 1,422.42 32.38 4.02 6.40 15.90 (0.071 1213.22' (156.73) 273.25 (19.77) (6.81) (2.07) (181.99) 194.12 (183.05) 816.1 9 633.14 632.63 0.51 633.14
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VOLT/IS VOLTAS LIMITED Statement of Unaudited Consolidated Financial Results for the quarter and six months ended 30th September 2025 Notes: 1} These results have been reviewed by the Board Audit Committee at Meeting held on 12th November 2025 and approved by the Board of Directors at its Meeting held on 13th November 2025. 2) In the year 2010, the Group through its Qatar Branch had entered into a sub-contract jointly with a consortium partner, with a Main Contractor, in connection with a project awarded by the Ultimate client. In 2014, the Main Contract between the Ultimate Client and the Main Contractor was terminated by the Ultimate Client, closer to the completion of the contract, citing delays and defects in execution and initiated arbitration proceedings against the Main Contractor. Accordingly, the Group had made a comprehensive assessment of the losses arising on account of the termination of the Main contract and had accounted for all probable losses on the sub-contract in the earlier years. In connection to the sub-contract , the Group had issued bank guarantees amounting to f 406 crores (QAR 166.6 million} to the Main Contractor which have been disclosed as a contingent liability in the financial statements over the years. In June 2023, the Group was informed by its bankers that the Main Contractor had sought to invoke the said bank guarantees. However, due to certain deficiencies, in the invocation process, the guarantees were not honoured by the Bank, leading to the commencement of legal proceedings by the Main Contractor and the Group. The matter is currently sub-judice and the proceedings are currently ongoing between the Main Contractor, the Group, consortium partner and the Bank. All parties including the Group had filed their respective appeals before the Court of Appeal (Qatar) which had remanded the matter back to the Court appointed experts for a fresh review of the objections raised by the respective parties including the bank. As per latest development, the Court appointed experts have submitted the report to the Court of Appeal (Qatar} determining the Group and its consortium partner liable to certain costs. The Group has submitted its comments on the Court appointed experts report to the Court of Appeal (Qatar} basis the fact that expert committee has not done any independent assessment of the submissions from the Group and instead placed reliance on the arbitration judgement between the Main Contractor and the Ultimate client where the Group was not even a party to the proceedings. The final hearing of the Court of Appeal (Qatar} is pending in this regard. In the meantime, the bank guarantee issued by the Group in favour of the Main Contractor continues to remain un-encashed. The Group continues to re-assess its liability under the sub contract at each reporting date. Based on its ongoing assessment and legal advice obtained from independent counsel, the Group is confident that it has good grounds to succeed in the matter and defend any claims that may arise. Accordingly, no further provision has been considered in the financial results. The Group has taken all necessary steps, including legal remedies to safeguard and defend itself and is closely monitoring the developments as they may arise. 3) The Board of Directors of the Company at its Meeting held on 13th March 2025, approved transfer of overseas branches of the Company at Dubai and Abu Dhabi in UAE to Universal MEP Contracting L.L.C. ('UMCL'}, Dubai, UAE, a step-down subsidiary of the Company on a slump sale basis through Business Transfer Agreements ('BTAs'}. The BTAs between the Company and UMCL have been executed on 20th August 2025. The transaction is expected to be consummated by 31st March 2026 or such other date as mutually agreed between the Company and UMCL. This transaction has no impact on consolidated results. 4) The Group has reclassified an amount off 279.61 crores from Trade Receivables to Contract Assets for the year ended 31st March 2025 being amount not unconditionally due to the Group based on contractual terms. The Group believes it is more appropriate to classify these amounts as contract assets instead of trade receivables in accordance with the interpretation of the accounting standards. 5) The Statutory Auditors of the Group have conducted a "Limited Review" of the aforesaid financial results. Mumbai, 13th November, 2025 SIGN~D[ / R IDENTIFICATION BY v• SR BC & CO LLP MUMBAI 5 For and on behalf of , e Board of Directors ✓ ~1/ Mukundan Menon C P Managing Director A TATA Enterprise
