Despite losing close to ₹200 crore in revenue during the April-June quarter of 2026 (Q1FY27), the company still managed double-digit top-line growth — and held its margins steady while doing it.
“The company over last four quarters to six quarters, if you look at, they have been able to deliver operating performance which is better than the industry average,” Gori said, pointing to a sustained trend rather than a one-off quarter.
The upside isn’t just about the past few months either. Gori expects a fresh revenue stream from solar rooftop products to kick in going forward, which is why he’s more optimistic about the next two quarters. “The outlook for Q2 and Q3 seems… much better than what we were expecting,” he said.
Crompton isn’t alone in bucking the trend. Two other electrical names — Orient Electric and V-Guard Industries — also beat expectations this earnings season, with all three companies managing their margins better than most of their peers. The pattern, Gori suggests, points to strength concentrated in electricals broadly, not just one company’s turnaround.
The picture looks different for large appliance makers. Whirlpool of India, IFB Industries, and Blue Star all posted double-digit growth too, but most of it came from raising prices — not from selling more units. That trade-off hit them where it counts: gross margins and operating profit both took a hit. IFB was the exception, delivering a better-than-feared performance even with higher costs and thinner margins than its rivals.
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In the wires and cables space, RR Kabel and Polycab India kept up a streak of outperformance that Gori says has held for several quarters running — a sign this isn’t a fluke either.
The next test comes from PG Electroplast and Blue Star, both reporting the same day. PG’s room air-conditioner business grew nearly 38%, but margin pressure meant it fell short of estimates. Gori isn’t turning negative on the space — he’d still back names like Blue Star and Voltas — but says the real story now is whether these companies can find a way to protect their margins in the large appliances segment, even as this quarter stays seasonally weak.
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