Crompton Greaves Consumer Electrical Ltd: F4Q26: ECD Led Beat

研报英文原文证据摘录

Crompton Greaves Consumer Electrical Ltd: F4Q26: ECD Led Beat

Update

May 13, 2026 05:20 PM GMT

Morgan Stanley India Company Private Limited+MCrompton Greaves Consumer Electrical Ltd | Asia Girish Achhipalia

Pacific Equity Analyst

Girish.Achhipalia@morganstanley.com +91 22 6118-1124

Pranjal Jain

Research AssociateF4Q26: ECD Led Beat Pranjal.Jain@morganstanley.com +91 22 6118-3037

Parth Karia

Research Associate

Reaction to earnings Parth.Karia@morganstanley.com +91 22 6118-1036

Unchanged Modest upside Modest revision higher

Impact to our thesis Financial results versus consensus Direction of next 12-month Crompton Greaves Consumer Electrical Ltd (CROP.NS,

consensus EPS

CROMPTON IS)

Source: Company data, Morgan Stanley Research

India Industrials | India

Crompton is looking at premiumization and adjacencies to drive StockIndustryRatingView Equal-weightIn-Line

next leg of its growth journey. Focus is on: 1) strengthening its Price target Rs285.00

Up/downside to price target (%) 0

ECD franchise; 2) sustain recovery in lighting; 3) Butterfly Shr price, close (May 13, 2026) Rs284.80

52-Week Range Rs362.75-217.40

turnaround; and 4) build scale in new segments. Key Sh out, dil, curr (mn) 644

monitorable: demand volatility and input cost inflation. MktEV, currcap,(mn)curr (mn) Rs183,272Rs176,675

Avg daily trading value (mn) Rs860

Key Takeaways Fiscal Year Ending 03/25 03/26e 03/27e 03/28e

EPS (Rs)** 8.62 7.77 10.39 12.81

Adjusted PAT: +8% vs. MSe and +13% vs. consensus; beat was ECD business led EPS (Rs)§ 8.67 7.76 9.69 11.64

and lower tax rate (20.4%). Revenue, net (Rs mn) 78,636 81,055 92,515 104,910

EBITDA (Rs mn) 8,882 8,047 10,386 12,458

ECD: Revenue +10% YoY (MSe 10%); EBIT margins 15.5% (-120bp, MSe 14.5%). ModelWare net inc (Rs 5,548 5,004 6,693 8,247

mn)