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SR BC & COLLP 12th Floor, The Ruby 29 Senapati Bapat Marg Dadar (West) Chartered Accountants Mumbai • 400 028, India Tel: +91 22 6819 8000 Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to The Board of Directors Voltas Limited I. We have reviewed the accompanying statement of unaudited standalone financial results of Valtas Limited (the "Company ") for the quarter ended Septemb er 30, 2025 and yea r to date from Apri l O I, 2025 to September 30, 2025 (the "Statement") attached herewith, being submitted by the Company pursuant to the requirement s of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirement s) Regulations, 2015 , as amended (the "List ing Regulation s"). 2. The Compa ny's Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principl es laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reportin g" prescribed under Section 133 of the Companies Act, 20 13 as amended, read with relevant rules issued thereund er and other accounting principles genera lly accepted in India and in compliance with Regulation 33 of the Listing Regulations . The Statement has been approved by the Company's Board of Directors. Our respon sibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 24 10, "Review of Interim Financial Information Perfo1med by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This Standard req uires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financia l information consists of making inquirie s, primarily of persons responsible for financial and accounting matters, and applying analytica l and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. According ly, we do not express an audit opinion. 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards (' Ind AS') specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereu nder and other accou nting principl es generally accepted in India, has not disclosed the information required to be disclos ed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it conta ins any material misstatement. 5. We draw attention to Note 2 of the accompanying standa lone financial results which describes the uncertainty relating to the outcome of ongoing litigation including claim for encashment of bank guarantees by the contractor in respect of one of the overseas project s executed by the Company in earlier periods. Our conclusion is not modified in respect of this matter. For S R B C & CO LLP Chartered Acco untants ICAI Firm registration number: 324982E /E300003 per Vikram Mehta Place: Mumbai Date: November 13, 2025 SR BC & CO LLP, a Limited Liability Partner ship with LLP Identity No. AA8 ·4318 Regd. Office : 22, Camac Street, Block ·e·, 3rd floor, Kolkata·700 016
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Sr. No. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. VOLT/IS VOL TAS LIMITED Regi stered Offic e : Vo lta s Hou se 'A', Dr. Bab asaheb Amb edkar Road, Chlnchpokll, Mumbai 400 033. CIN: L2.9308MH1954PLC009371 Tel: 91·22-6665 6 666 Fax: 91-22-6665 6 231 Website: www.v oltas.co m &•mall : shareservlce s@volta s.com Statement of Unaudited Standalone Financial Results for the quarter and six months ended 30th September 2025 Quarter Quarter Quarter Six Months Six Months ended ended ended ended ende d 30.09.2025 30.06.2025 30.09.2024 30.09.202 5 30.09.2024 (Unaudited) (Unaudit ed) (Unaudited) (Unaudited) (Unaudited) Income a. Income from operations 1407.49 3049.34 1681.37 4456.83 5578.28 b. Other operating income 33.42 32.06 23.9 1 65.48 47.26 C. Revenue from operations (a+ b) 1440.91 3081.40 1705.28 4522.31 5625.54 d. Other income 55.46 152.39 99.23 207.85 248.82 e. Tota l income (c + d) 1496.37 3233.79 1804.51 4730 .16 5874.36 Expenses a. Consumption of materials, cost of jobs and services 1061.90 1650.72 1180.6 1 2712.62 2270.31 b. Purchase of stock-in-trade 214.88 1068.42 565.1 1 1283.30 2144.24 c. Changes in inventories of finished goods, stock-in-trade and work-in- (186.28) progress (258.62) (467.29) (444.90) 47.53 d. Employee benefits expenses 153.56 143.91 147.57 297.47 263.62 e. Finance costs 13.16 8.02 6.91 21.18 10.40 f. Depreciation and amortisation expenses 23.05 17.13 15.02 40.18 27.04 g. Other expenses 208.53 362.43 195.18 570.96 522.65 Total expenses ( 2(a) to 2(g) J 1488.80 2992.01 1643.11 4480.81 5285.79 Profit