Crompton Greaves expands solar business, eyes rapid growth

Crompton Greaves Consumer Electricals Limited reported a 3% year-over-year growth in underlying volumes for Q2 FY26. The company secured new solar rooftop orders totaling approximately INR 500 Cr., comprising about 50,000 units. The solar pumps business continues to expand rapidly, growing at over 100% year-over-year, and has achieved a 6% to 8% national market share within two years. The solar business is projected to become the second-largest business for Crompton within 1-2 years, with a target revenue of INR 2,000 Cr. in the next 18-24 months.

The company undertook a restructuring of its Baroda operations, incurring a cost of approximately INR 20 Cr. in Q2 FY26. The Baroda unit now functions as a multi-product manufacturing facility, including fans, large kitchen appliances, and solar rooftop components, in addition to lighting. Lighting business EBIT grew 50% year-over-year, with margins expanding by 480 basis points to 15.5%. In the fans segment, the company implemented a 1.4% price increase.

Crompton also completed an extensive usage and attitude study involving 17,000 consumers to refine its product strategy and reinforce consumer centricity. The company is preparing for the BEE transition for fans, ensuring readiness with new B-rated fans and moderate inventory up-stocking across the industry.