Sector analysis · India

Consumer Durables sector earnings growth, Q2 FY25

The 20 largest Consumer Durables companies by market cap at the end of Q2 FY25 (30 Sep 2024), compared with Q1 FY25.

The top 20 at Q2 FY25

Q2 FY25 vs Q1 FY25: combined net profit ₹3,537 cr (−26%), median EPS −25% (2 of 20 up), market-cap-weighted price +15%. 20 of 20 reported.

Quarter

Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27

Compared with

YoY QoQ

Weight is each company's share of the 20 companies' combined market cap. Contribution is the change in its owners' profit divided by their combined base profit, in percentage points, so the column adds up to the sector's earnings growth. EPS cannot be added across companies, which is why contributions use profit.

#	Company	Weight	EPS ₹, base → now	EPS growth	Contribution	Price
1	Titan Company LimitedTITAN	24.4%	8.05 → 7.93	−1%	−0.2 pp	+12%
2	Asian Paints LimitedASIANPAINT	23.0%	12.20 → 7.24	−41%	−9.9 pp	+14%
3	Havells India LimitedHAVELLS	9.1%	6.51 → 4.28	−34%	−2.9 pp	+10%
4	Dixon Technologies (India) LimitedDIXON	5.9%	22.34 → 65.15	+192% one-off	+5.3 pp	+15%
5	Kalyan Jewellers India LimitedKALYANKJIL	5.4%	1.72 → 1.27	−26%	−1.0 pp	+46%
6	Berger Paints (I) LimitedBERGEPAINT	5.2%	3.03 → 2.32	−23%	−1.7 pp	+23%
7	Voltas LimitedVOLTAS	4.4%	10.10 → 4.05	−60%	−4.2 pp	+25%
8	Blue StarBLUESTARCO	3.1%	8.21 → 4.68	−43%	−1.5 pp	+26%
9	Metro Brands LimitedMETROBRAND	2.5%	3.37 → 2.56	−24%	−0.5 pp	+4%
10	Whirlpool of India LimitedWHIRLPOOL	2.1%	11.34 → 4.10	−64%	−1.9 pp	+15%
11	Crompton Greaves Consumer Electricals LimitedCROMPTON	1.9%	2.36 → 1.94	−18%	−0.6 pp	+3%
12	Kansai Nerolac Paints LimitedKANSAINER	1.8%	2.86 → 1.52	−47%	−2.2 pp	+15%
13	Kajaria Ceramics LimitedKAJARIACER	1.7%	5.64 → 5.29	−6%	−0.1 pp	+4%
14	Relaxo Footwears LimitedRELAXO	1.5%	1.78 → 1.48	−17%	−0.2 pp	−2%
15	Cello WorldCELLO	1.5%	4.20 → 3.93	−6%	0.0 pp	+4%
16	Century Plyboards (India) LimitedCENTURYPLY	1.4%	1.55 → 1.80	+16%	+0.1 pp	+16%
17	V-Guard Industries LimitedVGUARD	1.4%	2.28 → 1.46	−36%	−0.7 pp	+4%
18	Bata IndiaBATAINDIA	1.3%	13.54 → 4.04	−70%	−2.5 pp	−5%
19	JSW Dulux LimitedJSWDULUX	1.2%	25.17 → 21.49	−15%	−0.3 pp	+33%
20	PG Electroplast LimitedPGEL	1.2%	3.21 → 0.74	−77%	−1.3 pp	+81%
	Sector earnings growth	100%			−26.4 pp

Who joined and who left

1 joined and 1 left the top 20 since Q1 FY25, as market caps moved.

Joined the top 20 since Q1 FY25 1

now #20 PG Electroplast Limited PGEL

Left the top 20 since Q1 FY25 1

was #19 Amber Enterprises India Limited AMBER

EPS growth by company, Q2 FY24 to Q1 FY27

Each company's EPS growth quarter on quarter, every quarter it was in the top 20.

≤ −40%−20%0+20%≥ +40% Blue is growth, red is decline, grey is about zero; the colour stops deepening at ±40%.

turned profitableto loss crossed zero, so there is no growth rate to print
loss, smallerloss, bigger a loss in both quarters
outside not in the sector's top 20 that quarter

EPS growth of each company in the sector's top 20, by quarter
Company	Q2 FY24	Q3 FY24	Q4 FY24	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
TITAN	+22%	+15%	−27%	−7%	−1%	+49%	−17%	+25%	+3%	+50%	−30%	+51%
ASIANPAINT	−22%	+20%	−13%	−7%	−41%	+60%	−38%	+59%	−10%	+7%	+11%	+31%
HAVELLS	−14%	+16%	+55%	−9%	−34%	+4%	+86%	−33%	−8%	−6%	+140%	−60%
DIXON	+56%	−11%	−1%	+40%	+192%	−56%	+133%	−44%	+198%	−57%	−11%	+158%
KALYANKJIL	−6%	+34%	−23%	+28%	−26%	+67%	−14%	+41%	−2%	+60%	−1%	−15%
BERGEPAINT	−18%	+3%	−26%	+59%	−23%	+9%	−11%	+20%	−34%	+32%	+23%	+21%
VOLTAS	−72%	to loss	turned profitable	+187%	−60%	−1%	+82%	−42%	−75%	+147%	+37%	+84%
BLUESTARCO	−21%	+42%	+59%	+6%	−43%	+38%	+46%	−38%	−18%	−19%	+182%	−55%
METROBRAND	−28%	+47%	+59%	−41%	−24%	+36%	0%	+4%	−31%	+89%	−9%	−20%
WHIRLPOOL	−51%	−23%	+177%	+85%	−64%	−16%	+172%	+22%	−72%	outside	+202%	outside
CROMPTON	−18%	−12%	+60%	+10%	−18%	−12%	+54%	−28%	−42%	+38%	to loss	turned profitable
KANSAINER	−76%	−13%	−25%	+99%	−47%	+454%	−84%	+104%	−39%	−10%	−7%	+106%
KAJARIACER	0%	−4%	−2%	−12%	−6%	−8%	−45%	+156%	+22%	−34%	+77%	+9%
RELAXO	−21%	−13%	+59%	−28%	−17%	outside	outside	outside	outside	outside	outside	outside
CELLO	outside	+6%	+4%	0%	−6%	+7%	−5%	−17%	+17%	−26%	outside	outside
CENTURYPLY	+12%	−35%	+26%	−57%	+16%	+46%	−10%	−1%	+33%	−7%	+22%	+3%
VGUARD	−8%	−1%	+31%	+30%	−36%	−5%	+51%	−19%	−11%	−13%	+96%	+16%
BATAINDIA	−68%	+71%	+10%	+174%	−70%	+13%	−22%	+13%	−73%	+376%	outside	outside
JSWDULUX	outside	+21%	−5%	+5%	−15%	+11%	0%	−16%	+1,749%	−96%	+69%	−37%
PGEL	outside	outside	outside	outside	−77%	+89%	+266%	−54%	−96%	+2,070%	+5%	+18%