HSBC has reiterated a hold rating on Voltas with a target price of ₹1,780, implying a potential upside of 4.9% from the current market price of ₹1,696.75. The brokerage highlights that Voltas reported strong profit growth in Q2 FY25, driven by margin normalization in its projects business and volume growth in cooling products. While Voltas is successfully executing its volume-growth strategy, with market share gains and product expansion, this growth comes at somewhat lower margins.
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