BSE Cons Durables index down 3%; Amber Ent, Bajaj Electricals fall upto 17%

The BSE Consumer Durables index fell more than 3 per cent in intraday today. Among the individual stocks, Amber Enterprises tanked 17 per cent to ₹7,047.65.

BSE Consumer Durables index today: Shares of consumer durable companies are under pressure in today's trade, with the BSE Consumer Durables index falling more than 3 per cent to make an intraday low of 56,344.56, on margin concerns. As of 10:28 AM, the BSE Consumer Durable index was the top loser among sectoral indices. The index traded lower with a cut of 3.1 per cent at 56,347, as compared to a 1.1 per cent decline in the BSE Sensex. The consumer durable index had hit a 52-week low of 51,821.68 on March 23, 2026.

 

Among the individual stocks, Amber Enterprises tanked 17 per cent to ₹7,047.65 in an intra-day deal. Between April 2, 2026 and May 5, the stock price of the household appliances maker had rallied 41 per cent.

 

 

Among the other stocks, Bajaj Electricals slipped 9 per cent to ₹360.25, followed by PG Electroplast (down 7 per cent), Blue Star (down 5 per cent) and Crompton Greaves Consumer Durables, Dixon Technologies (India) and Havells India, down 3 per cent each.

 

Why Amber Enterprises share price falling today 

 

Amber Enterprises India reported a healthy operational performance in the March 2026 quarter (Q4FY26) with revenues at ₹4,148 crore, up by 10.5 per cent year-on-year (Y-o-Y) and 40.9 per cent quarter-on-quarter (Q-o-Q), supported by steady room air-conditioner (RAC) revenue and scale-up from the electronics division. Overall Ebitda came in at ₹291 crore with Ebitda margins of 7.0 per cent, down 51 bps Y-o-Y.

 

Consumer Durables division revenue grew 7 per cent Y-o-Y to ₹2,979 crore in Q4FY26, although margins moderated because of commodity inflation and currency depreciation pressures. 

 

ICICI Securities' view on Amber Enterprises

 

Amber is steadily transforming from a RAC-focused original design manufacturer (ODM) player into a diversified electronics manufacturing platform. RAC dependency continues to reduce with RAC (CBU) contribution declining from 72 per cent in FY18 to 47 per cent in FY26, reflecting successful diversification towards components and non-AC applications. 

 

ICICI Securities expects the RAC business to continue outperforming industry growth in the FY27, driven by localisation, wallet share gains and commercial AC expansion. The electronics division is emerging as the key growth driver with management guiding 40 per cent growth in FY27, supported by acquisitions like Power-One, Unitronics and Shogini along with aggressive PCB and electronics capacity expansion under ECMS.

 

Further, the Railways & Defence business is scaling gradually with increasing localisation, product additions and healthy growth visibility from FY27 onwards. Overall, Amber remains well-positioned to capitalise on India’s expanding electronics manufacturing opportunity, the brokerage firm said in a note. 

 

Why other consumer durable stocks are falling 

 

 

According to media reports, air-conditioner and refrigerator makers have warned that the Centre's latest restrictions on compressor imports could lead to shortages later this year, as domestic production capacity remains insufficient to meet rising demand.  The concern follows a May 8 order by the Department for Promotion of Industry and Internal Trade (DPIIT), which links compressor imports in the current fiscal to a percentage of volumes imported in FY25. Under the order, manufacturers can import compressors for refrigerators up to 40 per cent of FY25 import volumes and for air-conditioners up to 30 per cent, both for capacities of up to two tonnes, a segment that accounts for more than 85 per cent of sales, the media report suggested.  On the business outlook, Blue Star, in its Q4 earnings conference call, said that from the second week of April 2026, summer had set in, and secondary sales of room air conditioners have picked up momentum. Driven by encouraging demand from the manufacturing sector and data centres. The electromechanical projects and commercial air conditioning business segment is expected to maintain growth momentum.

 

With rising input costs and volatile exchange rates, there will be challenges in managing the margins. Further, the ongoing West Asia crisis can lead to a supply chain disruption and also dampen growth, the company said. The management remains cautiously optimistic about the prospects for the financial year 2026-27 (FY27).

 

Meanwhile, Bajaj Electricals reported a muted set of results with revenue at ₹1,238 crore, dow 2 per cent Y-o-Y and up 18 per cent Q-o-Q. Segmentally, consumer products remained weak with revenue of ₹925 crore (down 6.8 per cent Y-o-Y and 19.2 per cent Q-o-Q) and Lighting solutions reported strong revenue at ₹313.7 crore (up 15.5 per cent Y-o-Y and 14.5 per cent Q-o-Q). Ebitda stood at ₹43.2 crore with Ebitda margins coming in at 3.48 per cent, down by 387 bps Y-o-Y (+225 bps Q-o-Q) due to increased cost of raw material prices. The company reported a loss of ₹67.5 crore in Q4FY26 as against a profit of ₹59 crore in Q4FY25.

 

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