Prabhudas Lilladher Recommends 'Hold' on Voltas; Target Rs 1415

• Prabhudas Lilladher maintains 'Hold' rating on Voltas with a target price of Rs 1415.
• Management highlights continued weakness in RAC industry, elevated channel inventory, and margin pressures.
• Early signs of pre-stocking ahead of BEE norm change and growth in non-RAC cooling, EMPS, Engineering Products.
• Company expects gradual normalization, with growth visibility improving into FY27.
• Voltbek shows strong growth and market share gains; FY25-28E revenue/EBITDA/PAT CAGR projected.

Why It Matters: Prabhudas Lilladher advises 'Hold' on Voltas, citing near-term challenges but long-term growth potential.