Bajaj Electricals Q1 FY27: Revenue ₹1,089 Cr, Operating Profit ₹77 Cr, and an EBIT Margin Management Puts at 6.6%
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1 — At a Glance
Ninety days is a short time in the life of an 88-year-old company, and yet the June 2026 quarter managed to look almost nothing like the one before it.
Revenue came in at ₹1,089 Cr against ₹1,065 Cr a year ago, growth of 2.3%. Operating Profit was ₹77 Cr versus ₹33 Cr in the June 2025 quarter. Net Profit was ₹48 Cr against ₹0.91 Cr. EPS was ₹4.19 against ₹0.08 — a number that had nowhere to go but sideways or up, and chose up.
The immediately preceding quarter, March 2026, closed with a loss of ₹68 Cr. The full year to March 2026 closed with a loss of ₹91 Cr on revenue of ₹4,461 Cr, and carried within it exceptional items totalling ₹91.15 Cr — goodwill impairment at the Chhatrapati Sambhajinagar (Aurangabad) unit, an impairment on moulds and dies, and a labour-code provision for gratuity and leave encashment.
Management attributed the June-quarter EBIT margin of 6.6%, against 2.5% a year earlier, to cost discipline, value engineering and agile pricing. Consumer Products EBIT margin was 3.9% against -1.7%. Lighting Solutions grew 4.4%.
Somewhere in a Mumbai boardroom on August 6, three separate things happened: a quarter was approved, a Chief Growth & New Business Officer was appointed, and the ESOP pool was expanded more than fivefold. We’ll get to all three.
2 — Introduction
Bajaj Electricals Limited was incorporated in 1938 as Radio Lamp Works and renamed in 1960. It began life as a marketing arm for consumer durables and is part of the Bajaj group led by Shekhar Bajaj, who signs the results as Chairman.
The company today runs two reportable segments: Consumer Products — appliances, fans and Morphy Richards — and Lighting Solutions, covering Professional Lighting (B2B) and Consumer Lighting (B2C). The engineering, procurement and construction division was demerged into Bajel Projects Ltd in fiscal 2024, and the subsidiary Nirlep Appliances Pvt Ltd was merged into the company the same year.
The last eighteen months have been busy at the top of the org chart. On March 16, 2026, Suketu Shah was appointed Interim CFO and Rahul Pundir designated Senior Management Personnel; Pundir had been appointed Chief Supply Chain Officer effective March 2. Ashween Anand joined as CFO designate on May 14 and was appointed CFO effective May 16. Tiny Sengupta was appointed Chief Marketing Officer effective June 29. And on August 6, the Board appointed Krishnan Sundaram as Chief Growth & New Business Officer, effective August 11 — a Unilever career spanning roughly two decades in marketing and category management, most recently VP & Business Head of Functional Nutrition at HUL, where his disclosed remit included a ₹4,500-crore P&L and the integration of the acquired Horlicks business, followed by a stint as CEO of Vini Cosmetics.
On March 16, 2026, the company acquired the Morphy Richards IP for India and neighbouring markets for ₹141.4 crore — converting a long-standing licence into ownership. The 87th AGM was held on August 6, 2026, where shareholders approved the dividend, the accounts, and a borrowing resolution.
They sell you the objects that make an Indian home habitable in summer and edible in general.
Consumer Products is the larger half — 75% of revenue per CRISIL — and covers mixer grinders, induction cooktops, juicers, rice cookers, fans, air coolers, irons and water heaters. CRISIL places the company as the top player by sales volume in mixer grinders, among the top 2-3 in other appliances, water heaters, coolers and dry irons, and among the top five in fans and lighting.
The brand architecture reads like a dinner-party seating plan. Bajaj is the mass and value name. Morphy Richards is the premium end — hair straighteners, steam irons, microwave ovens — and, since March, actually theirs. Nex is the newly launched premium fan brand. Nirlep does cookware, non-stick and pressure cookers, out of the Aurangabad facility, the same facility whose goodwill was impaired by ₹26.44 Cr in FY26.
Lighting Solutions is the other quarter of revenue and has been quietly annexing territory. It contains LED bulbs, tube lights and downlights on the consumer side, and street, stadium and industrial lighting on the professional side — the Maha Kumbh Mela 2025 street lighting and Wankhede Stadium among the projects. During fiscal 2026 the segment picked up three new product lines it did not previously have: switchgears in Q2, solar solutions in Q3, and wires in Q4. A segment named “Lighting” now sells things that carry electricity rather than emit it, which is either a naming problem or a portfolio strategy, and management calls it the latter — an integrated portfolio leveraging brand strength and distribution reach.
Distribution runs through 650-700 distributors and over two lakh retail outlets, with 600+ consumer care centres and central warehouses at Hyderabad, Kulana, Mumbai, Tepla and Vapi. Manufacturing sits across four units at Chakan, Nashik and Aurangabad. Management describes the channel split as roughly 55-45 between general trade and alternate channels, with e-commerce at approximately 15% of sales and quick commerce running at 8-10% of that e-commerce business.
