The global economy maintained buoyancy throughout 2025, despite an increasingly complex operating environment. Economic activity was supported by steady consumer spending, continued investments in technology and digital infrastructure, easing inflationary pressures, and relatively strong labour market conditions across major economies. However, geopolitical tensions, evolving tariff measures and trade policy uncertainties continued to influence global growth and business sentiment.
Global GDP expanded by 3.4% during the year. Advanced economies recorded growth of 1.9%, while emerging market and developing economies continued to outperform with growth of 4.4%, led by India and China. Global inflation moderated to 4.1%, supported by restrictive monetary policies and improving supply conditions. World trade volumes grew by 5.1%, reflecting steady demand, technology-led exports and improving trade activity across key markets. Central banks largely maintained a cautious and data-driven approach as they continued to balance economic growth with inflation management.
REAL GDP GROWTH
| 2025 | 2026 (P) | 2027 (P) | |
| World Output | 3.4 | 3.1 | 3.2 |
| Advanced Economies | 1.9 | 1.8 | 1.7 |
| Emerging Market and Developing Economies | 4.4 | 3.9 | 4.2 |
Global inflation eased to 4.1% reflecting the impact of restrictive monetary policies and improving supply conditions. World trade volumes grew by 5.1% during the year, supported by steady demand, technology-led exports and improving trade activity across key markets. Monetary policy across major economies remained cautious and data-dependent as central banks sought to balance growth objectives with lingering inflationary pressures.
Geopolitical developments remained a key source of uncertainty throughout the year. Escalating tensions in West Asia and the prolonged Russia-Ukraine conflict continued to affect trade flows, energy markets and overall economic activity. Disruptions across key shipping routes, together with volatility in crude oil and commodity prices, affected supply chains and logistics networks across industries. These developments led to higher procurement and freight costs, periodic disruptions in material availability and longer lead times in certain markets. As a result, businesses remained measured in their investment and operational decisions amid continued uncertainty around inflation, energy prices and the broader economic outlook.
Trade policy uncertainty also persisted during the year, as evolving tariff measures and geopolitical developments continued to influence cross-border trade, investment decisions and supply chain strategies. These factors reinforced a cautious global business environment and remain key risks to global economic growth and trade prospects.
(Source: World Economic Outlook (IMF), WEO (IMF)-April)
The global economy is expected to remain on a stable growth path over the medium term, with global GDP projected to grow by 3.1% in 2026 and 3.2% in 2027. Continued investments in technology, digital infrastructure and productivity-enhancing innovations, including artificial intelligence, are expected to support economic activity. However, geopolitical tensions, evolving trade policies and political uncertainties across major economies are likely to remain key challenges to the global outlook.
Advanced economies are projected to grow by 1.9% in 2026. The United States is expected to lead this growth with an expansion of 2.3% while the euro area and Japan are projected to grow by 1.1% and 0.7% respectively. Emerging market and developing economies are expected to record growth of 3.9% led by China, which is projected to expand by 4.4% following continued domestic policy support and improving trade conditions. India is also expected to remain among the fastest-growing major economies, supported by strong domestic demand, sustained infrastructure investments and continued progress in manufacturing and digital transformation.
Global headline inflation is expected to ease from 4.4% in 2026 to 3.7% in 2027 as supply conditions improve and inflationary pressures continue to moderate. Against this backdrop, central banks are expected to maintain a measured approach to monetary policy while balancing inflation management with economic growth. Global trade growth is projected to moderate to 2.6% in 2026 due to tariff-related adjustments and geopolitical uncertainties. Nevertheless, continued demand for technology products, digital infrastructure and advanced manufacturing solutions is expected to support global economic activity.
(Source: World Economic Outlook (IMF), WEO (IMF)-April)
The Indian economy remained resilient during FY 2025-26 despite continued global trade uncertainties and market volatility. According to the Ministry of Statistics and Programme Implementations (MoSPI) Provisional Estimates (PE), real GDP and Gross Value Added (GVA) are projected to grow by 7.7% and 7.9% respectively. The growth reflects the strength of Indias domestic demand-driven economy.
