Houseware industry

9 companies · ₹16,449 cr · 4 with AI deep dives · Q2FY27 report

Price hikes drive most growth; West Asia-led inflation and a weak rupee squeeze appliance margins

Margin pressurerevenue is growing but margin has fallen for 3 quarters to 16.0%

Revenue YoY: +9.7%
EBITDA margin: 16.0%; -210bps YoY
Price, 1 year: -33.6%; 0% of names up
P/E vs own 5y: -26.3%; 32.5x now

Exhibit 1The quarter in numbers

constant panel of 3 companies above ₹500 cr

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

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	1,098 cr	1,303 cr	-15.7%	1,001 cr	+9.7%	1,303 cr	-15.7%
EBITDA margin	16.0%	16.4%	-40bps	18.1%	-210bps	19.3%	-330bps

Revenue

Jun 26: 1,098 cr

Exhibit 4Screen

P/E below the sub-industry median of 32.47x, 5y ROCE above its median of 15.07%, 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 (9 of 9)

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
Cello World Ltd	₹7,550 cr	24.0x	14.6x	17.4%	20.3%	-0.4%	Unlock
Borosil Ltd	₹2,892 cr

Exhibit 6What managements said

from Consumer Durables earnings calls · as of 2026-09-30

headwindWest Asia-linked commodity, crude and rupee inflation is outrunning price pass-through14 managements

Nearly every manufacturer named crude-linked inputs, copper, TiO2, gas or a weak rupee. How much they passed on varied widely. Blue Star passed on about 5% of a 13% cost increase…

ASIANPAINT (Q1FY27): “the overall weighted average price increase was around 7%. The material inflation was…”

mixed7 managements mixed5 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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