अFunda Observatory

Consumer Durables: implied vs delivered earnings growth

40 ranked companies · Oct 2026 · prices as of 9 Oct 2026

Discount rate 12% · 10-year horizon · exit P/E 15x · dividends at each company's own payout

In Consumer Durables, the median price implies 23.3%/yr earnings growth against 9.7%/yr delivered over the past decade, a gap of +10.7 pts, higher than 11 of 17 other sectors. Treated as one company (aggregate market cap over aggregate profit), the sector's price implies 19.9%/yr.

These figures are a mechanical translation of each company's current price-to-earnings ratio into the earnings growth that would be consistent with it, under fixed assumptions we chose (12% annual return, 10 years, exit P/E 15x). They are not forecasts, price targets or recommendations, and change materially with the assumptions. Delivered growth is historical and does not predict future results. ApnaFunda is not a SEBI-registered research analyst or investment adviser. Data may contain errors; verify with company filings before relying on it.

0%0%10%10%20%20%30%30%40%40%50%50%60%60% Delivered growth, per year → Implied growth → CELLO · delivered −30.0% · implied 36.7%LGHL · delivered −5.9% · implied 47.0%ORIENTELEC · delivered −30.0% · implied 20.9%PCJEWELLER · delivered −29.6% · implied 13.0%ATULAUTO · delivered −7.3% · implied 30.9%RGL · delivered −5.8% · implied 31.1%TVSSRICHAK · delivered −7.1% · implied 24.5%WHIRLPOOL · delivered −5.4% · implied 23.8%IFBIND · delivered 6.6% · implied 32.4%TTKPRESTIG · delivered −2.2% · implied 18.3%ASAHIINDIA · delivered 10.3% · implied 29.6%NILKAMAL · delivered −1.9% · implied 16.7%JTEKTINDIA · delivered 5.2% · implied 22.8%TITAN · delivered 19.5% · implied 36.1%ANANTRAJ · delivered 22.0% · implied 38.0%MRF · delivered 8.0% · implied 21.2%THANGAMAYL · delivered 22.4% · implied 35.3%BALKRISIND · delivered 5.3% · implied 18.0%EICHERMOT · delivered 13.7% · implied 25.9%MARUTI · delivered 8.7% · implied 19.6%APOLLOTYRE · delivered 6.3% · implied 16.6%HEROMOTOCO · delivered 4.1% · implied 13.9%TVSMOTOR · delivered 23.6% · implied 32.5%CEATLTD · delivered 11.1% · implied 18.7%SENCO · delivered 9.0% · implied 16.2%SANDHAR · delivered 11.0% · implied 18.1%CERA · delivered 11.6% · implied 18.4%GOLDIAM · delivered 26.0% · implied 30.8%CARYSIL · delivered 25.9% · implied 29.4%BAJAJ-AUTO · delivered 10.8% · implied 13.9%LAOPALA · delivered 6.1% · implied 8.7%NCC · delivered 8.0% · implied 8.5%JKTYRE · delivered 15.0% · implied 14.8%HYUNDAI · delivered 19.8% · implied 19.2%SAFARI · delivered 29.6% · implied 28.1%FORCEMOT · delivered 26.2% · implied 24.6%KDDL · delivered 35.1% · implied 26.1%SKYGOLD · delivered 56.1% · implied 43.5%VAIBHAVGBL · delivered 28.3% · implied 12.5%OLECTRA · delivered 53.5% · implied 33.3%CELLOLGHLORIENTELECPCJEWELLERATULAUTOFORCEMOTKDDLSKYGOLDVAIBHAVGBLOLECTRA −30 pts0+50 pts

Most demanding in Consumer Durables

  1. #1CELLO WORLD LTD CELLO · Consumer Durables · normalised P/E 120.7x · ₹7,993 cr
    price implies 36.7%/yr · delivered −81.0%/yr (avg-to-avg) · gap +66.7 pts
    cyclical: normalised earnings used · over half of profit is other income
  2. #2LAXMI GOLDORNA HOUSE LIMITED LGHL · Consumer Durables · normalised P/E 227.1x · ₹1,090 cr
    price implies 47.0%/yr · delivered −5.9%/yr (avg-to-avg) · gap +52.9 pts
    cyclical: normalised earnings used
  3. #3ORIENT ELECTRIC LIMITED ORIENTELEC · Consumer Durables · normalised P/E 38.1x · ₹3,481 cr
    price implies 20.9%/yr · delivered −35.0%/yr (avg-to-avg) · gap +50.9 pts
    cyclical: normalised earnings used · earnings history unstable
  4. #4PC JEWELLER LIMITED PCJEWELLER · Consumer Durables · P/E 16.5x · ₹11,799 cr
    price implies 13.0%/yr · delivered −29.6%/yr (avg-to-avg) · gap +42.6 pts
    cyclical: normalised earnings used
  5. #5ATUL AUTO LIMITED ATULAUTO · Consumer Durables · normalised P/E 71.4x · ₹1,156 cr
    price implies 30.9%/yr · delivered −7.3%/yr (avg-to-avg) · gap +38.2 pts
    cyclical: normalised earnings used · trailing P/E far below normalised
  6. #6RENAISSANCE GLOBAL LIMITED RGL · Consumer Durables · normalised P/E 72.5x · ₹1,739 cr
    price implies 31.1%/yr · delivered −5.8%/yr (avg-to-avg) · gap +36.9 pts
    cyclical: normalised earnings used
  7. #7TVS SRICHAKRA LIMITED TVSSRICHAK · Consumer Durables · normalised P/E 49.9x · ₹3,357 cr
    price implies 24.5%/yr · delivered −7.1%/yr (avg-to-avg) · gap +31.7 pts
    cyclical: normalised earnings used
  8. #8WHIRLPOOL OF INDIA LTD WHIRLPOOL · Consumer Durables · normalised P/E 45.8x · ₹10,341 cr
    price implies 23.8%/yr · delivered −5.4%/yr (avg-to-avg) · gap +29.2 pts
    cyclical: normalised earnings used · over half of profit is other income
  9. #9IFB INDUSTRIES LIMITED IFBIND · Consumer Durables · normalised P/E 79.7x · ₹4,735 cr
    price implies 32.4%/yr · delivered 6.6%/yr (avg-to-avg) · gap +25.8 pts
    cyclical: normalised earnings used · trailing P/E far below normalised
  10. #10TTK PRESTIGE LTD TTKPRESTIG · Consumer Durables · normalised P/E 30.8x · ₹7,029 cr
    price implies 18.3%/yr · delivered −2.2%/yr (avg-to-avg) · gap +20.6 pts
    cyclical: normalised earnings used

