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Commodity cost inflation may pressure margins
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Crompton Greaves Consumer Electricals Limited — Q3 FY26
Crompton reported Q3 FY26 consolidated revenue of ₹1,898 crore, up ~7% YoY, with EBITDA margin expanding to 10.3% (up 185bps QoQ).
bullish
high
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Crompton reported Q3 FY26 consolidated revenue of ₹1,898 crore, up ~7% YoY, with EBITDA margin expanding to 10.3% (up 185bps QoQ). Growth was driven by ECD (up 8% YoY) and lighting (up 7% YoY), with strong performance in solar pumps (revenue more than doubled YoY) and BLC fans (50%+ sequential growth). Butterfly delivered steady revenue of ₹245 crore (+3% YoY) with EBITDA margin expanding ~100bps YoY to 8.2% and PAT up 44% YoY. Management announced entry into residential wires, targeting a ₹36,000-37,000 crore market, with products launching in select markets within 6-7 weeks. The BEE 2.0 fan transition was executed seamlessly. Guidance includes two more rounds of price hikes in Q4 and Q1 to offset commodity inflation. Risk: sustained commodity cost pressure could delay margin recovery if pricing actions fall short.
क्रॉम्पटन ने तीसरी तिमाही में 1,898 करोड़ रुपये की कमाई की, जो पिछले साल से 7% ज्यादा है। कंपनी का मुनाफा (EBITDA) 10.3% हो गया, जो पिछली तिमाही से 1.85% बढ़ा। इसकी वजह इलेक्ट्रिक उपकरण (8% बढ़ोतरी) और लाइटिंग (7% बढ़ोतरी) की बिक्री है। सोलर पंपों की बिक्री दोगुनी हो गई और BLC पंखों की बिक्री 50% बढ़ी। बटरफ्लाई ने 245 करोड़ रुपये की कमाई की, जो 3% ज्यादा है, और मुनाफा 44% बढ़ा। कंपनी अब घरों में तार बेचेगी, जो 36,000-37,000 करोड़ रुपये का बाजार है। अगले 6-7 हफ्तों में कुछ शहरों में उत्पाद आएंगे। कंपनी ने कच्चे माल की बढ़ती कीमतों के कारण अगली दो तिमाहियों में कीमतें बढ़ाने का फैसला किया है।
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Solar Pumps Revenue Growth
100%+ YoY
+100%+ YoY
Solar pumps revenue more than doubled YoY in Q3, gaining significant market share despite industry degrowth.
BLC Fans Sequential Growth
50%+ QoQ
+50%+ QoQ
BLC fan sales grew over 50% sequentially, with market share gains of 5%+.
Water Heater GT Market Rank
#2
Improved from #5-6
Crompton is now the second largest water heater brand in general trade nationally, up from fifth/sixth.
Solar Rooftop Order Book
₹500 Cr
New
Solar rooftop order book stands at ₹500 crore, with ₹19 crore already executed in Q3; execution expected over 9-12 months.
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Guidance and risk preview
Management plans two additional rounds of price increases in fans during Q4 FY26 and Q1 FY27 to offset commodity cost inflation.
Persistent commodity cost inflation could delay margin recovery if planned price hikes are insufficient or not fully absorbed by the market.
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