(Source: PIB (PE))
| FY 2022-23 | FY 2023-24 | FY 2024-25 (FRE) | FY 2025-26 (PE) | FY 2026-27 (P) |
| 7.6% | 7.2% | 7.1% | 7.7% | 6.8-7.2% |
FRE = First Revised Estimate; PE = Provisional Estimates; P = Projected
(Source: PIB (PE), PIB (FRE), MoSPI)
Economic activity was supported by healthy agricultural output, which strengthened rural incomes and consumption. Urban demand also remained resilient, aided by stable employment conditions and easing inflationary pressures. Strong domestic consumption, sustained investment activity and continued policy support helped maintain growth momentum across key sectors.
India continued to remain among the worlds fastest-growing major economies during FY 2025-26. With a nominal GDP of approximately USD 4.15 trillion in 2026, the country remains one of the largest economies globally. Although recent estimates indicate a moderation in Indias global ranking from fourth to sixth, its strong economic fundamentals, expanding domestic market and sustained growth continue to reinforce its position in the global economy.
Private consumption remained a key driver of economic growth, supported by moderating inflation and improving real incomes. The Union Budget 2026-27 continued the Governments focus on infrastructure development, with a capital expenditure allocation of 12.2 lakh crore. Government initiatives such as Viksit Bharat 2047 also continued to promote long-term economic development, self-reliance and capacity creation.
Inflation remained relatively benign during the year, supporting household purchasing power and consumer spending. Average headline Consumer Price Index (CPI) inflation stood at 1.7% during the first nine months of FY 2025-26, while the Ministry of Statistics and Programme Implementation (MoSPI) estimated inflation at 3.4% as of March 2026. Fiscal discipline, stable domestic demand and continued expansion in bank credit contributed to overall macroeconomic stability.
(Source: PIB, PIB 2, MoSPI)
Indias economic outlook remains positive, with real GDP projected to grow between 6.8% and 7.2% in FY 2026-27. The growth is expected to be driven by continued public investment in infrastructure, increasing private sector capital expenditure, expansion in manufacturing activities and the sustained momentum of the services sector.
The countrys stable macroeconomic fundamentals, improving consumer confidence and ongoing structural reforms are expected to provide a strong foundation for long-term growth. Continued investments in infrastructure, industrial development and domestic manufacturing are likely to support economic activity across sectors while enhancing Indias growth prospects.
Consumer demand is also expected to remain resilient, supported by rising disposable incomes, increasing urbanisation and continued premiumisation across product categories.
(Source: PIB)
The Indian consumer durables and electronics industry continued to record healthy growth during FY 2025-26, supported by resilient consumer demand, rising disposable incomes, increasing urbanisation and wider adoption of technology-enabled products. Despite evolving macroeconomic conditions and global supply chain challenges, the industry remained on a steady growth path, reflecting its improving resilience and expanding consumer base.
Consumer preferences continued to evolve during the year, with purchase decisions increasingly influenced by product quality, energy efficiency, performance, design and long-term value rather than price alone. This shift continued to support premiumisation across product categories and increased demand for technologically advanced products that offer greater convenience, sustainability and an enhanced user experience.
Technology remained at the centre of the industrys transformation. The growing adoption of artificial intelligence (AI), Internet of Things (IoT) and smart connectivity features accelerated demand for intelligent and energy-efficient appliances. At the same time, companies increasingly adopted digital technologies across their operations, including AI-enabled demand forecasting, predictive analytics, digitally integrated after-sales services and innovative financing solutions to improve operational efficiency and enhance customer experience.
Looking ahead, Indias consumer durables market is projected to reach approximately 5.39 lakh crore by FY 2029-30, registering a CAGR of around 14%. The outlook is expected to remain favourable, supported by rising demand for smart and energy-efficient appliances, increasing urbanisation, higher disposable incomes and evolving consumer preferences.
The industry is also expected to benefit from supportive regulatory and sustainability initiatives. Enhanced energy efficiency standards introduced by the Bureau of Energy Efficiency (BEE) are expected to encourage product innovation and wider adoption of sustainable technologies. The implementation of Extended Producer
Responsibility (EPR) regulations is also expected to strengthen recycling and reverse logistics ecosystems, supporting the transition towards circular economy practices. In addition, continued diversification of global supply chains is expected to create opportunities for India to strengthen its position as a manufacturing and export hub for consumer durables and electronics.
