We value based on SOTP, valuing EMPS/EPS/UCP at Sep-20 P/E at 17/20/35x with TP of Rs 640 (Rs 651 earlier). Voltas reported a mixed bag, with a beat in EMPS segment, market share gains in UCP but a sharp decline in UCP EBIT margins. Net revenues grew by 37% (exp. 10%) driven by robust execution in the project biz (trend prevalent across the capital goods sector). EBITDA/APAT grew by 25/9% (exp. of 12/6%).