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Technical Report on Voltas By Shyam Advisory

March 20, 2022

Voltas is engaged in the business of air conditioning, refrigeration, electro –
mechanical projects as an EPC contractor both in domestic and international
geographies (Middle East and Singapore) and engineering product services for
mining, water management and treatment, construction equipments and textile
Voltas was created 6 decades ago when Tata Sons joined hands with a swiss
company Volkart Brothers. Voltas is also one of the most reputed engineering
solution providers specializing in project management.
The company has 5,000+ Customer sites actively managed across India
Segment 1: Unitary Cooling Products (36% of Revenue)
Unitary Cooling products comprises Air Conditioners, Air Coolers, and Commercial
Refrigeration products
As of July 2021, Voltas is no. 2 in the Air Cooler Category with a market share of
Voltas is No 1 with 26.8% market share as of August 2020 in Room Air Conditioner
21.9% market share in Inverter Air Conditioners, selling close to 1.45 million room
air conditioners with the Inverter AC volumes, contributing close to 52% of the
overall AC sales
The Company also invested in expanding its manufacturing facilities to increase
indigenous production, and reduce the customs duty impact on its consumers.
A state-of-the-art R&D center was also opened, to be future-ready.
Segment 2: Engineering Projects (58% of Total Revenue)
Domestic -Voltas offers integrated end-to-end solutions in electromechanical
projects. It extends Mechanical, Electrical, and Plumbing (MEP) services for metro
stations, airports, malls, hotels, hospitals etc.
InternationalVoltas International is recognized as a preferred MEP contractor for
mid to large-size projects in various GCC countries such as UAE, Qatar, Oman,
Bahrain, etc. the international project’s business has completed over 130 projects
across 35+ countries.
The HVAC product business enhances its manufacturing capacity with the launch of

a state-of-the-art Commercial Products manufacturing facility in Waghodia,
The factory houses R&D and testing facilities that are critical to bringing in new
and advanced technologies to the market.
Segment 3: Engineering Products (5% of Total Revenue)
Engineering Products comprises Textile Machinery and Mining & Construction
Market Share
Spinning machinery: 55%
Low Dependence on Imports
The company aims to increase localization and reduce dependency on imports
Investment in moulds and balancing equipment to improve the throughput of the
existing manufacturing unit in Pant Nagar, efforts to set up a South India based AC
factory are being fast-tracked.
Manufacturing Facility
The company has 4 manufacturing facilities across India
In collaboration with Arçelik, the company commissioned a manufacturing facility
in Gujarat, to boost production and capture a larger market share in the white goods
segment. The capacity is Spread across 60 acres with an annual production capacity
target of 2.5 million units by 2025.
Distribution Network
There is an Expansion program going on in distribution channels and 180 EBOs,
Company is also setting up exclusive outlets that will act as an ‘Experience Zone’,
providing a hands-on feel for the complete range of Voltas and Voltbek products.
Production- Voltas Beko
Through its 50:50 Joint Venture with a Turkish company Arçelik, Voltas entered
the home appliances industry under the brand, Voltas Beko in 2018
As of the moment, the company has a decent bouquet of well-priced SKUs across
various categories:
~ 50 in Washing Machines,
30 in Frost Free refrigerators,
6 in Dish Washers
6 in Microwaves
New Product Launch
Voltas launches Maha Adjustable PureAir AC.
VOLTAS 1 - Shyam Advisory
Technical View: Voltas, recently had a classical descending channel breakout,
Stock is strongly moving towars breaking all time high and set new all time high
RSI divergence indicate Buying signal, MACD crossover support the positive trend
Overall structure look positive .
Volume analysis: – 1 Day Delivery volume Increase by 78.93% over 5 day average,
However; 1 Month: Delivery volume increase by 73.78% , Generation of positive
volumes and recent brekout indicate buying prospect for the stock, hence; We
recommend BUY signal for this share . Buying can be done above 1300 for Target
1356, Target 1400, Target 1450 Use Strict stop loss 1250.
Moving Averages: -Voltas Ltd. is trading higher than 5 day, 20 day, 50 day, 100 day
and 200 day moving averages
5 Day 1,188.66 50 Day 1,220.27 200 Day
20 Day 1,207.97 100 Day 1,217.43

Shareholding pattern:-

VOLTAS 2 - Shyam Advisory
The Promoter holdings 30.03% %. No change in Promoter holdings. No change in
Promoter pledged shares.
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