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Voltas shares surge over 6% as UBS doubles price target. Here's why
Voltas share price: UBS upgraded the stock recommendation to 'buy' from 'neutral' citing robust growth prospects.
Voltas share price: The shares of Voltas Limited rose over 6 percent today (April 22) to reach ₹1,389. This comes after UBS upgraded the stock recommendation to 'buy' from 'neutral' citing robust growth prospects. Additionally, the brokerage more than doubled the price target from ₹885 to ₹1,800 seeing a huge upside potential of over 38 per cent of ₹1,300. The company will 'surprise' on market share in the room air-conditioner segment, the brokerage noted, adding that broader market share of the company is also likely to rise to 23 per cent in FY26.
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The brokerage noted that Voltas' joint venture (JV) with Turkey’s Arcelik is expected to boost the market share and profitability.
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It said, “We expect an incremental revenue growth of ₹10,000 crore, a 60 percent of FY27 revenue in consumer electronics.”
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Voltas and Arecelik set up a $100-million joint venture in 2017 with the aim to target country’s consumer durables market. The joint venture- Voiltbek- makes refrigerators, washing machines, microwaves and various domestic appliances in India and both the companies hold 49 per cent in the joint venture.
