Crompton Greaves Consumer Electricals (CROMPTON IN) – Q1FY27 Result Update – Moderation in ECD growth; outlook remains constructive – BUY
Published on 07 Aug 2026
CROMPTON’s ECD segment delivered 10.6% YoY growth, supported by moderate performance across Fans, Pumps and Domestic Appliances. BLDC fans remained a key growth driver with ~44% growth, while Ceiling Fans and Pumps continued to gain market share. Domestic Appliances registered double-digit growth led by Water Heaters, which also strengthened their market position. Lighting segment grew 15.4% YoY, driven by double digit growth in both B2C and B2B segments, although B2B margins were impacted by pre-contracted lower-priced orders. Butterfly revenue increased 14.0% YoY, led by broad-based growth across channels and market share gains in mixer grinders, pressure cookers and glass cooktops. The company implemented high single-digit to low double-digit price hikes across categories to offset commodity inflation, while the Solar Rooftop business remained in ramp-up mode with a ~INR5bn order book, of which ~INR4.5bn is expected to be executed over the next six to eight months.
We estimate revenue/EBITDA/PAT CAGR of 14.8%/20.0%/20.7% over FY26-28E. We have downward revised FY27/FY28 earnings by 2.0%/1.7%, factoring in lower revenue estimates, partly offset by improved EBITDA margin assumptions. We maintain ‘BUY’ rating with revised TP of INR330 (INR319 earlier), based on 28x Mar’28 earnings.
