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Research updated
LG Electronics India Limited
NSE: LGEINDIATechnologyConsumer Electronics
- Last close
- ₹1,732.70
- Day change
- −₹24.30 (−1.38%)vs
- Market cap
- ₹1.18 lakh crIndian rupees
- Research updated
- 1 report
About LG Electronics India
LG Electronics India Limited is a leading manufacturer and marketer of household appliances and consumer electronics in India. Established in 1997, it operates as a subsidiary of the global LG Electronics group, renowned for its innovation across home entertainment, appliances, air solutions, and business solutions sectors. The company provides a broad range of products including televisions, refrigerators, washing machines, air conditioners, and kitchen appliances, designed to meet the diverse needs of Indian consumers. With a focus on technological advancement and customer-centric design, LG Electronics India Limited caters to both urban and rural markets, integrating features suited for local preferences and climate conditions, such as energy-efficient technologies and region-specific product adaptations. It plays a pivotal role in the consumer durables industry, significantly influencing market standards through robust research and development, local manufacturing, and a nationwide distribution network. As one of India's prominent names in domestic appliances, LG Electronics India Limited contributes to the modernization of household living and supports economic growth through employment and technological investment.
- Sector
- Technology
- Industry
- Consumer Electronics
- Listing
- NSE: LGEINDIA
- Employees
- 3,835
- Headquarters
- Noida, India
- ISIN
- INE324D01010
- Website
- lg.com/in
Public research · Report of
Business model & financial foundation
LG Electronics India (NSE: LGEINDIA), Consumer durables - home appliances and consumer electronics: revenue of ₹24,605 crore in FY26 (+1.0% on FY25), an EBITDA margin of 9.8%, net profit of ₹1,685 crore and net cash of ₹4,476 crore.
- Revenue, FY26 (₹ crore)
- 24,605
- standalone
- Revenue growth, FY26
- +1.0%
- on FY25
- EBITDA margin, FY26
- 9.8%
- EBITDA (revenue less cogs, employee, other expenses) / revenue
- Net profit, FY26 (₹ crore)
- 1,685
- to owners
- Return on equity, FY26
- 24.7%
- on average equity
- Net debt, FY26 (₹ crore)
- -4,476
- Net debt (negative = net cash)
- Market capitalisation (₹ crore)
- 1,12,425
- at the close of 12 Oct 2026
Company profile
LG Electronics India makes and sells home appliances (refrigerators, washing machines, room and commercial air conditioners, microwaves, water purifiers) and home entertainment products (TVs, monitors, information displays) under the LG brand, with plants at Greater Noida and Pune and a third plant being built at Sri City, Andhra Pradesh. It holds leading offline value shares in washing machines (~33%), refrigerators (~30%) and panel TVs, sells through ~36,800 B2C touchpoints and is 85% owned by LG Electronics Inc., which listed 15% via an offer for sale in October 2025.
| Item | Value |
|---|---|
| Legal name | LG Electronics India Limited (formerly LG Electronics India Private Limited) |
| Exchange and ticker | NSE: LGEINDIA; BSE: 544576 |
| ISIN | INE324D01010 |
| Sector | Consumer Discretionary |
| Industry | Consumer durables - home appliances and consumer electronics |
| Headquarters | Noida, India |
| Fiscal year end | March |
| Reporting basis and unit | standalone, in ₹ crore |
| Auditor | Price Waterhouse Chartered Accountants LLP |
| Market capitalisation | ₹1,12,425 crore (12 Oct 2026) |
| Shares outstanding | 67.88 crore shares (FY26) |
| Price | ₹1,757 (close, 12 Oct 2026) |
| 52-week range | ₹1,304 - ₹1,825 (to 12 Oct 2026) |
| Website | https://www.lg.com/in/ |
Corporate structure and shareholding
Parent: LG Electronics Inc. (Republic of Korea), 85.00% holder.
No subsidiary is recorded.
No subsidiaries; parent supplies brand (royalty 1.87% of FY26 revenue), technology, part of materials and traded goods (LG group purchases 15.1% of FY26 revenue).
