Broker research reports for stocks which have been downgraded by brokers. Both recommendation downgrades,
as well as share price target downgrades are available for companies in Industry - Consumer Electronics.
Broker Research reports: latest Downgrades
for Industry - Consumer Electronics
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.
Hit by an erratic summer, Voltas’ UCP fell 25% y/y in Q1, its market share down to 17.8% (June-end 19.3%). Under-absorption and higher promotions squeezed margins, while inventory was high.
We downward revise our FY26/FY27E earnings estimate by 18.5%/6.2% factoring in correction in aggregate volume in UCP while margins are expected to be at 5% due to promotional offers aimed at liquidating inventory, high fixed costs from low plant utilization, and increases in cost due to BEE norms. Anticipating strong demand, Voltas's trade partners had built up inventory; however, softer secondary sales led to slower off-take and elevated stock levels, prompting the company to temporarily scale back production. UCP EBIT margins contracted due to focus on driving volumes through aggressive pricing...
Seasonal challenges notwithstanding, Orient Electric posted strong Q1FY26 numbers with EBITDA margin expansion of 68bps and marginal revenue growth of 1.9% YoY.
Voltas delivered steady performance in Q4FY25, driven by impressive growth in the UCP segment and healthy margins. Voltas' Chennai RAC manufacturing facility's ramp-up is on track, enhancing supply chain efficiency in southern and western regions. The company's strategic plans, including new product launches and distribution network expansions, are poised to further bolster its market share. Operational efficiencies and optimised manufacturing capabilities would also contribute to the success. Currently, the stock trades at 42X 1-year blended forward PE valuations. However, a short summer and early onset of monsoon could impact...
We interacted with the management of Voltas (VOLT) to gain insights into the current demand trends, the company’s strategy amid challenging conditions, and segmental performance.
*over or under performance to benchmark index Symphony Ltd and its subsidiaries manufacture and trade in residential, commercial and industrial air coolers in the domestic and international markets. The company operates through two main segments: air coolers and other appliances. It offers residential, packaged and central air coolers. In Q4FY25, Symphony's consolidated revenue grew 47.0% YoY to Rs. 488cr, driven...
Dixon’s strong Q4/FY25 revenue was driven by robust growth in the mobile category, with volumes reaching 28.3m in FY25; it targets 42m–45m/60m–62m units for FY26/FY27.
We downward revise our FY26/FY27E earnings estimate by 6.6%/7.8% factoring slow demand for RAC, cost pressure for key components like compressors and copper tube, no price hikes and slow ramp up of Chennai plant. Voltas Ltd (VOLT) reported volume growth in line with the industry in UCP segment and anticipates demand recovery in upcoming quarters from extended summers and support from In Shop demonstrator. UCP EBIT margins expanded due to the better product mix in Industrial coolers and high energy efficient rated products. VOLT market share has declined slightly in RAC...
Voltas (VOLT)’s 3QFY25 EBITDA was largely in line with our estimate as higherthan-estimated revenue was offset by lower-than-estimated margin in UCP (5.9% v/s estimated 7.8%).
Q1FY25 revenues grew by 28.7% to Rs 2,865 crore in line with our estimate of Rs 2,895 crore. Unitary products segment (room ACs and commercial refrigeration) grew by 44% to Rs 1,729 crore on increased demand due to soaring temperatures and a harsh summer
