NSE: STOVEKRAFT · BSE: 543260
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Small appliances (40%), Induction cooktops (16%), Cookware and pressure cookers, OEM exports (11%). Consumer durables, branded household kitchen appliances with own manufacturing
Exhibit 1: Financial summary, FY21–FY21 (all audited; no estimate years)
| ₹ crore · consolidated | FY21 |
|---|---|
| Revenue | 859 |
| EBITDA (ex other income) | 113 |
| margin % | 13.2 |
| Owners' profit | 81 |
| EPS, as reported (₹) | 26.70 |
| ROE % · ROCE % | 27.0 · 28.9 |
| Debt / equity (x) | 0.17 |
| Cash from operations | 110 |
| Capex | (63) |
Exhibit 2: Quarterly performance, last 1 quarters
| ₹ crore | Q4 FY21 |
|---|---|
| Revenue | 235 |
| Profit before tax | 19 |
| Net profit | 19 |
| EPS (₹) | 6.06 |
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. % |
|---|---|---|---|---|---|---|---|---|
| LG ELECTRONICS INDIA LTD | 1,13,694 | 62.3 | 14.83 | — | 22.0 | 27.2 | — | 13.8 |
| BLUE STAR LIMITED | 31,375 | 61.6 | 9.14 | 33.2 | 15.4 | 18.9 | 23.8 | 6.1 |
| VOLTAS LTD | 31,300 | 69.7 | 4.89 | 36.7 | 5.8 | 9.9 | 13.8 | 7.6 |
| AMBER ENTERPRISES (I) LTD | 21,267 | 221.0 | 3.67 | 23.0 | 3.9 | 5.3 | 32.1 | 6.1 |
| CROMPT GREA CON ELEC LTD | 12,637 | — | 3.68 | 91.4 | (6.7) | (2.1) | 11.0 | 11.0 |
| V-GUARD IND LTD. | 11,578 | 31.9 | 4.88 | 21.9 | 13.0 | 15.5 | 17.0 | 11.2 |
| WHIRLPOOL OF INDIA LTD | 10,633 | 42.4 | 2.56 | 15.4 | 7.1 | 8.1 | 6.4 | 7.6 |
| TTK PRESTIGE LTD | 7,397 | 38.3 | 3.75 | 23.5 | 7.9 | 10.2 | 6.3 | 13.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 138.6 | 42.4 | 17 of 19 | 11% |
| P/B | 9.2 | 4.3 | 22 of 23 | 5% |
| ROCE | 23.5 | 9.4 | 2 of 24 | 96% |
| ROE | 27.0 | 7.1 | 1 of 23 | 100% |
| Debt / Equity | 0.2 | 0.0 | 15 of 23 | 36% |
| EBITDA margin | 11.1 | 7.6 | 8 of 23 | 68% |
| Market cap | 2781 | 3661 | 16 of 24 | 35% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Stove Kraft schedules investor call for September 2026 results | board shareholder meetings | low | — | — |
| 19 Oct 2026 · Board meeting on 04 Nov 2026 to approve Q2/H1 FY26 results | results | low | — | — |
| 12 Oct 2026 · Stove Kraft files routine dematerialization certificate for Sep 2026 quarter | compliance | minimal | — | — |
| 6 Oct 2026 · Stove Kraft gets CRISIL ESG score of 63 for FY26 | business updates | medium | — | — |
| 1 Oct 2026 · Audit Committee reconstituted; SBLC of Rs 30 cr proposed for China subsidiary | credit debt | medium | — | — |
| 24 Sept 2026 · Trading Window closed from 29 Sept 2026 ahead of Q2 results | compliance | minimal | — | — |
| 11 Sept 2026 · Stove Kraft 27th AGM concludes; all 10 resolutions approved | board shareholder meetings | low | — | — |
| 11 Sept 2026 · Stove Kraft 27th AGM: All 10 resolutions approved, Rs. 3.50 dividend | board shareholder meetings | low | — | — |
| 20 Aug 2026 · 27th AGM notice published; e-voting from September 8 to 10 | compliance | minimal | — | — |
| 19 Aug 2026 · Stove Kraft management to attend investor roadshow in Singapore | board shareholder meetings | low | — | — |
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.