Air cooler is a high-growth category largely dominated by the unorganised sector (75% market share as of FY21). Covid, GST implementation and increased consumer preference for branded products has pushed the share of organised sector up from 10% in FY11 to 25% in FY21. We believe organised players such as Bajaj Electricals, Havells India, and Crompton Greaves will likely be net beneficiaries of further shift caused by high inflation in commodity costs and supply chain disruptions.