Crompton Greaves Financial Breakdown: Revenue, Profit, Ratios
Crompton Greaves Consumer Electricals announced its Q2 FY27 results on 16 October 2026, reporting a 65% jump in consolidated net profit to ₹124.39 crore on revenue of ₹2,263.29 crore. The consumer electricals major — market leader in fans with roughly 26% market share — is also coming off an unusual FY26, when a ₹716 crore impairment on its Butterfly Gandhimathi acquisition pushed the reported bottom line into a loss. This breakdown unpacks Crompton's five-year revenue trend, profitability, balance sheet strength, ratios, segment split, shareholding pattern, peer comparison and key risks.
Company Overview
Crompton Greaves Consumer Electricals (NSE: CROMPTON) was demerged from Crompton Greaves Ltd in 2015 and listed separately. The Mumbai-headquartered company sells fans, LED lighting, pumps and household appliances including kitchen appliances through its Butterfly Gandhimathi subsidiary. It reaches customers through more than 2.5 lakh outlets across India, plus growing modern-trade and e-commerce channels.
Management, led by MD & CEO Promeet Ghosh, has set a stated ambition to double revenue to ₹15,000 crore by expanding the total addressable market — with premiumisation (premium fans already account for 25.4% of fan revenue as of Q2 FY26), and new categories such as solar, wires and water purifiers among the levers. The company also holds strong market positions: No. 1 in residential pumps, No. 2 in BLDC fans and the No. 2 water-heater brand in general trade nationally.
Q2 FY27 Results (Announced 16 October 2026)
| Particulars (consolidated) | Q2 FY27 | Q2 FY26 | YoY change |
|---|---|---|---|
| Revenue from operations | ₹2,263.29 cr | ₹1,915.57 cr | +18.2% |
| Total income | ₹2,280.84 cr | ₹1,928.96 cr | +18.2% |
| Profit before tax | ₹166.93 cr | ₹102.20 cr | +63.3% |
| Net profit (PAT) | ₹124.39 cr | ₹75.42 cr | +64.9% |
| Basic EPS | ₹1.85 | ₹1.11 | +66.7% |
| EBITDA (media-reported) | ~₹204.3 cr | ~₹165.6 cr | +23.3% |
| EBITDA margin | ~9.0% | ~8.6% | +40 bps |
- No exceptional charge this quarter: Q2 FY26 had included an exceptional charge of ₹20.36 crore; Q2 FY27 had none, so part of the profit jump is cleaner comparability.
- Sequentially softer: PAT fell 12.8% from ₹142.70 crore in Q1 FY27, while revenue grew 1.3% (₹2,235.02 cr → ₹2,263.29 cr) and PBT declined 12.7% — indicating margin pressure within the quarter.
- Half-year FY27: consolidated revenue ₹4,498.31 crore (+14.9% YoY), net profit ₹267.09 crore (+34%), PBT ₹358.24 crore (+33.5%).
- Standalone PAT (ex-subsidiaries) was ₹110.04 crore, up 57% from ₹70.10 crore a year ago.
- Market reaction: the stock traded around ₹217.74 on 16 October 2026, roughly flat on the results day — and near its 52-week low of ₹201.10 (52-week high: ₹310.50).
Revenue and Profit Trend (FY22–FY26)
| Financial year (consolidated) | Revenue (₹ cr) | EBITDA (₹ cr) | EBITDA margin | PAT (₹ cr) |
|---|---|---|---|---|
| FY22 | 5,374 | — | — | — |
| FY23 | 6,832.55 | — | — | — |
| FY24 | 7,312.81 | — (consolidated EBIT ₹585 cr) | — | — |
| FY25 | 7,863.55 | 901 | 11.5% | 564.08 |
| FY26 | 8,096 | 827 | 10.2% | 502 (ex-exceptional; reported −231) |
Revenue figures are from company press releases and investor communications. Cells marked "—" were not covered in the cited sources.
- Top line: revenue grew from ₹5,374 crore in FY22 to ₹8,096 crore in FY26 — roughly a 50% expansion in four years, though growth slowed to ~3% in FY26.
- FY25 was a record year: PAT jumped 27.6% to ₹564.08 crore with EBITDA margin of 11.5%.
