LG电子印度：电话会议后：信心十足；多重增长动力；维持增持

研报英文原文证据摘录

J P M O R G A N

Asia Pacific Equity Research

15 August 2026

LG Electronics India

Post Call: Confident Narrative; Multiple Growth Drivers

at Play; Stay OW

Overweight

LGEL.NS, LGEL IN

Price (14 Aug 26):Rs1,729.70

▲Price Target (Sep-27):Rs1,885.00

Prior (Mar-27):Rs1,620.00

LGEL offers a compelling investment case anchored in a combination of market

leadership, premiumization, portfolio expansion, localization and export-driven

growth. Post a strong Q1 (First Take), management narrative was fairly positive,

reinforcing confidence in FY27 guidance of mid-teens revenue growth and early DD

EBITDA margin. LGEL continues to benefit from a dual-engine strategy: premium

products are driving mix-led margin expansion across categories, while the rapidly

scaling Essential range is broadening penetration into first-time buyers without

diluting profitability. Beyond domestic demand, exports grew 30% y/y and now reach

65 countries, with exports generating higher margins than the domestic business.

Looking ahead, the new Sri City investment should significantly expand

manufacturing capacity (~2x), accelerate localization and strengthen export

competitiveness. We raise FY27-29E EPS by 7%-13% backed by upward revisions

for both revenue and margin (Home Entertainment led) forecasts and set a new Sep-27

PT of Rs1,885. Stay OW.

Home Appliances: Broad-based growth led by Premium and Essential

Series. Revenue grew 14% y/y, supported by broad-based double-digit growth

across categories. RAC and refrigerators benefited from strong summer

demand, while washing machines outperformed aided by healthy replacement

demand and premium adoption. Premium segments (French-door

refrigerators, 8kg+ washing machines, dishwashers, 5 star RACs) continued to

significantly outpace portfolio growth, while the Essential Series (0.5mn+

units in 1HCY26) deepened penetration in Tier 2/3 markets. LGEL expects

healthy growth rates to sustain led by an expanded portfolio, continued share

gains in premium segments and good in-market execution.

Home Entertainment - Strong TV performance. Revenue grew 22% y/y

(TV:+25% y/y) backed by accelerated growth for the 55inch+ portfolio (+53%

…