Blue Star, Voltas, NTPC Gain as Scorching Heatwave Fires Up Cooling, Power Demand

Shares of air conditioner manufacturers and power companies rose sharply on Monday, April 27, drawing investor interest as a severe heatwave continued to grip large parts of north India, fuelling expectations of a strong surge in cooling appliance demand and electricity consumption.

Blue Star was among the top gainers in the segment, rising 3.44% to ₹1,881, while Voltas advanced 2.34% to ₹1,498.20. LG Electronics India also climbed 3.30% to ₹1,630. The buying extended to contract manufacturers and component suppliers linked to the cooling appliance industry. Amber Enterprises gained 2.77% to ₹7,968, and PG Electroplast added 2.45% to ₹560.55.

Power sector stocks also participated in the rally, with NTPC rising 1.98% to ₹409.80 and Power Grid Corporation gaining 1.00% to ₹319.55, as elevated temperatures pointed to higher electricity demand in the days ahead.

Heatwave Conditions Across North India

The India Meteorological Department (IMD) has issued a yellow alert for several regions as temperatures remained well above normal across Delhi and surrounding areas. Multiple locations in the national capital recorded maximum temperatures above 42 degrees Celsius, with the Ridge station logging the highest at around 43.5 degrees Celsius.

The weather office warned that heatwave conditions are likely to persist across northwest, central and eastern India over the coming days. States including Bihar, Jharkhand, Gangetic West Bengal and Odisha are expected to see continued heat stress.

The prolonged heat is expected to accelerate demand for room air conditioners, coolers and other cooling appliances, a trend that typically benefits both manufacturers and their supply chain partners during the peak summer months, according to multiple reports.

PG Electroplast Resolves Production Disruption

Adding further momentum to the sector's stocks was an update from PG Electroplast, a key supplier of original design manufacturing and original equipment manufacturing solutions to the cooling appliance industry. Last week, the company said it had implemented alternative measures to address a shortage of liquefied petroleum gas at its production facilities, restoring room air-conditioner output to "almost normalised" levels. It added that the steps taken had addressed LPG-related challenges "to a large extent for the time being."

The disruption had originally stemmed from LPG supply cuts triggered by the West Asia conflict, which led suppliers to curtail deliveries to industrial users. The resolution is significant given PG Electroplast's position as a critical link in the AC supply chain. The company counts Blue Star, Voltas, Lloyds and Whirlpool of India among its major clients, who together accounted for nearly 74% of its revenue in the first nine months of FY26.

Beyond air conditioners, PG Electroplast supplies a wide range of products including washing machines, LED televisions, air coolers, plastic components, printed circuit board assemblies, automotive parts and specialised plastic moulds to over 60 brands.