Bajaj Electricals reported a 18.5% YoY decline in Revenue from Operations to INR 1,051 Cr for Q3 FY’26. This was driven by a significant 25.2% de-growth in the Consumer Products (CP) Segment due to channel stock normalization. The Lighting Solutions (LS) Segment provided resilience with 9.1% YoY growth. The company maintained a healthy cash flow from operations of INR 211 Cr in Q3, reflecting strong balance sheet management.
Q3 FY’26 Performance Summary
The company presented its Unaudited Financial Results for the third quarter and nine months ended December 31, 2025. Overall performance reflected strategic adjustments impacting short-term sales volumes.
Core FMEG Performance
- Consumer Products (CP) Segment: Experienced a c.25.2% de-growth on a YoY basis, attributed to channel stock normalization across categories and a high base effect from the previous year.
- Lighting Solutions (LS) Segment: Delivered c.9.1% growth YoY, bolstered by an increased mix towards focus categories.
Channel Highlights
- General Trade (GT) witnessed a drop of c.18% YoY.
- The Alternate channel de-grew by c. 27% YoY; however, exports grew at a high double-digit rate.
Cash Position
- Reported a healthy cash flow from operations of c. INR 211 Cr for the quarter.
- Maintained a strong balance sheet with Cash & Cash Equivalents (C&CE) and surplus investments totaling c. INR 620 Cr.
Financial Highlights: Profit & Loss Statement (Q3 FY’26 vs. Q3 FY’25)
The following table summarizes the key financial figures for Q3 FY’26 compared to the previous year and the preceding quarter (Q2 FY’26), all in INR Crore.
- Revenue from Operations: 1,051 (down 18.5% YoY).
- Gross Margin (GM): Contracted by 20.5% YoY to 319 Cr. GM% contracted due to lower volume across high-margin categories.
- EBIT: Registered a loss of (8) Cr, compared to a positive 64 Cr in Q3 FY’25 (a 111.7% drop).
- Profit Before Exceptional Items and Taxes: Posted a loss of (20) Cr, down 144.6% YoY.
- Exceptional Items: Included c. INR 29 Cr for labour code impact and c. INR 5 Cr for losses from a Joint Venture.
- Profit After Tax (PAT): Ended at a loss of (34) Cr, compared to a profit of 33 Cr in Q3 FY’25 (a 202.2% decrease).
Segment Performance Details
Segment Revenue
The total revenue decline of 18.5% was composed of the following segment movements:
- Consumer Products: Revenue fell by 25.2% YoY to 777 Cr (Q3 FY’25: 1,038 Cr).
- Lighting Solutions: Revenue grew by 9.1% YoY to 274 Cr (Q3 FY’25: 251 Cr).
Segment Results (EBIT)
- Consumer Products EBIT swung from a positive 52 Cr (5.0%) in Q3 FY’24 to a loss of (36) Cr (-4.6%) in Q3 FY’25, and further to a loss of (36) Cr (-4.6%) in Q3 FY’25. (Note: The table shows Q3 FY’25 EBIT as (36) Cr, while Q3 FY’24 was 52 Cr).
- Lighting Solutions EBIT improved its margin, posting 6.8% (19 Cr) in Q3 FY’25, driven by better gross margins YoY.
Cash Flow Summary (9M FY’26)
For the first nine months of FY’26, the company focused on working capital efficiency:
- Net Cash from Operating Activities (CFO) stood at 223 Cr. This was positive, largely contributed by an improvement in working capital (reduction in debtors and inventories).
- Net Cash used in investing activities was (112) Cr, including Capex of (27) Cr towards new moulds.
- Net Cash used in financing activities was (114) Cr, covering dividend and interest repayments totaling INR 77 Cr.
- The Closing Balance of Cash/Bank Balances settled at 117 Cr.
Business Highlights: New Product Introductions
Bajaj Electricals continued its product expansion across key business verticals:
Wires Segment Entry
The company formally launched its range of SECURA WIRES, built on the premise of trust and backing from Bajaj. The launch event took place in Mumbai.
Consumer Products Launches
A total of 9 new SKUs were introduced, notably the Style Mix 1000W 5 Jar Mixer Grinder, featuring premium metallic finish, low noise, and DuraCut Blades with a lifetime warranty.
Consumer Lighting Launches (65 Launches*)
Key introductions included:
- ZELA WALL LAMPS with IP65 Protection.
- ZYPHOR MULTI CCT LED PANEL offering 3kV Voltage Surge Protection.
- HYPERION LED FILAMENT LAMP boasting durable build and vintage style.
Professional Lighting Launches (69 Launches*)
Focusing on efficiency and performance:
- GLADDEN PRO ULTRA EFFICIENT, achieving an efficacy up to 150 lumens/W and offering 30% energy savings.
- FORTBAY HIGHBAY with Luminaire Efficacy up to 125 lumens/Watt.
- “BAJAJ ARIAN PLUS Nx” featuring 100 Lm/W efficacy and superior mechanical strength via spigot design.
Project Successes (Professional Lighting)
The company highlighted significant project wins in specialized segments:
- Architectural Lighting: Showcased work at Laxminarayan Mandir, Wardha, and Victoria Public Hall, Greater Chennai Corporation.
- Landscape Lighting: Projects undertaken for the Mussoorie Dehradun Development Authority (MDDA).
- Airport Lighting: Successful implementation at Hanimaadhoo International Airport, Maldives.
- Industrial Lighting: Completion of the Reliance PV cell glass factory in Jamnagar.
Awards and Recognitions
Bajaj Electricals received recognition for innovation and design excellence:
- Won the CII Industrial Innovations Award 2025, ranking among the top 20 most innovative companies.
- Secured the Good Design Award 2025 for the fifth consecutive year, winning for products including the StyleMix Mixer, Voittaa BLDC Ceiling Fan, and Adaptive Shelf Light.
Source: BSE
