Consumer Durables, Electricals & EMS

Amber reported a weak Q2FY26 performance with revenue/EBITDA declining 2%/20% and a PAT loss of INR328mn. Consumer Durables performance was weak due to weak customer demand (higher channel inventory) aggravated by

Whirlpool posted a weak Q2FY26 with revenue/EBITDA/PAT decreasing 4%/34%/22% YoY. Revenue contraction is attributable to the decline in refrigerator industry and some impact from competitive pricing and promotions. P4G

Crompton reported a weak set of Q2FY26 numbers with revenue growing 1% YoY and EBITDA/adjusted PAT declining 22%/31% YoY, as weak ECD revenue growth (-1% YoY) and margin pressure (-430bp; cost inflation and sustained

Kaynes reported Q2FY26 results with revenue/EBITDA/PAT surging 58%/80%/102% YoY. Revenue growth was led by Industrial (+74% YoY), Automotive (+26%) and Railways (+53% YoY). Gross margin expanded 440bp YoY to 33.6% on

Bajaj Electricals (BJE) reported Q2FY26 revenue/EBITDA/PAT growth of -1%/+20%/+38% YoY. While lighting revenue (+10% YoY), double-digit growth in kitchen appliances and single-digit growth in fans were positive, a sharp

Dixon reported a strong Q2FY26 with revenue/EBITDA/adjusted PAT up 29%/32%/15% YoY. While Mobile & EMS revenue grew 41% YoY (+15%QoQ), Appliances fell 33% YoY. EBITDA margin stayed healthy at 3.8–3.9%. It indicated a

Havells reported revenue/EBITDA/PAT growth of 5%/8%/16% YoY in Q2FY26 with summer category products continuing to report weakness. C&W posted 12% growth, followed by switchgears (+8%) and lighting (+7%). Lloyd revenue

Polycab posted revenue/EBITDA/adjusted PAT growth of 18%/62%/51% YoY in Q2FY26 (low base due to volatile copper prices in Q2FY25). C&W segment revenue grew 21% YoY (high-teens volume growth) with EBIT margins expanding

KEII reported robust Q2FY26 revenue/EBITDA/PAT growth of 20%/22%/31% YoY. The Cables & Wires (C&W) segment’s revenue jumped 23% YoY with EBIT margin edging up 50bp YoY to 10.9%. The C&W exports shot up 117% YoY (17% of

KEII reported another strong quarter with revenue/EBITDA/PAT growth of 20%/22%/31% YoY. While Revenue/EBITDA are in-line with our estimates, PAT was 9% above our estimate due to higher other income (possibly foreign

Nuvama Wealth Management is hosting a conference call with Management of KEI Industries Limited to discuss the financial results of the Company for Q2FY26 on Thursday, October 16, 2025 at 12.00 PM IST.

We expect Q2FY26E to be a quarter of continuity with: i) EMS companies’ revenue/EBITDA/PAT YoY growing 24%/30%/17% YoY; ii) cables and wires’ companies turning in a strong showing (optically stronger EBIT due to low

LG Electronics India Limited (LGEIL), promoted by a global leader in consumer electronics and home appliances, entered India in 1997 and currently holds market leadership (by value in offline channel) across washing

Incorporated in 1982, Eureka Forbes (EFL) is India’s largest electric water purifier (EWP) company with a 40–45% share of the INR49bn organised market. As the only large full-stack EWP player in an underpenetrated market

The recent GST cut was relevant only for RAC, dishwashers and LED TV (more than 32 inches), among large appliances (most others at 18% before); hence it should only provide a modest boost to growth in the medium term as

We are hosting a Expert Call (select group) with Senior Executive, Vijay Sales on the Impact of GST Cut today, 4th September 2025 at 3:30 pm.

We recently concluded the Nuvama Home Improvement Conference 2025 wherein we hosted management of Havells, Crompton Consumer and Blue Star (not rated).

While Cables & Wires (C&W) and EMS (ex-RAC) continue to shine, large and even small appliances had one of the worst Q1 results due to a weak summer (more than 25–30% fall in RAC/air cooler sales; double-digit fall in