Voltas

As soon as I think of this company, I think of air conditioners. Is this company worth current market capital of 3500 Cr just for selling ACs?

A - Electro-Mechanical products and services

B - Engineering products and services

C - Unitary Cooling products (ACs)

This company does more than that. 

More than 50% of the business is from EMP or MEP services - Voltas is still seen as a HVAC player in India. HVAC contracts would be offered by airports, metro train stations, malls, IT parks, hospitals, industry floors, games stadias, etc. Voltas would essentially have to design and implement heating, ventilation and air conditioning contracts. Voltas may get other parts of the project as well such as plumbing, electrical work, fire and safety, environmental control system, etc. Full fledged MEP contracts are still not common in India, but are common in developed countries. The company has been winning and executing waste water and air quality projects in environmental engineering. Middle east is a major market for Voltas' MEP projects.

Around 10% of the revenues come from the engineering services. Voltas manufactures textile machinery - spinning, weaving, knitting and dyeing. The company also manufactures mining and construction equipment - crushing, screening, mining loaders, crawler cranes and large excavators. Materials handling equipment are also manufactured by Voltas.

The remaining 35% of the revenues for Voltas are from ACs. They have all types of models in the market and a very good distribution network. This is a very competitive market, esp from foreign brands.