NSE: WHIRLPOOL · BSE: 500238
WHIRLPOOL OF INDIA LTD
Sells household appliances in India across four product lines: refrigerators (direct cool and frost-free), washing machines (front load), air conditioners, and cooking/kitchen appliances under the Elica subsidiary. FY26 consolidated revenue was ₹8,034.2 crore, with Q4 FY26 alone at ₹2,181 crore growing 7.4% year-on-year after a soft H1. March 2026 was the highest-ever shipment month in company history, including a first-ever crossing of 100,000 air conditioner units in a single month and a doubling of front load washing machine volumes in the quarter. Manufacturing is supported by a 'P4G' cost program that delivered 220 basis points of gross margin improvement over three years. The biggest cost is materials (50.2% of revenue in FY26), followed by other operating expenses (16.7%) and employees (10.8%); depreciation was 2.6% and capex 3.3% of revenue. Q4 FY26 EBITDA fell to ₹121 crore (5.6% margin) and full-year EBITDA was ₹481 crore (6% margin), with margins pressured by an energy regulation upgrade (BEE star rating change from January 2026), incremental e-waste provisions from a September 2024 government notification, and Middle East-related supply chain disruption. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Refrigerators, Washing machines, Air conditioners, Elica cooking/kitchen appliances. Cyclical, consumer durables business exposed to seasonal demand, regulatory cost changes and entry-level segment weakness
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 6,197 | 6,668 | 6,830 | 7,919 | 8,034 |
| EBITDA (ex other income) | 740 | 370 | 384 | 557 | 452 |
| margin % | 11.9 | 5.6 | 5.6 | 7.0 | 5.6 |
| Owners' profit | 566 | 219 | 217 | 359 | 294 |
| EPS, as reported (₹) | 44.64 | 17.26 | 17.11 | 28.30 | 23.15 |
| ROE % · ROCE % | 16.2 · 16.7 | 6.1 · 7.7 | 5.8 · 7.7 | 9.1 · 11.6 | 7.1 · 9.0 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 98 | 270 | 610 | 571 | 298 |
| Capex | (170) | (181) | (66) | (120) | (263) |
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 | 1,713 | 1,705 | 2,005 | 2,432 | 1,647 | 1,774 | 2,181 | 2,727 |
| Profit before tax | 73 | 59 | 162 | 196 | 58 | 33 | 110 | 139 |
| Net profit | 54 | 45 | 119 | 146 | 42 | 27 | 81 | 103 |
| EPS (₹) | 4.10 | 3.46 | 9.40 | 11.49 | 3.26 | 2.09 | 6.32 | 8.11 |
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) | 42.4 | 42.4 | 10 of 19 | 50% |
| P/B | 2.6 | 4.3 | 6 of 23 | 77% |
| ROCE | 8.1 | 9.4 | 14 of 24 | 44% |
| ROE | 7.1 | 7.1 | 12 of 23 | 50% |
| Debt / Equity | 0.0 | 0.0 | 1 of 23 | 73% |
| EBITDA margin | 7.6 | 7.6 | 13 of 23 | 46% |
| Revenue growth | 12.1 | 15.4 | 16 of 22 | 29% |
| Profit growth | (29.6) | 38.1 | 17 of 21 | 20% |
| Market cap | 10633 | 3661 | 7 of 24 | 74% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Elica India plans leadership changes for April 2027 | management changes | high | — | — |
| 22 Oct 2026 · Multiple senior management changes at Whirlpool of India | management changes | medium | — | — |
| 14 Oct 2026 · Routine dematerialisation compliance certificate filed for Q2 FY26 | compliance | minimal | — | — |
| 7 Oct 2026 · Whirlpool of India appoints four trustees for its ESOP Trust | general | low | — | — |
| 28 Sept 2026 · As enclosed | compliance | minimal | — | — |
| 24 Sept 2026 · Promoter exploring stake sale to third party as part of control transaction | ownership changes | high | — | — |
| 24 Sept 2026 · Promoter Whirlpool Corp exploring stake sale; stock up 20 percent | ownership changes | critical | — | — |
| 23 Sept 2026 · NSE seeks clarification on promoter stake sale news report | regulatory legal | medium | — | — |
| 16 Sept 2026 · Whirlpool India files newspaper advertisement with BSE and NSE under SEBI Regulation 47 | compliance | minimal | — | — |
| 10 Sept 2026 · Whirlpool of India 65th AGM: All 5 resolutions passed with strong majority | 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.