(Source: Economic Times1, Economic Times2)
The Indian home appliances and consumer electronics industry continued to record steady growth during 2025, benefiting from favourable demographic trends, rising urbanisation, improving income levels and increasing consumer preference for modern and technology-enabled products. The industry was valued at approximately USD 82.17 billion in 2025 and is projected to expand from around USD 86.85 billion in 2026 to USD 143.04 billion by 2035, registering a CAGR of 5.7% during the forecast period.
COMPOUND ANNUAL GROWTH RATE
Market Value (USD Billion) 2026-2035
| 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | 2035 |
| 86.85 | 91 | 93 | 103 | 113 | 115 | 123 | 127 | 139 | 143.04 |
The industry continues to benefit from favourable demographic and economic fundamentals, including a growing middle-income population, increasing household formation and rising consumer aspirations. Despite steady growth, household penetration across several appliance categories remains relatively low, indicating significant headroom for future expansion. Industry estimates suggest that approximately 50% of Indian households own a microwave oven, while refrigerator penetration remains around 33% highlighting substantial opportunities for market development across urban and semi-urban regions.
Demand growth is increasingly being driven by Tier II and Tier III cities, supported by improving retail penetration, wider product availability, consumer financing solutions and the rapid expansion of e-commerce platforms. The evolving distribution landscape, characterised by the increasing integration of online and offline channels, is encouraging omnichannel purchasing behaviour and enabling manufacturers to strengthen consumer engagement and market reach.
Energy efficiency and sustainability are emerging as important considerations influencing consumer purchase decisions. Growing preference for products with lower energy consumption and reduced operating costs, coupled with evolving regulatory standards, is encouraging manufacturers to invest in technologically advanced and environmentally responsible products. The industry is also witnessing increasing emphasis on circular economy practices. According to the Ministry of Environment, Forest and Climate Change (MoEF&CC), India generated approximately 9.7 lakh metric tonnes of e-waste during FY 2025-26, resulting in greater focus on recycling, producer responsibility and sustainable product design across the value chain.
Major appliance categories, including refrigerators, air conditioners and washing machines, continue to account for a significant share of industry demand, supported by increasing household penetration, replacement demand and rising consumer preference for comfort, health and convenience-oriented products. Looking ahead, continued premiumisation, increasing
adoption of smart and connected appliances, expanding digital infrastructure and sustained investments in manufacturing and supply chain capabilities are expected to support the long-term growth trajectory of the Indian home appliances and electronics market. (Source: Expert Market Research, MoEF&CC)
The Indian Room Air Conditioner (RAC) industry continues to demonstrate strong long-term growth potential, supported by structural shifts in consumer demand and favourable demographic trends. Rising urbanisation, increasing disposable incomes, changing climatic conditions, and expanding residential construction have accelerated the adoption of room air conditioners across the country. Growing awareness of indoor comfort, coupled with improving electricity access and affordability, has further broadened the consumer base beyond metropolitan cities.
The air conditioner segment witnessed record growth, driven by a favourable summer season and increasing consumer preference for energy-efficient 5-star inverter models. The industry also continued to advance towards AI-enabled cooling solutions capable of optimising performance based on ambient conditions and room occupancy.
INDIA AIR CONDITIONER MARKET SIZE (2025-2034) (USD Billion)
Market CAGR: 14.53%
| 2025 | 2034 |
| 4.46 | 15.12 |
Source: www.renub.com
The Indian air conditioner market expanded from USD 4.46 billion in 2025 to USD 15.12 billion by 2034, registering a CAGR of 14.53% during 2026-2034. The market outlook is expected to remain supported by sustained urban development, rising household incomes, increasing replacement demand, and continued penetration of room air conditioners across Tier II and Tier III cities, positioning India as one of the fastest-growing air conditioning markets globally
The industry is also witnessing a gradual transition towards energy-efficient and inverter-based air conditioners as consumers increasingly prioritise lower power consumption and enhanced operating efficiency. Government initiatives promoting energy efficiency through appliance labelling standards, along with the growing adoption of smart-home technologies, are supporting demand for technologically advanced products. These trends are encouraging manufacturers to expand their product portfolios with feature-rich and energy-efficient offerings that cater to evolving consumer preferences.
