#COMPANY #POTENTIAL

• In FY25, the two wheelers sales volume was ~2 cr units in domestic markets and 41.98 lakh units in export markets as compared to ~1.79 cr units in domestic market and 34.6 lakh units in export market in FY24. The scooter segment witnessed a strong YoY uptick, with dispatches rising and its share increasing to 35% of total two-wheeler volumes (v/s 32% in FY24). In contrast, motorcycle dispatches recorded a modest YoY growth of 5.1%, accounting for the remaining volume. Within the motorcycle category, the up to 125cc segment continued to dominate, contributing the highest share. (Source: Siam) • During the year, India's electric two-wheeler sales rose to 11,49,422 units, marking a 21% YoY growth. This momentum was fuelled by higher fuel prices, increasing urban congestion, and continued advancements in EV technology and affordability. The market remained highly consolidated, with Ola Electric, TVS Motor, and Bajaj collectively commanding over 70% share. • In FY25, the e-3W segment sales stood at ~7 lakh units with 11% YoY growth (v/s ~6.3 lakh units in FY24) and accounted for ~57% share of the total 12.2 lakh units three-wheelers (Electric at ~7 lakh units, CNG/Petrol CNG at 3.4 lakh units, diesel at 1.4 lakh units, LPG at 33k units, petrol at 9k unit sand rest comprised others) sold in India in FY25. The e-3W segment is also the one which has, for the past three years, witnessed the highest level of transition from ICE to e-mobility. The Top 6 Players are as follows: Mahindra Last Mile Mobility (MLMM), Bajaj Auto, YC Electric Vehicles, Saera Electric Auto, Dilli Electric Auto And Piaggio Vehicles.

#COMPANY #OUTLOOK

• In FY25, industry growth was primarily driven by the 125cc+ motorcycle segment, which recorded a 12% YoY increase, while the entry-level 100cc segment remained stagnant. Bajaj Auto, with its strong presence in the 125cc+ category, retained its position as the second-largest player. According to Vahan data, the company’s market share rose from 21% in FY23 to 26% in FY24 and declined to 24% in FY25. In a strategic move to regain share and push toward market leadership, Bajaj refreshed its Pulsar lineup (125cc-400cc), launching six new variants in Q4 FY25 that received a strong market response. • The new Chetak 35 series was well received. The earlier launch of an affordable variant, combined with rapid network expansion to over 4,000 touchpoints, drove the brand’s leadership position. It launched a new variant in May 2025 and there’s an impending new variant introduction for June as well. Further expansion is envisaged in this portfolio in FY26. • The Probiking business - KTM and Triumph registered sales of ~1 lakh units in FY25 up 12% YoY. KTM observed accelerated growth in sales in H2 FY25 especially, basis targeted intervention towards pricing of Duke 200 and 250. Triumph doubled its volume domestically and closed the quarter with ~11,000 units on account of a new launch and upgraded version of a previously launched model. The company has also doubled its network YoY backed by sharp focus on activation in top tier II and tier III towns & cities. • Bajaj Auto announced an additional capital infusion of ~₹1,500 cr into its wholly-owned subsidiary, Bajaj Auto Credit Ltd (BACL). The investment will be made during FY26, in multiple phases through equity capital, preference capital, or subordinated debt. • On 21st February 2025, the company approved an investment of up to €150 million (~₹1,356 crore) in its wholly owned subsidiary, Bajaj Auto International Holdings BV, Netherlands. The funding—through equity, preference capital, or convertible loan, in one or more tranches—is intended to support the subsidiary’s future growth and investment plans.

• Further to the disclosure dated 23rd May 2025 regarding the Call Option Agreement between BAIH and Pierer Industrie AG (PIAG), along with Pierer Konzerngesellschaft mbH (PIKO), BAIH has exercised its call option and issued a Notice of Call Exercise to PIAG for the acquisition of 26,000 shares of PBAG, for a cash consideration of EUR 26.34 million (~₹257 cr), subject to requisite regulatory approvals. Upon completion of the transaction, BAIH’s shareholding in PBAG will increase from 49.9% to 75.9%, thereby making PBAG a subsidiary of BAIH and, in turn, a subsidiary of the Company. PIAG will continue to hold the remaining 24.1% stake. • At its meeting on 21st May 2025, the Board noted key financial transactions by BAIH to support KTM AG’s court-approved restructuring plan in Austria: Facility Agreement: BAIH executed a €450 million (~₹4,365 crore) secured term loan facility to KTM. The amount was transferred to the Administrator’s escrow for creditor payments as mandated by the Austrian court. Convertible Bond Subscription: BAIH subscribed to €150 million (approx. ₹1,455 crore) worth of convertible bonds issued by Pierer Bajaj AG (PBAG). These steps were essential to meet Austria’s regulatory deadline of 23rd May 2025. Non-compliance would have moved KTM into insolvency. Additionally, BAIHBV arranged an €800 million (~₹7,760 crore) debt package to ensure KTM’s business continuity. €200 million has already been infused; the remaining €600 million is now being disbursed to complete creditor payments and revive operations. • The immediate focus is on securing final court approvals in Austria to conclude KTM’s restructuring and settle creditor dues. Regulatory filings are underway, and the existing governance will remain in place until approvals are received. Production and supply operations are set to resume after a prolonged pause.

