Fans Industry Analysis – Differentiation Driving Realisations Upwards: ICICI Securities

Customers look at fans onsale inside a store near Crawford market in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Fans Industry Analysis – Differentiation Driving Realisations Upwards: ICICI Securities

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Securities Report

We believe the incumbents like Crompton Greaves Consumer Electricals Ltd., Bajaj Electricals Ltd. and Havells India Ltd. are key beneficiaries of steady growth in fans industry in India as:

  1. The industry is growing in high single/low double digits.

  2. Due to steady launches of premium products and distribution expansion by organised players, they are gaining share from smaller/unorganised players.

  3. The premiumisation opportunity as well as reducing replacement cycle offers steady growth over next decade.

The distribution penetration (outlets/universe of outlets) is just 50% even for the market leader Crompton Greaves indicating strong opportunity to expand distribution.

Click on the attachment to read the full report:

ICICI Securities White Goods Fans Sector Update.pdf


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