- FY26 looks distorted: reported PAT was a loss of ₹231 crore because of exceptional items — chiefly a ₹716 crore impairment of the investment in Butterfly Gandhimathi (Q4 FY26), plus ₹20 crore for the Baroda plant restructuring (Q2 FY26) and ₹20 crore for the new labour code (Q3 FY26). Excluding these, PAT was ₹502 crore (−11% YoY) with a 6.2% margin.
Profitability Margins
| Ratio | FY26 | FY25 | Q2 FY27 |
|---|---|---|---|
| EBITDA margin | 10.2% (−130 bps) | 11.5% | ~9.0% |
| PAT margin (reported) | −2.9% (exceptionals) | 7.2% | ~5.5% |
| PAT margin (ex-exceptional) | 6.2% (−100 bps) | 7.2% | ~5.5% |
| Material margin (FY26) | 31.9% (−100 bps) | — | — |
Margins have been under pressure: FY26 EBITDA margin contracted 130 bps as material costs bit into profitability, and the Q2 FY27 margin of ~9% is below the FY25 full-year level. The company's Crompton 2.0 strategy bets on premiumisation (premium and BLDC fans growing over 50% YoY in Q2 FY26) to rebuild margins.
Balance Sheet Strength and Debt
- Virtually debt-free: as of 31 March 2025, long-term borrowings were ₹0 (down from ₹597.18 crore in FY23) against shareholder funds of ₹3,604.05 crore. Short-term borrowings stood at ₹299.81 crore.
- Liquidity cushion: current investments of ₹617.98 crore plus cash and equivalents of ₹193.80 crore — over ₹800 crore of liquid assets (March 2025).
- Working capital: inventories ₹771.92 crore, trade receivables ₹603.16 crore, trade payables ₹1,325.26 crore — a position partly funded by supplier credit, typical of the business.
- Debt-to-equity: effectively negligible, which means interest costs are minimal (₹42.24 crore in FY26) and the company funds capex and dividends from internal accruals.
Cash Flow Highlights
| Particulars (₹ cr) | FY26 | FY25 | FY24 |
|---|---|---|---|
| Operating cash flow | 637.42 | 716.04 | 795.97 |
| Investing cash flow | −100.03 | −86.95 | −175.59 |
| Financing cash flow | −591.12 | −566.08 | −533.65 |
Operating cash flow has moderated from ₹796 crore in FY24 (with a strong 130% PBT conversion) to ₹637 crore in FY26. Financing outflows reflect consistent dividend payouts and debt repayment. Net cash flow was mildly negative in FY26 (−₹53.73 crore), but the balance sheet remains cash-rich.
Segment-wise Revenue Split
| Segment | FY24 revenue (₹ cr) | Share |
|---|---|---|
| Electric Consumer Durables (fans, pumps, appliances) | 5,392.18 | ~73.7% |
| Butterfly (kitchen appliances) | 922.46 | ~12.6% |
| Lighting Products | ~998 (derived) | ~13.7% |
| Total (consolidated) | 7,312.81 | 100% |
- Electric Consumer Durables is the core engine — in Q4 FY24 it grew 14.3% YoY with an EBIT margin of 16.7% (17.2% excluding EPR impact). Fans grew 13%, pumps 9% and appliances 27% that quarter; the company crossed 2 crore fans sold in FY24.
- Butterfly — the kitchen-appliances arm whose goodwill impairment (₹716 crore) hit FY26 profits — contributes about an eighth of revenue and is where the turnaround effort is concentrated.
- Lighting remains smaller but margin-accretive, and the company is expanding premium and festive lighting ranges.
Shareholding Pattern (June 2026)
| Category | Holding (%) |
|---|---|
| Promoters | 0.00% |
| Foreign institutional investors (FII) | 19.89% |
| Domestic institutional investors (DII) | 66.46% |
| — of which mutual funds | 53.23% |
| — of which insurance companies | 11.68% |
| Public / retail | ~13.6% |
- Zero promoter holding: Crompton is a widely-held, professionally managed company with no promoter — a legacy of the 2015 demerger.
- Institutionally dominated: domestic institutions hold roughly two-thirds. Large MF holders include HDFC Mutual Fund (~9.82%), Mirae Asset (~8.89%) and Nippon India (~8.72%); among FIIs, the Government Pension Fund Global holds ~4.12%.
