New Delhi, Sept. 22 -- Voltas Ltd management's recent interaction with analysts to update about business environment and outlook brings no cheer for its investors. The stock fell almost 3% on Monday.

The problem? The management noted room air conditioner (RAC) sales have continued to languish so far in the September quarter (Q2FY26) as well amid elevated channel inventory (two to three months currently) and an extended monsoon. Moreover, consumers deferred purchases after the goods and services tax (GST) rationalization was initially announced on 15 August.

The GST rate on RACs has been reduced to 18% from 28% effective 22 September. The company hopes consumers will start purchasing now. This, combined with the upcoming festive season b...