before tax (1 - 2) 7.57 241.78 161.40 249 .35 588.57 Tax expense a. Current tax (13.82) 32.28 32.45 18.46 120.76 b. Adjustment of tax relating to earlier periods C. Oeferred tax charge/( credit) 14.06 6.02 20.17 20.08 19.89 Total tax expenses 0.24 38.30 52.62 38.54 140.65 Net profit for the period (3 - 4) 7.33 203.48 108.78 210.81 447.92 Other comprehensive income (i) Items that are not to be reclassified to profit and loss (135.13) 47.65 86.45 (87.48) 190.34 (ii) Income tax on items that are not to be reclassified to profit and loss 19.23 (6.55) (17.64) 12.68 (29.23) Other comprehensive income (Net of tax) (i + ii) (1 15.90) 41.10 68.8 1 (74.80) Total comprehe nsiv e income for the period (5 + 6) (108.57) 244.58 177.59 136.01 Paid-up equity share capital (Face value t1 /- each) 33.08 33.08 33.08 33.08 Other equity Basic and Diluted Earnings per share (?) (•not annualised) ·0.22 ·s.15 ·3.29 •5_37 c, ~ , .: VOLT.AS LIMITED Finance and MIS Department Registered Office Voltas House 'fl: Dr Babasaheb Ambedkar Road Chinchpokli Mumbai 400 033 Tel 91 22 6665 6290 website www.voltas .com Corporate Identity Number L29308MH1954PLC009371 A TATA Enterprise 161.11 609.03 33.08 •13_54 (fin crores) Year ended 31.03.2025 (Audited) 11182.36 113.18 11295.54 400.59 11696.13 5280.94 3758.14 (157.61) 544.86 34.67 56.17 1143.21 10660.38 1035.75 271.20 (1.70) (10.5 1) 258.99 776 .76 48.99 (9.95) 39.04 815.80 33.08 8099.13 23.48
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VOLTAS VOLTAS LIMITED Standa lone Segmentwise Revenue, Results, Assets and Liabilities Quarter ended 30.09.2025 (Unaudited) 1. Segment Revenue a ) Segment - A ( Unitary Cooling Products ) 1215.13 b) Segment - B ( Electro - Mechanical Projects and Services ) 192.36 Income from Operations 1407.49 2. Segment Results a ) Segment - A ( Unitary Cooling Products ) (45.80) b ) Segment - B ( Electro - Mechanica l Projects and Services ) 50.24 Tota l 4.44 Add/ (Less) : i. Finance cost (13.16) ii. Other unallocab le income net of unallocab le expenditure 16.29 Profit before tax 7.57 3. Segment Assets a ) Segment - A ( Unitary Cooling Products ) 5241.29 b ) Segment - B ( Electro - Mechanical Projects and Services ) 820.79 c ) Unallocated 6361.28 Total Segment Assets 12423.36 4. Segment Liabilities a ) Segment -A ( Unitary Cooling Products ) 2108.80 b) Segment - B ( Electro - Mechanical Projects and Services ) 619.74 c ) Unallocated 1656.22 Total Segment Liabilities 4386.76 Notes: 1) Segment 'A' is seasonal in nature with sales genera lly being highest In the first quarter. SIGNED ( Of IDENTIFICATION BY \I' SR BC & CO LLP MUMBAI 2 A TATA Enterprise Quarter Quarte r ended ended 30.06.2025 30.09.2024 (Unaudited) (Unaudited) 2867.86 1582.19 181.48 99.18 3049.34 1681.37 104.37 116.22 28.29 (3.61) 132.66 112.61 (8.02) (6.91) 117.14 55.70 241.78 161.40 5145.23 3772.65 776.34 691.00 7428.35 7161.32 13349.92 11624.97 3482.40 2246.67 588.29 572.48 902.54 aao,as 4973.23 3699.51 ( f in crores ) Six months Six mo!)ths Year ended ended ended 30.09.2025 30.09.2024 31.03.2025 (Unaudited) (Unaudited) (Audited) 4082.99 5384.36 10613.92 373.84 193.92 568.44 4456.83 5578.28 11182.36 58.57 443.24 892.30 78.53 (19.06) (47.67) 137.10 424.18 844.63 (21.18) (10.40) (34.67) 133.43 174.79 225.79 249.35 588.57 1035.75 5241.29 3772.65 5129.11 820.79 691.00 721.19 6361.28 7161.32 6861.38 12423.36 11624.97 12711.68 2108.80 2246.67 3050.66 619.74 572.48 611.48 1658.22 880.36 917.33 4386.76 3699.51 4579.47
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VOLT/IS VOL TAS LIMITED STANDALONE STATEMENT OF ASSETS AND LIABILITIES (, in c rores } As at As at 30.09. 2025 31.03.2025 (Unaudited) (Audited) I ASSETS Non-current assets (a) Property, plant and equipment 823.83 806.49 (b) Capital work-in-progress 75.17 82.35 (c) Investment properties 39.06 43.94 (d) Right-of-use assets 29.30 30.00 (e) Other intangible assets 2.98 2.86 (f) Financial assets (i) Investments 4965.96 5086.82 (ii) Loans 0.06 0.07 (iii) Other financial assets 439.07 203.58 (g) Income tax assets (net) 37.45 4.43 (h) Other non-current assets 61.68 60,91 Total non-current assets 6474.56 6321.45 Current assets (a) Inventories 3045.40 2635.37 (b) Contract assets (Refer note 4) 451.10 387.95 (c} Financial assets (i) Investments 158.57 303.02 (ii) Trade receivables (Refer note 4) 967.14 1569.69 (iii) Cash and cash equivalents 312.01 472.11 (iv} Other balances with banks 20.12 16.21 (v) Loans 0.71 0.69 (vi} Other financial assets 492.88 757.84 (d} Other current assets 500.87 247.35 Total current assets 