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Informist, Tuesday. Oct. 27, 2026

 

By Ravina Warkad

 

MUMBAI – Bajaj Electricals Ltd. is expected to report double-digit net profit growth for the September quarter, aided by cost control initiatives. The company's revenues are likely to grow only modestly, led by the consumer products segment.

 

Bajaj Electricals is expected to report a net profit of INR 217 million for the September quarter, up 49% on year, according to the average of estimates from seven brokerages. The highest estimate for net profit is INR 299 million from Nirmal Bang Equities Pvt. Ltd. and the lowest is INR 102 million from Nuvama Wealth Management Ltd. On a sequential basis, the company's net profit is likely to fall nearly 44%.

 

The company's September quarter net revenue is projected at INR 11.7 billion, up 6% on year, according to the average of estimates. The estimates for revenue range from a high of INR 12.1 billion from Nirmal Bang to a low of INR 11.2 billion from Nuvama. This will be a growth of 8% sequentially.

 

The company's consumer products segment revenues are likely to grow only 5% on year, as per Equirus Securities Pvt. Ltd. Within the segment, appliances and the Morphy Richards brand portfolio are expected to grow relatively better than the growth in revenue from fans. The lighting solutions segment is likely to grow 3% on year, led by consumer lighting, as wires and switchgear adjacencies scale up, as per the brokerage.

 

In the fans segment, the shift towards brushless direct current fans continues. Bajaj is selling these fans at INR 1,999 each, which is 25-30?low the market average for such fans, and this is likely to intensify competition, Nirmal Bang said. Consumer products' revenue is expected to grow on the back of a favourable base, according to YES Securities (India) Ltd. The kitchen appliances segment is expected to post low double-digit growth, the brokerage added. Cost control initiatives and a mix of premium products in its portfolio are likely to aid margin improvement, the brokerage said.

 

The momentum of revenue growth is likely to remain weak due to sluggish growth across the industry, according to Nuvama. The company's margins are also expected to remain under pressure due to the delay in passing on cost inflation, the brokerage said.

 

The company's September quarter earnings before interest, tax, depreciation, and amortisation are expected at INR 680 million, according to the average of estimates from six brokerages. The highest EBITDA estimate is INR 819 million from YES Securities while the lowest is INR 517 million from Nuvama. 

 

At 1353 IST, shares of the company traded 1.3% up at INR 279.25 on the National Stock Exchange. The stock is down 27% since the company reported its June quarter earnings on Aug. 6. The company will detail its September quarter earnings Wednesday.

 

Of the nine research reports on the company available with Informist, five have a 'buy' recommendation on the stock with an average target price of INR 420.2, which is 50% higher than the current market price. Two brokerages have a ‘hold' recommendation and two have a ‘sell' recommendation on the stock.

 

The following are the Jul-Sept earnings estimates for Bajaj Electricals Ltd. from seven brokerages in descending order by estimate for net profit, in INR million:

 

Brokerage	Net Sales	Net Profit	EBITDA
Nirmal Bang Equities Pvt. Ltd.	12,130	299	758
Equirus Securities Pvt. Ltd.	11,581	273	753
YES Securities (India) Ltd.	11,901	259	819
HDFC Securities Ltd.	11,429	240	645
Anand Rathi Share and Stock Brokers Ltd.	11,862	196	N.A.
Prabhudas Lilladher Pvt. Ltd.	12,028	153	589
Nuvama Wealth Management Ltd.	11,208	102	517
Average	11,734	217	680

 

End

 

Edited by Megha Rawat

 

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