Motilal Oswal: Voltas 'Neutral' with Rs 1390 Target Amidst Mixed Performance

• Motilal Oswal maintains a 'Neutral' rating on Voltas with a target price of Rs 1390.
• RAC volume faced pressure in 3QFY26 due to high channel inventory and strong winter.
• Voltas Beko is outperforming, gaining market share and nearing the top spot in semi-automatic washing machines.
• The EPM segment's domestic project business is performing well with steady margins.
• Future demand for RAC is expected to be driven by GST rate cuts and energy label changes.

Why It Matters: Motilal Oswal rates Voltas 'Neutral' with Rs 1390 target, citing mixed business performance.