# Consumer Electronics — company-by-company sector analysis

> Consumer Electronics: LG Electronics India Ltd owns the largest revenue base; Orient Electric Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-08-05. Not investment advice.

## Bottom line

Consumer Electronics has underperformed NIFTY 500 by 7.2% over 52 weeks and 5% over 13 weeks. 2 of 12 covered companies beat NIFTY on Mansfield relative strength, while 1 of 11 beat the sector itself. LG Electronics India Ltd leads with revenue of ₹24,605 crore, based on 13 of 13 comparable companies through Mar 2026.

## Sector relative strength

Consumer Electronics has underperformed NIFTY 500 by 7.2% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 5%. 2 of 12 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. MIRC Electronics Ltd is the strongest against the sector itself at +38%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: -5.0%
52-week sector return versus NIFTY 500: -7.2%
Stocks leading NIFTY: 2/12
Stocks leading sector: 1/11

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 13
Combined market value: ₹3.1 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Orient Electric Ltd (ORIENTELEC): 73/100 — Favorable setup; evidence 100%
   - Growth & earnings 31.0/35 | Capital efficiency 13.9/25 | Valuation 19.4/20 | Relative strength 9.1/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks
   - Exact sum: 31 + 13.9 + 19.4 + 9.1 = 73.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Eureka Forbes Ltd (EUREKAFORB): 57/100 — Mixed-positive evidence; evidence 90%
   - Growth & earnings 22.5/35 | Capital efficiency 11.3/25 | Valuation 16.4/20 | Relative strength 6.8/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of 10 weeks with a reading, within the last 12
   - Exact sum: 22.5 + 11.3 + 16.4 + 6.8 = 57
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Havells India Ltd (HAVELLS): 56/100 — Mixed-positive evidence; evidence 100%
   - Growth & earnings 23.3/35 | Capital efficiency 16.9/25 | Valuation 7.2/20 | Relative strength 8.9/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 23.3 + 16.9 + 7.2 + 8.9 = 56.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Blue Star Ltd (BLUESTARCO): 55/100 — Mixed-positive evidence; evidence 86%
   - Growth & earnings 20.4/35 | Capital efficiency 18.0/25 | Valuation 9.5/20 | Relative strength 6.9/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 20.4 + 18 + 9.5 + 6.9 = 54.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Crompton Greaves Consumer Electricals Ltd (CROMPTON): 51/100 — Mixed-positive evidence; evidence 78%
   - Growth & earnings 15.5/35 | Capital efficiency 15.2/25 | Valuation 8.9/20 | Relative strength 11.7/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of the last 12 weeks
   - Exact sum: 15.5 + 15.2 + 8.9 + 11.7 = 51.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. LG Electronics India Ltd (LGEINDIA): 50/100 — Mixed-positive evidence; evidence 69%
   - Growth & earnings 12.6/35 | Capital efficiency 21.3/25 | Valuation 6.5/20 | Relative strength 10.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks
   - Exact sum: 12.6 + 21.3 + 6.5 + 10 = 50.4
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
7. Whirlpool of India Ltd (WHIRLPOOL): 41/100 — Mixed-negative evidence; evidence 90%
   - Growth & earnings 15.2/35 | Capital efficiency 11.3/25 | Valuation 11.9/20 | Relative strength 3.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of 10 weeks with a reading, within the last 12
   - Exact sum: 15.2 + 11.3 + 11.9 + 3 = 41.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Wonder Electricals Ltd (WEL): 39/100 — Mixed-negative evidence; evidence 70%
   - Growth & earnings 13.2/35 | Capital efficiency 11.8/25 | Valuation 9.1/20 | Relative strength 5.1/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of 10 weeks with a reading, within the last 12
   - Exact sum: 13.2 + 11.8 + 9.1 + 5.1 = 39.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. MIRC Electronics Ltd (MIRCELECTR): 37/100 — Mixed-negative evidence; evidence 68%
   - Growth & earnings 5.0/35 | Capital efficiency 3.4/25 | Valuation 10.0/20 | Relative strength 18.6/20
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of 6 weeks with a reading, within the last 12, ending 2026-06-21 (no longer priced)
   - Exact sum: 5 + 3.4 + 10 + 18.6 = 37
   - Decision use: Price leads the evidence: RS versus the benchmark is 33.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
10. Voltas Ltd (VOLTAS): 36/100 — Mixed-negative evidence; evidence 78%
   - Growth & earnings 11.3/35 | Capital efficiency 8.1/25 | Valuation 7.3/20 | Relative strength 9.2/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 11.3 + 8.1 + 7.3 + 9.2 = 35.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. Symphony Ltd (SYMPHONY): 34/100 — Adverse evidence; evidence 72%
   - Growth & earnings 6.9/35 | Capital efficiency 17.4/25 | Valuation 5.4/20 | Relative strength 3.9/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of 10 weeks with a reading, within the last 12
   - Exact sum: 6.9 + 17.4 + 5.4 + 3.9 = 33.6
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
12. Bosch Home Comfort India Ltd (BOSCH-HCIL): 30/100 — Adverse evidence; evidence 78%
   - Growth & earnings 9.0/35 | Capital efficiency 6.0/25 | Valuation 5.6/20 | Relative strength 9.4/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks
   - Exact sum: 9 + 6 + 5.6 + 9.4 = 30
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. Onida Electronics Ltd (ONIDA): 29/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 5.0/35 | Capital efficiency 1.3/25 | Valuation 10.0/20 | Relative strength 12.2/20
   - Exact sum: 5 + 1.3 + 10 + 12.2 = 28.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Market action

MIRC Electronics Ltd has the strongest one-year price move in Consumer Electronics at +126.7%. It also leads on Mansfield relative strength against NIFTY at +33.7%. 2 of 12 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-31.

### Strongest one-year price performers
1. MIRC Electronics Ltd (MIRCELECTR): 127%
2. Voltas Ltd (VOLTAS): 1.0%
3. Blue Star Ltd (BLUESTARCO): -3.8%
4. Havells India Ltd (HAVELLS): -17%
5. Eureka Forbes Ltd (EUREKAFORB): -20%

### Strongest relative strength versus NIFTY 500
1. MIRC Electronics Ltd (MIRCELECTR): 34%
2. Onida Electronics Ltd (ONIDA): 25%
3. Voltas Ltd (VOLTAS): -4.4%
4. Crompton Greaves Consumer Electricals Ltd (CROMPTON): -5.6%
5. Blue Star Ltd (BLUESTARCO): -7.3%

## Revenue Scale & Growth Durability

What the numbers say: LG Electronics India Ltd is the scale leader at ₹24,605 crore, 4.3% ahead of Havells India Ltd. Orient Electric Ltd's growth is 12.8% from a ₹3,507 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: LG Electronics India Ltd is the scale benchmark; Orient Electric Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: LG Electronics India Ltd's growth falls below Orient Electric Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: LG Electronics India Ltd · ₹24,605 crore | 4.3% versus #2 · Havells India Ltd | 2/4 recent comparable periods | 13/13 companies · 197 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. LG Electronics India Ltd (LGEINDIA): ₹24.6K Cr
2. Havells India Ltd (HAVELLS): ₹23.6K Cr
3. Voltas Ltd (VOLTAS): ₹14.2K Cr
4. Blue Star Ltd (BLUESTARCO): ₹12.4K Cr
5. Crompton Greaves Consumer Electricals Ltd (CROMPTON): ₹8.1K Cr

### Revenue growth — fastest growers
1. Orient Electric Ltd (ORIENTELEC): 13%
2. Eureka Forbes Ltd (EUREKAFORB): 11%
3. Havells India Ltd (HAVELLS): 10%
4. Blue Star Ltd (BLUESTARCO): 3.6%
5. Crompton Greaves Consumer Electricals Ltd (CROMPTON): 2.9%

