• Market demand drivers: India is the fastest-growing air conditioning market globally, with first-time buyers accounting for over 80% of sales and tier 3, 4, and 5 markets contributing 60%, prompting entry-level pricing from ₹29,800.
• Input cost escalation: Input costs have surged by approximately 13% since December, though only 5–6% of this increase has been passed on to consumers so far.
• Margin and pricing: Operating on narrow EBIT margins of 8–9%, the industry cannot absorb cost inflation and must pass it on, though a 10% year-on-year GST reduction limits the net burden on consumers to under 5%.
• Summer revenue outlook: Management anticipates at least 20% revenue growth for the summer season, representing roughly 10% in real growth alongside price increases.