Whirlpool Q4 FY26: Revenue Up 9%, PAT Down 27%, Record

What changed in Whirlpool’s March-quarter performance

Whirlpool of India Limited (BOM: 500238) reported a recovery in Q4 FY26 after a weak start to the year, with the company citing competitive pressure in Q1 and Q2 and a return to growth in the second half. In its investor presentation filed with stock exchanges for the conference call held on May 22, 2026, the company highlighted stronger volumes, market share improvements in select categories, and its highest-ever shipment month in March 2026.

But the quarter also showed how regulatory changes and cost inflation can compress profitability even when revenue rises. The company flagged energy transition-related costs and incremental e-waste provisions, along with commodity inflation linked to geopolitical tensions, as key drags on margins.

Q4 FY26 financial scorecard: revenue up, profitability down

On a consolidated basis, revenue from operations rose to ₹2,181 crore in Q4 FY26 from ₹2,005 crore in Q4 FY25, an 8% to 9% year-on-year increase (as cited across filings and reports). Despite the stronger top line, consolidated EBITDA declined to ₹121 crore from ₹183 crore a year earlier. EBITDA margin contracted to 5.56% from 9.13%.

Profitability fell sharply. Profit before tax (PBT) was reported around ₹110 crore (₹109.83 crore in one report), down roughly 29% to 32% year-on-year, while consolidated profit after tax (PAT) was ₹81 crore (₹80.20 crore in another report), down 27% to 33% from about ₹119 crore in Q4 FY25.

Full-year FY26: modest revenue growth, lower profit

For the year ended March 31, 2026, consolidated revenue from operations increased 1.4% year-on-year to ₹8,034 crore (₹8,034.20 crore in one report). Annual PAT was reported at about ₹295 crore (₹293.75 crore in one report), reflecting an 18.17% decline compared with the previous year.

Management also provided a split view of momentum through the year: revenue declined 3% in H1 amid a weak summer season, early onset of monsoon, and intense competitive pricing, but recovered in H2 (October to March) with revenue growth of 6.6%.

Market share: March 2026 lift in multi-brand outlets

A key operational highlight for Whirlpool was market share improvement in multi-brand outlets during March 2026. The company said that in refrigerators and washing machines combined, it secured the number two position in multi-brand outlet volume market share for that month. It also referenced securing the number two position in the “T2 segment” based on multi-brand outlet volume market share for March 2026.

Alongside that, Whirlpool said it maintained market leadership in direct cool refrigerators and achieved the number two position in top load and semi-automatic washers for the quarter. The company also noted it had delivered market leadership in direct cool refrigerators for three consecutive months, and had held the number one position for four months from December 2025.

Category trends: washers and air conditioners lead volumes

Whirlpool’s narrative for the quarter leaned on volume-led improvements in key segments. Front load washer volumes doubled in Q4, accompanied by a triple-digit increase in market share, based on multi-brand outlet volume market share.

In air conditioners, the company said it exceeded 100,000 units in March 2026 and reported quarterly volume growth of more than 50%. These figures were presented as evidence of improving traction, even as the business remained smaller relative to refrigerators and washing machines.

Elica subsidiary: revenue up 30%, PBT up 48%

The company said Elica, its subsidiary, delivered a strong quarter. Elica’s revenue increased 30% in Q4 FY26, while profit before tax rose 48% for the quarter. In one section of the conference call transcript, the company also referenced a 32% revenue growth for Elica alongside the 48% profit growth, indicating strong performance but with slightly different growth figures cited across remarks.

Record shipments: March 2026 beats prior peak

Whirlpool said March 2026 was the highest-ever shipment month in its history, beating its previous record month of April 2019. The company positioned the shipment record alongside the market share gains in multi-brand outlets as a sign of improved execution in the quarter.

Why margins came under pressure

Even with higher shipments and revenue growth, margins weakened materially. Whirlpool attributed profitability pressure to regulatory headwinds, including energy transition costs in the air-conditioner and refrigerator segments and incremental e-waste provisions. It also cited commodity inflation triggered by ongoing geopolitical tensions.

The company additionally noted that margins were impacted due to energy change regulations and incremental e-waste costs, and that competitive pricing continued to affect profitability. The combined effect shows up in the year-on-year EBITDA decline and margin contraction during Q4.

Industry context: refrigerator market decline and regulatory impact

Whirlpool pointed to a challenging refrigerator industry backdrop. The refrigerator industry faced a decline driven by a drop in direct cool refrigerators, which weighed on overall growth. Whirlpool also said it saw a decline in volume market share for both direct cool and frost-free refrigerators, linking the change to regulatory shifts and competitive pricing.

These comments are important because the refrigerator category remains a core business driver for Whirlpool in India, and regulatory changes can alter product mix, pricing, and compliance costs across the industry.

Working capital: negative net working capital highlighted

Whirlpool stated that it maintained a negative net working capital in its refrigerator and washer business, which it presented as efficient working capital management. While the company did not provide a specific figure in the provided text, the point suggests that operating cycles and vendor terms remained favourable in these categories.

Dividend declaration for FY26

Alongside its FY26 results, Whirlpool said its board declared a dividend of ₹5 per equity share of face value ₹10 each, amounting to 50% for FY 2025-26.

Key numbers at a glance

What investors will track next

The Q4 FY26 print shows Whirlpool’s ability to regain growth momentum in H2, supported by improved volumes, market share gains in multi-brand outlets, and record shipments in March 2026. At the same time, the quarter underlined the impact of regulatory-linked costs and inflation on profitability.

With the company having already discussed these results in its May 22, 2026 conference call presentation, investors are likely to focus on how quickly margin pressures ease, how regulatory changes reshape refrigerator demand, and whether washer and air-conditioner volume gains sustain into the next financial year.