LG Electronics India (LGEL IN) – Q2FY27 Result Update – Broad-based category growth drives momentum – ACCUMULATE
Published on 09 Nov 2026
H&A revenue grew 20.9% YoY supported by double-digit growth across major categories, including washing machines, refrigerators and RACs, with premiumization driving higher realizations. while Segment margins expanding 50bps to 8.7%, despite elevated commodity prices. LG Essential range continued to gain traction, while the premium portfolio was expanded with French Door Refrigerators and Chest Freezers. Sri City plant is expected to commence compressor production in Q3FY27, followed by AC production in Jan’27, supporting localization and capacity expansion. We estimate FY26-29E revenue/EBITDA/PAT CAGR of 12.9%/21.3%/20.1%. we tweak FY28/FY29 earnings estimates with revised TP of INR1,881 (earlier INR1,870) based on 45x Sep’28 EPS. Maintain ‘Accumulate’.
