Buy Crompton Greaves Consumer Electricals; target of Rs 384: Prabhudas Lilladher

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26 Aug, 2025 12:21

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Prabhudas Lilladher's research report on Crompton Greaves Consumer Electricals

We downward revise our FY24/25/FY26E earnings by 4.7%/2.2%/3.2% to factor in margin contraction in ECD & Butterfly businesses with higher overhead expenses. Crompton Greaves Consumer Electricals (Crompton) has delivered industry leading growth in ECD at 18.5% YoY driven by strong momentum in Pumps (+28% YoY) and Appliances (+23% YoY). Crompton’s fans segment witnessed strong growth of 11% YoY with market share gain in its premium portfolio.

Outlook

The company’s growth strategy (Crompton 2.0) at current margins remains intact with focus on 1) Streamlining operations, 2) Empowering people, 3) Focusing on the long-term growth. We estimate Revenue/EBITDA/ PAT CAGR of 12.7%/11.6%/15.1% over FY23-26E. Maintain ‘Buy’ with revised TP of Rs 384 (earlier Rs 397), valuing at 35x FY26 earnings.

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Crompton Greaves Consumer - 20022024 - prabhu