Voltas Limited has announced the appointment of Ms. Praggya Bijalwan to its Senior Management Team, marking a significant addition to the company's leadership structure. The appointment, effective April 6, 2026, was disclosed to the stock exchanges under Regulation 30 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Leadership Enhancement

Ms. Bijalwan, who has been serving as Head – Marketing & Communications since December 2024, has been inducted into the Senior Leadership Team and has accordingly become a Senior Management Personnel of the Company from April 6, 2026. This elevation recognizes her contributions and strategic importance to the organization's marketing and communications functions.

Professional Background and Expertise

Ms. Bijalwan brings extensive experience to her enhanced role within Voltas. Her professional background includes over two decades of experience in sales and marketing across various industries. Her expertise encompasses multiple critical areas that align with modern business requirements:

• Digital strategy development and implementation
• Mass advertising and brand management
• Product portfolio management
• Consumer insights and market research
• Corporate communications
• Public relations management

Career Trajectory

Prior to joining Voltas, Ms. Bijalwan held pivotal roles at several prominent organizations, demonstrating her versatility across different industry sectors. Her previous experience includes positions at:

Regulatory Compliance

The appointment details have been formally communicated to both BSE Limited and National Stock Exchange of India Limited in compliance with regulatory requirements. The company has also made this information available on its official website at www.voltas.in , ensuring transparency and adherence to disclosure norms.

Strategic Implications

This appointment reflects Voltas Limited's commitment to strengthening its senior management team with experienced professionals who bring diverse industry expertise. Ms. Bijalwan's extensive background in marketing, communications, and digital strategy positions her well to contribute to the company's strategic initiatives and market positioning efforts.

Voltas Limited has received enhanced credit facilities worth Rs 4,000 crore from ICRA Limited, marking an increase from the previous Rs 3,500 crore, while maintaining its strong credit ratings across all banking instruments.

Credit Rating Enhancement Details

ICRA Limited has reaffirmed and enhanced Voltas' banking facilities with the following rating structure:

The enhancement includes Rs 400 crore in additional fund-based and non-fund-based limits and Rs 100 crore in unallocated credit limits, demonstrating ICRA's confidence in the company's financial strength and market position.

Financial Performance and Market Position

Voltas demonstrated strong revenue growth of 23.5% in FY2025, driven primarily by healthy demand in the room air-conditioning segment with 30% revenue growth and robust project execution with 13% growth in the projects business. The company's operating profit margin improved significantly to 7.3% in FY2025 from 3.8% in FY2024.

However, the company faced challenges in 9M FY2026, reporting a revenue decline of 12.1% year-on-year due to weak retail demand caused by mild summers and early monsoon in Q1 FY2026. The electromechanical projects and services segment also witnessed a 5.2% revenue decline during this period.

Business Segment Performance

Voltas maintains its leadership position in the domestic room air conditioning market with an 18.9% market share in FY2025, though this declined to 17.9% in 9M FY2026 due to intense competition. The company operates through three main business segments:

• Unitary Products Business Group (UPBG): Focuses on room air conditioners, commercial refrigeration, and related products
• Electromechanical Projects and Services (EMPS): Provides engineering solutions with a healthy order book of around Rs 6,100 crore as of December 31, 2025
• Engineering Products Business Group (EPBG): Handles textile machinery and mining equipment distribution

Financial Strength and Liquidity

The rating reaffirmation reflects Voltas' superior liquidity position, with free cash and bank balances plus liquid investments worth Rs 4,344 crore as of March 31, 2025. The company maintains a strong capital structure with gearing of 0.1 times and Total Debt/OPBDITA of 0.8 times.

Key financial metrics demonstrate robust performance:

Strategic Outlook and Challenges

ICRA expects Voltas to register mid-single-digit revenue growth in FY2027, supported by favorable summer conditions, calibrated price increases, and low base effects. The company's association with the Tata Group, which holds a 30.30% stake, provides considerable financial flexibility and access to financial markets.

The rating agency noted ongoing challenges including the seasonal nature of the air conditioning business, competition in the UPBG segment, and losses in the Voltas Beko joint venture, which reported a net loss of Rs 241.9 crore in FY2025. However, the joint venture is expected to achieve EBITDA breakeven by FY2027 with improving operating leverage and stabilizing costs.

The stable outlook reflects Voltas' leadership position in the domestic room air conditioning segment and strong execution track record in the projects business, supported by healthy cash flows and superior liquidity levels that continue to underpin its robust credit profile.