The mix improvement is possibly being ignored by Voltas' sellers. This throws open an opportunity to buy Voltas on dips. At 25x Mar-20E EPS, our TP of Rs 710 offers an entry point. The air-conditioner industry has witnessed several headwinds during FY18, led by GST transition and the change in energy efficiency ratings. Additionally, the summer of 2018 started on a weak note, despite IMD predicting a harsh summer. Consumer offtake has thus been weak, as evident in Lloyd (Havells) and Blue Stars Room Air Conditioner (RAC) volume growth in 4QFY18.