### 20-quarter Revenue history
- LGEINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹6.4K Cr | Sep 2024 ₹6.1K Cr | Dec 2024 ₹4.4K Cr | Mar 2025 ₹7.4K Cr | Jun 2025 ₹6.3K Cr | Sep 2025 ₹6.2K Cr | Dec 2025 ₹4.1K Cr | Mar 2026 ₹8.1K Cr | Jun 2026 —
- HAVELLS: Sep 2021 ₹3.2K Cr | Dec 2021 ₹3.7K Cr | Mar 2022 ₹4.4K Cr | Jun 2022 ₹4.2K Cr | Sep 2022 ₹3.7K Cr | Dec 2022 ₹4.1K Cr | Mar 2023 ₹4.9K Cr | Jun 2023 ₹4.8K Cr | Sep 2023 ₹3.9K Cr | Dec 2023 ₹4.4K Cr | Mar 2024 ₹5.4K Cr | Jun 2024 ₹5.8K Cr | Sep 2024 ₹4.5K Cr | Dec 2024 ₹4.9K Cr | Mar 2025 ₹6.5K Cr | Jun 2025 ₹5.5K Cr | Sep 2025 ₹4.8K Cr | Dec 2025 ₹5.6K Cr | Mar 2026 ₹6.7K Cr | Jun 2026 ₹6.5K Cr
- VOLTAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2.0K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹3.4K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.6K Cr | Mar 2024 ₹4.2K Cr | Jun 2024 ₹4.9K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹3.1K Cr | Mar 2025 ₹4.8K Cr | Jun 2025 ₹3.9K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹3.1K Cr | Mar 2026 ₹4.9K Cr | Jun 2026 —
- BLUESTARCO: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹2.6K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹3.3K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹4.0K Cr | Jun 2025 ₹3.0K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.9K Cr | Mar 2026 ₹4.1K Cr | Jun 2026 —
- CROMPTON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 —
- WHIRLPOOL: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 —
- EUREKAFORB: Sep 2021 ₹3 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹374 Cr | Jun 2022 ₹527 Cr | Sep 2022 ₹576 Cr | Dec 2022 ₹474 Cr | Mar 2023 ₹509 Cr | Jun 2023 ₹505 Cr | Sep 2023 ₹591 Cr | Dec 2023 ₹539 Cr | Mar 2024 ₹554 Cr | Jun 2024 ₹553 Cr | Sep 2024 ₹673 Cr | Dec 2024 ₹598 Cr | Mar 2025 ₹613 Cr | Jun 2025 ₹608 Cr | Sep 2025 ₹772 Cr | Dec 2025 ₹645 Cr | Mar 2026 ₹684 Cr | Jun 2026 —
- SYMPHONY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹277 Cr | Mar 2023 ₹308 Cr | Jun 2023 ₹302 Cr | Sep 2023 ₹275 Cr | Dec 2023 ₹247 Cr | Mar 2024 ₹332 Cr | Jun 2024 ₹393 Cr | Sep 2024 ₹289 Cr | Dec 2024 ₹242 Cr | Mar 2025 ₹488 Cr | Jun 2025 ₹251 Cr | Sep 2025 ₹163 Cr | Dec 2025 ₹233 Cr | Mar 2026 ₹338 Cr | Jun 2026 —
- BOSCH-HCIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹518 Cr | Mar 2023 ₹548 Cr | Jun 2023 ₹567 Cr | Sep 2023 ₹280 Cr | Dec 2023 ₹300 Cr | Mar 2024 ₹772 Cr | Jun 2024 ₹996 Cr | Sep 2024 ₹396 Cr | Dec 2024 ₹432 Cr | Mar 2025 ₹933 Cr | Jun 2025 ₹853 Cr | Sep 2025 ₹405 Cr | Dec 2025 ₹476 Cr | Mar 2026 ₹965 Cr | Jun 2026 —
- ORIENTELEC: Sep 2021 ₹594 Cr | Dec 2021 ₹678 Cr | Mar 2022 ₹753 Cr | Jun 2022 ₹622 Cr | Sep 2022 ₹511 Cr | Dec 2022 ₹739 Cr | Mar 2023 ₹658 Cr | Jun 2023 ₹706 Cr | Sep 2023 ₹567 Cr | Dec 2023 ₹752 Cr | Mar 2024 ₹788 Cr | Jun 2024 ₹755 Cr | Sep 2024 ₹660 Cr | Dec 2024 ₹817 Cr | Mar 2025 ₹862 Cr | Jun 2025 ₹769 Cr | Sep 2025 ₹703 Cr | Dec 2025 ₹906 Cr | Mar 2026 ₹948 Cr | Jun 2026 ₹950 Cr
- WEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹231 Cr | Sep 2024 ₹130 Cr | Dec 2024 ₹222 Cr | Mar 2025 ₹312 Cr | Jun 2025 ₹155 Cr | Sep 2025 ₹95 Cr | Dec 2025 ₹153 Cr | Mar 2026 ₹252 Cr | Jun 2026 —
- ONIDA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹225 Cr | Jun 2023 ₹183 Cr | Sep 2023 ₹193 Cr | Dec 2023 ₹295 Cr | Mar 2024 ₹297 Cr | Jun 2024 ₹228 Cr | Sep 2024 ₹151 Cr | Dec 2024 ₹167 Cr | Mar 2025 ₹201 Cr | Jun 2025 ₹141 Cr | Sep 2025 ₹163 Cr | Dec 2025 ₹212 Cr | Mar 2026 ₹144 Cr | Jun 2026 —
- MIRCELECTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹269 Cr | Dec 2022 ₹271 Cr | Mar 2023 ₹225 Cr | Jun 2023 ₹183 Cr | Sep 2023 ₹193 Cr | Dec 2023 ₹295 Cr | Mar 2024 ₹297 Cr | Jun 2024 ₹228 Cr | Sep 2024 ₹151 Cr | Dec 2024 ₹167 Cr | Mar 2025 ₹201 Cr | Jun 2025 ₹141 Cr | Sep 2025 ₹163 Cr | Dec 2025 ₹212 Cr | Mar 2026 ₹144 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- LGEINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -2.3% | Sep 2025 1.0% | Dec 2025 -6.4% | Mar 2026 8.1% | Jun 2026 —
- HAVELLS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 14% | Dec 2022 13% | Mar 2023 9.8% | Jun 2023 14% | Sep 2023 6.0% | Dec 2023 6.9% | Mar 2024 12% | Jun 2024 20% | Sep 2024 16% | Dec 2024 11% | Mar 2025 20% | Jun 2025 -6.1% | Sep 2025 5.3% | Dec 2025 14% | Mar 2026 2.5% | Jun 2026 19%
- VOLTAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 31% | Mar 2024 42% | Jun 2024 46% | Sep 2024 14% | Dec 2024 18% | Mar 2025 13% | Jun 2025 -20% | Sep 2025 -10% | Dec 2025 -1.1% | Mar 2026 2.5% | Jun 2026 —
- BLUESTARCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 86% | Sep 2022 27% | Dec 2022 18% | Mar 2023 17% | Jun 2023 13% | Sep 2023 20% | Dec 2023 25% | Mar 2024 27% | Jun 2024 29% | Sep 2024 20% | Dec 2024 25% | Mar 2025 21% | Jun 2025 4.1% | Sep 2025 6.4% | Dec 2025 4.2% | Mar 2026 1.3% | Jun 2026 —
- CROMPTON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 12% | Mar 2024 9.5% | Jun 2024 14% | Sep 2024 6.4% | Dec 2024 4.5% | Mar 2025 5.1% | Jun 2025 -6.6% | Sep 2025 1.1% | Dec 2025 7.3% | Mar 2026 11% | Jun 2026 —
- WHIRLPOOL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 55% | Sep 2022 0.3% | Dec 2022 -16% | Mar 2023 -2.0% | Jun 2023 -2.0% | Sep 2023 -5.6% | Dec 2023 18% | Mar 2024 3.7% | Jun 2024 22% | Sep 2024 13% | Dec 2024 11% | Mar 2025 16% | Jun 2025 -2.6% | Sep 2025 -3.9% | Dec 2025 4.1% | Mar 2026 8.8% | Jun 2026 —
- EUREKAFORB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 19,100% | Dec 2022 15,684% | Mar 2023 36% | Jun 2023 -4.2% | Sep 2023 2.6% | Dec 2023 14% | Mar 2024 8.8% | Jun 2024 9.5% | Sep 2024 14% | Dec 2024 11% | Mar 2025 11% | Jun 2025 10.0% | Sep 2025 15% | Dec 2025 7.9% | Mar 2026 12% | Jun 2026 —
- SYMPHONY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -11% | Mar 2024 7.8% | Jun 2024 30% | Sep 2024 5.1% | Dec 2024 -2.0% | Mar 2025 47% | Jun 2025 -36% | Sep 2025 -44% | Dec 2025 -3.7% | Mar 2026 -31% | Jun 2026 —
- BOSCH-HCIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -42% | Mar 2024 41% | Jun 2024 76% | Sep 2024 41% | Dec 2024 44% | Mar 2025 21% | Jun 2025 -14% | Sep 2025 2.3% | Dec 2025 10% | Mar 2026 3.4% | Jun 2026 —
- ORIENTELEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -14% | Dec 2022 9.0% | Mar 2023 -13% | Jun 2023 14% | Sep 2023 11% | Dec 2023 1.8% | Mar 2024 20% | Jun 2024 6.9% | Sep 2024 16% | Dec 2024 8.6% | Mar 2025 9.4% | Jun 2025 1.9% | Sep 2025 6.5% | Dec 2025 11% | Mar 2026 10.0% | Jun 2026 24%
- WEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -33% | Sep 2025 -27% | Dec 2025 -31% | Mar 2026 -19% | Jun 2026 —
- ONIDA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 32% | Jun 2024 25% | Sep 2024 -22% | Dec 2024 -43% | Mar 2025 -32% | Jun 2025 -38% | Sep 2025 8.0% | Dec 2025 27% | Mar 2026 -28% | Jun 2026 —
- MIRCELECTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -28% | Dec 2023 8.9% | Mar 2024 32% | Jun 2024 25% | Sep 2024 -22% | Dec 2024 -43% | Mar 2025 -32% | Jun 2025 -38% | Sep 2025 8.0% | Dec 2025 27% | Mar 2026 -28% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Symphony Ltd leads opm at 15%; Blue Star Ltd leads margin change at +1 percentage points.

