Consumer Durables share price target

Moderate growth in FMEG segment: Appliances witnessed moderate growth, while lighting products remained flat, accompanied by increased demand for fans. Average price increase of 2-5% has been implemented in fans. Small appliances segment did not experience any increase in demand. We expect coverage companies to report 9.2% YoY growth in the FMEG...

Demand: Est. at 4,448 tons in CY2023 (valued at $306 Bn. at average value of $1,940 per ounce) bifurcated as
primarily (a) Jewellery: 49% (b) Bars & Coins: 27% (c) Central Banks: 23%

group company has intensified competition in the paints sector, leading to sectoral deratingcould act as a trigger for a similar derating in the W&C sector. As a result, we have downward revised our target multiple for W&C companies under our coverage, KEI/Polycab reduced from 45x to 40x, with revised TP of Rs 4,280 (Rs 5,041 earlier)/Rs 7,152 (Rs 8,233) and RR Kabel reduced from 31x to 27x, with revised TP of Rs 1,292 (Rs 1,812 earlier). UltraTech's planned capex of Rs 18bn appears significant for the W&C sector, where the combined average capex of the five listed players is estimated to be...

Top Sector Ideas - FMCG Q4FY24

Our consumer durables universe grew 25% YoY in Q3, once again led by demand for EMS, cables and wires

Consumer: Eastern Encounters Value-driven, price-conscious market

We followed up our Southern Sojourn with on-ground channel checks in India's eastern states of Odisha and West Bengal

Consumer Durables: Channel checks Premium products, wires and cables shine. Power: Focus shifting to hybrid and RTC power

Dealers saw mixed demand across products during festive-cum-wedding season from September to November

We hosted the management of seven companies in the consumption sector in our Nuvama Emerging Ideas Conference 2023,' namely Arvind Fashions, Brand Concepts, Cantabil Retail, Arvind, Parag Milk Foods,