Crompton Greaves Consumer Electricals has shown consistent growth over the past five quarters, driven by strong performance in non-ceiling fans, a 20% YoY increase in pump sales, and robust growth in appliances through e-commerce and modern trade. The company is expanding its channels and investing in advertising, with a projected revenue/EBITDA/PAT CAGR of 12.8%/20.3%/25.0% from FY24-27E. Despite minor downward revisions in earnings estimates for FY25 and FY26, a 'BUY' rating is maintained with a target price of Rs 536, based on 40x FY27E earnings.
