Whirlpool of India Q3 FY26: Revenue Up 4%, Profit Hit

Earnings context and what changed this quarter

Whirlpool of India Limited discussed its Q3 FY2025-26 performance in a conference call held on February 12, 2026, after announcing its quarterly results in early February. The quarter ended December 31, 2025 and delivered modest top-line growth, but profitability declined sharply on reported numbers. The company attributed part of the profit pressure to costs linked to new labour codes, along with a higher overall expense base. Despite these pressures, management highlighted market share gains in washers and a sharp increase in the air conditioning business. The company also pointed to a low-single-digit industry growth environment during the quarter, with demand helped by festive buying during Diwali.

Key Q3 FY26 financial highlights (consolidated)

On a consolidated basis, Whirlpool of India reported revenue from operations of ₹1,773.84 crore in Q3 FY26, up from ₹1,704.85 crore in the year-ago quarter. Consolidated net profit fell 39.55% year-on-year to ₹26.92 crore. Total expenses rose to ₹1,744.36 crore, compared with ₹1,696.17 crore a year earlier. On a sequential basis, reported performance trackers in the provided data show revenue up 7.68% QoQ and profit after tax down 35.6% QoQ. The quarter’s earnings per share (EPS) was reported at ₹2.09.

Snapshot table: Q3 FY26 vs Q2 FY26 vs Q3 FY25

What management said drove revenue growth

In the February 12 call transcript summary, the company said standalone revenue for Q3 FY26 was ₹1,624 crore, representing 3.2% year-on-year growth. Management linked this growth to product and execution strategies and said these efforts helped increase market share in washers. The company also flagged a notable increase in the air conditioning business during the quarter. The broader industry environment was described as low-single-digit growth, with festive demand during Diwali supporting volumes.

On a consolidated basis including the Elica business, Whirlpool of India reported revenue growth of 4% to ₹1,774 crore. The company’s presentation also referenced revenue growth of about 4% versus last year, while maintaining market shares in a competitive environment.

Profitability: improvement on operating metrics, but reported PBT fell

Whirlpool of India reported improved operating profitability metrics on some lines, alongside weaker reported profit before tax because of a one-time provision. On a standalone basis, EBITDA grew 47% to ₹65 crore, and EBITDA margin expanded by 120 basis points to 4%, according to the call notes. Standalone PBT before exceptional items increased 32% to ₹48 crore.

However, the company said reported PBT declined 60% due to a one-time wage code provision of ₹33.4 crore. On consolidated numbers, Whirlpool of India reported consolidated EBITDA of ₹91 crore with a 5% margin, and PBT before exceptional items of ₹71.7 crore. Reported consolidated PBT declined 45% due to a wage code provision of ₹38.8 crore.

Labour codes provision and cost base: what was disclosed

In the data provided, Whirlpool of India said it assessed and provided for an incremental impact of ₹38.84 crore arising from implementation of new labour codes announced by the government. The company also stated that the higher cost base during the quarter weighed on profitability, even as revenue stayed stable.

The reported financial statements also show expenses rising faster than revenue on both sequential and year-on-year comparisons. Expenses were up 5.8% QoQ and 2.8% YoY, while revenue growth was modest. This dynamic is visible in the movement of PBT and PAT, both of which declined sharply versus both Q2 FY26 and Q3 FY25.

Nine-month performance and margins: what the company highlighted

For the nine months ended December 2025, the company reported consolidated revenue of ₹5,853 crore, a 1% year-on-year decline, which it linked mainly to a weak industry in the first quarter. Over the nine-month period, Whirlpool of India highlighted a gross margin improvement of 62 basis points, supported by cost productivity programs. In its presentation, the company also referenced a 30% gross margin and pointed to cost takeout programs as an ongoing lever.

While these disclosures signal management’s focus on cost productivity, the quarter’s reported profitability still reflected the one-time labour code provision and the rise in expenses. The divergence between modest revenue growth and a much sharper decline in profit remained a key feature of the Q3 print.

Long-term agreements with Whirlpool Corporation: why they matter

Management highlighted a set of long-term agreements with Whirlpool Corporation that aim to provide continuity on brand and technology access. The transcript summary references a 30-year exclusive brand license agreement that allows Whirlpool of India to use the Whirlpool brand in India. It also references a 10-year technology license agreement, giving access to current and future technology, with an option after 10 years to extend based on product categories.

A transitional service agreement (TSA) was also described as extending up to March 2029, which is longer than typical TSA durations mentioned in the transcript (6 to 18 months). In addition, a smaller agreement related to servicing the Global Technology Center was stated to run until March 2029.

Agreements timeline (as described)

Market impact: what the numbers imply for investors

From the disclosed results, investors are weighing two parallel signals. One is that revenue grew year-on-year, with management pointing to market share traction in washers and growth in air conditioners, even in a low-growth industry quarter. The other is that reported profitability weakened materially, driven by rising expenses and the disclosed labour code-related provisions.

The Q3 FY26 consolidated PAT of ₹26.92 crore reflects a sharp decline from ₹44.53 crore in Q3 FY25, even as revenue from operations rose to ₹1,773.84 crore from ₹1,704.85 crore. The same pattern is visible in PBT movement: ₹32.86 crore in Q3 FY26 versus ₹59.19 crore in Q3 FY25. For market participants, this quarter’s discussion is likely to stay centered on the trajectory of costs and how quickly the company can absorb or offset the higher cost base.

Conclusion: what to track after the Q3 call

Whirlpool of India’s Q3 FY26 result combined modest revenue growth with a steep decline in reported profit, alongside a disclosed labour code provision and higher expenses. Management also used the investor call to highlight long-duration agreements covering brand usage, technology access, and transitional services through March 2029. The next set of investor updates will likely be watched for more clarity on the cost base after the labour code provision and how operational improvements translate into reported profitability over coming quarters.