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|
| Promoter | 85.00% | 85.00% | 85.00% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 3.00% | 2.73% | 3.13% |
| Domestic institutions | 7.15% | 8.03% | 7.84% |
| of which mutual funds | 5.40% | 6.01% | 5.23% |
| Retail | 4.85% | 4.25% | 4.03% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
LG Electronics India (NSE: LGEINDIA) makes and sells LG-branded home appliances and consumer electronics in India from plants at Greater Noida and Pune, with a third plant being built at Sri City, Andhra Pradesh. It reports standalone only: there are no subsidiaries. There are two segments. Home Appliances & Air Solution (H&A: refrigerators, washing machines, room and commercial ACs, microwaves, water purifiers) earned 18,160 cr of revenue and 1,774 cr of segment EBIT in FY26. Home Entertainment (HE: TVs, monitors, information displays) earned 6,444 cr and 827 cr.
The parent, LG Electronics Inc., owns 85% after the October 2025 offer for sale. It supplies the brand, technology and part of the inputs:
- Royalty was 459.7 cr in FY26, 1.87% of revenue.
- Purchases from LG group companies were 3,726 cr, 15.1% of revenue.
- Exports were 1,392 cr in FY26, 5.65% of revenue.
Distribution runs through 36,847 B2C touchpoints and 788 brand shops, with 1,059 service centres. LG controls brand, product and distribution. It does not control copper, aluminium, panel and compressor costs, the rupee, or the royalty rate, which the parent sets.
| Segment | revenue, FY26 (₹ crore) | Share | ebit, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Home Appliances & Air Solution | 18,160 | 73.8% | 1,774 | 68.2% |
| Home Entertainment | 6,444 | 26.2% | 827.3 | 31.8% |
Segments as the company reports them (standalone); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Voltas (VOLTAS) | Room AC market leader; direct competitor in LG's largest growth category |
| Blue Star (BLUESTARCO) | Room AC and commercial cooling competitor; same seasonality and input basket |
| Whirlpool of India (WHIRLPOOL) | MNC-subsidiary listed peer in refrigerators and washing machines; royalty-paying parent structure |
| Havells India (HAVELLS) | |
| Dixon Technologies (DIXON) | Electronics manufacturing for TVs, washing machines; comparable for localisation and HE |
| Amber Enterprises (AMBER) | AC components and OEM; exposure to the same RAC demand cycle |
| Crompton Greaves Consumer Electricals (CROMPTON) | Consumer electricals and appliances; mass-premium brand peer |
Financial databook
| Profit and loss (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue from operations | 19,865 | 21,352 | 24,367 | 24,605 |
| Cost of revenue (vendor classification) * | 17,083 | 17,672 | ||
| Other operating costs (vendor classification) * | 968.9 | 3,280 | ||
| EBITDA (vendor classification) * | 3,374 | 2,710 | ||
| EBIT * | 2,340 | |||
| Finance costs | 22.6 | 28.5 | 30.7 | 40.6 |
| Profit before tax | 1,820 | 2,037 | 2,963 | 2,300 |
| Total tax expense | 472.3 | 526.1 | 759.8 | 614.4 |
| Profit for the period | 1,345 | 1,511 | 2,203 | 1,685 |
| Diluted EPS (INR) | 19.81 | 22.26 | 32.46 | 24.83 |
| Cost of goods sold (materials + traded goods + inventory change) | 14,028 | 14,930 | 16,580 | 17,167 |
| Employee benefits expense | 799.2 | 886.8 | 962.8 | 997.0 |
| Other expenses | 3,138 | 3,310 | 3,714 | 4,033 |
| EBITDA (revenue less cogs, employee, other expenses) | 1,899 | 2,225 | 3,110 | 2,408 |
| Other income | 244.0 | 205.1 | 264.0 | 327.9 |
| Depreciation and amortisation | 300.4 | 364.4 | 380.4 | 396.1 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 |
| Balance sheet (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Total equity | 4,356 | 3,772 | 5,970 | 7,666 |
| Borrowings (excl. lease liabilities) | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash and cash equivalents | 2,763 | 2,223 | 3,741 | 4,476 |
| Trade receivables | 1,500 | 1,797 | 2,361 | 2,825 |
| Inventories | 2,641 | 2,397 | 3,031 | 2,962 |