Investor read: Symphony Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Symphony Ltd · 15% | 15.4% versus #2 · Eureka Forbes Ltd | 3/8 recent comparable periods | 13/13 companies · 238 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Symphony Ltd (SYMPHONY): 15%
2. Eureka Forbes Ltd (EUREKAFORB): 13%
3. Crompton Greaves Consumer Electricals Ltd (CROMPTON): 12%
4. LG Electronics India Ltd (LGEINDIA): 12%
5. Blue Star Ltd (BLUESTARCO): 8.0%

### Margin change — fastest expanders
1. Blue Star Ltd (BLUESTARCO): +1.0 pp
2. Orient Electric Ltd (ORIENTELEC): +1.0 pp
3. Eureka Forbes Ltd (EUREKAFORB): 0.0 pp
4. Wonder Electricals Ltd (WEL): −0.1 pp
5. Crompton Greaves Consumer Electricals Ltd (CROMPTON): −1.0 pp

### 20-quarter OPM history
- LGEINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 14% | Sep 2024 12% | Dec 2024 8.0% | Mar 2025 14% | Jun 2025 11% | Sep 2025 9.0% | Dec 2025 4.8% | Mar 2026 12% | Jun 2026 —
- HAVELLS: Sep 2021 14% | Dec 2021 12% | Mar 2022 12% | Jun 2022 8.5% | Sep 2022 7.8% | Dec 2022 10% | Mar 2023 11% | Jun 2023 8.0% | Sep 2023 10% | Dec 2023 10% | Mar 2024 12% | Jun 2024 10% | Sep 2024 8.0% | Dec 2024 9.0% | Mar 2025 12% | Jun 2025 9.0% | Sep 2025 9.0% | Dec 2025 9.0% | Mar 2026 11% | Jun 2026 7.0%
- VOLTAS: Sep 2021 6.5% | Dec 2021 6.9% | Mar 2022 8.7% | Jun 2022 5.3% | Sep 2022 4.1% | Dec 2022 2.0% | Mar 2023 6.0% | Jun 2023 4.6% | Sep 2023 1.6% | Dec 2023 -0.3% | Mar 2024 3.6% | Jun 2024 8.0% | Sep 2024 5.0% | Dec 2024 5.0% | Mar 2025 6.0% | Jun 2025 3.9% | Sep 2025 1.4% | Dec 2025 4.7% | Mar 2026 3.8% | Jun 2026 —
- BLUESTARCO: Sep 2021 5.7% | Dec 2021 6.0% | Mar 2022 6.3% | Jun 2022 6.2% | Sep 2022 5.4% | Dec 2022 6.0% | Mar 2023 7.0% | Jun 2023 7.0% | Sep 2023 6.0% | Dec 2023 7.0% | Mar 2024 7.0% | Jun 2024 8.0% | Sep 2024 7.0% | Dec 2024 7.0% | Mar 2025 7.0% | Jun 2025 7.0% | Sep 2025 8.0% | Dec 2025 8.0% | Mar 2026 8.0% | Jun 2026 —
- CROMPTON: Sep 2021 15% | Dec 2021 14% | Mar 2022 15% | Jun 2022 12% | Sep 2022 11% | Dec 2022 10% | Mar 2023 12% | Jun 2023 10% | Sep 2023 10% | Dec 2023 9.0% | Mar 2024 10% | Jun 2024 11% | Sep 2024 11% | Dec 2024 11% | Mar 2025 13% | Jun 2025 10% | Sep 2025 8.0% | Dec 2025 10% | Mar 2026 12% | Jun 2026 —
- WHIRLPOOL: Sep 2021 8.1% | Dec 2021 5.4% | Mar 2022 8.6% | Jun 2022 6.3% | Sep 2022 5.5% | Dec 2022 3.0% | Mar 2023 6.0% | Jun 2023 6.0% | Sep 2023 4.8% | Dec 2023 4.1% | Mar 2024 8.0% | Jun 2024 8.0% | Sep 2024 5.0% | Dec 2024 4.1% | Mar 2025 9.0% | Jun 2025 9.0% | Sep 2025 3.5% | Dec 2025 5.0% | Mar 2026 6.0% | Jun 2026 —
- EUREKAFORB: Sep 2021 2.3% | Dec 2021 -49% | Mar 2022 5.4% | Jun 2022 8.8% | Sep 2022 1.3% | Dec 2022 8.2% | Mar 2023 10% | Jun 2023 10% | Sep 2023 9.0% | Dec 2023 8.0% | Mar 2024 10% | Jun 2024 10% | Sep 2024 11% | Dec 2024 10% | Mar 2025 13% | Jun 2025 10% | Sep 2025 13% | Dec 2025 11% | Mar 2026 13% | Jun 2026 —
- SYMPHONY: Sep 2021 18% | Dec 2021 15% | Mar 2022 21% | Jun 2022 10% | Sep 2022 14% | Dec 2022 16% | Mar 2023 7.0% | Jun 2023 9.0% | Sep 2023 15% | Dec 2023 18% | Mar 2024 17% | Jun 2024 22% | Sep 2024 27% | Dec 2024 12% | Mar 2025 22% | Jun 2025 10% | Sep 2025 15% | Dec 2025 10% | Mar 2026 15% | Jun 2026 —
- BOSCH-HCIL: Sep 2021 1.4% | Dec 2021 8.1% | Mar 2022 5.7% | Jun 2022 1.4% | Sep 2022 -17% | Dec 2022 0.0% | Mar 2023 4.3% | Jun 2023 -6.0% | Sep 2023 -16% | Dec 2023 -1.1% | Mar 2024 11% | Jun 2024 6.0% | Sep 2024 -7.0% | Dec 2024 2.3% | Mar 2025 10% | Jun 2025 4.3% | Sep 2025 -9.0% | Dec 2025 -0.2% | Mar 2026 7.0% | Jun 2026 —
- ORIENTELEC: Sep 2021 10% | Dec 2021 9.8% | Mar 2022 11% | Jun 2022 6.1% | Sep 2022 2.3% | Dec 2022 7.0% | Mar 2023 7.0% | Jun 2023 6.0% | Sep 2023 3.6% | Dec 2023 7.0% | Mar 2024 3.9% | Jun 2024 5.0% | Sep 2024 5.0% | Dec 2024 7.0% | Mar 2025 8.0% | Jun 2025 6.0% | Sep 2025 5.0% | Dec 2025 7.0% | Mar 2026 8.0% | Jun 2026 7.0%
- WEL: Sep 2021 3.1% | Dec 2021 5.4% | Mar 2022 5.5% | Jun 2022 3.8% | Sep 2022 -0.4% | Dec 2022 3.8% | Mar 2023 6.6% | Jun 2023 2.7% | Sep 2023 1.6% | Dec 2023 5.3% | Mar 2024 5.3% | Jun 2024 2.7% | Sep 2024 2.7% | Dec 2024 5.2% | Mar 2025 5.6% | Jun 2025 3.3% | Sep 2025 4.5% | Dec 2025 3.3% | Mar 2026 5.5% | Jun 2026 —
- ONIDA: Sep 2021 1.9% | Dec 2021 2.1% | Mar 2022 0.0% | Jun 2022 1.1% | Sep 2022 0.5% | Dec 2022 0.1% | Mar 2023 -0.2% | Jun 2023 -1.8% | Sep 2023 -1.6% | Dec 2023 2.3% | Mar 2024 -16% | Jun 2024 2.1% | Sep 2024 3.7% | Dec 2024 -1.1% | Mar 2025 -0.2% | Jun 2025 -6.0% | Sep 2025 -11% | Dec 2025 -3.9% | Mar 2026 -11% | Jun 2026 —
- MIRCELECTR: Sep 2021 1.9% | Dec 2021 2.1% | Mar 2022 0.0% | Jun 2022 1.1% | Sep 2022 0.5% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 -2.0% | Sep 2023 -2.0% | Dec 2023 2.0% | Mar 2024 -16% | Jun 2024 2.0% | Sep 2024 4.0% | Dec 2024 -1.0% | Mar 2025 0.0% | Jun 2025 -6.0% | Sep 2025 -11% | Dec 2025 -4.0% | Mar 2026 -11% | Jun 2026 —

