Buy Crompton Greaves Consumer Electricals; target of Rs 504: Prabhudas Lilladher

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Prabhudas Lilladher's research report on Crompton Greaves Consumer Electricals

Crompton Greaves Consumer Electricals (Crompton) has delivered moderate growth in ECD segment +6.5% on high base while lighting segment grew +3.4% steadily gaining momentum in both B2B and B2C business. Butterfly EBITDA expanded by 620bps delivering positive momentum in appliances with better pricing and product mix. General Trade channel delivered moderate performance, while the Modern Retail channel experienced double-digit growth. Company continues to invest in premiumization, innovation, and GTM expansion to achieve steady performance across key ECD segments.

Outlook

We estimate Revenue/EBITDA/ PAT CAGR of 11.9%/19.0%/22.6% over FY24-27E. We downward revise FY25/FY26/FY27E earnings estimate by 6.5%/7.6%/5.3% and maintain ‘BUY’ rating with revised TP of Rs504 (Rs 536 earlier), based on 40x FY27E earnings.

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Crompton Greaves Consumer - 13022025 - prabhu