Goldman Sachs trims Q1 estimates on EMS, durables; turns positive on C&W

Goldman Sachs retained its 'Buy' ratings on Crompton Greaves Consumer Electricals, Havells, and KEI Industries, citing stronger fundamentals and growth visibility.

Goldman Sachs on India Industrials: Goldman Sachs has cut earnings estimates for Electronics Manufacturing Services (EMS) and consumer durables companies for June quarter of financial year 2026 (Q1FY26) amid weak summer product sales and margin headwinds, while raising projections for cable and wire (C&W) players on better volume growth.

 

That said, the New York-based brokerage expects a mixed June quarter earnings season for India’s industrial space, with divergent trends across electricals, durables, EMS, and cables and wires.

 

Reflecting upon these divergent trends, Goldman Sachs retained its ‘Buy’ ratings on Crompton Greaves Consumer Electricals, Havells, and KEI Industries, citing stronger