### 20-quarter Margin change history
- LGEINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 −2.5 pp | Sep 2025 −3.0 pp | Dec 2025 −3.2 pp | Mar 2026 −2.0 pp | Jun 2026 —
- HAVELLS: Sep 2021 −3.4 pp | Dec 2021 −4.1 pp | Mar 2022 −3.5 pp | Jun 2022 −5.1 pp | Sep 2022 −5.9 pp | Dec 2022 −2.0 pp | Mar 2023 −0.8 pp | Jun 2023 −0.5 pp | Sep 2023 +2.2 pp | Dec 2023 0.0 pp | Mar 2024 +1.0 pp | Jun 2024 +2.0 pp | Sep 2024 −2.0 pp | Dec 2024 −1.0 pp | Mar 2025 0.0 pp | Jun 2025 −1.0 pp | Sep 2025 +1.0 pp | Dec 2025 0.0 pp | Mar 2026 −1.0 pp | Jun 2026 −2.0 pp
- VOLTAS: Sep 2021 +0.9 pp | Dec 2021 +0.6 pp | Mar 2022 −2.9 pp | Jun 2022 −0.6 pp | Sep 2022 −2.5 pp | Dec 2022 −4.9 pp | Mar 2023 −2.7 pp | Jun 2023 −0.7 pp | Sep 2023 −2.5 pp | Dec 2023 −2.3 pp | Mar 2024 −2.4 pp | Jun 2024 +3.4 pp | Sep 2024 +3.4 pp | Dec 2024 +5.3 pp | Mar 2025 +2.4 pp | Jun 2025 −4.1 pp | Sep 2025 −3.6 pp | Dec 2025 −0.3 pp | Mar 2026 −2.2 pp | Jun 2026 —
- BLUESTARCO: Sep 2021 −0.4 pp | Dec 2021 −1.3 pp | Mar 2022 +0.0 pp | Jun 2022 +2.2 pp | Sep 2022 −0.3 pp | Dec 2022 −0.0 pp | Mar 2023 +0.7 pp | Jun 2023 +0.8 pp | Sep 2023 +0.6 pp | Dec 2023 +1.0 pp | Mar 2024 0.0 pp | Jun 2024 +1.0 pp | Sep 2024 +1.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 −1.0 pp | Sep 2025 +1.0 pp | Dec 2025 +1.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- CROMPTON: Sep 2021 −0.3 pp | Dec 2021 −0.6 pp | Mar 2022 −0.2 pp | Jun 2022 −0.1 pp | Sep 2022 −4.1 pp | Dec 2022 −4.3 pp | Mar 2023 −2.8 pp | Jun 2023 −1.8 pp | Sep 2023 −1.4 pp | Dec 2023 −1.0 pp | Mar 2024 −2.0 pp | Jun 2024 +1.0 pp | Sep 2024 +1.0 pp | Dec 2024 +2.0 pp | Mar 2025 +3.0 pp | Jun 2025 −1.0 pp | Sep 2025 −3.0 pp | Dec 2025 −1.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- WHIRLPOOL: Sep 2021 −3.3 pp | Dec 2021 −1.3 pp | Mar 2022 −2.0 pp | Jun 2022 +2.2 pp | Sep 2022 −2.5 pp | Dec 2022 −2.4 pp | Mar 2023 −2.6 pp | Jun 2023 −0.3 pp | Sep 2023 −0.7 pp | Dec 2023 +1.1 pp | Mar 2024 +2.0 pp | Jun 2024 +2.0 pp | Sep 2024 +0.2 pp | Dec 2024 0.0 pp | Mar 2025 +1.0 pp | Jun 2025 +1.0 pp | Sep 2025 −1.5 pp | Dec 2025 +0.9 pp | Mar 2026 −3.0 pp | Jun 2026 —
- EUREKAFORB: Sep 2021 — | Dec 2021 — | Mar 2022 +31.8 pp | Jun 2022 +21.3 pp | Sep 2022 −1.0 pp | Dec 2022 +57.1 pp | Mar 2023 +4.6 pp | Jun 2023 +1.3 pp | Sep 2023 +7.7 pp | Dec 2023 −0.2 pp | Mar 2024 0.0 pp | Jun 2024 0.0 pp | Sep 2024 +2.0 pp | Dec 2024 +2.0 pp | Mar 2025 +3.0 pp | Jun 2025 0.0 pp | Sep 2025 +2.0 pp | Dec 2025 +1.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- SYMPHONY: Sep 2021 +3.6 pp | Dec 2021 −0.7 pp | Mar 2022 −3.4 pp | Jun 2022 +6.0 pp | Sep 2022 −4.2 pp | Dec 2022 +1.4 pp | Mar 2023 −14.4 pp | Jun 2023 −1.3 pp | Sep 2023 +1.5 pp | Dec 2023 +2.0 pp | Mar 2024 +10.0 pp | Jun 2024 +13.0 pp | Sep 2024 +12.0 pp | Dec 2024 −6.0 pp | Mar 2025 +5.0 pp | Jun 2025 −12.0 pp | Sep 2025 −12.0 pp | Dec 2025 −2.0 pp | Mar 2026 −7.0 pp | Jun 2026 —
- BOSCH-HCIL: Sep 2021 +3.1 pp | Dec 2021 −5.7 pp | Mar 2022 −7.7 pp | Jun 2022 +0.4 pp | Sep 2022 −18.9 pp | Dec 2022 −8.1 pp | Mar 2023 −1.4 pp | Jun 2023 −7.4 pp | Sep 2023 +1.5 pp | Dec 2023 −1.1 pp | Mar 2024 +6.7 pp | Jun 2024 +12.0 pp | Sep 2024 +9.0 pp | Dec 2024 +3.4 pp | Mar 2025 −1.0 pp | Jun 2025 −1.7 pp | Sep 2025 −2.0 pp | Dec 2025 −2.5 pp | Mar 2026 −3.0 pp | Jun 2026 —
- ORIENTELEC: Sep 2021 −2.9 pp | Dec 2021 −3.8 pp | Mar 2022 −1.4 pp | Jun 2022 +0.9 pp | Sep 2022 −8.1 pp | Dec 2022 −2.8 pp | Mar 2023 −3.7 pp | Jun 2023 −0.1 pp | Sep 2023 +1.3 pp | Dec 2023 0.0 pp | Mar 2024 −3.1 pp | Jun 2024 −1.0 pp | Sep 2024 +1.4 pp | Dec 2024 0.0 pp | Mar 2025 +4.1 pp | Jun 2025 +1.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp | Jun 2026 +1.0 pp
- WEL: Sep 2021 +4.4 pp | Dec 2021 +2.5 pp | Mar 2022 −1.3 pp | Jun 2022 +1.7 pp | Sep 2022 −3.5 pp | Dec 2022 −1.6 pp | Mar 2023 +1.1 pp | Jun 2023 −1.2 pp | Sep 2023 +1.9 pp | Dec 2023 +1.5 pp | Mar 2024 −1.3 pp | Jun 2024 +0.0 pp | Sep 2024 +1.2 pp | Dec 2024 −0.1 pp | Mar 2025 +0.4 pp | Jun 2025 +0.6 pp | Sep 2025 +1.8 pp | Dec 2025 −1.9 pp | Mar 2026 −0.1 pp | Jun 2026 —
- ONIDA: Sep 2021 −1.6 pp | Dec 2021 −0.7 pp | Mar 2022 −3.0 pp | Jun 2022 +2.1 pp | Sep 2022 −1.3 pp | Dec 2022 −2.0 pp | Mar 2023 −0.2 pp | Jun 2023 −2.9 pp | Sep 2023 −2.1 pp | Dec 2023 +2.2 pp | Mar 2024 −15.8 pp | Jun 2024 +3.9 pp | Sep 2024 +5.3 pp | Dec 2024 −3.4 pp | Mar 2025 +15.8 pp | Jun 2025 −8.1 pp | Sep 2025 −14.7 pp | Dec 2025 −2.8 pp | Mar 2026 −10.8 pp | Jun 2026 —
- MIRCELECTR: Sep 2021 −1.6 pp | Dec 2021 −0.7 pp | Mar 2022 −3.0 pp | Jun 2022 +2.1 pp | Sep 2022 −1.3 pp | Dec 2022 −2.1 pp | Mar 2023 0.0 pp | Jun 2023 −3.1 pp | Sep 2023 −2.5 pp | Dec 2023 +2.0 pp | Mar 2024 −16.0 pp | Jun 2024 +4.0 pp | Sep 2024 +6.0 pp | Dec 2024 −3.0 pp | Mar 2025 +16.0 pp | Jun 2025 −8.0 pp | Sep 2025 −15.0 pp | Dec 2025 −3.0 pp | Mar 2026 −11.0 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: LG Electronics India Ltd leads with ₹1,685 crore of TTM profit, 3.3% above Havells India Ltd. Orient Electric Ltd shows 26.7% growth from a ₹109 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: LG Electronics India Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: LG Electronics India Ltd · ₹1,685 crore | 3.3% versus #2 · Havells India Ltd | 0/4 recent comparable periods | 13/13 companies · 197 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. LG Electronics India Ltd (LGEINDIA): ₹1.7K Cr
2. Havells India Ltd (HAVELLS): ₹1.6K Cr
3. Blue Star Ltd (BLUESTARCO): ₹528 Cr
4. Voltas Ltd (VOLTAS): ₹370 Cr
5. Whirlpool of India Ltd (WHIRLPOOL): ₹295 Cr

