Orient Electrical’s topline grew 9.4% YoY to Rs 8.6 billion, led by good progress in Lighting and Switchgears (up 12.5% YoY; higher than friends like Havells: +1.5%) and high-double digit quantity progress together with ~200bps market share good points in B2C lighting. Growth of distributor partnerships and new product launches supported progress. Regardless of a mushy begin to This fall, followers exhibited high-single digit progress with summer-led channel filling beginning in Mar-25.
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Nirmal Bang Report
Orient Electrical Ltd.’s topline was according to estimates and PAT under our estimates as a consequence of larger depreciation within the Hyderabad plant. The topline grew 9.4% on account of higher efficiency within the L&S phase.
Followers witnessed excessive single-digit progress with muted begin to the quarter; BLDC grew over 50% YoY, Air coolers noticed strong progress (over 30% YoY) with preseason build-up in each on-line and offline channel.
Income contribution from direct-to-market states noticed double-digit progress. New merchandise – targeted on premium SKUs – contributed >20% to fan gross sales. BLDC contributed ~20% to Ceiling Followers. Following the ramp-up, Hyderabad facility is now catering to about 50% of TPW manufacturing leading to enhanced manufacturing effectivity.
We proceed to love the DTM technique in addition to the nice progress and visibility from different areas. We additionally like the continual effort within the Lighting phase with respect to larger SKUs and constant enhance within the B2B Lighting area.
We keep Purchase with a goal value of Rs 287. This suggests a P/E of 33x on FY27E EPS and it’s at a ~48% low cost to the five-year historic common P/E a number of on a 1-yr ahead foundation. The numerous low cost is on account of frequent senior administration modifications.
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