Consumer Electronics industry

24 companies · ₹1.5 L cr · 11 with AI deep dives · Q1FY27 report

Revenue peaks sector-wide but input-cost inflation blocks margin recovery, splitting topline from profits

Mid cyclemargin range-bound near 4.4%

Revenue YoY: +21.9%
EBITDA margin: 4.4%; -120bps YoY
Price, 1 year: -19.7%; 0% of names up
P/E vs own 5y: -43.2%; 38.8x now

Exhibit 1The quarter in numbers

constant panel of 5 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	24,452 cr	19,242 cr	+27.1%	20,056 cr	+21.9%	24,452 cr	0.0%
EBITDA margin	4.4%	6.6%	-220bps	5.6%	-120bps	7.4%	-300bps

Revenue

Jun 26: 24,452 cr
Mar 26: 19,242 cr
QoQ: +27.1%
Jun 25: 20,056 cr
YoY: +21.9%
Peak: 24,452 cr
vs peak: 0.0%

EBITDA margin

Jun 26: 4.4%
Mar 26: 6.6%
QoQ: -220bps
Jun 25: 5.6%

Sept 26: 1 of 7 reported so far, so it is not in the trend above.

Breadth: 100% of 5 companies grew revenue year on year (was 60% a quarter earlier) and 20% expanded margin (was 20%).

Exhibit 2What it costs

29.76x - 50.59x across the panel today

The median name trades at 38.8x, -43.2% against this industry's own 5-year median of 68.3x, and -60.9% against its own peak of 99.2x.

Exhibit 3Structure

₹1.5 L cr

Dixon Technologies (India) Ltd is 44.6% of this industry by market cap. The top 5 are 97.2% and the top 10 are 98.8%.

large 2mid 1small 1micro 207 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 38.77x, 5y ROCE above its median of 16.34%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

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Exhibit 5Coverage (24 of 24)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Dixon Technologies (India) Ltd	₹68,389 cr	36.2x	26.7x	42.0%	3.8%	+21.1%	Unlock
Havells India Ltd	₹63,509 cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

headwindInput-cost inflation outpacing pass-through, compressing gross and operating margins5 managements

Memory component prices surged, copper crossed $14,000/tonne, semiconductor spot prices rose 5-6x in some cases, and INR depreciation of 9-10% YoY elevated import-dependent input…

DIXON (Q1FY27): “Sharp price spikes in core input components exerted temporary cost pressures across the…”

tailwind3 managements headwind3 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 0 companies

1-0

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