### Profit growth — fastest growers
1. Orient Electric Ltd (ORIENTELEC): 27%
2. Havells India Ltd (HAVELLS): 16%
3. Eureka Forbes Ltd (EUREKAFORB): -0.6%
4. Blue Star Ltd (BLUESTARCO): -11%
5. Whirlpool of India Ltd (WHIRLPOOL): -19%

### 20-quarter Net profit history
- LGEINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹680 Cr | Sep 2024 ₹536 Cr | Dec 2024 ₹233 Cr | Mar 2025 ₹755 Cr | Jun 2025 ₹513 Cr | Sep 2025 ₹389 Cr | Dec 2025 ₹90 Cr | Mar 2026 ₹693 Cr | Jun 2026 —
- HAVELLS: Sep 2021 ₹302 Cr | Dec 2021 ₹306 Cr | Mar 2022 ₹352 Cr | Jun 2022 ₹243 Cr | Sep 2022 ₹187 Cr | Dec 2022 ₹284 Cr | Mar 2023 ₹358 Cr | Jun 2023 ₹287 Cr | Sep 2023 ₹249 Cr | Dec 2023 ₹288 Cr | Mar 2024 ₹447 Cr | Jun 2024 ₹408 Cr | Sep 2024 ₹268 Cr | Dec 2024 ₹278 Cr | Mar 2025 ₹517 Cr | Jun 2025 ₹348 Cr | Sep 2025 ₹318 Cr | Dec 2025 ₹300 Cr | Mar 2026 ₹723 Cr | Jun 2026 ₹290 Cr
- VOLTAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-110 Cr | Mar 2023 ₹143 Cr | Jun 2023 ₹129 Cr | Sep 2023 ₹36 Cr | Dec 2023 ₹-28 Cr | Mar 2024 ₹111 Cr | Jun 2024 ₹335 Cr | Sep 2024 ₹133 Cr | Dec 2024 ₹131 Cr | Mar 2025 ₹236 Cr | Jun 2025 ₹141 Cr | Sep 2025 ₹32 Cr | Dec 2025 ₹84 Cr | Mar 2026 ₹113 Cr | Jun 2026 —
- BLUESTARCO: Sep 2021 ₹31 Cr | Dec 2021 ₹48 Cr | Mar 2022 ₹76 Cr | Jun 2022 ₹74 Cr | Sep 2022 ₹43 Cr | Dec 2022 ₹58 Cr | Mar 2023 ₹225 Cr | Jun 2023 ₹83 Cr | Sep 2023 ₹71 Cr | Dec 2023 ₹100 Cr | Mar 2024 ₹160 Cr | Jun 2024 ₹169 Cr | Sep 2024 ₹96 Cr | Dec 2024 ₹132 Cr | Mar 2025 ₹194 Cr | Jun 2025 ₹121 Cr | Sep 2025 ₹99 Cr | Dec 2025 ₹81 Cr | Mar 2026 ₹227 Cr | Jun 2026 —
- CROMPTON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹88 Cr | Mar 2023 ₹132 Cr | Jun 2023 ₹122 Cr | Sep 2023 ₹101 Cr | Dec 2023 ₹85 Cr | Mar 2024 ₹133 Cr | Jun 2024 ₹152 Cr | Sep 2024 ₹128 Cr | Dec 2024 ₹112 Cr | Mar 2025 ₹172 Cr | Jun 2025 ₹124 Cr | Sep 2025 ₹75 Cr | Dec 2025 ₹101 Cr | Mar 2026 ₹-531 Cr | Jun 2026 —
- WHIRLPOOL: Sep 2021 ₹413 Cr | Dec 2021 ₹44 Cr | Mar 2022 ₹84 Cr | Jun 2022 ₹85 Cr | Sep 2022 ₹49 Cr | Dec 2022 ₹27 Cr | Mar 2023 ₹64 Cr | Jun 2023 ₹77 Cr | Sep 2023 ₹38 Cr | Dec 2023 ₹30 Cr | Mar 2024 ₹79 Cr | Jun 2024 ₹145 Cr | Sep 2024 ₹54 Cr | Dec 2024 ₹45 Cr | Mar 2025 ₹119 Cr | Jun 2025 ₹146 Cr | Sep 2025 ₹42 Cr | Dec 2025 ₹27 Cr | Mar 2026 ₹80 Cr | Jun 2026 —
- EUREKAFORB: Sep 2021 ₹0 Cr | Dec 2021 ₹-2 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹20 Cr | Sep 2022 ₹-21 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹21 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹26 Cr | Dec 2023 ₹23 Cr | Mar 2024 ₹21 Cr | Jun 2024 ₹32 Cr | Sep 2024 ₹48 Cr | Dec 2024 ₹35 Cr | Mar 2025 ₹49 Cr | Jun 2025 ₹39 Cr | Sep 2025 ₹63 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹51 Cr | Jun 2026 —
- SYMPHONY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹39 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹24 Cr | Sep 2023 ₹35 Cr | Dec 2023 ₹41 Cr | Mar 2024 ₹48 Cr | Jun 2024 ₹88 Cr | Sep 2024 ₹56 Cr | Dec 2024 ₹-10 Cr | Mar 2025 ₹79 Cr | Jun 2025 ₹42 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹-218 Cr | Jun 2026 —
- BOSCH-HCIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-26 Cr | Mar 2023 ₹-1 Cr | Jun 2023 ₹-41 Cr | Sep 2023 ₹-56 Cr | Dec 2023 ₹-27 Cr | Mar 2024 ₹49 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹-30 Cr | Dec 2024 ₹-3 Cr | Mar 2025 ₹56 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹-40 Cr | Dec 2025 ₹-19 Cr | Mar 2026 ₹41 Cr | Jun 2026 —
- ORIENTELEC: Sep 2021 ₹35 Cr | Dec 2021 ₹38 Cr | Mar 2022 ₹49 Cr | Jun 2022 ₹19 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹33 Cr | Mar 2023 ₹25 Cr | Jun 2023 ₹20 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹24 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹27 Cr | Mar 2025 ₹31 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹26 Cr | Mar 2026 ₹40 Cr | Jun 2026 ₹31 Cr
- WEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹2 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹7 Cr | Jun 2026 —
- ONIDA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹-7 Cr | Jun 2023 ₹-6 Cr | Sep 2023 ₹-6 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹-51 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹-5 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹-12 Cr | Sep 2025 ₹-2 Cr | Dec 2025 ₹-13 Cr | Mar 2026 ₹-47 Cr | Jun 2026 —
- MIRCELECTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹-3 Cr | Dec 2022 ₹-3 Cr | Mar 2023 ₹-7 Cr | Jun 2023 ₹-6 Cr | Sep 2023 ₹-6 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹-51 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹-5 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹-12 Cr | Sep 2025 ₹-2 Cr | Dec 2025 ₹-13 Cr | Mar 2026 ₹-47 Cr | Jun 2026 —