Dividend History
| Financial year | Dividend per share (₹) |
|---|---|
| FY22 | 2.50 |
| FY23 | 3.00 |
| FY24 | 3.00 |
| FY25 | 3.00 |
| FY26 | 3.00 (ex-date 24 Jul 2026) |
Crompton has paid a steady ₹3 per share since FY23 (yield ~1.39% at the current price of ~₹217.74) — including in FY26 despite the reported loss, which signals board confidence in underlying cash generation.
Peer Comparison
| Company (16 Oct 2026) | Market cap (₹ cr) | P/E (TTM) | P/B | Dividend yield |
|---|---|---|---|---|
| Crompton Greaves Consumer Electricals | 13,899 | 0.00 (TTM EPS −₹3.48)* | 4.58 | 1.39% |
| Whirlpool of India | 10,639 | 42.40 | 2.55 | 0.60% |
| TTK Prestige | 7,104 | 32.78 | 3.46 | 1.45% |
| Symphony | 3,797 | 0.00 | 6.49 | 1.63% |
| Bajaj Electricals | 3,541 | 0.00 | 2.20 | 0.98% |
Source: market data portals, 16 October 2026. *Crompton's reported TTM EPS is negative because FY26 included the ₹716 crore Butterfly impairment — reported P/E therefore shows as 0.00. Sector P/E stands at ~37.7x. On FY26 ex-exceptional PAT of ₹502 crore, Crompton's implied P/E would be ~27.7x — below the sector average.
Among listed consumer-electrical peers (Havells, Polycab, Voltas, V-Guard, Whirlpool), Crompton is the fan-category leader but trades near its 52-week low, reflecting investor caution around the Butterfly write-down and margin trajectory.
Key Risks
- Butterfly overhang: the ₹716 crore impairment shows the 2021 acquisition has underperformed; the turnaround is not yet proven in numbers.
- Margin erosion: EBITDA margin fell 130 bps in FY26 and Q2 FY27 margin (~9%) trails FY25 levels; sustained premiumisation is needed to reverse this.
- Seasonality: fans, coolers and pumps are summer-skewed — H1 strength flatters comparisons versus H2.
- No promoter backstop: with 0% promoter holding, the stock is fully exposed to institutional flow — FII holding at 19.89% is relatively low for a mid-cap consumer brand.
- Competition: Havells, Polycab, V-Guard and Orient Electric compete across fans, lighting and appliances; price wars can compress margins.
- Stock weakness: despite the strong Q2, the stock sits ~30% below its 52-week high of ₹310.50 — the market is waiting for sustained earnings delivery before re-rating.
FAQs
What were Crompton Greaves' Q2 FY27 results?
Consolidated net profit rose 64.9% YoY to ₹124.39 crore on revenue of ₹2,263.29 crore (+18.2%), announced on 16 October 2026. EBITDA margin was ~9% versus ~8.6% a year ago.
Why did Crompton report a loss in FY26?
FY26 reported PAT was a loss of ₹231 crore due to exceptional items, mainly a ₹716 crore impairment of the investment in Butterfly Gandhimathi taken in Q4 FY26, plus ₹20 crore each for Baroda plant restructuring and the new labour code. Excluding exceptionals, FY26 PAT was ₹502 crore.
Does Crompton Greaves have debt?
Practically none — long-term borrowings were ₹0 as of 31 March 2025 against shareholder funds of ₹3,604 crore, with over ₹800 crore of cash and current investments.
Who are Crompton's promoters?
There are none — promoter holding is 0%. The company is institutionally owned: DIIs hold 66.46% and FIIs 19.89% (June 2026).
What is Crompton's dividend?
The company has paid ₹3 per share for four straight years (FY23–FY26), with a dividend yield of ~1.39% at the current price.
Conclusion
Crompton Greaves Consumer Electricals is a debt-free, cash-generative fan and appliances leader whose Q2 FY27 numbers (+65% PAT, +18% revenue) show the core business is firing again. The five-year revenue trajectory (₹5,374 crore → ₹8,096 crore) is solid, the balance sheet is fortress-like, and the dividend has held through a loss-making year. The open questions are all forward-looking: can the Butterfly business be fixed, can margins climb back above 11%, and will the stock's 30% discount from its 52-week high close as earnings normalise post-impairment?
For context on how other Indian companies stack up, see our financial breakdowns of Nestle India, HCLTech, BHEL and JSW Steel.
Disclaimer: This article is for educational and informational purposes only and is not investment advice. Financial figures are sourced from company filings, press releases and market data portals as cited. Please consult a registered financial adviser before making investment decisions.