Consumer durables & appliances.

Consumer durables & appliances covers room air-conditioners, refrigerators, washing machines, televisions, fans, coolers, water heaters, purifiers and small kitchen appliances, a ₹2.0 lakh crore consumer market that generates only ₹0.6 lakh crore of domestic GVA (0.19% of national GVA) because 35-40% of the value of an appliance sold in India is still imported (compressors ~70% imported, TV open cells 100% imported). The industry is fundamentally a penetration story on the demand side (only 10% of households own an air-conditioner and 40% a refrigerator, versus 60% and 95%+ in China) and an import-substitution story on the supply side, with the 2020 AC-import ban, phased customs duties, quality-control orders and the ₹6,238 crore PLI scheme for AC and LED components pushing domestic content in a split AC from about 25% of price in FY20 to about 40% in FY26. GVA grew roughly 10% a year from FY05 to FY26 and is modelled to grow faster still, at 13% a year through FY35, the fastest of any industry in this Part, as AC penetration climbs toward 28% and domestic content reaches 55-60%. The equity market has priced the penetration curve rather than current profit: listed consumer-durable companies are worth ₹4.7 lakh crore (five times their GVA weight) on only ₹0.04 lakh crore of profit, a 111x trailing PE.

Estimated GVA

0.6 ₹ lakh crore (0.19% of national GVA, 1.3% of manufacturing) · FY26

Market size (consumer prices incl. GST)

~2.0 ₹ lakh crore (ACs ₹45k cr, TVs ₹35k cr, refrigerators ₹35k cr) · FY26

Listed revenue / PAT

1.36 / 0.04 ₹ lakh crore (Ace 'Consumer Durables' aggregate; PAT -19% on a washed-out summer) · FY26

Listed market cap

4.7 ₹ lakh crore (111x trailing PE; 10-yr average 90x) · Jul-2026

Employment

~1.0 mn (brands, EMS, components, informal fan & cooler units) · FY26

Imports / exports

~8 / ~1.5 US$ bn (compressors, open cells, controllers in; ACs & components out) · FY26

Penetration

AC 10%, refrigerator 40%, washing machine 17%, TV 70%, fan 90% % of households · FY26

Listed capex

3,544 ₹ crore (2.6% of revenue) · FY25