STOVE KRAFT LIMITED

Manufactures and sells kitchen and small home appliances in India, primarily under the Pigeon brand, through retail stores, e-commerce platforms and general trade dealers, with a smaller contract manufacturing business for export. In Q4 FY26, small appliances (mixers, grinders and similar products) made up 40.2% of revenue and induction cooktops 15.5%, with the balance from cookware, non-stick products and pressure cookers; induction cooktop capacity was doubled to 4-5 million units annually to meet demand. The Pigeon exclusive store network ran 329 stores across 151 cities and 22 states at year-end FY26, with the company targeting 500 stores by 2027, adding approximately 25 stores per quarter. E-commerce contributed 35.9% of FY26 revenue, general trade 29.7%, and OEM exports 10.7%. Raw materials are the largest cost at 56.1% of revenue, followed by employees at 11.7% and other operating expenses at 16.7%. Q4 FY26 revenue was INR 414.5 crores (+32.4% YoY) and full-year FY26 revenue was INR 1,607.4 crores (+10.9% YoY), with the existing manufacturing facility designed to support INR 2,500-3,000 crores of revenue. OEM manufacturing for IKEA commences billing in Q1 FY27 as a new export customer.