NUVAMA ON LG ELECTRONICS INDIA ; BUY | TP ₹1,990
• Raises target price to ₹1,990, valuing the company at ~48x Sep-28E EPS.
• Domestic demand remains healthy across TVs, washing machines and air conditioners.
• Increasing contribution from premium products expected to support growth.
• Higher premiumisation, localisation and price hikes should help offset rising component and commodity costs.
• Exports provide an additional growth opportunity.
• Company reiterates FY27 mid-teen revenue growth guidance.
• Operating margins expected to move into the early double-digit range.
2
1
1September 8, 2026 202 1
