Crompton Greaves Consumer Electricals (CROMPTON IN) – Q4FY26 Result Update – Sustained market share gains across key segments – Downgrade to ‘ACCUMULATE’
Published on 14 May 2026
CROMPTON’s ECD segment delivered 9.5% growth led by strong traction across pumps, SDA and fans, with fans witnessing sequential improvement supported by robust BLDC growth and high volumes in Mar’26. Pumps registered double-digit growth across residential, agri and solar pumps while gaining market share, alongside new launches. SDA segment saw strong growth driven by air fryers and induction cooktops, while mixer grinders continued to gain market share. Lighting segment grew by 14.3%, driven by strong double-digit volume growth across both B2C and B2B segments. Butterfly revenue grew 16.8%, led by cookers and gas stoves, while electric cooking appliances benefited from LPG supply constraints. Company undertook calibrated price hikes across key categories in ECD segment to offset commodity inflation and continued executing solar rooftop projects while commencing phased retail rollout across select cities. CROMPTON also entered the residential wires segment with launch of ‘Crompton Armor’ in southern markets, leveraging its strong brand and distribution network. We downgrade to ‘Accumulate’ from ‘BUY’ rating with revised TP of Rs320 (Rs344 earlier), based on 27x Mar’28 earnings.
