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Motilal Oswal Report
Our channel checks with genset players indicate that demand is fairly strong across key segments and that players are ready for the emission shift. Inventory levels for CPCB 2 based gensets will start coming down from April 2024 onward as production for CPCB 2 based gensets has already stopped.
Demand may see minor disruption during election months; however, underlying long-term growth drivers remain intact even after minor disruption.
Pricing is higher by 20-40% across nodes and we expect it to be passed on to customers fully from July 2024 onward.
Companies are already taking initiatives for exporting new products, which will start reflecting in few quarters.
We maintain our positive stance on key players in the genset industry and prefer Kirloskar Oil Engines Ltd. over Cummins India Ltd. at the current valuations
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