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Systematix Research Report
Crompton Greaves Consumer Electricals Ltd. is a leader in fans, residential pumps and lighting segments. The company's Butterfly acquisition in 2022 gave it entry into the fast-growing kitchen appliances segment.
A five-dimensional growth strategy has helped Crompton Greaves strengthen its position in key categories.
We expect 14%/22%/31% CAGR in revenue/Ebitda/PAT over FY24-26E (after a low 10%/4%/2% CAGR over FY19-24) with ~19% return on equity and ~30% return on invested capital in FY26E.
At ~36 times FY26E P/E on current market price, we maintain Hold with an unchanged target price of Rs 444 (38 times FY26E P/E).
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