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WHIRLPOOL · price
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Whirlpool of India reported Q4 standalone revenue of Rs 2,030 Cr, up 7.4% YoY, driven by washer market share gains and strong air conditioner growth exceeding 50% volume. However, profitability declined significantly with EBITDA at Rs 100 Cr (4.9%, down 403 bps) and PBT at Rs 91 Cr (4.5%, down 309 bps). FY standalone revenue grew 0.7% to Rs 7,474 Cr while EBITDA fell 16.7% to Rs 396 Cr. Margins were impacted by regulatory energy upcharges for refrigerators and air conditioners, incremental e-waste provisions, and adverse AC mix. The company regained #2 market position in March T2 and doubled front load washer volumes. P4G cost savings programs helped partially offset headwinds, with gross margins improving 220 bps over three years. Elica subsidiary delivered strong performance with 30% revenue and 48% PBT growth.
The strong revenue recovery in H2 (+6% vs H1's -4%) is positive but margin compression from regulatory costs and mix shifts raises concerns about near-term profitability. The market share gains in washers and AC scaling show execution capability but may not translate to improved earnings without margin normalization.