Crompton Greaves Consumer, best known for its fans, lighting, domestic pumps, and appliances, is stepping up its focus on the solar segment as it looks to double revenue in five years, Kaleeswaran Arunachalam, Group CFO and Head of Strategy, told FE in an exclusive interaction. The foray into the solar segment includes solar pumps and solar rooftops.
The company closed FY25 with a turnover of Rs 7,864 crore. By FY30, it hopes to touch Rs 15,000 crore in topline, Arunachalam said, driven by the shift to energy-efficient products.
The expansion into newer business areas also comes amid Crompton’s 2.0 strategic focus, which endeavours to take its total addressable market from around Rs 80,000 crore to Rs 1.3 lakh crore now, and about Rs 2 lakh crore in the next few years. The company is also investing in manufacturing, technology, and innovation as part of its growth push. This includes a Rs 350-crore greenfield project, its sixth manufacturing plant, which will come up in phases over the next three years, targeting fans and other product lines.
Kaleeswaran says the company is in the process of finalising the location for the greenfield project. The investment for this project will be supported through internal accruals, he adds, as the company is debt-free. In FY25, the company achieved a net profit of Rs 564.08 crore, a growth of nearly 28% over the previous year. FY25 net sales grew nearly 8% versus the previous year.
While the company has picked up orders in recent months for solar pumps in states such as Maharashtra and Madhya Pradesh, the move into solar rooftops began this month with an order in Telangana. The contract involves supplying a full suite of components, including solar modules, inverters, and distribution boxes, for residential installations.
Kaleeswaran says that the demand momentum in both solar rooftops and pumps is expected to grow with the shift to clean energy happening fairly quickly in India and globally.
“When we look at the future, the entire agricultural pumps segment in India will be replaced with solar pumps. So, in that context, it is important that we win early here. The same goes for solar rooftops, which harness solar energy, for multiple use cases,” Kaleeswaran says.
The company has also introduced indigenously-developed technology platforms such as Nucleus and Xtech for energy-efficient fans and pumps, as part of its journey to enhance its R&D and innovation footprint. These are aimed at providing smart solutions, energy efficiency, durability, and easy reparability for its products, Kaleeswaran says.
Nucleus has in-house developed a BLDC-based (Brushless DC Motor) energy-efficient motor with smart connectivity. Through this, the company is aiming for the premium category of fans. Xtech, on the other hand, is designed with the help of local supply chains.