(Source: Renub)
Rising temperatures and frequent heatwaves are significantly increasing consumer demand for cooling solutions. Rapid urbanisation and expansion of Tier 1 and Tier 2 cities boost residential and commercial adoption of RACs. Growing disposable incomes and expanding middle-class populations enable more consumers to afford air conditioners. Multiple AC units per household are becoming common, driving volume growth beyond first-time purchases. Government Production Linked Incentive (PLI) schemes and other initiatives promote domestic manufacturing and component localisation. Increasing consumer preference for energy-efficient and inverter AC models is encouraged by regulations and cost savings. Financing options and affordable pricing improve accessibility and consumer purchase capacity. Expansion in commercial real estate and industrial sectors stimulates demand for RACs in non-residential spaces. Focus on eco-friendly refrigerants and sustainable technologies aligns with regulatory mandates and consumer awareness. Leading manufacturers actively invest in R&D and supply chain optimisation to keep pace with market evolution and technology trends.
EPACK Durable Limited is a leading Original Design Manufacturer (ODM) and Original Equipment Manufacturer (OEM) in Indias consumer durables industry, with a legacy spanning over two decades. The Companys core competence lies in providing end-to-end product solutions, from design and development to manufacturing and supply chain management, for a diverse portfolio of consumer appliances.
The Company has established itself as a key partner to numerous prominent Indian and global brands. It holds a significant market position, particularly as the second-largest RAC ODM in India by volume of units manufactured.
The business is structured around three expanding product verticals, supported by strong internal component manufacturing capabilities:
EPACK Durables operational excellence is built on a robust and integrated infrastructure:
Manufacturing Footprint: The Company operates multiple manufacturing facilities strategically located in Dehradun (Uttarakhand), Bhiwadi (Rajasthan), and Sri City (Andhra Pradesh), which facilitates efficient pan-India logistics and proximity to key customer markets.
Vertical Integration: The Company has achieved the highest level of backward integration for RACs at a single location in India. This deep integration is a key competitive advantage, enabling superior cost management, efficient inventory control, and reduced exposure to supply chain volatility, particularly from imports.
R&D and Innovation: The Company maintains dedicated R&D centres equipped with advanced testing and design facilities, including NABL-accredited labs. This focus on continuous innovation drives the development of new, high-margin products and ensures compliance with evolving energy efficiency and design standards.
The Companys strategic direction is focussed on achieving sustainable, market-leading growth by leveraging its integrated model and aggressively diversifying its product and customer base.
Mitigating Seasonality: The primary strategy is to reduce dependence on the seasonal RAC business by significantly increasing the revenue contribution from the SDA and LDA segments. This will allow for more consistent capacity utilisation throughout the year. New Product Launches: The Company continues to expand its portfolio of higher-margin products across the SDA and LDA categories, including products such as air fryers and a wider range of washing machine offerings, with the objective of enhancing product mix, increasing consumer engagement and driving value growth.
Capacity Expansion: Targeted capital expenditure is being deployed to ramp-up manufacturing capacity, particularly at newer facilities like Sri City, and to support the scale-up of new product lines, such as washing machines.
Component Leadership: The Company is expanding its component manufacturing capabilities, including a joint venture to produce BLDC motors. This strategic move further strengthens vertical integration, drives cost leadership, and positions the Company to benefit from government incentives under schemes like the Production Linked Incentive (PLI) scheme for White Goods.
Strengthening Existing Relationships: The Company aims to increase the wallet share with its existing marquee client base by offering a broader product range and customised solutions.
New Customer Acquisition: A focus on securing new national and international clients, particularly through strategic alliances with global brands, will reduce customer concentration risk and expand its footprint in the ODM/OEM landscape.
Export Markets: While domestic operations are the priority, the Company is also exploring international markets to broaden its revenue streams.