Bajaj Auto 7400-8200
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Support 6900

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Voltas company details report

Voltas Incorporated in 1954, Voltas Limited is a part of the Indian multinational conglomerate, the TATA Group which was formed when Swiss based Volkart Brothers joined hands with Tata Sons. It is India’s largest air conditioning company and one of the most reputed engineering solutions providers, specializing in project management. Its manufacturing facilities are located at Waghodia (Gujarat), Sanand (Gujarat) and 2 units at Pantnagar (Uttarakhand). Segment - A (Unitary Cooling Products for Comfort and Commercial use - UCP) : Engaged in manufacturing, selling and after sales services of cooling appliances and cold storage products. Facilities Maintenance and Hard Services: Operations and Maintenance (O&M) contracts in various sectors, AMCs, Retrofits and Energy Management, etc. With a focus on developing cooling appliances, UCP has been a market leader in the RAC (room air conditioner) category for over a decade now. The vertical caters to business-toconsumer (B2C) and business-to-business (B2B) market requirements. It has grown to more than 25,000 touch points across the nation, with 700+ SKUs. This segment is seasonal in nature with sales generally being highest in Q1. Segment - B (Electro - Mechanical Projects and Services - EMP): Universal MEP Projects & Engineering Services Limited (UMPESL) is a 100% wholly-owned subsidiary of Voltas Ltd and engaged in mechanical, electrical and plumbing (MEP), HVAC (heating, ventilation & air conditioning), plumbing, fire fighting, extra low voltage (ELV) and specialized services. Water Solutions: comprises water treatment solutions for Industrial, oil and gas and domestic sewage segments and last mile connectivity of water tab under various government schemes. Segment - C (Engineering Products and Services) : Textile Machinery : represents leading equipment manufacturers in Textile Machinery and Mining & Construction Equipment for sale, distribution and after sales service.

It has also launched its range of Voltas Beko Home Appliances, through Voltbek Home Appliances Private Limited (Voltas Beko) which is an equal partnership joint venture between Voltas Limited and Turkey’s largest household appliances manufacturers, Arçelik. It launched the brand ‘Voltas Beko’ in September 2018 and positioned it as ‘Partners of Everyday Happiness’ in India. Beko, the global brand of Arçelik A.Ş., has been one of the fastest growing home appliances brand of Europe. It has been consistently increasing its footprint in the Indian home appliances segment and currently has over 15,000 consumer touchpoints. Voltas Beko’s portfolio of products includes refrigerators, washing machines, microwaves/ovens and dishwashers. It leverages the brand name and distribution strength of the company, Voltas, and the global expertise of Arçelik in product development. It has 300+ SKUs as on FY25. Voltas Beko crossed a cumulative volume of 7.5 million units since launch of commercial sales.

Product portfolio

#SALES #GROWTH 5 Year CAGR15.0%

In FY25, the revenue registered were ₹15,413 cr up by 23.5% YoY. UPC segment grew by 30% on a YoY basis contributing 69% of the revenue. The revenue mix in the UCP segment was ~61% from RAC (room air conditioner), followed by ~19% from commercial air conditioning, ~15% from commercial refrigerator, and the remaining ~5% from air cooler & water heater. The company sold 2.5 million units of RAC in FY25 and 0.5 million units of coolers. For the overall air conditioner category market share was 19% as on 31st March 2025. Total carry forward order book including international projects for the segment stood at ~₹6,500 cr.

#EBITDA #GROWTH 5 Year CAGR10.2%

Key components for manufacturing of the company’s products such as compressors, copper tubes, electronic parts, indoor units for split air conditioners and inverter drives are sourced from vendors in China and vendors in India. This is mitigated by diversifying procurement sources along with backward integration at plant. Better product mix, coupled with planned procurement of inventories helped to partially mitigate the increased cost of commodity prices and higher logistics costs. In FY25, the EBITDA was ₹1,116 cr up by 135% YoY. This was majorly due to higher cost escalations and higher losses in the EMP segment.

#PAT #GROWTH

In FY25, the company recorded PBT at ₹1,317 cr. The consolidated PAT registered was ₹960.3 cr which includes loss of share associates of ~₹126 cr. Results of Q3 FY23 and Q2 FY23 included provisions amounting to ₹137.4cr and ₹106.4 cr respectively which was made due to the termination of a contract and encashment of bank guarantees for two overseas projects in Dubai and Qatar, respectively. The necessary legal steps has been taken to recover the money. They had received arbitration award in their favor related to this encashment as informed in Q1 FY25.

