Mumbai | 04-Oct-2025, 13:45 IST — eBharat Markets Desk
The October–December quarter is typically the strongest stretch for white goods and electricals thanks to Diwali, wedding season, cashback schemes, and exchange offers. This year, early channel checks suggest healthy inventory builds across metros and Tier-2/3 towns, supported by no-cost EMI and extended warranty campaigns. Retailers flagged robust demand for inverter ACs, premium fans, water heaters, refrigerators, and kitchen appliances as temperatures stay higher for longer in several markets and households upgrade during festive purchases.
Big movers
- Voltas gained about 4.8% , helped by steady AC sell-through, a larger premium mix, and traction in after-sales services.
- Havells India rose ~3.9%, buoyed by strong run-rates in switchgear, cables & wires, fans, and an improving mix in small appliances.
- Whirlpool India advanced ~2.5% on expectations of better refrigerator and washer volumes.
- Crompton Greaves Consumer added ~2.2%, with channel partners citing improved display placements and festive bundles.
- Blue Star climbed ~1.8% as commercial cooling and room AC categories stayed resilient.
| Company | Focus Areas | Day Move* | Festive Driver |
|---|---|---|---|
| Voltas | Room ACs, commercial cooling | ≈ +4.8% | Premium AC mix, warranty offers |
| Havells | Switchgear, wires, fans, appliances | ≈ +3.9% | Electricals demand, new launches |
| Whirlpool India | Refrigerators, washers | ≈ +2.5% | Upgrade cycle, exchange schemes |
| Crompton Greaves | Fans, pumps, small appliances | ≈ +2.2% | Display push, festive bundles |
| Blue Star | Room ACs, commercial refrigeration | ≈ +1.8% | Project momentum, retail traction |
What analysts are saying
Brokerages expect double-digit revenue growth for the sector in Q3FY25 if current run-rates sustain. Three themes keep coming up in dealer surveys:
- Premiumization: Consumers continue to migrate to higher-star-rated inverter ACs, smart fans, and feature-rich refrigerators, supporting margins.
- Omnichannel momentum: E-commerce “Big Sale” events and brand D2C sites are complementing offline festive promotions, widening reach beyond metros.
- Rural catch-up: Stockists in Tier-3/4 locations are rebuilding inventories as MSP hikes and remittance flows support discretionary spends, especially on entry and mid tiers.
Risks & watchpoints
- Input costs: A sharp rise in copper, aluminum, or compressors could pinch gross margins if price hikes lag.
- Competitive intensity: Price-off campaigns and cashbacks are positive for volume but can cap near-term realizations.
- Weather & demand timing: A cooler spell or delays in festive purchases could shift sales into late-Q3, affecting quarterly prints.
Set against a supportive festive backdrop, consumer durables look positioned to outperform the broader market through October. Company updates on sell-through, promotional effectiveness, channel inventory, and mix will be critical into results season. For investors, leaders with brand strength, distribution depth, and discipline in working capital—such as Voltas and Havells—remain key names to track.
