Household Appliances industry

26 companies · ₹2.7 L cr · 19 with AI deep dives · Q1FY27 report

West Asia commodity shock squeezes margins despite record summer volumes; pass-through incomplete.

Turning upmargin troughed at 6.6% and has risen for 3 quarters to 7.1%, on positive revenue growth

Revenue YoY: +17.6%
EBITDA margin: 7.1%; +20bps YoY
Price, 1 year: -27.6%; 16% of names up
P/E vs own 5y: -35.3%; 37.1x now

Exhibit 1The quarter in numbers

constant panel of 19 companies above ₹500 cr

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

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	27,544 cr	27,605 cr	-0.2%	23,423 cr	+17.6%	27,605 cr	-0.2%
EBITDA margin	7.1%	7.6%	-50bps	6.9%	+20bps	8.5%	-140bps

Revenue

Jun 26: 27,544 cr
Mar 26: 27,605 cr
QoQ: -0.2%
Jun 25: 23,423 cr
YoY: +17.6%
Peak: 27,605 cr
vs peak: -0.2%

EBITDA margin

Jun 26: 7.1%
Mar 26: 7.6%
QoQ: -50bps
Jun 25: 6.9%

Sept 26: 3 of 20 reported so far, so it is not in the trend above.

Breadth: 100% of 19 companies grew revenue year on year (was 79% a quarter earlier) and 74% expanded margin (was 53%).

Exhibit 2What it costs

31.17x - 60.4x across the panel today

The median name trades at 37.1x, -35.3% against this industry's own 5-year median of 57.3x, and -44.4% against its own peak of 66.8x.

Exhibit 3Structure

₹2.7 L cr

LG Electronics India Ltd is 40.6% of this industry by market cap. The top 5 are 76.1% and the top 10 are 90.8%.

large 1mid 6small 10micro 920 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 37.12x, 5y ROCE above its median of 11.91%, 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 (25 of 26)

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
LG Electronics India Ltd	₹1.1 L cr	61.8x	41.2x	29.2%	9.8%	-	Unlock
Voltas Ltd	₹34,015 cr

Exhibit 6What managements said

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

headwindWar-driven commodity and forex shock - near-universal, only partially passed on14 managements

Copper hit record prices, crude oil rose from USD 67 to USD 97/bbl YoY (Whirlpool), plastic resins jumped 40-50% and aluminium 40-45% (Elin), and the INR depreciated more than 10%…

Whirlpool (Q1FY27): “crude oil prices, which similar time last year were operating at USD 67, are now…”

tailwind18 managements tailwind7 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 1 companies

1-1

sort: mcap · composite · name

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Dolphin Kitchen Utencils & Appliances Ltd	₹11 cr	3.0x	3.1x	8.2%	13.5%	-80.2%	Unlock