Financial Review
| Particulars | FY 2025-26 | FY 2024-25 | YoY% |
| Operating Revenue | 18,945 | 21,709 | (12.7%) |
| Other Income | 163 | 211 | (22.7%) |
| EBITDA | 1,139 | 1,576 | (27.7%) |
| Interest | 609 | 539 | 13.0% |
| Depreciation | 540 | 474 | 13.9% |
| Share of loss of JV | (65) | (30) | 116.7% |
| Profit Before Tax | 887 | 44 | (88.2%) |
| Tax | 551 | 93 | (71.5%) |
| Net Profit /(loss) | 335 | 51 | (94.0%) |
The Company remained profitable during FY 2025-26. However, its financial performance was lower compared with the previous year due to a combination of business and operational factors. Demand for room air conditioners (RAC) remained subdued during a significant part of the year as elevated channel inventories led brands to adopt a cautious approach towards procurement. Margins were also impacted by the time taken to pass on higher commodity costs to customers and by foreign exchange volatility. In addition, the reversal and non-recognition of Production Linked Incentive (PLI) benefits during the year affected EBITDA and profit after tax. The Company, however, continued to invest in capacity expansion and product diversification to strengthen its manufacturing capabilities and support future growth.
Key Financial Ratios
| Particulars | FY 2025-26 | FY 2024-25 | Variance |
| Debtors Turnover Ratio (times) | 5.69 | 8.23 | (30.86%) * |
| Inventory Turnover Ratio (times) | 2.27 | 3.79 | (40.11%) # |
| Interest Coverage Ratio (times) | 1.25 | 2.44 | (48.77%) # |
| Current Ratio (times) | 1.02 | 1.04 | (1.92%) |
| Debt Equity Ratio (times) | 0.74 | 0.39 | 89.74% # |
| Operating Margin (%) | 6.01% | 7.26% | (17.21%) |
| Net Profit/loss Margin (%) | 0.17% | 2.54% | (93.31%) |
| Return on Net Worth (%) | 0.34% | 5.98% | (94.31%) # |
*Decrease in revenue during FY 2025-26 *Increase in inventories during FY 2025-26 *Decrease in EBIT during FY 2025-26 *Increase in Debt during FY 2025-26 *Due to Lower Profits during FY 2025-26
During FY 2025-26, the Company reported Operating Revenue of ? 18,945 million as compared to ? 21,709 million in the previous year. The decline in revenue was primarily attributable to temporary industry wide transition year impacted by weather-led demand disruption and GST rationalisation.
The Company also experienced an increase in its working capital days, which rose from 57 days in the FY 2024-25 to 91 days in the FY 2025-26. Consequently, this change in working capital management led to an increase in the debt-to-equity ratio, which moved from 0.39 times in FY 2024-25 to 0.74 times in FY 2025-26.
The Company maintains a proactive investment strategy in emerging technologies, IT solutions, innovation, and product development. This focus is directed towards continuously improving its manufacturing processes, quality standards, and product upgrades, ensuring they align with evolving industry trends.
To optimise its operations and guarantee accurate record maintenance, the Company has implemented various applications and software, notably SAP S/4 HANA. The Companys emphasis on embracing technological advancements and developing new products to meet shifting customer demands has been a fundamental driver of its sustained growth.
Furthermore, the Company engages in close collaboration with its partners and suppliers to gain insights into the evolution of adjacent technologies and the broader component ecosystem.
The Company follows a strategic and forward-looking approach towards human capital management, recognising its employees as a critical driver of long-term growth and organisational success. By embracing technological advancements, adapting to evolving business models and promoting a culture of continuous learning and agility, the Company continues to strengthen its competitive position within the industry.
As of March 31, 2026, the Company had a workforce comprising 479 employees and 516 workers on its direct payroll, in addition to 3,257 contractual personnel engaged through third-party arrangements.
The Company remains committed to fostering a safe, inclusive and enabling workplace that supports both professional and personal development. Regular training and capability-building initiatives are undertaken to enhance technical competencies, improve operational efficiency and reinforce quality, safety and compliance standards across operations. Through these initiatives, the Company continues to build a motivated, high-performing and future-ready workforce aligned with its long-term business objectives.
The Company employs a comprehensive Risk Management framework designed to protect the business from various potential internal and external threats. This established structure allows for the specific identification of risks faced by the Company, encompassing financial, operational, sectoral, sustainability, information, and cybersecurity risks, among other potential threats.
