For the 30 million residents of Delhi, smoggy skies have sadly become an annual ritual. But beyond health concerns, investors in companies that manufacture and sell air purification and cooling products can benefit.
Here’s a look at five listed companies that are likely to see increased interest this winter as pollution levels rise.
1) Blue Star
Blue Star is one of India’s best-known air and water purification brands. The company makes a range of air purifiers, coolers, water purifiers, and specialty products, and holds over 10% market share in online water purifier sales.Brokerage Centrum expects Blue Star to deliver a 16% revenue CAGR and 21% earnings CAGR over FY25–28, supported by strong demand in residential air-conditioning and commercial refrigeration. Analysts believe its wide distribution network and brand trust give it an edge as urban households increasingly invest in indoor air quality solutions.
The stock trades near Rs 1,765, with Centrum assigning a neutral rating and a target price of Rs 1,800, suggesting most of the near-term growth is already priced in. But for long-term investors betting on structural demand for air management products, Blue Star remains a steady pick.
2) Voltas
Tata Group company Voltas is another big beneficiary of the “clean air” theme. Known primarily for its air conditioners, Voltas also manufactures air purifiers, air coolers, water dispensers, and commercial refrigeration systems.
Despite short-term weakness in sales due to a muted summer season and margin pressure, analysts expect the company’s fortunes to improve in the second half of FY26, aided by GST rate cuts on air conditioners and festive demand.
Brokerage Elara Capital has a target price of Rs 1,360, valuing the stock at 34x FY27 earnings, citing the company’s strong market leadership and the expected revival in consumer spending.
3) Havells India
Electrical goods maker Havells India, which owns popular consumer brands like Lloyd, has built a growing presence in the air-purifier and home-appliance segment. The company is expected to post 11% revenue and 16% net profit CAGR between FY25 and FY28, driven by cost efficiency and premium product lines.
Anand Rathi expects return on equity (RoE) to expand from 18.7% to nearly 20%, reflecting operational strength. Havells has been fine-tuning its product portfolio toward higher-margin segments, including air purifiers, water heaters, and smart appliances, catering to urban consumers worried about indoor pollution.
At the current price, Havells trades at 57x FY26 earnings, reflecting premium valuation but also high investor confidence in its strong brand and market share. The brokerage has a Buy rating with a target price of Rs 1,720.
4) Hindware Home Innovation
A newer entrant into the air-purifier and appliance space, Hindware Home Innovation is best known for its bathware and home solutions but has been steadily expanding into consumer appliances such as air purifiers, kitchen chimneys, and water heaters.
Brokerage Choice Broking has a Buy rating with a revised target price of Rs 375, up from Rs 325 earlier. It expects a 12% CAGR in consolidated revenue and 48% CAGR in EBITDA between FY25 and FY28, supported by rising real estate activity and focus on profitable categories.
The brokerage believes the company’s consumer appliance margins could rebound to 10% by FY28, back to pre-pandemic levels, as the product mix shifts toward higher-value offerings.
5) Eureka Forbes
Eureka Forbes is one of India’s oldest and most trusted names in home and health appliance solutions, best known for its Aquaguard brand of water purifiers and Forbes range of vacuum cleaners and air purifiers.
According to Elara Capital, the company is well placed to benefit from rising awareness of clean drinking water and healthier living, supported by urbanisation and improved affordability. The brokerage reiterated a Buy rating on the stock with a higher target price of Rs 743, valuing it at 41x June FY27 earnings. It expects an earnings CAGR of 34% over FY25–28, driven by premiumisation and brand strength.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)