Whirlpool of India Ltd

WHIRLPOOL

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Market Cap

₹ 11,929 Cr

P/E

35.20

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Performance

UNDER PERFORMER

Valuation

UNDERVALUED

Growth

STABLE

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

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Overview

Detailed Summary

Whirlpool of India Limited is a major manufacturer and marketer of home appliances, including refrigerators, washing machines, and air conditioners.

The company reported a solid 17% revenue growth for April to December 2024, sustaining its market momentum through strategic investments and operational improvements.

Strong market share gains have been observed in both refrigerators and washers, indicating effective competitive strategies and consumer preference.

A successful collaboration with Unilever in the laundry sector aims to enhance brand penetration through joint marketing and innovative products.

Investment in capacity expansion with a new production line at Puducherry emphasizes Whirlpool's commitment to scaling up operations and meeting growing demand.

Sector

Consumer Durables

Industry

Domestic Appliances - White Goods

Market Cap

11,929 Cr

Volatility

Low Risk

P/E Ratio

35.2

Industry P/E

46.9

PEG Ratio

1.6

P/B Ratio

2.9

52W High

1,980.00

52W Low

887.65

Sales CAGR

15.95%

7.38%

4.37%

10Y

7.70%

Profit CAGR

61.74%

12.03%

-8.03%

10Y

3.01%

ROE

TTM

8.59%

6.78%

7.82%

10Y

12.14%

ROCE

TTM

11.96%

8.86%

10.07%

10Y

16.20%

Technicals

‌

Forecasts

No. of Analysts

16

1Y Price Target

1454.91 ▲ 53.99%

Q3 EPS Estimate

Q3 Revenue Estimate

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
EUREKAFORB	650.60	12,604 Cr	68.03	2.79	0.00	4.12	5.34	2.74
WHIRLPOOL	940.25	11,929 Cr	35.20	2.92	0.53	8.59	11.96	5.39
IFBIND	1617.00	6,530 Cr	51.46	7.08	0.00	13.74	17.45	5.18
SYMPHONY	867.00	5,975 Cr	34.91	7.63	1.49	21.85	27.54	9.17
BAJAJELEC	476.10	5,505 Cr	59.56	3.21	0.63	5.40	9.44	2.63
VOEPL	423.00	1,309 Cr	162.69	3.73	0.00	2.30	8.92	1.16
BUTTERFLY	691.45	1,211 Cr	29.71	3.48	0.00	11.69	16.18	7.31

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	2,039	1,522	1,536	1,734	2,497	1,713	1,705	2,005	2,432	1,647
Expenses	1,915	1,448	1,473	1,590	2,286	1,626	1,636	1,822	2,221	1,589
Operating Profit	123	73	63	144	211	87	69	183	211	58
OPM %	6.05	4.81	4.08	8.29	8.45	5.08	4.06	9.13	8.68	3.51
Other Income	35	34	36	41	51	49	51	47	54	60
Interest	7.49	5.60	8.53	8.61	10	11	9.20	14	15	8.23
Depreciation	52	49	47	62	56	52	51	54	54	52
Profit Before Tax	99	52	42	114	196	73	59	162	196	58
Tax %	22.17	26.93	29.16	30.44	25.86	27.04	24.77	26.09	25.64	27.30
Net Profit	77	38	30	79	145	54	45	119	146	42
EPS in Rs	5.90	2.89	2.21	6.12	11.34	4.10	3.46	9.40	11.49	3.26

