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Anand Rathi's research report on Orient Electric

Weak prolonged winter season impacted Orient Electric’s water heater and fan sales, while lighting outperformed led by strong B2B demand. Fan demand recovered over the past 7–8 days, and management remains optimistic about Q1 performance, supported by severe summer forecast across India. Margins have rebounded from the lows of last year, which were impacted by EPR provisioning and Mackenzie-related costs in the base quarter. Management is now targeting double-digit margins in the next 7–8 quarters, which could drive 50.8% PAT CAGR over FY25-FY27.

Outlook

At the CMP, the stock trades at 38.7x/27.4x FY26e/27e EPS of Rs6.3/8.9. We model 14.6%/50.8% revenue/PAT CAGRs over FY25-27, driving RoCE expansion from 18.4% to 29.6%. We maintain a Buy on the stock with a TP of Rs310 (earlier Rs282), 35x FY27e EPS.

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Orient Electric - 28042025 - anand

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