INDIA ELECTRICAL EQUIPMENT : Investor feedback: Highlights from Asia marketing

研报英文原文证据摘录

INDIA ELECTRICAL EQUIPMENT : Investor feedback: Highlights from Asia marketing

EQUITIES

CAPITAL GOODS

INDIA ELECTRICAL EQUIPMENT

Investor feedback: Highlights from Asia marketing

Last week we met 25+ investors across Asia and discussed our report on India white goods, which23 JUNE 2026

Sector Research Report included BLSTR and LGEL initiation and our updated view on the consumer durables sectors

Production time: 15:35* (London time)

following 4QFY26 results (see: C&W lead persists; emerging value in HVAC).

Research Analysts & Publishing Entities

White goods: Our RAC preference gained traction, despite near-term margin pressure

Our thesis on emerging value in HVACs following the May-26 correction gained traction on potential

revenue surprise for the industry (recently validated by VOLT), despite near-term margin headwinds.

Discussions centred on recent demand trends, the potential onset of El Niño, channel inventory and

margin impact of commodity inflation. We saw investors tilt towards VOLT as a high-beta play on the

intense summer, while some LO investors still favour BLSTR, though concerns have risen on it

sustaining its premium valuation if MS losses persist. We received some pushback to our bearish

stance on LGEL. Although investors shared our concern on margin downside risks, as LGEL pivots

towards growth, some argued that it also offers RAC growth exposure with export potential.

FMEG: Not excited yet on category growth, despite valuation comfort

Within FMEG, we saw interest shift to CROMPTON from HAVL, driven by its expanding solar

portfolio and attractive valuations, while growth in other categories lacks enthusiasm. Despite

HAVL’s sharp YTD correction, investors appear to be on the sidelines, favouring select stocks within

each sub-category.