19-Oct-2026 07:57:03
CITI on Crompton Cons ; Buy, TP Rs 400
Reported better-than-expected growth and profitability across segments: (a) ECD: revenue 19% vs Citi est 15%; margins +101bps YoY. (b) Lighting: revenue 14% vs Citi est 12%; margins -261bps YoY. (c) Butterfly: revenue 16% vs Citi est 8%; margins -30bps YoY. Management highlighted: (a) supply-chain disruption which impacted 1Q is behind now; (b) 11-15% price hike in 1H (ex-Lighting); (c) positive volume growth across all categories. Overall revenue/EBITDA/Adj PAT grew 18%/24%/30% (4%/9%/15% above Citi est). Near-term growth outlook is strong, led by low-base and ramp-up in relatively new categories (solar rooftop, solar pumps). However, execution remains key monitorable, amid volatile RM and cost inflation environment
CROMPT GREA CON ELEC LTD