| Trade payables | 3,063 | 2,976 | 3,367 | 3,513 |
| Net property, plant and equipment * | 1,549 | |||
| Capital work in progress * | 718.1 | |||
| Total assets * | 13,636 | |||
| Lease liabilities (current + non-current) | 318.5 | 370.0 | 427.8 | 459.2 |
| Net debt (negative = net cash) | -2,763 | -2,223 | -3,741 | -4,476 |
| Cash flow (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Net cash from operating activities | 1,871 | 1,666 | 1,654 | 1,721 |
| Free cash flow (vendor definition) * | 549.0 | |||
| Purchase of PPE and intangibles (positive = outflow) | 517.1 | 242.1 | 339.3 | 1,172 |
| Dividends paid | 2,489 | 2,093 | 0.00 | 0.00 |
| Other reported lines (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Shares outstanding * | 67.88 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 6,114 | 4,396 | 7,448 | 6,263 | 6,174 | 4,114 | 8,054 | 7,233 |
| Cost of revenue (vendor classification) * | 2,943 | 5,182 | 4,283 | 2,774 | 5,754 | 4,961 | ||
| Other operating costs (vendor classification) * | 874.9 | 967.5 | 1,010 | 883.8 | 1,120 | 1,089 | ||
| EBITDA (vendor classification) * | 419.0 | 1,115 | 790.7 | 271.7 | 1,046 | 999.0 | ||
| EBIT * | 329.2 | 1,019 | 161.0 | 944.8 | 887.2 | |||
| Finance costs | 6.54 | 8.53 | 8.63 | 8.50 | 8.99 | 9.32 | 13.8 | 9.14 |
| Profit before tax | 719.9 | 320.7 | 1,010 | 692.0 | 524.9 | 151.7 | 931.0 | 878.1 |
| Total tax expense | 184.2 | 87.2 | 255.6 | 178.7 | 135.4 | 62.0 | 238.3 | 225.2 |
| Profit for the period | 535.7 | 233.5 | 754.6 | 513.3 | 389.4 | 89.7 | 692.7 | 652.9 |
| Diluted EPS (INR) | 7.89 | 3.44 | 11.12 | 7.56 | 5.74 | 1.32 | 10.21 | 9.62 |
| Cost of goods sold (materials + traded goods + inventory change) | 4,172 | 2,943 | 5,182 | 4,283 | 4,356 | 2,774 | 5,754 | 4,961 |
| Employee benefits expense | 234.5 | 237.1 | 250.4 | 253.6 | 248.0 | 260.6 | 234.8 | 278.7 |
| Other expenses | 950.3 | 874.9 | 960.9 | 1,010 | 1,022 | 883.8 | 1,117 | 1,089 |
| EBITDA (revenue less cogs, employee, other expenses) | 757.0 | 340.4 | 1,053 | 716.3 | 547.6 | 196.1 | 945.4 | 904.3 |
| Other income | 66.8 | 78.6 | 60.6 | 74.4 | 79.8 | 75.7 | 98.0 | 94.7 |
| Depreciation and amortisation | 97.3 | 89.8 | 96.5 | 90.2 | 93.5 | 110.7 | 101.6 | 111.8 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Standalone, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue growth | 7.5% | 14.1% | 1.0% | |
| EBITDA margin | 9.6% | 10.4% | 12.8% | 9.8% |
| Net margin | 6.8% | 7.1% | 9.0% | 6.8% |
| Return on equity | 30.9% | 37.2% | 45.2% | 24.7% |
| Return on capital employed | 34.3% | |||
| Return on assets | 12.4% | |||
| Net debt (₹ crore) | -2,763 | -2,223 | -3,741 | -4,476 |
| Net debt / EBITDA | -1.45x | -1.00x | -1.20x | -1.86x |
| Interest cover | 57.7x | |||
| Asset turnover | 1.80x | |||
| Receivable days | 28 | 31 | 35 | 42 |
| Inventory days (on revenue) | 49 | 41 | 45 | 44 |
| Payable days (on revenue) | 56 | 51 | 50 | 52 |
| Cash conversion | 1.39x | 1.10x | 0.75x | 1.02x |
| Capex intensity | 2.6% | 1.1% | 1.4% | 4.8% |
| Free cash flow (₹ crore) | 1,354 | 1,423 | 1,315 | 549.1 |
| Dividend payout | 185.1% | 138.5% | 0.0% | 0.0% |
| EPS, diluted (₹) | 19.81 | 22.26 | 32.46 | 24.83 |
| Book value per share (₹) | 112.9 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue less cogs, employee, other expenses) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (negative = net cash).
- Net debt / EBITDA: net debt / EBITDA (revenue less cogs, employee, other expenses).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (INR)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 12 Oct 2026); market data at the close of 12 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on LG Electronics India includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on LG Electronics India
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Prices are the last close on the NSE, 12 Oct 2026. Research from Mool’s report of 12 Oct 2026; page updated 13 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.