Demand pick up key for further gains in consumer electricals space

The consumer electricals segment had a mildly disappointing performance in the third quarter of financial year 2025 (Q3FY25) due to weak consumer sentiment in December.

 

Elevated advertising and promotion (A&P) spends and negative operating leverage squeezed operating profit margins. Rebound in demand for cables led to growth for Polycab though high channel inventory was negative. 

 

Fans registered low-single digit growth, while kitchen appliances faced low demand, and low LED prices adversely impacted lighting. Stabilisers & UPS performed better, driving growth for V-Guard, while improvement in penetration aided double-digit growth for Eureka Forbes. Solar pumps demand is driven by government schemes,