INDIA ELECTRICAL EQUIPMENT : C&W lead persists; emerging value in HVAC

研报英文原文证据摘录

INDIA ELECTRICAL EQUIPMENT : C&W lead persists; emerging value in HVAC

EQUITIES

CAPITAL GOODS

INDIA ELECTRICAL EQUIPMENT

C&W lead persists; emerging value in HVAC

4QFY26 - C&W maintains the lead; FMEG and lighting fared better than expected8 JUNE 2026

Sector Research Report In 4QFY26, the durables sector followed its prevailing trend, with sales growth largely driven by a

Production time: 17:12* (London time) sharp uptick in C&W (+c25%), gaining from a consistent surge in commodity prices with c15-25% y-

Research Analysts & Publishing Entities y realisation growth, even though volume growth fell to low single digits for POLYCAB and KEI (NC),

Nirransh Jain impacted by the softer trade sentiment and higher base of wire stocking in 3Q. White Goods saw a

BNP Paribas Securities India Private modest recovery led by WMs, while ECD and lighting fared better than expected on solar and SDALimited

+91 22 6196 5039 appliance sales even though the summer portfolio was subdued on delayed summer offtake.

nirransh.jain@asia.bnpparibas.com

RAC – 4Q impact from high base and pre-stocking; Commodity impact yet to be seen

Major RAC players had flattish y-y sales growth, impacted by a high base and pre-stocking in 3Q

prior to the BEE transition, leading to subdued Jan-Feb’26 primary sales. Margin pressure continued

owing to higher trade discounts (VOLT), product mix change (lower Ref. sales), while the margin

impact of commodity inflation was yet to be seen. Post the c6-7% price hikes on the BEE rating

change, BLSTR highlighted the industry need of c13% price hikes (with further c5% cost escalation),

of which c8% had been taken in Apr’26. The latest IMD forecast calls for below-normal rainfall during

Jun-Sep’26 and a transition towards El-Nino.