J.P. Morgan India FTM 23 Jun 26 LG Electronics India and More

研报英文原文证据摘录

J.P. Morgan India FTM 23 Jun 26 LG Electronics India and More

Asia Pacific Equity Research

India First to Market 23 June 2026

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LG Electronics India (Latika Chopra, CFA) (LGEL IN, OW)

Constructive into FY27: Premiumization, exports and new launches underpin growth

We hosted Mr. Atul Khanna, Chief Accounting Officer and Mr Gurpinderjeet Singh, Head Financial Planning as a part of the

JPM India Consumer CXO Fireside Chat series. LGEL is targeting mid-teens revenue growth for FY27, led by healthy

momentum in domestic sales (ACs aided by strong summer led demand; premium appliances), accelerated export revenue

and an improving trajectory for B2B and AMC businesses. The Essential Series is driving deeper market penetration and

expanding export reach, while new segment forays (French Door refrigerators, chest freezers) add to future growth optionality.

LGEL intends to ensure profitable scale up of operations, staying away from irrational competitive actions and is targeting for

early double-digit EBITDA margins backed by price hikes, localization (~55% in Q4FY26), and a richer product mix, with

competition and input costs as key watchpoints. Commercialization of the new manufacturing unit (in Andhra Pradesh) will

further aid execution. We believe LGEL offers best-in-class superior execution enabled by a diversified portfolio, wide

distribution footprint (across channels), market leadership in the premium segment (share gains underway), high innovation

intensity (customized to localized needs), access to global tech/R&D capabilities and a well trenched service network. The

stock is up ~10% YTD, outperforming the NIFTY (-8%) and we would recommend adding on dips.