BSE: 541083
Inflame Appliances Limited
Manufactures kitchen appliances and chimneys from two plants in Panchkula and Hyderabad. The core product is kitchen chimneys, which contributed the bulk of FY26 revenue, with output of 2.70 lakh units (up 38% YoY) and BLDC-fitted models making up 60% of chimney production. The Hyderabad plant supplies OEMs including Crompton, IRB and KAFF with premium built-in chimneys. Other products in the portfolio include LPG stoves, cooktops, OTGs and sheet metal components, and the company is launching built-in refrigerators (ASP ₹38–40k), wine coolers (₹30–35k), dishwashers, hobs and built-in ovens to broaden revenue beyond chimneys, which are expected to settle at 60–65% of revenue going forward. A 34% stake has been taken in Tricoree Machmatrix to manufacture BLDC motors, PCBs and switches in-house, reducing dependency on China and pre-empting expected BIS extension to motors. Capacity utilisation across both plants stood around 50% in FY26, with ₹10 crore of CapEx underway to add 12,000–15,000 chimneys of annual capacity at Panchkula. Raw materials are the dominant cost at 72% of revenue, and the company says 100% price pass-through has not been possible. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Kitchen chimneys, Other kitchen appliances and components, New built-in product lines. Manufacturing-led, capacity-expanding consumer durables; chimneys dominant with new built-in products ramping
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 150 |
| EBITDA (ex other income) | — |
| margin % | — |
| Owners' profit | — |
| EPS, as reported (₹) | 7.79 |
| ROE % · ROCE % | — · 16.0 |
| Debt / equity (x) | — |
| Cash from operations | 11 |
| Capex | (7) |
Exhibit 2: Quarterly performance, last 1 quarters
| ₹ crore | Q4 FY26 |
|---|---|
| Revenue | 74 |
| Profit before tax | 4 |
| Net profit | — |
| EPS (₹) | 3.10 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CELLO WORLD LIMITED | 7,408 | 24.0 | 2.74 | 14.1 | 12.3 | 16.1 | — | 22.2 |
| HAWKINS COOKERS LTD | 4,010 | 30.6 | 9.01 | — | 29.5 | 37.2 | — | 15.8 |
| BOROSIL LIMITED | 2,905 | 41.5 | 3.28 | 15.6 | 8.4 | 9.9 | 15.4 | 16.2 |
| ALL TIME PLASTICS LIMITED | 1,343 | 37.1 | 2.19 | 14.4 | 5.8 | 6.9 | — | 16.7 |
| Maruti Interior Products Limit | 203 | 3.4 | — | — | — | 21.6 | — | — |
| Inflame Appliances Limited ◆ | 170 | 73.2 | — | — | — | 10.0 | — | — |
| GOTHI PLASCON (INDIA) LTD. | 41 | 17.8 | 3.74 | — | 16.6 | 16.4 | — | 63.6 |
| Riddhi Display Equipments Limi | 26 | 4.6 | — | — | — | 14.3 | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 73.2 | 30.6 | 8 of 9 | 13% |
| ROCE | 10.0 | 14.3 | 6 of 9 | 38% |
| Market cap | 170 | 203 | 6 of 9 | 38% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Routine compliance certificate under Reg 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 till 48 hours after H1 FY26 results | compliance | minimal | — | — |
| 22 Sept 2026 · Inflame Appliances to attend Arihant Capital Virtual Conference on Sep 25 | board shareholder meetings | low | — | — |
| 9 Sept 2026 · Amit Kaushik appointed MD; Aditya Kaushik moves to Non-Executive Chairman role | management changes | medium | — | — |
| 7 Sept 2026 · 9th AGM concluded on Sept 7, 2026; 8 resolutions passed | board shareholder meetings | low | — | — |
| 17 Aug 2026 · Inflame Appliances announces 9th AGM on September 7, 2026 | compliance | minimal | — | — |
| 14 Aug 2026 · 9th AGM Notice and Annual Report FY26 dispatch confirmed | compliance | minimal | — | — |
| 13 Aug 2026 · Inflame Appliances appoints Cost Auditor for FY 2026-27 | management changes | medium | — | — |
| 16 Jul 2026 · Q1 FY27 revenue up 34% YoY to Rs 35.6 cr, chimney volumes grow 42% | business updates | medium | — | — |
| 15 Jul 2026 · Regulatory compliance certificate for Q1 FY27 filed with BSE | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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.