Intex eyes first fundraise by FY27-end, IPO by FY28 as festive sales fuel expansion

Intex Technologies, which reported revenue of about ₹460 crore in FY26, is targeting more than ₹800 crore in FY27 and ₹1,500 crore by FY28 as it prepares for its first external fundraise by the end of FY27 and a potential stock-market listing in the following year as the Indian mass premium electronics maker is betting on festive sales, manufacturing expansion and digital distribution to sustain growth of 70–80 per cent despite rising input costs.

Founder Keshav Bansal told businessline that Intex remains cash-flow positive and has no immediate need for outside capital. However, it intends to bring in investors before pursuing an IPO, potentially within two years. He did not disclose the proposed fundraising amount or valuation.

Intex, previously known for mobile phones, now offers smart televisions, air conditioners, washing machines, refrigerators, fans, water heaters, and smaller kitchen appliances. Revenue grew about 80 per cent last year and 70 per cent during April–September FY27, against low single-digit industry growth.

The company is targeting price-conscious households upgrading to larger televisions and higher-capacity appliances. “The customer is moving towards premium, but he’s still in the mass category,” Bansal said.

A global memory-chip shortage has increased television input costs by 35–40 per cent year on year. A 55-inch Google TV priced at ₹32,000–33,000 in January now costs approximately ₹45,000, while a 65-inch model has risen from ₹50,000 to ₹70,000–75,000.

“It has continued to rise. It is not even looking to stabilise right now,” Bansal said.

Air-conditioner prices have increased 6–7 per cent because of copper costs and energy-efficiency changes, while washing machines are 4–5 per cent costlier. Intex is seeking to preserve a 15–20 per cent price advantage over leading competitors as consumers increasingly use financing schemes to upgrade.

Intex’s expansion plans include manufacturing investment at Kundli, 50 proposed Smart World stores and a wider product portfolio. Bansal said the company’s ₹150-crore capex guidance remains unchanged.

Its established network of more than 500 distributors and 25,000 dealers reaches approximately 18,000 PIN codes. Around 90 per cent of sales remain offline, while Intex aims to increase online sales to 15–20 per cent by FY28.

About 35–40 per cent of televisions sold nationally already move online, Bansal estimated.

Intex is discussing smart TV and air-conditioner listings with quick-commerce platforms, although delivering bulky appliances requires specialised logistics.

“Handling FMCG, fashion or grocery products is very different from a consumer-electronics product, given the size, scale, sensitivity and fragility of the product,” he said.