Crompton Greaves Consumer Electricals (CROMPTON IN) – Analyst Meet Update – Ambitious growth targets, execution remains key – BUY
Published on 21 Aug 2026
We attended the analyst meet of CROMPTON, where the management outlined its “Crompton 2.0” strategy focused on protecting and growing core categories, scaling emerging businesses, and entering new attractive whitespaces. The management has guided for revenue CAGR of 14-15% till FY29 and 2x revenue by FY31, and exit EBITDA margin of 11-12% and 12%+, supported by premiumization, new product development (NPD)-led growth, broader distribution and operational excellence. The company has partnered with a Korea-based company to enter the water purifier segment, further expanding its TAM following its entry into wires and solar products, which are relatively low-margin segments. The company continues to expand its TAM to INR1600bn through new categories such as wires, solar products and water purifiers, while targeting market-share gains through premiumization, NPD-led growth and distribution expansion. Despite the company’s focus on premiumization and NPD across all categories, execution remains key to delivering its ambitious growth targets, given the scale-up required across new businesses. We estimate revenue/EBITDA/PAT CAGR of 14.8%/20.0%/20.7% over FY26-28E. We maintain our estimates and ‘BUY’ rating with TP of INR330, based on 28x Mar’28E earnings.