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	5,140	5,398	5,993	5,900	6,197	6,668	6,830	7,919	7,855
Expenses	4,272	4,755	5,319	5,381	5,781	6,297	6,427	7,369	7,304
Operating Profit	868	642	673	519	416	370	403	550	551
OPM %	16.88	11.90	11.24	8.80	6.71	5.55	5.90	6.95	7.01
Other Income	87	107	143	108	398	127	145	198	201
Interest	4.39	9.09	20	15	16	15	30	45	50
Depreciation	102	111	129	142	147	185	210	213	211
Profit Before Tax	541	629	667	470	650	297	307	490	491
Tax %	35.16	34.88	26.49	25.09	12.76	24.63	27.02	25.98	25.89
Net Profit	351	410	490	352	567	224	224	363	364
EPS in Rs	—	—	38.64	27.72	44.65	17.43	17.12	28.30	27.61
Dividend Payout %	14.47	15.48	12.94	18.03	11.20	28.97	29.22	17.67	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	127	127	127	127	127	127	127	—
Reserves	1,669	2,019	2,437	2,731	3,231	3,393	3,562	—
Borrowings	0.00	0.00	0.00	51	134	112	231	0.00
Other Liabilities	1,429	1,566	1,797	2,139	2,195	2,327	2,220	0.00
Total Liabilities	3,226	3,712	4,360	5,048	5,687	5,959	6,140	—
Fixed Assets	446	508	709	707	1,803	1,917	1,932	0.00
CWIP	33	43	44	41	76	20	21	0.00
Investments	456	659	567	207	0.00	0.00	0.00	0.00
Other Assets	2,291	2,501	3,040	4,093	3,807	4,022	4,187	0.00
Total Assets	3,226	3,712	4,360	5,048	5,687	5,959	6,140	—

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	384	402	380	524	98	270	610	571
Cash from Investing Activity	-415	-262	-72	338	-459	-101	62	61
Cash from Financing Activity	-46	-62	-87	-75	-89	-101	-117	-307
Net Cash Flow	-77	79	221	786	-450	68	555	325

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	75.00%	75.00%	75.00%	75.00%	75.00%	51.00%	51.00%	51.00%	51.00%	51.00%	51.00%	51.00%
FIIs	3.11%	3.20%	3.31%	3.48%	3.64%	6.47%	8.93%	9.48%	9.70%	10.72%	10.29%	11.12%
DIIs	12.47%	12.38%	12.49%	12.95%	12.65%	33.71%	31.32%	31.52%	30.82%	28.11%	28.75%	28.50%
Public	9.42%	9.42%	9.21%	8.57%	8.71%	8.83%	8.75%	8.00%	8.48%	10.17%	9.96%	9.39%
Total Shareholders	1,26,219	1,26,361	1,24,507	1,14,284	1,18,984	1,23,148	1,04,436	93,110	89,393	1,02,109	96,396	1,08,137

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Nov 28, 2025	Whirlpool mauritius limited	Insider - Promoter Group	Disposal	0.00	0.00 Cr	1,42,55,000	11.2
Nov 27, 2025	Irage broking services llp	Bulk	Buy	1,070.57	15.70 Cr	1,46,641	0.11
Nov 27, 2025	Irage broking services llp	Bulk	Sell	1,070.86	104.56 Cr	9,76,450	0.76
Nov 27, 2025	Whirlpool mauritius limited	Bulk	Sell	1,044.97	1,489.60 Cr	1,42,55,000	11.2
Nov 27, 2025	Kotak mahindra mutual fund	Bulk	Buy	1,041.00	118.80 Cr	11,41,200	0.89
Nov 27, 2025	Hdfc mutual fund	Bulk	Buy	1,041.00	105.29 Cr	10,11,418	0.79
Nov 27, 2025	Irage broking services llp	Bulk	Buy	1,064.42	101.82 Cr	9,56,602	0.75
Nov 27, 2025	East bridge capital master fu...	Bulk	Buy	1,041.00	98.67 Cr	9,47,840	0.74
Nov 27, 2025	Societe generale odi	Bulk	Buy	1,041.00	90.94 Cr	8,73,600	0.68
Nov 27, 2025	Franklin templeton mutual fund	Bulk	Buy	1,041.00	89.10 Cr	8,55,900	0.67

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Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	2,039	1,522	1,536	1,734	2,497	1,713	1,705	2,005	2,432	1,647
Expenses	1,915	1,448	1,473	1,590	2,286	1,626	1,636	1,822	2,221	1,589
Operating Profit	123	73	63	144	211	87	69	183	211	58
OPM %	6.05	4.81	4.08	8.29	8.45	5.08	4.06	9.13	8.68	3.51
Other Income	35	34	36	41	51	49	51	47	54	60
Interest	7.49	5.60	8.53	8.61	10	11	9.20	14	15	8.23
Depreciation	52	49	47	62	56	52	51	54	54	52
Profit Before Tax	99	52	42	114	196	73	59	162	196	58
Tax %	22.17	26.93	29.16	30.44	25.86	27.04	24.77	26.09	25.64	27.30
Net Profit	77	38	30	79	145	54	45	119	146	42
EPS in Rs	5.90	2.89	2.21	6.12	11.34	4.10	3.46	9.40	11.49	3.26