#EBITDA #MARGIN

In FY25, EBITDA margin was 7.24% and segmental EBIT margin for Electro-Mechanical Projects and services was 4%, Unitary products at 8.4% and Engineering Products & Services at 27%. The company reported positive EBIT in the ElectroMechanical Projects & services in FY25 after FY22. This was mainly due to improved order booking, better project execution and working capital management.

#PAT #MARGIN

In FY25 the PAT margin was at 6.2%. In FY24, the PAT margin was 3.1%.

#ROCE

In FY25, PBIT for the year was ₹1,253 cr and the capital employed was at ₹7,102 cr. The ROCE stood at ~18%. CASE STUDY

#MANAGEMENT

The management is led by Mr. Noel N Tata. He is also Chairman of Trent Limited and Tata Investment Corporation Limited and Vice Chairman of Titan Company Limited and Tata Steel Limited. His knowledge of Retail business is humongous and has aspired the company grow in consumer products significantly. Mr. Pradeep Bakshi, Managing Director & CEO of the company has around 39 years of experience in consumer appliances domain and his vast expertise and experience in the appliances domain makes him a distinct professional. Under his able leadership, Voltas has consistently grown in revenue and profitability, ahead of the AC Industry. Voltas achieved leadership position in market share of room air conditioners.

#COMPANY #POTENTIAL

• India’s consumer durables industry is experiencing rapid growth and is currently the fastest-growing major market globally. It is projected to become the fourth-largest market by 2026–27, with an estimated market size of ₹3 lakh crore by 2028–29. • The Water Heater segment thrives in the Indian market, with an annual demand of approximately 5 million units. The segment has experienced consistent growth of 10-12% year-on-year (YOY), with a selling window of almost 10 months in a year. • Room Air Conditioner (RAC) penetration in India currently stands at 10%, but the market is witnessing rapid growth. Valued at approximately ₹37,000 crore (USD 4.33 billion) in FY24, the RAC segment is growing at a CAGR of 19.9% and is expected to reach around ₹91,000 crore (USD 10.65 billion) by FY29. • The Indian RAC market saw volumes rise from 8.4 million units in FY23 to 10 million units in FY24. The industry anticipates that total AC volumes will grow from the current 1.3–1.4 crore units (FY25) to 3–3.5 crore units over the next five years. • The Indian Commercial Air Conditioning industry is valued at ~₹8,000 crore, it is projected to grow at a CAGR of ~12%. • Commercial Refrigeration market has a potential to grow at 30% because India is underpenetrated in the same. Whereas commercial air conditioning products should grow at a CAGR of 12%-12.5% as per the management of the company. • The commercial refrigeration market size was valued at ₹4,033 crores in 2019-20 and is projected to reach ₹8,022 crores in 202627, registering a CAGR of 10%. Increase in demand for frozen products among the consumers due to change in lifestyle and rapid urbanization, combined with growth in the organized retail sector with increase in number of hypermarkets/supermarkets is expected to drive demand for commercial refrigeration products. • India’s domestic textile and apparel market is projected to reach USD 190 billion by 2025–26, while exports are expected to touch USD 100 billion by 2030. TMD’s growth strategy centers on expanding its aftersales services and entering new markets like CASE STUDY Bangladesh, Sri Lanka, and Africa, with a continued emphasis on sustainable and automated solutions.

#FUTURE #OUTLOOK

• The company aims to enhance market share in its core categories by deepening distribution and accelerating product innovation to meet evolving customer needs. It plans to continue its focus on energy efficient and IoT – enabled cooling solutions. • Voltbek, the home appliances JV, is set to expand capacity by 50% at its Sanand plant to boost 'Made-in-India' production, especially refrigerators. Future include launching new Frost-Free and Direct-Cool models, expanding its SDA range, strengthening in-store presence, introducing digital-first products for e-commerce, and promoting dishwashers with India-focused awareness campaigns. The company also aims to improve operational efficiency and grow market share in washing machines. • As of YTD February 2025, the company’s market share rose to 8.7% in washing machines and 5.3% in refrigerators, with a strong 15.3% share in the semi-automatic washing machine segment—making it the second-largest player in that category. It sold over 1 envisaged to accrue from FY26. million units across refrigerators and washing machines, achieving 56% volume growth for the year ended 31st March 2025 and emerged as the fastest-growing electrical appliances company in the country. • Both commercial air conditioning and commercial refrigeration segment is envisaged to do well as there is demand for cold chain products, increase in commercial offices, airports, group company’s shops, etc. It envisages double digit growth for this category. • The company believes in the merits of backward integration of certain products like Heat Exchanger, Cross Flow Fan and Plastic components, and had applied to avail the Produ

Voltas 1200-1300
Expected level 1600
Support 1100