New Research Reports

About the stock: Amber Enterprises India (Amber) is a leading manufacturer and solution provider for room air-conditioner (RAC) industry, commanding leadership with market share of 26-27%. It has capabilities to manufacture ~70% BoM for RACs. Its electronics division (PCBA, Bare PCB and Box-build) serves customers...

Amber Enterprises (AMBER) posted a weak performance in 2QFY26. Weakness was driven by the consumer durable segment, which was impacted by lower demand and delayed purchases owing to GST 2.0.

Amber Enterprises’ (Amber) Q2FY26 performance was marred by subdued margins due to weaker margins of RAC segment.

Whirlpool of India (Whirlpool) reported weak quarter with revenue decline of 3.8% YoY due to high base of Q2FY25, likely high inventory at beginning of the quarter and demand softness in summer products.

Component strategy execution to be key factor ahead manufacturing services (EMS) company of India offering comprehensive EMS solutions with specialized focus across product verticals including mobile, television, washing machine, refrigerators, laptop, lighting, telecom, wearables and hearables, AC printed circuit boards (PCBs), etc. Q2FY26 performance: Dixon reported revenue of 14,855 crore (up by (29% YoY/15% QoQ). Mobile and EMS division continued its healthy growth with revenue of 13,361 crore (up by 41% YoY/15% QoQ). Company is in-line to achieve 40-42...

We initiate coverage on LG Electronics India (LG) with BUY and TP of Rs2,050 (80% upside), at 50x Sep-27E PER (at 10% premium to Havells). LG has, over the last 3 decades, built a formidable franchise, which leads in key large appliance categories with premium positioning, leveraging its global R&D strength, brand power, and superior execution.

High industry growth potential; holds leadership position: India’s home appliances and consumer electronics market (excluding mobile phones) is estimated to post a CAGR of ~14% over CY24-29. LG Electronics India (LGEIL), with its leadership across key product categories, is well-positioned to capitalize on this growth opportunity.

We initiate coverage on LG Electronics India (LG) with a BUY rating as, It has developed strong competitive advantages such as LG brand with premium positioning, established distribution network, and multiple manufacturing units in India with strong backward integration capabilities.

Company have been the number one player in major home appliances and consumer electronics (excluding mobile phones) in India for the six months ended June 30, 2025, CY2024, CY2023 and CY2022 as per the market share (in terms of value) in the offline channel. Company is also market leaders in India across multiple product categories including washing machines, refrigerators, panel televisions, inverter air conditioners, and microwaves, based on the market share (in terms of value) in the...

Incorporated in 1997, LG Electronics India Limited (LG) is a manufacturer and distributor of home appliances and consumer electronics (excluding mobile phones). The company sells products to B2C and B2B consumers in India and outside India. The company offers...

IPO NOTE

The company has one of the largest in-house production capacity with two manufacturing units located in Noida and Pune which together constitute 84-86% of total sales. Further, it is investing $600 mn ( 5000 cr+) for 3rd...

Other income to PBT is ~40% in FY25. The valuation multiple (P/E) based on core business earnings, i.e., excluding cash and tax-adjusted other income, stands at 71x on FY25 earnings. The company gained market
shares in both washing machine and refrigerators in FY25, despite a highly competitive landscape.

The primary as well as secondary sales were impacted in Q2FY26 due to excess trade inventory at beginning of Q2FY26 and five weeks difference in announcement and implementation of GST reduction – that’s the chief takeaway from the management call.

We interacted with the management of Voltas (VOLT) to understand the current demand trend, the company’s strategy to play festive demand and GST rate cuts, and the segmental performance.

Positioning from a RAC manufacturer to a diversified EMS player: Amber's business mix is highly dominated by consumer durables division (~73% of revenue), which largely comprises of RAC segment and is thus cyclical in nature. The company is steadily diversifying into i) components business across RAC and nonRAC segments i.e. washing machine, refrigerators, ovens, water purifiers, etc. Completely built unit (CBU) proportion in revenue mix has reduced from 72% in FY18 to 43% in FY25. ii) electronics i.e. (~22% of revenue) is slated to grow at a brisk pace with large investments planned. Client base is diversified across consumer durable companies, automobile, IT & telecom, Industrial, Defence and Aerospace....

Metering & systems segment contributed ~63% to total revenues as of FY25, while balance ~37% by consumer & industrials. Company has 7 manufacturing facilities (5 in Haryana & 2 in Himachal) and 2 R&D centers. In meters segment, company has an annual capacity of 12 million units. Q1FY26 performance: HPL reported mixed set of Q1FY26 results. The revenues came in at 383 crore down 2.5% YoY. The key disappointment came in from the metering segment wherein the revenues were down 14.5% at 203 crore whereas consumer segment grew by 16.1% YoY at 179 crore. The decline in metering...

Eureka Forbes reported strong set of numbers for 7th straight quarter. Eureka saw double-digit growth in the product business both in value and volume terms, despite a subdued demand backdrop.

Voltas’ Q1FY26 performance was weighed down by softer summer product sales, following an unusually early monsoon.