Bajaj Electricals Limited (BAJAJELEC) — Announcement | 12 August 2026

Bajaj Electricals reported Q1 FY27 revenue growth of 2.3% and EBIT margin expansion to 6.6% from 2.5% YoY, driven by recovery in Consumer Products and 4.4% growth in Lighting Solutions. Management highlighted margin improvement through premiumization, BLDC adoption (30-35% industry estimate), and exiting low-margin legacy projects, with Consumer Products EBIT at 3.9% versus negative 1.7% YoY. E-commerce contributes ~15% of sales, while alternate channels account for ~45%. Gross margins improved by 130 bps company-wide, with Consumer Products up 220 bps due to premiumization and mix management. Target Consumer Products EBIT margin is 10% over the medium term, though near-term stabilization is expected at 6-7% as brand investment continues. Working capital remains healthy at 50-60 days, with cash flow from operations negative only due to tax compliance costs on Morphy Richards acquisition. Growth of 8-10% is anticipated over the next two years, outpacing the projected 6-7% industry growth. The company emphasized expanding distribution through physical retail, e-commerce, and quick-commerce, with strong performance in East India and ongoing efforts to address supply chain challenges in fans.