NSE: IFBIND · BSE: 505726
IFB INDUSTRIES LTD
Makes home appliances and precision-engineered components. Home appliances — washing machines, air conditioners, refrigerators and related products sold to retail consumers — generated 77.7% of FY26 segment revenue at INR 4,461.23 cr. Engineering, which makes components for automotive and industrial customers (including brake discs, motorcycle chains and EV battery parts), contributed 17.6% at INR 1,007.44 cr and is the most profitable line at 11.3% segment EBIT margin versus 2.7% for home appliances. Steel (3.4% of revenue) and Motor (1.3%) are small, with Motors posting a small EBIT loss. The biggest cost is raw materials at 46.5% of revenue, with commodity and forex swings flagged as a margin headwind. New capacity includes a chain plant and an Advanced Electronics Division in Bangalore and a stamping plant planned in Gujarat. A cost-optimisation program targets INR 150 cr of savings in FY27 to neutralise residual commodity drag. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Home appliances (78%), Engineering (18%), Steel (3%), Motor (1%). Consumer-facing durables business with a higher-margin B2B engineering arm; commodity-sensitive and seasonally affected by monsoon demand for ACs.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,415 | 4,195 | 4,438 | 5,092 | 5,619 |
| EBITDA (ex other income) | 55 | 163 | 217 | 302 | 304 |
| margin % | 1.6 | 3.9 | 4.9 | 5.9 | 5.4 |
| Owners' profit | (48) | 15 | 50 | 119 | 144 |
| EPS, as reported (₹) | (11.89) | 3.69 | 12.43 | 29.35 | 35.43 |
| ROE % · ROCE % | (7.4) · (4.4) | 2.2 · 6.6 | 7.0 · 13.4 | 14.1 · 18.8 | 14.4 · 17.2 |
| Debt / equity (x) | 0.37 | 0.31 | 0.10 | 0.12 | 0.02 |
| Cash from operations | 51 | 106 | 351 | 118 | 299 |
| Capex | (74) | (67) | (65) | (106) | (109) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,219 | 1,270 | 1,334 | 1,338 | 1,370 | 1,413 | 1,498 | 1,585 |
| Profit before tax | 48 | 48 | 32 | 37 | 72 | 34 | 52 | 57 |
| Net profit | 31 | 31 | 19 | 26 | 51 | 24 | 43 | 43 |
| EPS (₹) | 7.76 | 7.67 | 4.66 | 6.46 | 12.53 | 5.91 | 10.53 | 10.62 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Home appliances | 4,461 | 77.7 |
| Engineering | 1,007 | 17.6 |
| Motor | 76 | 1.3 |
| Steel | 194 | 3.4 |
| Total, before eliminations | 5,739 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LG ELECTRONICS INDIA LTD | 1,14,787 | 62.9 | 14.97 | — | 22.0 | 27.2 | — | 13.8 |
| VOLTAS LTD | 33,490 | 74.6 | 5.23 | 39.3 | 5.8 | 9.9 | 13.8 | 7.6 |
| BLUE STAR LIMITED | 32,855 | 64.5 | 9.57 | 34.7 | 15.4 | 18.9 | 23.8 | 6.1 |
| AMBER ENTERPRISES (I) LTD | 21,873 | 227.3 | 3.77 | 23.6 | 3.9 | 5.3 | 32.1 | 6.1 |
| CROMPT GREA CON ELEC LTD | 13,161 | — | 3.83 | 95.3 | (6.7) | (2.1) | 11.0 | 11.0 |
| V-GUARD IND LTD. | 11,534 | 31.7 | 4.86 | 21.8 | 13.0 | 15.5 | 17.0 | 11.2 |
| WHIRLPOOL OF INDIA LTD | 10,555 | 42.1 | 2.54 | 15.3 | 7.1 | 8.1 | 6.4 | 7.6 |
| TTK PRESTIGE LTD | 7,280 | 37.7 | 3.69 | 23.1 | 7.9 | 10.2 | 6.3 | 13.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 26.5 | 42.1 | 5 of 19 | 78% |
| P/B | 4.4 | 4.4 | 12 of 23 | 50% |
| ROCE | 15.5 | 9.4 | 8 of 24 | 70% |
| ROE | 14.4 | 7.1 | 5 of 23 | 82% |
| Debt / Equity | 0.0 | 0.0 | 9 of 23 | 64% |
| EBITDA margin | 6.0 | 7.6 | 18 of 23 | 23% |
| Revenue growth | 18.4 | 15.4 | 10 of 22 | 57% |
| Profit growth | 64.6 | 38.1 | 6 of 21 | 75% |
| Market cap | 4334 | 3722 | 11 of 24 | 57% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · IFB Q2 profit rises about 19% as revenue grows 14% | compliance | minimal | — | — |
| 27 Oct 2026 · IFB Industries posts 22% consolidated revenue growth with margin pressure | results | high | — | — |
| 23 Oct 2026 · IFB Industries debt ratings upgraded by CRISIL | credit debt | high | — | — |
| 20 Oct 2026 · Board meeting on 27 Oct 2026 to consider Q2 and H1 FY26 results | results | low | — | — |
| 10 Oct 2026 · IFB Industries submits newspaper ad copy on SEBI physical shares demat window | compliance | minimal | — | — |
| 10 Oct 2026 · Routine filing: RTA certificate for share dematerialisation, Q2 FY26 | compliance | minimal | — | — |
| 23 Sept 2026 · Trading Window closure from October 1 ahead of Q2 results | compliance | minimal | — | — |
| 19 Aug 2026 · IFB Industries Q1 FY27 transcript filed, revenue up 17% to INR 1,529 cr | investor communications | medium | — | — |
| 14 Aug 2026 · IFB Industries shares Q1 FY27 investor call audio recording | investor communications | low | — | — |
| 12 Aug 2026 · Investors call for Q1FY27 results rescheduled to 14 Aug at 5 PM | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.