External broker reports(aggregated public sources), HDFC Securities

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Thematic (Sector/Industry)

<ul><li>Demand remained subdued across most consumer durables categories in the quarter</li><li>Cooling categories (RACs, coolers, fans) were muted due to a high base, unseasonal rains in the north, and delayed summer in the south</li><li>Demand momentum in the wire &amp; cable (W&amp;C) segment slowed during the quarter, impacted by channel inventory reduction</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Demand remained subdued across most consumer durables categories in the quarterCooling categories (RACs, coolers, fans) were muted due to a high base, unseasonal rains in the north, and delayed summer in the southDemand momentum in the wire &amp; cable (W&amp;C) segment slowed during the quarter, impacted by channel inventory reductionContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer Durables & EMS (Q4FY26 Results Preview): Soft summer demand, costs heat up

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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<ul>
<li>The government is accelerating induction cooktop manufacturing and exploring shifting LPG subsidies toward electric cooking amid supply disruptions caused by the West Asia conflict.</li>
<li>India imports ~60% of LPG, spending ~ USD 26.4 billion annually. A shift to electric cooking can reduce import dependence and structurally change subsidy spending and energy costs.</li>
<li>While demand may spike temporarily, policy intent is long-term. The key question is which companies can benefit through strong manufacturing, distribution, and product capabilities.</li>
</ul>


The government is accelerating induction cooktop manufacturing and exploring shifting LPG subsidies toward electric cooking amid supply disruptions caused by the West Asia conflict.
India imports ~60% of LPG, spending ~ USD 26.4 billion annually. A shift to electric cooking can reduce import dependence and structurally change subsidy spending and energy costs.
While demand may spike temporarily, policy intent is long-term. The key question is which companies can benefit through strong manufacturing, distribution, and product capabilities.


Govt Plans Induction Stove Loan Subsidy To Boost Electric Cooking

<ul><li>BSE: BSE delivered a strong quarter with revenue rising 16.4% QoQ and 60.8% YoY, led by sustained traction in transaction revenue and strong book-building and listing fees</li><li>Adjusted PAT (ex-labor laws provision, additional SGF, and impairment) came in at INR 6.5bn vs our estimate of INR 6.2bn</li><li>Transaction revenue, contributing 77% of total revenue, surged 26% QoQ on continued gains in options market share and recovery in industry volumes</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BSE: BSE delivered a strong quarter with revenue rising 16.4% QoQ and 60.8% YoY, led by sustained traction in transaction revenue and strong book-building and listing feesAdjusted PAT (ex-labor laws provision, additional SGF, and impairment) came in at INR 6.5bn vs our estimate of INR 6.2bnTransaction revenue, contributing 77% of total revenue, surged 26% QoQ on continued gains in options market share and recovery in industry volumesContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: BSE, Navin Fluorine International, The Ramco Cements...

<ul><li>After a subdued H1FY26, demand in most consumer durables categories remained soft through Q3FY26, though it has gained momentum since</li><li>Ahead of BEE norm changes for RAC and fans effective January, our channel checks reveal distributors accumulated stocks by late December</li><li>Wires and cables are set to post strong performance, propelled by price increases, even as rising input costs create margin headwinds</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

After a subdued H1FY26, demand in most consumer durables categories remained soft through Q3FY26, though it has gained momentum sinceAhead of BEE norm changes for RAC and fans effective January, our channel checks reveal distributors accumulated stocks by late DecemberWires and cables are set to post strong performance, propelled by price increases, even as rising input costs create margin headwindsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer Durables & EMS (Q3FY26 Results Preview): Soft durables demand, EMS growth moderate

<ul><li>Britannia Industries: Britannia’s Q4FY25 results were a mixed bag, coming in below estimates on volume growth (3.5% vs HSIE est of 5%) and surprising us on the profitability front owing to curtailment of ad spends and cost efficiencies (other expenses down 8% YoY)</li><li>Management remains focused on sustaining margins while being price competitive against regional and national players</li><li>Additionally, management highlighted that wheat deflation is not expected despite improved supply owing to higher MSP (+7%)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Britannia Industries: Britannia’s Q4FY25 results were a mixed bag, coming in below estimates on volume growth (3.5% vs HSIE est of 5%) and surprising us on the profitability front owing to curtailment of ad spends and cost efficiencies (other expenses down 8% YoY)Management remains focused on sustaining margins while being price competitive against regional and national playersAdditionally, management highlighted that wheat deflation is not expected despite improved supply owing to higher MSP (+7%)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Britannia Industries, ABB India, Thermax, Jyothy Labs...

India

Bajaj Electricals Limited is an Indian consumer electrical equipment manufacturing company. It operates across two primary business segments: Consumer Products, including appliances, fans, and non-electrical kitchen aids, and Lighting Solutions, comprising consumer and professional lighting. The company is headquartered in Mumbai, Maharashtra, India, and was founded in 1938.

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Bajaj Electricals (BJE IN)

Consumer Durables & EMS (Q4FY26 Results Preview): Soft summer demand, costs heat up

Cooling categories (RACs, coolers, fans) were muted due to a high base, unseasonal rains in the north, and delayed summer in the south

HDFC Securities

Govt Plans Induction Stove Loan Subsidy To Boost Electric Cooking

India is considering shifting LPG subsidies towards electric cooking to reduce import dependence and energy costs, with a focus on long-term...

Sudarshan Bhandari

HSIE Results Daily: BSE, Navin Fluorine International, The Ramco Cements...

BSE: BSE delivered a strong quarter with revenue rising 16.4% QoQ and 60.8% YoY, led by sustained traction in transaction revenue and strong book...

HDFC Securities

Consumer Durables & EMS (Q3FY26 Results Preview): Soft durables demand, EMS growth moderate

After a subdued H1FY26, demand in most consumer durables categories remained soft through Q3FY26, though it has gained momentum since

HDFC Securities

HSIE Results Daily: Britannia Industries, ABB India, Thermax, Jyothy Labs...

Britannia’s Q4FY25 results were a mixed bag, coming in below estimates on volume growth (3.5% vs HSIE est of 5%) and surprising us on the...

HDFC Securities

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Consumer Durables & EMS (Q4FY26 Results Preview): Soft summer demand, costs heat up

Cooling categories (RACs, coolers, fans) were muted due to a high base, unseasonal rains in the north, and delayed summer in the south

HDFC Securities

Govt Plans Induction Stove Loan Subsidy To Boost Electric Cooking

​India is considering shifting LPG subsidies towards electric cooking to reduce import dependence and energy costs, with a focus on long-term...

Sudarshan Bhandari

HSIE Results Daily: BSE, Navin Fluorine International, The Ramco Cements...

BSE: BSE delivered a strong quarter with revenue rising 16.4% QoQ and 60.8% YoY, led by sustained traction in transaction revenue and strong book...

HDFC Securities

Consumer Durables & EMS (Q3FY26 Results Preview): Soft durables demand, EMS growth moderate

After a subdued H1FY26, demand in most consumer durables categories remained soft through Q3FY26, though it has gained momentum since

HDFC Securities

HSIE Results Daily: Britannia Industries, ABB India, Thermax, Jyothy Labs...

Britannia’s Q4FY25 results were a mixed bag, coming in below estimates on volume growth (3.5% vs HSIE est of 5%) and surprising us on the...

HDFC Securities

India is considering shifting LPG subsidies towards electric cooking to reduce import dependence and energy costs, with a focus on long-term...