A dedicated Risk Management Committee has been established by the Board of Directors to oversee and manage the organisations exposure to these diverse risks. This Committee is tasked with continuously monitoring shifts in both the internal business operations and the external market environment. This proactive surveillance is essential for anticipating the emergence of new threats or risks before they can materially impact the Company.
| Risk | Impact | Mitigation |
| Industry Risk | The Indian consumer durables industry is characterised by significant competition due to a limited number of major brands and players, which contrasts with the many OEMs & ODMs operating in the market. This means that any negative industry trends or periods of heightened rivalry could have an adverse effect on the Companys prospects for growth and its overall profitability. | To counteract this dynamic, the Company has focussed on developing long-lasting relationships with its clients. This success has been achieved through leveraging its in-house Research and Development (R&D) facilities and ensuring the timely delivery of high-quality products. |
| Climate Risk | Evolving environmental regulations, climate-related disclosure requirements and increasingly stringent quality and sustainability standards may require additional investments in processes, technologies and compliance mechanisms. Any delay in adapting to changing regulatory requirements could potentially impact operational efficiency, increase compliance costs and affect business continuity. | The Company has established comprehensive compliance and monitoring mechanisms to track evolving regulatory requirements and their potential impact on operations. Through robust internal controls, regular reviews and adherence to stringent quality and environmental standards, the Company seeks to ensure regulatory compliance and strengthen organisational resilience against climate-related regulatory risks. |
| Inflation Risk | The consumer durables industry is characterised by a significant dependence on numerous critical small components. Due to the intense competition and delays in implementing price increases to consumers, any extraordinary hike in commodity prices could have an adverse impact on the Companys profitability. | The Company maintains an active strategy to secure its raw material supply. It manages a diverse pool of suppliers to ensure that raw materials are procured in the most cost-effective manner possible. Furthermore, the Company engages in long-term sourcing arrangements. This approach effectively reduces the financial exposure to short-term commodity price fluctuation risks. |
| Currency Risk | As the Company deals in foreign currency to procure raw materials, any significant fluctuations in the value of that currency hold the potential to impact the Companys profitability adversely. | The Company actively manages a majority of its foreign currency exposures through hedging instruments. This is achieved by entering into financial contracts such as forward contracts, futures, or options contracts to lock in exchange rates and mitigate short-term volatility. |
The Company has put in place a robust and effective internal control framework, commensurate with the nature, scale and complexity of its operations. The said controls are designed to ensure operational efficiency, prevention of fraud and misappropriation of funds, protection of assets, adherence to applicable regulatory requirements, accuracy and completeness of financial reporting and timely preparation of reliable financial information.
To further strengthen the internal control framework, the Company has engaged M/s Ernst & Young LLP as its Internal Auditors. The Audit Committee of the Board periodically reviews the internal audit findings, observations and proposed action plans, and provides strategic direction for continuous improvement in internal processes and controls.
The Company has also implemented SAP S/4 HANA Enterprise Resource Planning (ERP) software as part of its advanced IT infrastructure, to streamline and integrate key business functions including real-time resource coordination, material management, manufacturing planning and inventory optimisation. The ERP system facilitates seamless cross-functional integration and enables data-driven decision-making. A dedicated IT team oversees the operation, maintenance and continuous enhancement of the ERP system to support the Companys operational efficiency and growth objectives.
The statements contained within this Management Discussion and Analysis (MD&A) section concerning the Companys objectives, projections, estimates, and predictions may be deemed forward-looking statements.
All statements addressing future expectations or predictions, including, but not limited to, those regarding the Companys strategy for growth, product development, market positioning, capital expenditure, and future financial results, are founded upon certain assumptions and expectations of future events. EPACK Durable Limited cannot guarantee that these underlying assumptions and expectations are accurate or that they will ultimately be realised. Consequently, the Companys actual results, performance, or achievements may differ materially from the projections outlined in such forward-looking statements.
EPACK assumes no responsibility for publicly amending, modifying, or revising any forward-looking statement based on subsequent developments, information, or events that may occur after the date of this report.
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