The Dalal Street is abuzz with optimism over LG Electronics India, as a host of leading brokerages have initiated coverage on the newly-listed consumer-durables major with unanimous “Buy” recommendations and price targets implying up to 80% upside from its issue price of INR 1,140. The company’s blockbuster debut and strong positioning in the INR 1.5-lakh-crore appliances and consumer-electronics market have reinforced its appeal as India’s newest large-cap consumer play.
Motilal Oswal: Strong Initiation with Bull-Case Potential of ₹2,085
Motilal Oswal Financial Services (MOFSL) began coverage on LG Electronics India on listing day with a ‘Buy’ rating and a base-case target of INR 1,800, implying a 58% upside. In its bull-case scenario, MOFSL sees the stock reaching INR 2,085, representing a potential 83% gain from the IPO price. The brokerage expects the company’s return ratios to remain among the highest in the sector — with RoE of 30% and RoIC of 66% by FY28, driven by localization, B2B expansion, AMC revenues, and a leadership position across categories such as air-conditioners, televisions, and washing machines.
ICICI Securities: Betting on Brand Strength and Premiumisation
ICICI Securities also initiated coverage with a Buy and a target price of INR 1,700, calling LG a “premium-positioned brand with deep backward integration and strong free-cash generation.” The brokerage models revenue and profit CAGR of 9.3% and 7.9% respectively over FY25–28 and highlights LG’s leadership in white goods and premium appliances. It expects the stock to benefit from market-share gains, premiumisation trends, and rising contribution from India to the global parent’s topline.
Prabhudas Lilladher and PL Capital: Consistent Growth and Margin Leadership
Prabhudas Lilladher values LG India at an INR 1,780, maintaining a Buy stance and noting that the company’s premium brand positioning and vast distribution network will ensure steady revenue, EBITDA, and PAT growth of 9.9%, 10.9%, and 9.3%, respectively, between FY25–28. Similarly, PL Capital, which pegs its target at INR 1,780, values the stock at 42× FY28E earnings, emphasizing LG’s category leadership and innovation-driven portfolio expansion.
Equirus Capital: Strategic Focus on the Premium Segment
Equirus Capital has also turned bullish with a Buy and INR 1,700 target, arguing that LG’s decision to vacate the mass-market segment was strategic, enabling the company to consolidate leadership in premium categories. It lauds LG’s technology-led innovation, in-house manufacturing strength, and global brand equity as competitive moats that justify premium valuations.
Emkay Global: Most Bullish — Sees ₹2,050 Target, 80% Upside
Among the most optimistic voices, Emkay Global has set a target of INR 2,050, implying nearly 80% upside from the IPO price. Emkay values the stock at 50× September 2027E earnings, a 10% premium to Havells India, citing LG’s dominant franchise across appliances, strong return ratios (RoE 32%, RoCE 44%), and rising premium mix (expected to grow from 25% to 40% over five years). It expects 13% revenue and 14% EPS CAGR over FY26–28, supported by localization, B2B expansion, and export growth under the parent’s “Global South” strategy.
Nomura: 58% Upside Potential, Margin Gains Ahead
Japanese brokerage Nomura has joined the bullish camp with a ‘Buy’ rating and a target price of INR 1,800.
Nomura forecasts 10% revenue CAGR and 14% EPS CAGR during FY25–28, with EBITDA margins improving from 12.8% to 14.1% on localization and operating-leverage benefits. It values the stock at 40× FY27–28 earnings, translating to a 58% upside from the IPO level.
Ambit Capital: “King of the Ring” — 60% Upside, Re-rating Potential
Ambit Capital, in its initiation titled “King of the Ring!”, rates LG India as its top pick in large appliances, setting a target price of INR 2,180, or 60% upside. Ambit sees LG as a top-three player by margin and revenue share, projecting 11% revenue CAGR and 13% EBITDA CAGR over FY25–28. It expects exports to rise from 6% to 10% of revenue once the Sri City plant doubles capacity and foresees valuation re-rating from 30× to 43× one-year forward P/E as growth and execution remain strong. The firm prefers LG Electronics> Blue Star > Whirlpool > Voltas within the large-appliances pack.
Unanimous BUY Consensus on LG Electronics IPO
Across eight leading brokerages — Motilal Oswal, ICICI Securities, Emkay Global, Nomura, Ambit Capital, Prabhudas Lilladher, PL Capital, and Equirus Capital — the consensus is unequivocal: LG Electronics India is a Buy. Target prices span INR 1,700–2,180, implying potential upside of 50–80% from the issue price.
Analysts attribute the optimism to multiple catalysts:
- India’s 14% CAGR home-appliances market growth (CY24–29)
- Premiumisation and localization improving margins
- Expansion into B2B and AMC businesses
- Strong brand equity and unmatched distribution reach (over 35,000 touchpoints)
- Favourable GST cuts on TVs and air-conditioners boosting near-term demand
Conclusion
With every major brokerage calling it a Buy and projecting a 50–80% upside, LG Electronics India has emerged as the street’s newest consensus favourite. The company’s robust fundamentals, sector tailwinds, and early institutional endorsement make it one of the most closely watched consumer-durables listings in recent years — a stock that, in the words of Ambit Capital, looks set to be the “King of the Ring.”
For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.