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Crompton Greaves
SectorConsumer Discretionary
Crompton Greaves Consumer Electricals Limited (CGCEL) is a leading Indian consumer electrical company operating in the Electrical Consumer Durables (ECD) and Lighting segments. It manufactures and distributes a wide range of products including fans, lamps, luminaries, pumps, and household appliances. CGCEL is a market leader in fans, domestic pumps, and street lighting. The company has manufacturing facilities in Goa, Vadodara, Ahmednagar, and Baddi. CGCEL was formed after demerging from Crompton Greaves and was listed on stock exchanges in 2016. The company has introduced innovative products like anti-dust ceiling fans and IoT-enabled lighting solutions. In 2022, CGCEL acquired a majority stake in Butterfly Gandhimathi Appliances Limited. The company continues to launch new products across various categories, including fans, water heaters, kitchen appliances, and lighting solutions, under the Crompton brand name.
In the news
Crompton Greaves Q2 profit surges 65% to ₹124.39 crore
Motilal Oswal picks Crompton Greaves, ICICI Prudential AMC
Crompton shares rise 2.8% on strong growth outlook, Jefferies targets ₹330
Crompton Greaves Q1 profit jumps 15% to ₹143 crore, Prabhudas Lilladher sets ₹330 target
The Quarter story
The two most recent quarterly results, compared side-by-side.
Sales and core profits are up year-on-year, but costs and Lighting margins need watching.
Consolidated revenue is ₹2,263 Cr in Q2 FY27, up from ₹1,916 Cr in Q2 FY26 — demand is holding up year-on-year.
Finance cost is ₹19.39 Cr in Q2 FY27, up from ₹5 Cr in Q2 FY26 — interest burden is rising sharply.
Consolidated EBITDA margin is 9.0% in Q2 FY27, up from 8.3% in Q2 FY26 — operating profitability is above prior year.
Depreciation and amortization are ₹90.79 Cr in Q2 FY27, up from ₹44 Cr in Q2 FY26 — asset costs are weighing on EBIT.
Core net profit is ₹124 Cr in Q2 FY27, up from ₹85 Cr in Q2 FY26 — underlying earnings are stronger.
Employee cost is ₹186 Cr in Q2 FY27, up from ₹165 Cr in Q2 FY26 — wage inflation is still adding to costs.
Electrical Consumer Durables revenue is ₹1,634 Cr in Q2 FY27, up from ₹1,371 Cr in Q2 FY26 — the core segment is still driving growth.
Material cost is ₹1,589 Cr in Q2 FY27, up from ₹1,311 Cr in Q2 FY26 — input costs are higher even as sales grow.
Butterfly revenue is ₹331 Cr in Q2 FY27, up from ₹293 Cr in Q2 FY26 — the small appliances segment recovered after a weak Q4 FY26.
Lighting EBIT margin is 12.9% in Q2 FY27, down from 15.5% in Q2 FY26 — sales are growing but profitability is below prior year.
Company insights, generated from the most recent coverage.
Butterfly acquisition expanded Crompton's portfolio, providing leadership in gas stoves and mixer grinders in South India, making it the second-largest kitchen appliance brand.
Butterfly segment revenue grew 9.03% YoY to Rs 943.15 crore in FY25-26, with EBITDA margins improving to 7% from 6.8%.
FY31 ₹15,000 Cr revenue target faces headwinds: ~80% market remains unorganized, BEE regulatory changes demand heavy engineering investment, and solar business is still nascent.