LG Electronics India Ltd. share price target

Strong leadership hold across categories: LGEDIA is the market leader across multiple product categories - The company commands strong offline market shares, including ~29.9% in refrigerators, 33.5% in washing machines, 27.5% in panel TVs, 20.6% in inverter ACs, 51.4% in convection microwaves and 40.5% in water purifiers. In premium segments, LGEDIA enjoys a dominant position with ~43.2% share in side-by-side refrigerators, 36.9% in front-load washing machines, 27.2% in 5-star ACs and 62.9% in OLED TVs. Similarly, the company has strong presence in mass market i.e....

We remain positive on LG Electronics India (LG) given its sustained market leadership across categories and backward integration. However, the near-term outlook is likely to be soft due to weak primary and secondary sales.

LG Electronics India (LG) delivered a steady Q2FY26 despite an unfavourable summer, and geopolitical tensions. LG maintained its industry-leading market share in washing machines, gained in RACs, refrigerators and TVs; thus, reflecting strong brand pull.

LG Electronics India’s (LGEIL) 2QFY26 revenue inched up ~1% YoY to INR61.7b. However, EBITDA declined ~28% YoY to INR5.5b.

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.

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 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.

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...