Indian Consumer Durables Sector: Q1 FY27 preview

研报英文原文证据摘录

Indian Consumer Durables Sector: Q1 FY27 preview

Global Research

2 July 2026ab

Indian Consumer Durables Sector Equities

IndiaQ1FY27 preview: Cooling product led consumer

demand recovery Electric Components & Equipment

Akshay Gattani

Analyst

akshay-kumar.gattani@ubs.com

Summer and low base aid top line; commodity inflation boosts cables and wires +91-22-6155 6044

Channel checks suggest room air-con (RAC) demand remained robust in Q1FY27, with Amit Mahawar

strong sell-through in April-May, while demand moderated in some markets in Analyst

June. Secondary volume growth for RAC is expected to be 20% plus YoY, although amit.mahawar@ubs.com

unlikely to surpass 2024 volumes. Industry-wide 12-15% price hikes were implemented +91-22-6155 6030

this season. Refrigerators underperformed, with mid-single-digit volume growth, Harshita Surana

although premiumisation supports value growth. TVs registered sharp price hikes, Associate Analyst

reversing the downtrend of the past 7-8 years, leading to single-digit volume growth. harshita.surana@ubs.com

Channel partners expect a better season for washing machines than refrigerators. In the +91-22-6155 6066

small appliances, fan volumes are expected to grow at low double digits despite a

supportive base, while other categories should show stable growth. We expect cables

and wires (C&W) to post strong value growth led by sharp price rise in copper/aluminum

– up 50%/60% YoY in Q1FY27; with mid- to high-single-digit volume growth. The

recent correction in commodity prices could weigh on quarter-end stocking.

What do we expect for the Q1 results?

We expect 18% YoY top-line growth for our consumer universe in Q1 (31%/23% for

B2B/B2C). We estimate Havells' top-line growth of 18%, led by Lloyd and cables, while