Air-conditioning maker and engineering services provider, Voltas Ltd, on Friday (March 13), said the Assistant Commissioner of State Tax, Investigation A, Mumbai, initiated inspection proceedings at its Chinchpokli office on March 12, 2026, under Section 67 of the Maharashtra Goods and Services Tax Act, 2017, regarding the company’s GST records for Maharashtra.
The company said it is fully cooperating with the authorities and submitting the requested details. “At present, there is no material impact on the financials, operations or other activities of the Company due to the aforesaid proceedings,” Voltas said.
The proceedings are ongoing, and the company said it will update stock exchanges in case of any material developments. No violations or contraventions have been communicated to the company so far.
Third Quarter Results
Voltas reported a 35.7% year-on-year (YoY) decline in net profit at ₹84.9 crore for the third quarter, compared with ₹132 crore in the year-ago period. The bottom line was largely in line with the CNBC-TV18 poll estimate of ₹86 crore, though it marked a sharp contraction on a high base.
Revenue for the quarter slipped 1.1% to ₹3,070 crore from ₹3,105 crore a year ago. The topline, however, fell short of the CNBC-TV18 poll projection of ₹3,152 crore, indicating a softer demand environment during the period.
At the operating level, EBITDA declined 10.7% year-on-year to ₹176.6 crore from ₹197 crore in the corresponding quarter last year. Despite the YoY contraction, operating performance was stronger than expected, with EBITDA significantly ahead of the CNBC-TV18 poll estimate of ₹142 crore.
Operating margin for the quarter stood at 5.7%, compared with 6.4% in the year-ago period. While margins compressed on a YoY basis, they came in well above the Street’s expectation of 4.5%, suggesting better cost management and operating efficiencies during the quarter.