5948.80 6390.23 Total assets 12423.36 12711 .68 II EQUITY AND LIABILITIES Equity (a} Equity share capital 33.08 33.08 (b} Other equity 8003.52 8099 .13 Total Equity 8036 .60 8132.21 Liabiliti es Non-current liabilitie s (a) Contract liabilities 12.13 7.89 (b) Financial liabilities (i) Borrowings 422.75 382.28 (ii) Lease liabilities 12.41 13.96 (iii) Other financial liabilities 48.90 34.31 (c} Other non-current liabilities 2.49 2.82 (d} Provisions 75.21 72.72 (e} Deferred tax liabilities (net} 65.72 58.32 Total non.curre nt liabilities 639.61 572.30 Current liabilities (a} Contract liabilities 315.69 312.84 (b) Financial liabilities (i} Borrowings 913.69 182.88 (ii) Lease liabilities 10.94 10.13 (iii) Trade payables - Total outstanding dues of micro and small enterprises 269.28 158.04 - Total outstanding dues of creditors other than micro and small enterprises 1667.10 2441.68 (iv} Other financial liabilities 189.44 333.43 (C} Other current liabilities 112.77 294.39 (d) Provisions 207.54 203.08 (e} income tax liabilities (net} 60.70 70.70 Total current liabilities 3747.15 4007.17 Total liabilities 4386 .76 4579.47 Total equity and liabilities 12423.36 12711 .68 SIBNEDJvFOR IDENTIFICATION 3 BY SR B C & CO llP A TATA Enterpr ise MUMBAI (\..
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VOLTAS VOLTAS LIMITED STANDALONE CASHFLOW STATEMENT A. CASH FLOW FROM OPERATING ACTIVITIES Profit before tax Adjustments for : Depreciation and amortisation expenses (Reversal of) / Allowance for doubtful debts and advances Unrealised foreign exchange (gain)/ loss (net) Loss on disposal of property, plant and equipment Finance costs Interest income Dividend income Gain arising on financial assets measured at Fair Value through Profit or Loss (FVTPL) (net) Unclaimed credit balances written back Rental income Operating profit before working capital changes Changes in working capital: Adjustmen ts for (increase)/ decrease in operat ing assets: Inventories Trade receivables Contract assets Other financial assets Other non-financial assets Adjustments for increase/ (decrease) in operating liabilities: Trade payables Contract liabilities Other financial liabilities Other non-financial liabilities Provisions Net Cash flow (used in) / generated from operations Income tax paid (net of refunds) NET CASH FLOW (USED IN) / GENERATED FROM OPERATING ACTIVITIES (A) B. CASH FLOW FROM INVESTING ACTIVITIES Purchase of property, plant and equipment and intangible assets (including capital advances and capital work-in-progress) Proceeds from disposal of property, plant and equipment Investments in fixed deposits Proceeds from maturity of fixed deposits Purchase of investments Investment in equity shares of subsidiary Investment in inter corporate deposits Proceeds from sale of investments Interest received Dividend received - Subsidiaries & associates - Others Rent received Rental Deposits received I (repaid) NET CASH FLOW GENERATED FROM / (USED IN) INVESTING ACTIVITIES (B) C. CASH FLOW FROM FINANCING ACTIVITIES Repayment of borrowings Proceeds from borrowings Interest paid Payment of principal portion of lease liabilities Payment of interest portion of lease liabilities Dividend paid NET CASH FLOW GENERATED FROM / {USED IN) IN FINANCING ACTIVITIES (C) NET DECREASE IN CASH AND CASH EQUIVALENTS {A+B+C) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD Cash and cash equivalents at the end of the period consist of: Cash and cash equivalents at the end of the period Effect of exchange differe nce on restatement of foreign currency cash and cash equivalents StGNED FOR IDENTIFICATION BY JJ SR BC & CO LLP MUMBAI 4 A TATA Enterpr ise Six months ended 30 September 2025 (Unauditedl 249.35 40.18 (53.28) (0.22) 0.44 21.18 (41 .36) (77.52) (60.29) (15.81) (18.08) (204 .76 44.59 (410.03) 611.07 (18.80) (79.58) (254 .87) (644.00) 7.10 (109.85) (18 1.95) 5.42 (1,075.49 (1,030 .90) (64.00 (1,094.90) (62 .94) 2.53 (299 .91) 461.89 (739 .21) (38.82) (72 .00) 1,017.81 57.99 74.86 2.66 18.98 0.61 424.45 (114 .99) 886.27 (20.05) (5 .52) (1 .13) (231.62) 512.96 (157.49) 472.63 315.14 312.0 1 3.13 315.14 (f in c rores) Six months ended 30 September 2024 IUnauditedl 588.57 27.04 8.72 0.19 0.22 10.40 (38.98) (74.59) (94.59) (1. 11) /14.29\ 1176.99 411.58 31 .13 759 .60 11 .30 8.93 (110.15) (606 .04) 1.63 (7.79) (122 .19) 11.98 121.60 389.98 (99.36) 290.62 (140.97) 0.05 (275.02) 99.99 (1,166.6 4 ) (177.47) . 1,149.90 30.53 68.19 6.40 13.93 10.071 (391.18) (174 .65) 280.00 (8.44) (6.69) (1.96) /181.94) (93.68) (194.24) 493.06 298.82 298 .32 0.50 298.82