### 20-quarter Profit growth history
- LGEINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -25% | Sep 2025 -27% | Dec 2025 -61% | Mar 2026 -8.2% | Jun 2026 —
- HAVELLS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -38% | Dec 2022 -7.2% | Mar 2023 1.7% | Jun 2023 18% | Sep 2023 33% | Dec 2023 1.4% | Mar 2024 25% | Jun 2024 42% | Sep 2024 7.6% | Dec 2024 -3.5% | Mar 2025 16% | Jun 2025 -15% | Sep 2025 19% | Dec 2025 7.9% | Mar 2026 40% | Jun 2026 -17%
- VOLTAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -22% | Jun 2024 160% | Sep 2024 269% | Dec 2024 — | Mar 2025 113% | Jun 2025 -58% | Sep 2025 -76% | Dec 2025 -36% | Mar 2026 -52% | Jun 2026 —
- BLUESTARCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 469% | Sep 2022 39% | Dec 2022 21% | Mar 2023 196% | Jun 2023 12% | Sep 2023 65% | Dec 2023 72% | Mar 2024 -29% | Jun 2024 104% | Sep 2024 35% | Dec 2024 32% | Mar 2025 21% | Jun 2025 -28% | Sep 2025 3.1% | Dec 2025 -39% | Mar 2026 17% | Jun 2026 —
- CROMPTON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -3.4% | Mar 2024 0.8% | Jun 2024 25% | Sep 2024 27% | Dec 2024 32% | Mar 2025 29% | Jun 2025 -18% | Sep 2025 -41% | Dec 2025 -9.8% | Mar 2026 -409% | Jun 2026 —
- WHIRLPOOL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 227% | Sep 2022 -88% | Dec 2022 -39% | Mar 2023 -24% | Jun 2023 -9.4% | Sep 2023 -22% | Dec 2023 11% | Mar 2024 23% | Jun 2024 88% | Sep 2024 42% | Dec 2024 50% | Mar 2025 51% | Jun 2025 0.7% | Sep 2025 -22% | Dec 2025 -40% | Mar 2026 -33% | Jun 2026 —
- EUREKAFORB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 320% | Jun 2023 25% | Sep 2023 — | Dec 2023 236% | Mar 2024 0.0% | Jun 2024 28% | Sep 2024 85% | Dec 2024 52% | Mar 2025 133% | Jun 2025 22% | Sep 2025 31% | Dec 2025 -71% | Mar 2026 4.1% | Jun 2026 —
- SYMPHONY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 5.1% | Mar 2024 200% | Jun 2024 267% | Sep 2024 60% | Dec 2024 -124% | Mar 2025 65% | Jun 2025 -52% | Sep 2025 -66% | Dec 2025 — | Mar 2026 -376% | Jun 2026 —
- BOSCH-HCIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 14% | Jun 2025 -58% | Sep 2025 — | Dec 2025 — | Mar 2026 -27% | Jun 2026 —
- ORIENTELEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -100% | Dec 2022 -13% | Mar 2023 -49% | Jun 2023 5.3% | Sep 2023 — | Dec 2023 -27% | Mar 2024 -48% | Jun 2024 -30% | Sep 2024 -44% | Dec 2024 13% | Mar 2025 138% | Jun 2025 29% | Sep 2025 20% | Dec 2025 -3.7% | Mar 2026 29% | Jun 2026 72%
- WEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -38% | Sep 2025 -49% | Dec 2025 -89% | Mar 2026 -38% | Jun 2026 —
- ONIDA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -350% | Mar 2025 — | Jun 2025 — | Sep 2025 -300% | Dec 2025 — | Mar 2026 -4,800% | Jun 2026 —
- MIRCELECTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -350% | Mar 2025 — | Jun 2025 — | Sep 2025 -300% | Dec 2025 — | Mar 2026 -4,800% | Jun 2026 —

## Return On Capital Employed

What the numbers say: LG Electronics India Ltd leads ROCE at 32.2%, 7.3 percentage points above Havells India Ltd. Orient Electric Ltd has the strongest latest improvement at +2.5 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: LG Electronics India Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: LG Electronics India Ltd · 32.2% | 29.3% versus #2 · Havells India Ltd | 1/2 recent comparable periods | 13/13 companies · 108 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. LG Electronics India Ltd (LGEINDIA): 32%
2. Havells India Ltd (HAVELLS): 25%
3. Blue Star Ltd (BLUESTARCO): 21%
4. Symphony Ltd (SYMPHONY): 21%
5. Orient Electric Ltd (ORIENTELEC): 20%

### ROCE change — fastest improvers
1. Orient Electric Ltd (ORIENTELEC): +2.5 pp
2. Eureka Forbes Ltd (EUREKAFORB): +0.4 pp
3. Havells India Ltd (HAVELLS): −0.1 pp
4. Crompton Greaves Consumer Electricals Ltd (CROMPTON): −1.0 pp
5. Blue Star Ltd (BLUESTARCO): −2.0 pp

### 20-quarter ROCE history
- LGEINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 17% | Sep 2024 — | Dec 2024 — | Mar 2025 41% | Jun 2025 35% | Sep 2025 30% | Dec 2025 38% | Mar 2026 24% | Jun 2026 —
- HAVELLS: Sep 2021 25% | Dec 2021 — | Mar 2022 22% | Jun 2022 — | Sep 2022 20% | Dec 2022 — | Mar 2023 18% | Jun 2023 — | Sep 2023 19% | Dec 2023 23% | Mar 2024 19% | Jun 2024 25% | Sep 2024 19% | Dec 2024 24% | Mar 2025 19% | Jun 2025 23% | Sep 2025 19% | Dec 2025 23% | Mar 2026 18% | Jun 2026 23%
- BLUESTARCO: Sep 2021 18% | Dec 2021 — | Mar 2022 20% | Jun 2022 — | Sep 2022 26% | Dec 2022 — | Mar 2023 25% | Jun 2023 — | Sep 2023 17% | Dec 2023 37% | Mar 2024 20% | Jun 2024 33% | Sep 2024 23% | Dec 2024 29% | Mar 2025 22% | Jun 2025 26% | Sep 2025 21% | Dec 2025 23% | Mar 2026 20% | Jun 2026 —
- WHIRLPOOL: Sep 2021 9.7% | Dec 2021 — | Mar 2022 8.5% | Jun 2022 — | Sep 2022 8.7% | Dec 2022 — | Mar 2023 5.0% | Jun 2023 — | Sep 2023 4.0% | Dec 2023 7.4% | Mar 2024 4.6% | Jun 2024 10% | Sep 2024 6.7% | Dec 2024 11% | Mar 2025 7.5% | Jun 2025 12% | Sep 2025 6.7% | Dec 2025 11% | Mar 2026 5.5% | Jun 2026 —
- EUREKAFORB: Sep 2021 — | Dec 2021 — | Mar 2022 0.2% | Jun 2022 — | Sep 2022 0.7% | Dec 2022 — | Mar 2023 1.8% | Jun 2023 — | Sep 2023 2.7% | Dec 2023 2.9% | Mar 2024 2.8% | Jun 2024 2.8% | Sep 2024 3.2% | Dec 2024 3.6% | Mar 2025 3.9% | Jun 2025 4.4% | Sep 2025 4.2% | Dec 2025 4.1% | Mar 2026 4.3% | Jun 2026 —
- ORIENTELEC: Sep 2021 40% | Dec 2021 — | Mar 2022 30% | Jun 2022 — | Sep 2022 23% | Dec 2022 — | Mar 2023 14% | Jun 2023 — | Sep 2023 15% | Dec 2023 20% | Mar 2024 12% | Jun 2024 16% | Sep 2024 12% | Dec 2024 15% | Mar 2025 16% | Jun 2025 19% | Sep 2025 17% | Dec 2025 19% | Mar 2026 18% | Jun 2026 21%
- WEL: Sep 2021 — | Dec 2021 — | Mar 2022 22% | Jun 2022 — | Sep 2022 22% | Dec 2022 — | Mar 2023 18% | Jun 2023 — | Sep 2023 18% | Dec 2023 — | Mar 2024 20% | Jun 2024 — | Sep 2024 24% | Dec 2024 — | Mar 2025 27% | Jun 2025 29% | Sep 2025 25% | Dec 2025 22% | Mar 2026 16% | Jun 2026 —
- ONIDA: Sep 2021 5.7% | Dec 2021 — | Mar 2022 4.0% | Jun 2022 — | Sep 2022 3.8% | Dec 2022 — | Mar 2023 -0.9% | Jun 2023 — | Sep 2023 -6.9% | Dec 2023 -1.0% | Mar 2024 -35% | Jun 2024 -22% | Sep 2024 -22% | Dec 2024 -22% | Mar 2025 6.2% | Jun 2025 -0.7% | Sep 2025 -12% | Dec 2025 -5.6% | Mar 2026 -19% | Jun 2026 —