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	5,140	5,398	5,993	5,900	6,197	6,668	6,830	7,919	7,855
Expenses	4,272	4,755	5,319	5,381	5,781	6,297	6,427	7,369	7,304
Operating Profit	868	642	673	519	416	370	403	550	551
OPM %	16.88	11.90	11.24	8.80	6.71	5.55	5.90	6.95	7.01
Other Income	87	107	143	108	398	127	145	198	201
Interest	4.39	9.09	20	15	16	15	30	45	50
Depreciation	102	111	129	142	147	185	210	213	211
Profit Before Tax	541	629	667	470	650	297	307	490	491
Tax %	35.16	34.88	26.49	25.09	12.76	24.63	27.02	25.98	25.89
Net Profit	351	410	490	352	567	224	224	363	364
EPS in Rs	—	—	38.64	27.72	44.65	17.43	17.12	28.30	27.61
Dividend Payout %	14.47	15.48	12.94	18.03	11.20	28.97	29.22	17.67	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	127	127	127	127	127	127	127	—
Reserves	1,669	2,019	2,437	2,731	3,231	3,393	3,562	—
Borrowings	0.00	0.00	0.00	51	134	112	231	0.00
Other Liabilities	1,429	1,566	1,797	2,139	2,195	2,327	2,220	0.00
Total Liabilities	3,226	3,712	4,360	5,048	5,687	5,959	6,140	—
Fixed Assets	446	508	709	707	1,803	1,917	1,932	0.00
CWIP	33	43	44	41	76	20	21	0.00
Investments	456	659	567	207	0.00	0.00	0.00	0.00
Other Assets	2,291	2,501	3,040	4,093	3,807	4,022	4,187	0.00
Total Assets	3,226	3,712	4,360	5,048	5,687	5,959	6,140	—

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	384	402	380	524	98	270	610	571
Cash from Investing Activity	-415	-262	-72	338	-459	-101	62	61
Cash from Financing Activity	-46	-62	-87	-75	-89	-101	-117	-307
Net Cash Flow	-77	79	221	786	-450	68	555	325

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
EUREKAFORB	650.60	12,604 Cr	68.03	2.79	0.00	4.12	5.34	2.74
WHIRLPOOL	940.25	11,929 Cr	35.20	2.92	0.53	8.59	11.96	5.39
IFBIND	1617.00	6,530 Cr	51.46	7.08	0.00	13.74	17.45	5.18
SYMPHONY	867.00	5,975 Cr	34.91	7.63	1.49	21.85	27.54	9.17
BAJAJELEC	476.10	5,505 Cr	59.56	3.21	0.63	5.40	9.44	2.63
VOEPL	423.00	1,309 Cr	162.69	3.73	0.00	2.30	8.92	1.16
BUTTERFLY	691.45	1,211 Cr	29.71	3.48	0.00	11.69	16.18	7.31

Overview

Detailed Summary

Whirlpool of India Limited is a major manufacturer and marketer of home appliances, including refrigerators, washing machines, and air conditioners.

The company reported a solid 17% revenue growth for April to December 2024, sustaining its market momentum through strategic investments and operational improvements.

Strong market share gains have been observed in both refrigerators and washers, indicating effective competitive strategies and consumer preference.

A successful collaboration with Unilever in the laundry sector aims to enhance brand penetration through joint marketing and innovative products.

Investment in capacity expansion with a new production line at Puducherry emphasizes Whirlpool's commitment to scaling up operations and meeting growing demand.

Sector

Consumer Durables

Industry

Domestic Appliances - White Goods

Market Cap

11,929 Cr

Volatility

Low Risk

P/E Ratio

35.2

Industry P/E

46.9

PEG Ratio

1.6

P/B Ratio

2.9

52W High

1,980.00

52W Low

887.65

Sales CAGR

15.95%

7.38%

4.37%

10Y

7.70%

Profit CAGR

61.74%

12.03%

-8.03%

10Y

3.01%

ROE

TTM

8.59%

6.78%

7.82%

10Y

12.14%

ROCE

TTM

11.96%

8.86%

10.07%

10Y

16.20%