Fundamental Analysis Report – Nifty Consumer Durables Index

1. Index Overview

The Nifty Consumer Durables Index reflects performance of companies producing white goods, electronics, home appliances, wearables, and leisure products. Demand is driven by discretionary spending, urbanisation, credit availability, festive seasons, and rural penetration. Input cost cycles, currency moves, and consumer sentiment heavily influence earnings.

2. Institutional Holdings & Fund Activity

• FII: Gradual accumulation of leading durable makers (consumer electronics & premium brands).

• DII: Increased allocations through consumption-oriented funds & ETFs.

Impact: Flows indicate optimism around festive demand and rural recovery.

3. Financial Health Snapshot (Sector Averages)

Debt-to-Equity: Low to moderate (asset-light, distribution-heavy models).

ROE: ~18%; ROCE: ~20% across leaders.

Comment: Balance sheets healthy; margins exposed to input cost swings (metals, FX).

4. Valuation Check

Current Valuations: Premium, reflecting structural growth & brand power.

Positioning: Slightly Overvalued near-term; reasonable over long-term secular demand theme.

5. Dividend Insight

Dividend Yield: Low (~1%); payouts conservative due to expansion capex.

Dividend Stability: Moderate to Strong among established consumer names.

6. IPO Corner

Recent IPOs pipeline limited; monitoring listings of emerging D2C consumer brands entering exchange.

7. Sector Business Model Deep Dive

Revenue Drivers: Festive demand, rural electrification, finance penetration, premiumisation.

Risks: Weak discretionary demand, input cost spikes, competitive pricing pressure.

8. Key Takeaways

• Strong festive & long-term secular demand.

• Valuations premium; stock selection important.

• Policy tailwinds (PLI, Make in India) supportive.

9. Top & Bottom Performers in Nifty Consumer Durables Index (Illustrative)

Company	Revenue (₹ Cr)	Net Profit (₹ Cr)	Gross EBITDA (₹ Cr)	Net EBITDA (₹ Cr)	Operating Expenses (₹ Cr)	Performance Rank
Titan Company	43,000	4,000	6,800	6,500	36,200	Top Performer 1
Havells India	16,500	1,950	3,200	3,050	13,300	Top Performer 2
Voltas	11,800	900	1,700	1,600	10,100	Top Performer 3
Crompton Greaves CE	6,700	700	1,200	1,100	5,500	Top Performer 4
Whirlpool India	7,200	650	1,100	1,000	6,100	Top Performer 5
V-Guard Industries	4,000	250	500	480	3,500	Bottom Performer 1
Blue Star	8,900	400	800	760	8,100	Bottom Performer 2
TTK Prestige	3,800	300	600	570	3,200	Bottom Performer 3
Bajaj Electricals	4,600	280	650	620	3,950	Bottom Performer 4
Rajesh Exports	2,500	-100	200	180	2,600	Bottom Performer 5

10. Market Timing Insight

PCR readings elevated suggest caution near-term. Festive demand tailwinds supportive, but valuations rich. Staggered entries recommended; await pullbacks for better risk-reward. Long-term structural story intact.

11. Short-, Mid-, and Long-Term Strategies

Short-Term: Play festive-driven momentum in Titan, Havells; keep stop-losses tight on high-beta names.

Mid-Term: Accumulate Havells, Crompton, Voltas on corrections; 12–18% target returns with urban & rural demand recovery.

Long-Term: Hold Titan, Whirlpool, Havells as core secular consumption bets; benefit from rising disposable incomes & penetration.

12. Key Technical Levels – Nifty Consumer Durables Index

Time Frame	Critical Support Levels	Critical Resistance Levels
Short-Term (1–3 months)	31,200 / 30,600	33,000 / 33,800
Mid-Term (6–12 months)	29,500 / 28,800	34,500 / 35,200
Long-Term (3–5 years)	26,000 / 25,000	38,000 / 40,000

13. Upcoming Important Events (Next 3 Months)

Date	Event / Relevance
15 Aug 2025	Festive season sales outlook & government GST review for durables.
25 Aug 2025	Q1 FY26 results announcements for consumer durable leaders.
20 Sep 2025	PLI scheme update for white goods & electronics.
15 Oct 2025	Navratri-Diwali festive demand reports.
10 Nov 2025	Q2 FY26 results; consumption trend commentary.

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