### 20-quarter ROCE change history
- LGEINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 +17.7 pp | Sep 2025 — | Dec 2025 — | Mar 2026 −17.4 pp | Jun 2026 —
- HAVELLS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.1 pp | Dec 2022 — | Mar 2023 −4.0 pp | Jun 2023 — | Sep 2023 −0.9 pp | Dec 2023 — | Mar 2024 +0.7 pp | Jun 2024 — | Sep 2024 +0.7 pp | Dec 2024 +1.3 pp | Mar 2025 +0.9 pp | Jun 2025 −2.1 pp | Sep 2025 −0.7 pp | Dec 2025 −1.1 pp | Mar 2026 −1.9 pp | Jun 2026 −0.1 pp
- BLUESTARCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +8.0 pp | Dec 2022 — | Mar 2023 +5.0 pp | Jun 2023 — | Sep 2023 −8.5 pp | Dec 2023 — | Mar 2024 −4.1 pp | Jun 2024 — | Sep 2024 +5.5 pp | Dec 2024 −8.0 pp | Mar 2025 +1.7 pp | Jun 2025 −7.4 pp | Sep 2025 −2.0 pp | Dec 2025 −5.6 pp | Mar 2026 −2.0 pp | Jun 2026 —
- WHIRLPOOL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.0 pp | Dec 2022 — | Mar 2023 −3.5 pp | Jun 2023 — | Sep 2023 −4.7 pp | Dec 2023 — | Mar 2024 −0.4 pp | Jun 2024 — | Sep 2024 +2.7 pp | Dec 2024 +3.9 pp | Mar 2025 +2.9 pp | Jun 2025 +1.6 pp | Sep 2025 0.0 pp | Dec 2025 −0.4 pp | Mar 2026 −2.0 pp | Jun 2026 —
- EUREKAFORB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +1.6 pp | Jun 2023 — | Sep 2023 +2.0 pp | Dec 2023 — | Mar 2024 +1.0 pp | Jun 2024 — | Sep 2024 +0.5 pp | Dec 2024 +0.7 pp | Mar 2025 +1.1 pp | Jun 2025 +1.6 pp | Sep 2025 +1.0 pp | Dec 2025 +0.5 pp | Mar 2026 +0.4 pp | Jun 2026 —
- ORIENTELEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −17.0 pp | Dec 2022 — | Mar 2023 −15.6 pp | Jun 2023 — | Sep 2023 −8.2 pp | Dec 2023 — | Mar 2024 −2.5 pp | Jun 2024 — | Sep 2024 −2.9 pp | Dec 2024 −5.4 pp | Mar 2025 +4.5 pp | Jun 2025 +2.9 pp | Sep 2025 +4.7 pp | Dec 2025 +3.7 pp | Mar 2026 +1.8 pp | Jun 2026 +2.5 pp
- WEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −4.3 pp | Jun 2023 — | Sep 2023 −3.8 pp | Dec 2023 — | Mar 2024 +1.8 pp | Jun 2024 — | Sep 2024 +6.0 pp | Dec 2024 — | Mar 2025 +7.4 pp | Jun 2025 — | Sep 2025 +1.1 pp | Dec 2025 — | Mar 2026 −11.2 pp | Jun 2026 —
- ONIDA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.9 pp | Dec 2022 — | Mar 2023 −4.9 pp | Jun 2023 — | Sep 2023 −10.7 pp | Dec 2023 — | Mar 2024 −33.7 pp | Jun 2024 — | Sep 2024 −14.7 pp | Dec 2024 −21.2 pp | Mar 2025 +40.8 pp | Jun 2025 +21.3 pp | Sep 2025 +10.1 pp | Dec 2025 +16.6 pp | Mar 2026 −25.6 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Orient Electric Ltd has the lowest comparable PEG at 0.83×, 34.1% below Eureka Forbes Ltd. Only 5 of 13 companies have earnings and growth steady enough for the ratio to mean anything, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Orient Electric Ltd · 0.83× | 34.1% versus #2 · Eureka Forbes Ltd | 0/8 recent comparable periods | 5/13 companies · 42 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

### PEG — lowest PEG
1. Orient Electric Ltd (ORIENTELEC): 0.8
2. Eureka Forbes Ltd (EUREKAFORB): 1.3
3. Whirlpool of India Ltd (WHIRLPOOL): 2.3
4. LG Electronics India Ltd (LGEINDIA): 2.8
5. Havells India Ltd (HAVELLS): 3.1

### P/E — lowest P/E
1. Orient Electric Ltd (ORIENTELEC): 31.3
2. Whirlpool of India Ltd (WHIRLPOOL): 32.4
3. Eureka Forbes Ltd (EUREKAFORB): 45.0
4. Havells India Ltd (HAVELLS): 47.5
5. Crompton Greaves Consumer Electricals Ltd (CROMPTON): 50.0

### 20-quarter PEG history
- HAVELLS: Sep 2021 — | Dec 2021 1.3 | Mar 2022 2.5 | Jun 2022 3.2 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 8.9 | Mar 2024 7.4 | Jun 2024 5.1 | Sep 2024 3.7 | Dec 2024 3.7 | Mar 2025 3.7 | Jun 2025 3.8 | Sep 2025 — | Dec 2025 7.5 | Mar 2026 6.1 | Jun 2026 3.1
- BLUESTARCO: Sep 2021 — | Dec 2021 — | Mar 2022 4.9 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.9 | Jun 2023 — | Sep 2023 2.3 | Dec 2023 2.0 | Mar 2024 1.9 | Jun 2024 1.9 | Sep 2024 — | Dec 2024 1.4 | Mar 2025 1.7 | Jun 2025 1.5 | Sep 2025 10.8 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- WHIRLPOOL: Sep 2021 5.1 | Dec 2021 10.9 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 3.2 | Jun 2024 — | Sep 2024 2.2 | Dec 2024 1.3 | Mar 2025 0.7 | Jun 2025 0.9 | Sep 2025 2.3 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- EUREKAFORB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 2.0 | Mar 2025 1.7 | Jun 2025 3.6 | Sep 2025 1.4 | Dec 2025 1.7 | Mar 2026 1.3 | Jun 2026 —
- ORIENTELEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 7.7 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 7.4 | Mar 2025 — | Jun 2025 2.6 | Sep 2025 3.0 | Dec 2025 — | Mar 2026 0.8 | Jun 2026 —

### 20-quarter P/E history
- LGEINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 46.9 | Mar 2026 56.0 | Jun 2026 —
- HAVELLS: Sep 2021 72.9 | Dec 2021 73.4 | Mar 2022 62.7 | Jun 2022 57.9 | Sep 2022 70.2 | Dec 2022 63.3 | Mar 2023 69.8 | Jun 2023 75.0 | Sep 2023 78.0 | Dec 2023 72.8 | Mar 2024 80.3 | Jun 2024 90.4 | Sep 2024 91.5 | Dec 2024 73.3 | Mar 2025 68.4 | Jun 2025 66.2 | Sep 2025 66.9 | Dec 2025 60.8 | Mar 2026 50.9 | Jun 2026 43.7
- VOLTAS: Sep 2021 71.9 | Dec 2021 68.3 | Mar 2022 73.9 | Jun 2022 65.0 | Sep 2022 61.1 | Dec 2022 59.2 | Mar 2023 77.8 | Jun 2023 103.8 | Sep 2023 86.6 | Dec 2023 105.5 | Mar 2024 130.6 | Jun 2024 193.2 | Sep 2024 135.2 | Dec 2024 101.8 | Mar 2025 67.3 | Jun 2025 52.6 | Sep 2025 68.5 | Dec 2025 83.4 | Mar 2026 84.4 | Jun 2026 —
- BLUESTARCO: Sep 2021 65.2 | Dec 2021 65.5 | Mar 2022 59.8 | Jun 2022 55.6 | Sep 2022 46.2 | Dec 2022 48.1 | Mar 2023 52.8 | Jun 2023 52.9 | Sep 2023 58.5 | Dec 2023 58.5 | Mar 2024 70.6 | Jun 2024 79.9 | Sep 2024 87.1 | Dec 2024 81.0 | Mar 2025 80.0 | Jun 2025 57.4 | Sep 2025 72.8 | Dec 2025 67.6 | Mar 2026 64.5 | Jun 2026 —
- CROMPTON: Sep 2021 47.2 | Dec 2021 42.0 | Mar 2022 36.1 | Jun 2022 36.8 | Sep 2022 42.0 | Dec 2022 36.3 | Mar 2023 35.5 | Jun 2023 39.8 | Sep 2023 42.9 | Dec 2023 45.9 | Mar 2024 39.5 | Jun 2024 59.2 | Sep 2024 57.4 | Dec 2024 50.9 | Mar 2025 43.4 | Jun 2025 41.3 | Sep 2025 35.8 | Dec 2025 34.0 | Mar 2026 30.6 | Jun 2026 —
- WHIRLPOOL: Sep 2021 79.0 | Dec 2021 66.0 | Mar 2022 64.9 | Jun 2022 67.2 | Sep 2022 64.2 | Dec 2022 73.2 | Mar 2023 69.5 | Jun 2023 85.4 | Sep 2023 98.1 | Dec 2023 87.2 | Mar 2024 76.7 | Jun 2024 110.3 | Sep 2024 93.5 | Dec 2024 75.7 | Mar 2025 38.0 | Jun 2025 50.3 | Sep 2025 44.0 | Dec 2025 34.0 | Mar 2026 29.4 | Jun 2026 —
- EUREKAFORB: Sep 2021 — | Dec 2021 — | Mar 2022 2,912.9 | Jun 2022 262.6 | Sep 2022 — | Dec 2022 879.8 | Mar 2023 239.7 | Jun 2023 190.8 | Sep 2023 151.9 | Dec 2023 106.2 | Mar 2024 87.5 | Jun 2024 87.7 | Sep 2024 97.4 | Dec 2024 84.4 | Mar 2025 72.4 | Jun 2025 72.1 | Sep 2025 65.6 | Dec 2025 66.4 | Mar 2026 45.3 | Jun 2026 —
- SYMPHONY: Sep 2021 63.7 | Dec 2021 56.0 | Mar 2022 63.7 | Jun 2022 49.2 | Sep 2022 43.3 | Dec 2022 43.4 | Mar 2023 43.3 | Jun 2023 53.7 | Sep 2023 54.0 | Dec 2023 52.6 | Mar 2024 49.8 | Jun 2024 54.2 | Sep 2024 52.6 | Dec 2024 37.1 | Mar 2025 32.4 | Jun 2025 27.6 | Sep 2025 28.7 | Dec 2025 34.6 | Mar 2026 31.4 | Jun 2026 —
- BOSCH-HCIL: Sep 2021 130.3 | Dec 2021 97.5 | Mar 2022 109.9 | Jun 2022 266.2 | Sep 2022 147.7 | Dec 2022 146.1 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 228.2 | Dec 2024 113.4 | Mar 2025 90.9 | Jun 2025 78.0 | Sep 2025 116.9 | Dec 2025 100.5 | Mar 2026 92.7 | Jun 2026 —
- ORIENTELEC: Sep 2021 48.1 | Dec 2021 51.6 | Mar 2022 48.8 | Jun 2022 45.0 | Sep 2022 41.2 | Dec 2022 53.0 | Mar 2023 57.4 | Jun 2023 67.1 | Sep 2023 61.6 | Dec 2023 60.0 | Mar 2024 57.0 | Jun 2024 95.2 | Sep 2024 92.4 | Dec 2024 84.6 | Mar 2025 68.7 | Jun 2025 57.4 | Sep 2025 49.4 | Dec 2025 43.1 | Mar 2026 35.7 | Jun 2026 37.1
- WEL: Sep 2021 14.5 | Dec 2021 13.8 | Mar 2022 29.4 | Jun 2022 21.8 | Sep 2022 — | Dec 2022 66.9 | Mar 2023 41.3 | Jun 2023 53.4 | Sep 2023 — | Dec 2023 59.9 | Mar 2024 90.0 | Jun 2024 110.4 | Sep 2024 159.6 | Dec 2024 161.1 | Mar 2025 120.7 | Jun 2025 113.9 | Sep 2025 104.9 | Dec 2025 107.5 | Mar 2026 118.7 | Jun 2026 —
- ONIDA: Sep 2021 38.0 | Dec 2021 216.8 | Mar 2022 142.7 | Jun 2022 115.6 | Sep 2022 105.1 | Dec 2022 104.8 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -19.8 | Mar 2024 — | Jun 2024 -8.6 | Sep 2024 -11.8 | Dec 2024 — | Mar 2025 -112.0 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MIRCELECTR: Sep 2021 — | Dec 2021 216.8 | Mar 2022 142.7 | Jun 2022 115.6 | Sep 2022 105.1 | Dec 2022 104.8 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —


## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 2 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- 3 companies are missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.

## Every company
- LG Electronics India Ltd (LGEINDIA) — market value ₹1.0 L Cr; latest fundamentals Mar 2026
- Havells India Ltd (HAVELLS) — market value ₹79.1K Cr; latest fundamentals Jun 2026
- Voltas Ltd (VOLTAS) — market value ₹44.0K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Blue Star Ltd (BLUESTARCO) — market value ₹34.6K Cr; latest fundamentals Mar 2026
- Crompton Greaves Consumer Electricals Ltd (CROMPTON) — market value ₹16.8K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Whirlpool of India Ltd (WHIRLPOOL) — market value ₹10.2K Cr; latest fundamentals Mar 2026
- Eureka Forbes Ltd (EUREKAFORB) — market value ₹8.7K Cr; latest fundamentals Mar 2026
- Symphony Ltd (SYMPHONY) — market value ₹4.7K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Bosch Home Comfort India Ltd (BOSCH-HCIL) — market value ₹3.8K Cr; latest fundamentals Mar 2026
- Orient Electric Ltd (ORIENTELEC) — market value ₹3.7K Cr; latest fundamentals Jun 2026
- Wonder Electricals Ltd (WEL) — market value ₹1.6K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Onida Electronics Ltd (ONIDA) — market value ₹1.5K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- MIRC Electronics Ltd (MIRCELECTR) — market value ₹1.4K Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 6. Unverified: 4. Withheld: 3. Graded companies: 13.

2 of 13 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

3 of 13 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Voltas Ltd (VOLTAS) — its two data sources disagree by up to 6.8% on reported income across 14 comparable periods, so its derived ratios are withheld; Crompton Greaves Consumer Electricals Ltd (CROMPTON) — its two data sources disagree by up to 10% on reported income across 14 comparable periods, so its derived ratios are withheld; Symphony Ltd (SYMPHONY) — its two data sources disagree by up to 59% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | VOLTAS | Voltas Ltd | diff_gt_2pct | disagreement up to 6.82% over 14 comparable periods
- WITHHELD | CROMPTON | Crompton Greaves Consumer Electricals Ltd | diff_gt_2pct | disagreement up to 9.96% over 14 comparable periods
- WITHHELD | SYMPHONY | Symphony Ltd | diff_gt_2pct | disagreement up to 58.86% over 14 comparable periods

- UNVERIFIED | WEL | Wonder Electricals Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | ONIDA | Onida Electronics Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-31.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Is the Consumer Electronics sector outperforming NIFTY 500?

Consumer Electronics has underperformed NIFTY 500 by 7.2% over 52 weeks and 5% over 13 weeks. 2 of 12 covered companies beat NIFTY on Mansfield relative strength, while 1 of 11 beat the sector itself.

### Which Consumer Electronics company is largest by revenue?

LG Electronics India Ltd leads with revenue of ₹24,605 crore, based on 13 of 13 comparable companies through Mar 2026.

### Which Consumer Electronics company is growing fastest?

Orient Electric Ltd has the fastest current revenue growth at 12.8%, across 13 of 13 comparable companies.

### Which Consumer Electronics company has the strongest 4-Factor Sector Score?

Orient Electric Ltd ranks first at 73.4/100 with 100% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Consumer Electronics company has the lowest comparable PEG?

Orient Electric Ltd has the lowest comparable PEG at 0.83, among 5 of 13 companies whose earnings and growth are steady enough for the ratio to mean anything.

### How much history does this Consumer Electronics comparison include?

The page compares up to 20 reported quarters per company for fundamentals, returns and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

### What is the Nifty Consumer Electronics index?

The Nifty Consumer Electronics index tracks India's listed Consumer Electronics companies as a single basket. This page follows the same 13 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Consumer Electronics sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Consumer Electronics stocks in India?

Ranked by this page's four-factor score, Orient Electric Ltd places first among 13 listed Consumer Electronics companies, followed by Eureka Forbes Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Consumer Electronics stocks are listed in India?

This comparison covers 13 listed Consumer Electronics companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Consumer Electronics company is the biggest?

LG Electronics India Ltd is the largest, with trailing-twelve-month revenue of ₹24,605 crore, ahead of Havells India Ltd at ₹23,590 crore. That covers 13 of 13 companies with comparable reporting through Mar 2026.

### Which Consumer Electronics company has the best profit margins?

Symphony Ltd has the highest operating margin at 15%, from 13 of 13 comparable companies. Blue Star Ltd shows the biggest recent improvement, at +1 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Consumer Electronics company makes the most profit?

LG Electronics India Ltd earns the most, at ₹1,685 crore of trailing-twelve-month net profit, from 13 of 13 comparable companies. Orient Electric Ltd has the fastest profit growth at 26.7%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Consumer Electronics company earns the highest return on capital?

LG Electronics India Ltd leads on return on capital employed at 32.2%, across 13 of 13 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Consumer Electronics stock is the cheapest?

On PEG — where a LOWER number is cheaper — Orient Electric Ltd screens cheapest at 0.83×. Only 5 of 13 companies have earnings and growth steady enough for the ratio to mean anything, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Is the Consumer Electronics sector beating the market?

Consumer Electronics has underperformed NIFTY 500 by 7.2% over the last 52 weeks and 5% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 of 12 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Consumer Electronics stock has the strongest price momentum?

MIRC Electronics Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Consumer Electronics company scores highest for research priority?

Orient Electric Ltd scores 73.4 out of 100 with 100% evidence confidence, from 31 points on growth and earnings, 13.9 on capital efficiency, 19.4 on valuation and 9.1 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Consumer Electronics companies does this comparison cover, and over what period?

It compares 13 listed companies over up to 20 reported quarters of fundamentals, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Consumer Electronics sector?

The 13 Consumer Electronics companies on this page carry ₹3,11,138 crore of combined market value. LG Electronics India Ltd is the largest at ₹1,01,171 crore, about 33% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-05.

### What is the Consumer Electronics sector's P/E ratio?

The median price-to-earnings ratio across the 13 Consumer Electronics companies on this page is 60×, measured on the 11 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-08-05.

### How is the Consumer Electronics sector performing?

2 of the 12 covered Consumer Electronics companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 7.2% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-05.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.