Consumer Durables Archives - Page 2 of 2

BLUESTARCO – Q3 FY26 Earnings Call – 30-Jan-26

BLUESTARCO’s topline growth hinges on summer demand and EMP order revival, while bottomline resilience depends on price hike execution and cost controls; margins face structural pressure from wage codes and commodity volatility, but selective capital allocation and B2B diversification provide downside buffers.

1–2 minutes

3-Scenario Framework

📊 Base Case (50% Probability)

Key Variables: Average summer, EMP order book stabilizes (8–10% CAGR), price hikes partially successful (5–7% net realization).
Outcome: Revenue grows 8–10% YoY in FY27; UCP margins hold at 8.5%, EMP margins at 6.5–7%. EPS grows 5–8% YoY, supported by cost controls and selective project execution. ROCE remains 25%+. Exports contribute 5–7% of revenue by FY29, trailing the 15% target.

VOLTAS – Q3 FY26 Earnings Call – 29-Jan-26

VOLTAS’ topline resilience hinges on RAC seasonality and Volbek scale-up, while bottomline recovery depends on commodity pass-through and project execution; margins face structural pressure unless cost optimization outpaces input inflation.

1–2 minutes

3-Scenario Framework

📊 Base Case (50% Probability)

Key Variables: Normal summer demand, commodity prices stabilize, BEE price hikes absorbed (elasticity <5%), data center orders materialize.
Outcome: RAC revenue grows 3–5% YoY; market share holds at 17–18%. Voltbek break-even by Q4 FY27 (8–10% market share). Project revenue flattish but margins improve to 9–10% on MEP mix. EPS stable; margins 7–8%.

HAVELLS – Q3 FY26 Earnings Call – 19-Jan-26

HAVELLS’ topline resilience hinges on cables/solar offsetting FMEG cyclicality, while margin expansion depends on commodity pass-through efficiency and solar execution; EPS sensitivity to commodity demand elasticity and capex ROI timing remains elevated.

1–2 minutes

3-Scenario Framework

📊 Base Case (50% Probability)

Key Variables: (1) Moderate commodity inflation (copper INR12,500–13,500/kg), (2) FMEG recovery in H2 FY27 (replacement cycles).
Outcome: Revenue growth 12–15% (cables/wires + solar offset FMEG); EBITDA margins expand 50–100bps (price hikes, operating leverage). EPS grows 8–12%, supported by capex payoff in cables and solar margin stabilization. Signal: Monitor Lloyd inventory turnover and export order book.