Lowest expectations in Consumer Durables

  1. #40OLECTRA GREENTECH LIMITED OLECTRA · Consumer Durables · normalised P/E 87.0x · ₹8,591 cr
    price implies 33.3%/yr · delivered 53.5%/yr (avg-to-avg) · gap −20.2 pts
    cyclical: normalised earnings used · trailing P/E far below normalised
  2. #39VAIBHAV GLOBAL LIMITED VAIBHAVGBL · Consumer Durables · normalised P/E 23.4x · ₹3,370 cr
    price implies 12.5%/yr · delivered 28.3%/yr (avg-to-avg) · gap −15.8 pts
    cyclical: normalised earnings used · pays out over half of earnings · trailing P/E far below normalised · over half of profit is other income
  3. #38SKY GOLD AND DIAMONDS LIMITED SKYGOLD · Consumer Durables · normalised P/E 178.5x · ₹14,283 cr
    price implies 43.5%/yr · delivered 56.1%/yr (avg-to-avg) · gap −12.6 pts
    cyclical: normalised earnings used · trailing P/E far below normalised
  4. #37KDDL LIMITED KDDL · Consumer Durables · normalised P/E 52.9x · ₹4,613 cr
    price implies 26.1%/yr · delivered 35.1%/yr (avg-to-avg) · gap −9.0 pts
    cyclical: normalised earnings used
  5. #36FORCE MOTORS LIMITED FORCEMOT · Consumer Durables · normalised P/E 44.7x · ₹22,284 cr
    price implies 24.6%/yr · delivered 26.2%/yr (avg-to-avg) · gap −1.6 pts
    cyclical: normalised earnings used · trailing P/E far below normalised
  6. #35SAFARI INDUSTRIES INDIA LTD SAFARI · Consumer Durables · normalised P/E 60.0x · ₹6,468 cr
    price implies 28.1%/yr · delivered 29.6%/yr (avg-to-avg) · gap −1.5 pts
    cyclical: normalised earnings used
  7. #34HYUNDAI MOTOR INDIA LIMITED HYUNDAI · Consumer Durables · normalised P/E 32.5x · ₹1,57,621 cr
    price implies 19.2%/yr · delivered 19.8%/yr (avg-to-avg) · gap −0.7 pts
    cyclical: normalised earnings used
  8. #33JK TYRE AND INDUSTRIES LIMITED JKTYRE · Consumer Durables · normalised P/E 21.5x · ₹9,467 cr
    price implies 14.8%/yr · delivered 15.0%/yr (avg-to-avg) · gap −0.2 pts
    cyclical: normalised earnings used
  9. #32NCC LIMITED NCC · Consumer Durables · normalised P/E 13.0x · ₹7,854 cr
    price implies 8.5%/yr · delivered 8.0%/yr (avg-to-avg) · gap +0.6 pts
    cyclical: normalised earnings used
  10. #31LA OPALA RG LIMITED LAOPALA · Consumer Durables · normalised P/E 16.3x · ₹1,715 cr
    price implies 8.7%/yr · delivered 6.1%/yr (avg-to-avg) · gap +2.7 pts
    cyclical: normalised earnings used · pays out over half of earnings

Consumer Durables sector fundamentals → · All sectors

How this works

An investor buys at today's trailing P/E, receives dividends equal to a fixed share of earnings for 10 years, then sells at an exit P/E of 15x. We solve for the constant annual earnings-per-share growth that makes that sequence worth exactly today's price at a 12% required return: P/E = payout × Σ xᵗ + exit P/E × xᴺ, with x = (1 + growth) / (1 + required return). With no dividends it reduces to growth = (1 + r) × (P/E ÷ exit P/E)^(1/N) − 1. Each company uses its own median payout over its last five fiscal years (zero if unknown).

Delivered growth is the fitted annual growth of net profit per share over the last up to ten fiscal years known at the time (a 60-day reporting lag is applied), or a first-three-versus-last-three-years average where earnings are cyclical or a loss year interrupts the series. Cyclical companies are valued on their five-year average earnings rather than trailing ones. The gap is implied growth minus delivered growth, in percentage points.

Sensitivity at a P/E of 40x and a 30% payout (exit P/E down, required return across):

Exit P/E / return11%12%13%
12x23.3%24.4%25.5%
15x20.8%21.9%23.0%
20x17.7%18.7%19.8%

Because a change in the required return or exit multiple moves every company's implied growth by nearly the same amount, the ranking is stable under the assumptions; only the levels move. The curve is also concave: doubling a P/E from 40x to 80x adds only about seven points of implied growth, so a 200x P/E does not mean ten times the growth. There is no consensus forecast in this data, so the comparison is with history only. Sector indices and "sector as one company" use today's constituents and are survivorship-biased.