CROMPTON
Small CapCrompton Greaves Consumer Electricals Limited
Consumer
Crompton Greaves Consumer Electricals Ltd. operates in consumer durables, including fans, pumps, lighting, and kitchen appliances. It aims for leadership in core categories and expansion into new growth areas like solar pumps, solar rooftops, and wires & cables, leveraging its brand legacy and distribution network.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100PAT -409% YoY · margin compression · Rev +11% YoY · +20% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,283 Cr | +10.8% | +20.3% |
| EBITDA | ₹271 Cr | +1.5% | +39.0% |
| Operating margin | 12.0% | -100 bps | +200 bps |
| PAT | ₹-531 Cr | -408.7% | -625.7% |
| PAT margin | -23.3% | -3161 bps | -2858 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 consolidated revenue grew 10.8% YoY, driven by strong sequential recovery across segments. EBITDA margin stood at 11.9%, impacted by commodity costs. A significant Rs. 716 Cr impairment charge was recorded for the Butterfly business.
The significant impairment charge on the Butterfly business raises concerns about acquisition due diligence and integration effectiveness, putting the thesis under stress. While Q4 showed recovery, the 'Strategic Reset' for Butterfly needs to demonstrate sustained operational and financial improvement to justify the investment.
Wires & Cables
Successfully launched 'Crompton Armor' in Mar'26, with retail rollout in select cities, clocking revenues within ~60 days.
Solar Rooftops
Continued execution of existing projects, with phased city-wise retail rollout commencing Apr'26 across select cities.
BLDC Fans
Sequential improvement in fans performance, supported by strong BLDC growth with highest ever volumes in Mar'26.
Kitchen Appliances (Butterfly)
Strong revenue trajectory continues with 17% growth, led by cookers and gas stoves, and the 'Idea First Series'.
Wires & Cables Retail Rollout
Successfully launched residential wires 'Crompton Armor' in Tamil Nadu and Karnataka markets.
Solar Rooftops Retail Rollout
Phased city-wise retail rollout commencing Apr'26 across select cities for solar rooftops.
Heatwaves
Ongoing heatwaves are expected to support future performance and lift cooling-appliance demand.
LPG Supply Constraints
LPG supply constraints boosted demand for the electric cooking category, including induction cooktops, kettles, and electric cookers.
Rural Recovery
Rural consumption momentum continues, led by affordability-driven demand and increased adoption of value-focused offerings.
Urban Demand
Private consumption-led demand, supported by urban strength, steady credit growth, and monetary easing, boosts discretionary spends.
Commodity Costs
Increased commodity costs and other expenses impacted EBITDA margin, requiring calibrated price hikes.
Geopolitical Risks
Global growth is subdued, and India's resilient growth faces downside risks from geopolitical tensions and commodity volatility.
Regulatory Challenges
BEE Ratings Upgrade and EPR Mechanisms compel brands to invest in engineering and product-lifecycle practices.
Butterfly Impairment
Undertook an impairment charge of Rs. 716 Cr in Q4 FY26 to reflect value in use of Butterfly business, indicating past execution and governance issues.
Input Cost Volatility
Material margins were impacted by persistent cost pressures, necessitating multiple price hikes to mitigate inflation.
Competitive Landscape
The evolving consumer durables industry, with new technologies and consumer preferences, requires continuous innovation and GTM excellence.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for understanding performance against the previous year, especially for a seasonal business like consumer durables where Q4 is typically strong. QoQ is vital to assess the 'strong sequential recovery' claimed by management and sequential momentum after a weak H1 FY26.
Revenue Growth (Consolidated)
Consolidated revenue grew 10.8% YoY in Q4 FY26, with 20.3% QoQ growth.
ECD Revenue Growth
ECD revenue grew 9.5% YoY in Q4 FY26, registering double-digit growth across product categories led by pumps, SDA, and fans.
Lighting Revenue Growth
Lighting revenue grew 14.3% YoY in Q4 FY26, driven by strong double-digit volume growth in both B2C and B2B segments.
Butterfly Revenue Growth
Butterfly revenue grew 16.8% YoY in Q4 FY26, with cookers and gas stoves continuing to drive growth.
Crompton 2.0 Strategic Reset
Strategic reset to unlock long-term value through the Butterfly business, focusing on consumer need-led innovation, premiumization, supply chain, GTM excellence, and digital enablement.
GTM Transformation
Embarked on a GTM transformation journey to further strengthen distribution and accelerate the multi-category portfolio across all channels.
Product Portfolio Expansion
Launched 57 new projects across categories in Q4 FY26, including premium fans, agri pumps, water heaters, and kitchen appliances.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Butterfly Business Performance | Revenue grew 17% YoY, EBIT margin 6.0% in Q4 FY26, after Rs. 716 Cr impairment. | Sustained revenue growth, margin expansion, and successful execution of the 'New Growth playbook' to justify the acquisition and strategic reset. |
| Wires & Cables Rollout | Successfully launched 'Crompton Armor' in select cities (Tamil Nadu, Karnataka). | Expansion into new geographies, revenue contribution, and market acceptance to leverage brand equity and distribution network. |
| Material Margin Trend | Consolidated Material Margin 31.6% in Q4 FY26, down from 34.0% YoY. | Improvement in material margins through cost reduction initiatives and effective pricing actions to offset commodity volatility. |
| BLDC Fan Growth | Strong BLDC growth with highest ever volumes in Mar'26, driving premiumization. | Continued market share gains and premiumization driven by BLDC adoption to maintain leadership in the fans category. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
52NeutralSMA20 +10.7% / mo
Technical chart
CROMPTONweekly · 5Y-34.7%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 43. Wait for confirmation.
- SMA20 rising (~9.6% over last month) — short-term momentum positive.
- RSI(14) at 43 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 28% off 52W high · 20% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 3.3%.
- Piotroski is strong at 7/9.
- Balance sheet contributes 11/15 to the score.
Main drags
- Fair-value margin of safety is negative at -1207.7%.
- Quality is weaker at 3/20; verify the latest quarterly trend.
- Growth is weaker at 4/25; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 73rd percentile of the scored universe and 73rd percentile within Consumer. Main check: results consistency is weak at 47/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: 2 latest quarters had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 73rd pctile, median 67 · Small: 77th pctile, median 65
185 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3.3%.
- ▸8 years of positive FCF.
- ▸Debt/equity is 0.07.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸0/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 49.30
- P/B
- 5.57
- EV/EBITDA
- 16.76
- Market Cap
- 16542.00Cr
Profitability
- ROE
- 10.60%
- ROCE
- 18.10%
- ROA
- -3.80%
- Dividend Y
- 1.17%
Growth (CAGR)
- Revenue 5Y
- 11.00%
- EPS 5Y
- -11.00%
- Revenue 3Y
- 6.00%
- EPS 3Y
- -10.00%
Balance Sheet
- Debt/Equity
- 0.07
- Interest Coverage
- 18.80×
- Altman Z
- 5.79
- Book Value
- 46.10
Cash Flow
- FCF Yield
- 3.31%
- FCF Positive Y
- 8/5
- OCF
- 723.00 Cr
- EPS TTM
- -3.76
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 27%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.