Emkay Global Recommends Voltas: Target Rs 1500 Amidst Market Share Focus

• Emkay Global Financial recommends 'Buy' on Voltas with an unchanged target price of Rs 1500, citing supportive valuations.
• Management expects pre-buying activity ahead of BEE rating changes effective January 1, 2026, leading to inventory depletion.
• Pricing actions from Q4FY26 will be influenced by currency depreciation, elevated commodity costs, and the upcoming BEE norm transition.
• Voltas's focus will remain on market share rather than margin, with UCP margins sensitive to competitive intensity.
• Beko continues to gain market share in SAWM and will expand distribution by leveraging Voltas's RAC network; growth/margin expected to rebound in FY27E.

Why It Matters: Emkay Global recommends buying Voltas with a Rs 1500 target, citing market share focus and FY27E rebound.