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VOLTAS VOLTAS LIMITED Statement of Unaudited Standalone Financial Results for the quarter and six months ended 30th Septemb er 2025 Notes: 1) These results have been reviewed by the Board Audit Committee at Meeting held on 12th November 2025 and approved by the Board of Directors at its Meeting held on 13th November 2025. 2) In the year 2010, the Company through its Qatar Branch had entered into a sub-contract jointly with a consortium partner, with a Main Contractor, in connection with a project awarded by the Ultimate client. In 2014, the Main Contract between the Ultimate Client and the Main Contractor was terminated by the Ultimate Client, closer to the completion of the contract, citing delays and defects in execution and initiated arbitration proceedings against the Main Contractor. Accordingly, the Company had made a comprehensive assessment of the losses arising on a=unt of the termination of the Main contract and had a=unted for all probable losses on the sub-contract in the earlier years. In connection to the sub-contract, the Company had issued bank guarantees amounting to , 406 crores (QAR 166.6 million) to the Main Contractor which have been disclosed as a contingent liability in the financial statements over the years. In June 2023, the Company was informed by its bankers that the Main Contractor had sought to invoke the said bank guarantees. However, due to certain deficiencies, in the invocation process, the guarantees were not honoured by the Bank, leading to the commencement of legal proceedings by the Main Contractor and the Company. The matter is currently sub-judice and the proceedings are currently ongoing between the Main Contractor, the Company, consortium partner and the Bank. All parties including the Company had filed their respective appeals before the Court of Appeal (Qatar) which had remanded the matter back to the Court appointed experts for a fresh review of the objections raised by the respective parties including the bank. As per latest development, the Court appointed experts have submitted the report to the Court of Appeal (Qatar) determining the Company and its consortium partner liable to certain costs. The Company has submitted its comments on the Court appointed experts report to the Court of Appeal (Qatar) basis the fact that expert committee has not done any independent assessment of the submissions from the Company and instead placed reliance on the arbitration judgement between the Main Contractor and the Ultimate client where the Company was not even a party to the proceedings. The final hearing of the Court of Appeal (Qatar) is pending in this regard. In the meantime, the bank guarantee issued by the Company in favour of the Main Contractor continues to remain un-encashed. The Company continues to re-assess its liability under the sub contract at each reporting date. Based on Its ongoing assessment and legal advice obtained from independent counsel, the Company is confident that it has good grounds to succeed in the matter and defend any claims that may arise. Accordingly, no further provision has been considered in the financial results. The Company has taken all necessary steps, including legal remedies to safeguard and defend itself and is closely monitoring the developments as they may arise. 3) The Board of Directors of the Company at its Meeting held on 13th March 2025, approved transfer of overseas branches of the Company at Dubai and Abu Dhabi in UAE to Universal MEP Contracting L.L.C. ('UMCL'), Dubai, UAE, a step-down subsidiary of the Company on a slump sale basis through Business Transfer Agreements ('BTAs'). The BTAs between the Company and UMCL have been executed on 20th August 2025. The transaction is expected to be consummated by 31st March 2026 or such other date as mutually agreed between the Company and UMCL. 4) The Company has reclassified an amount of , 120.47 crores from Trade Receivables to Contract Assets for the year ended 31st March 2025 being amount not unconditionally due to the Company based on contractual terms.The Company believes it is more appropriate to classify these amounts as contract assets instead of trade receivables in a=rdance with the interpretation of the accounting standards. 5) The Statutory Auditors of the Company have conducted a "Limited Review'' of the aforesaid financial results. Mumbai, 13th November 2025 5 A TATA Enterprise For and on behalf of the Board of Directors Mukundan Menon C P Managing Director