New Delhi, Sept. 24 -- Voltas's recent interaction with analysts makes management's near-term priority clear: gain market share and grow absolute profit, even if margins take time to recover. This strategy is already showing results in its room air conditioner (RAC) business.

Its market share reached 18.6% in July versus 15.9% in FY26, and 17.5% year-to-date. Voltas now has a lead of around 6 percentage points over the second-largest player. Channel inventory has also fallen below 30 days.

Voltas's problem, however, is that higher market share has not yet translated into a corresponding profitability improvement. Consolidated Ebitda margin fell from 7.2% in FY25 to 4.5% in FY26 weighed down by higher copper prices, weaker rupee and comp...