Voltas maintains a leadership position in RAC with ~19% market share and benefits from the ramp-up of its Chennai facility. However, a delayed summer and unfavorable weather conditions have adversely impacted growth for the UCP segment.NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. Motilal Oswal ReportVoltas Ltd. reported a robust performance in FY25, with strong growth in the unitary cooling product segment and healthy margins. The company maintains a leadership position in RAC with ~19% market share and benefits from the ramp-up of its Chennai facility. However, a delayed summer and unfavorable weather conditions have adversely impacted growth for the UCP segment. Considering demand moderation, we estimate Voltas’ revenue/Ebitda/PAT CAGR at ~7%/12%/15% over FY25-27. We estimate the UCP segment’s margin to stand at 8.0% in FY26 (vs 8.4% in FY25), though demand recovery will be crucial in H2 FY26, led by the festive season and change in energy rating norms. We downgrade our rating to Neutral from Buy due to a decline in demand, near-term headwinds, and challenges in the project business. We revise our target price to Rs 1,350 (earlier Rs 1,600) based on 45x FY27E EPS for the UCP segment, 20x FY27E EPS for the PES and EMPS segments, and Rs 22/share for Voltbek.Click on the attachment to read the full report:Vinati Organics Upgraded To 'Buy' By HDFC Securities On Expansion, New Product LaunchDISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.Users have no license to copy, modify, or distribute the content without permission of the Original Owner.. Read more on Research Reports by NDTV Profit.