Broker research reports for stocks which have been upgraded by brokers. Both recommendation upgrades,
as well as share price target upgrades are available for companies in Industry - Consumer Electronics.
Broker Research reports: latest Upgrades
for Industry - Consumer Electronics
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...
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.
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....
Blue Star’s room AC (RAC) business was hit by unexpected tailwinds of early rains. UCP segment clocked a decline of 13%, which is ideally lower as compared to peers. Management highlighted that they have gained market share that is slightly above 14%.
Strong beat on all fronts, with broad-based growth. Sharper RAC growth vs brands indicate continued shift to outsourcing though high channel inventory (~2.2m-2.5m vs. 1m-1.2m norm) could dampen near-term momentum.
Q1FY26 revenues rose 44% led by robust growth across segments. The consumer durables segment did well, growing 33%, amid the RAC industry tailwinds on the back of strong demand from the commercial AC segment.
Amber Enterprises (AMBER) posted better-than-expected performance in 1QFY26. Revenue outperformance was driven by continued strong growth in consumer durables—particularly in RAC, despite weak demand faced by RAC players in 1QFY26— as well as sustained growth in the electronics division.
Dixon’s strong mobiles-led growth continues, with 42–45m/60–62m volumes targets for FY26/FY27. The Longcheer relationship transitioning into a JV provides visibility on sustained volumes post-PLI, while a joint design facility under planning marks Dixon’s strategic pivot toward the ODM model.
We attended Voltas’s analyst meet to gain deeper insight into its growth roadmap/demand environment. The management indicated a ~20– 25% decline in RAC secondary sales across players in Apr-May ’25, with a similar impact expected on primary sales, till inventory levels normalize.
Whirlpool India’s Q4FY25 print was strong with likely market share gains in key categories of refrigerators and washing machines. With negligible price hikes, we believe revenue growth in Q4FY25 was largely volume driven.
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...
Weak prolonged winter season impacted Orient Electric’s water heater and fan sales, while lighting outperformed led by strong B2B demand. Fan demand recovered over the past 7–8 days, and management remains optimistic about Q1 performance, supported by severe summer forecast across India.
investments. No major price hikes were announced as the company wants to focus on maintaining its market share. Voltas prioritizes volume growth and market share over immediate margin expansion. Voltbek is expected to achieve EBITDA breakeven by early FY26. We estimate revenue/EBITDA/PAT CAGR of 15.0%/19.5%/25.3% over FY25-27E. The stock is currently trading at...
We interacted with the management of Voltas (VOLT) to gain insights into current demand trends, as well as its views on compressors, margins, market share, and more. Management believes that current demand trends for RAC remain strong, and its focus will be on growing faster than its peers.
Amber Enterprises (Amber) reported better-than-expected revenue and EBITDA in 3QFY25; however, PAT came in line with our estimate due to losses from subsidiaries. Revenue/EBITDA improved 65%/102% YoY, led by the consumer durables and electronics segments, while railways continued to decline.
Over the past 3-4 years, Amber has diversified business from standalone RAC segment to electronics and railway segments which is now reaping fruits for the company. Each segment will contribute meaningfully to revenues and bottomline in 2-3 years. Q3FY25 revenues rose 65% led by robust growth across segments
