Whirlpool of India Q1 FY27: Record Revenue, Margin Pressure, and a Premium Push

Standalone revenue was INR 2,582 crore, up 11.4% YoY. Standalone EBITDA was INR 120 crore (4.6% margin) and PBT was INR 120 crore (4.6% margin). Consolidated revenue (including Elica) was INR 2,727 crore, up 12.1% YoY, with consolidated EBITDA and PBT at INR 139 crore (5.1% margin).

Management attributed the margin decline to war-led cost increases (crude-linked inputs, supply chain premiums, and forex impact) and regulatory upcharges including energy upgrades for refrigerators and air conditioners and incremental e-waste costs. The company stated it could not fully pass these costs through pricing due to competitive dynamics.

Management highlighted strong performance in air conditioners (around 50% revenue growth) and front load washers (volumes up 1.8 times vs last year, with triple digit basis points market share growth). Elica also reported revenue growth of 26% and PBT growth of 22%.

Luxuriem is a 654 litre 4-door premium refrigerator range launched in India and manufactured at the Pune plant. Management said it addresses a gap in large frost-free refrigerators and expects this to help improve no-frost market share over the next 12 to 15 months.

Management stated July to September is typically the weakest quarter for refrigerators and air conditioners and indicated it is likely to be financially challenging given high commodity costs and forex, while volumes are seasonally lower in that period.

Management stated the company had net negative working capital in the quarter and that the prior quarter’s air conditioner working capital investments were fully recovered in Q1 FY27.