Crompton wins ₹65 cr MSEDCL solar pump order; Q4 hit by ₹716 cr Butterfly impairment
Crompton Greaves Consumer bagged an additional ₹64.99 crore MSEDCL order for 3,000 solar water pumps. Q4 revenue rose 10.8% to ₹2,283.3 crore with 11.9% EBITDA margin, but a ₹716 crore Butterfly impairment drove a ₹533.9 crore net loss (adjusted PAT ₹172 crore). Board declared ₹3/share dividend; stock fell 3.52% to ₹259.
What happened
Crompton Greaves Consumer Electricals · Crompton Greaves Consumer, maker of consumer electricals and appliances, won an additional ₹65 crore MSEDCL solar
Key facts
- ₹64.99 crore order
- 3,000 solar pumps
- Q4 net loss ₹533.9 crore
- ₹716 crore impairment
- adjusted PAT ₹172 crore
- revenue ₹2,283.3 crore +10.8%
- EBITDA margin 11.9%
- dividend ₹3/share
- shares ₹259 -3.52%
Why this matters
The Butterfly acquisition has now proven value-destructive with a full ₹716 cr impairment, signaling tighter diligence and clearer synergy milestones on any future M&A while we assess restructuring or divestiture options.
What to watch
- Butterfly segment quarterly revenue/margin trajectory post-impairment
- Further MSEDCL or other DISCOM solar pump order announcements
- Core fans/pumps/appliances volume growth and market share data
- Any signal of Butterfly stake sale or restructuring
- EBITDA margin sustainability above 11.5% in coming quarters
- Management guides on Butterfly turnaround or eventual divestment on earnings call
- Analysts revise FY26 estimates on adjusted PAT basis, excluding impairment
- Company chases additional state solar pump tenders to scale B2B revenue
- Focus shifts to core ECD margin defense amid input cost and competitive pressure