Overview

Detailed Summary

Whirlpool of India Limited manufactures and markets major home appliances in India, including refrigerators, washing machines, air conditioners, microwave ovens and kitchen appliances, with three manufacturing sites in Faridabad, Puducherry and Pune and consolidated operations that include Elica India as a near‑100% subsidiary.
Q3 FY25‑26 standalone results show resilience: revenue of Rs.1,624 crore (≈+3.8% YoY), EBITDA Rs.65.3 crore (4% margin, +47% YoY) and PBT before exceptional items Rs.48.2 crore (+32% YoY); consolidated revenue was Rs.1,774 crore and consolidated EBITDA improved materially, reflecting strong execution and cost productivity.
The company secured long‑term continuity through a 30‑year exclusive brand license, a technology access agreement and a Transitional Service Agreement until March 2029, ensuring Whirlpool of India retained brand and technology access while buying time to build independent IT and technology roadmaps.
Operational transformation via the P4G (Productivity for Growth) / WCM program drove a cumulative gross‑margin improvement of ~320 basis points since FY23 and helped produce negative net working capital in four of the last six quarters, supporting consistent positive cash generation and funding ROI‑led investments.
Elica India consolidation is a strategic margin driver: Whirlpool increased ownership to ~97%, and Elica delivers double‑digit PBT margins, enabling Whirlpool of India to accelerate premium kitchen appliance expansion and capture underpenetrated category growth with a differentiated product portfolio.

Sector: Consumer Durables
Industry: Domestic Appliances - White Goods
Market Cap: 11,057 Cr
Volatility: Low Risk
P/E Ratio: 33.2
Industry P/E: 36.3
PEG Ratio: 1.8
P/B Ratio: 2.7
52W High: 1,471.00
52W Low: 756.05

Sales CAGR

1Y: 15.95%
3Y: 7.38%
5Y: 4.37%
10Y: 7.70%

Profit CAGR

1Y: 61.74%
3Y: 12.03%
5Y: -8.03%
10Y: 3.01%

ROE

TTM: 8.59%
3Y: 6.78%
5Y: 7.82%
10Y: 12.14%

ROCE

TTM: 11.96%
3Y: 8.86%
5Y: 10.07%
10Y: 16.20%

Technicals

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Forecasts

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Analyst Target, Price, EPS and Revenue Projections

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
WHIRLPOOL	871.50	11,057 Cr	33.21	2.71	0.57	8.59	11.96	5.12
EUREKAFORB	426.10	8,244 Cr	51.40	1.82	0.00	4.12	5.34	2.37
SYMPHONY	768.25	5,276 Cr	31.76	6.74	1.69	21.85	27.54	11.29
IFBIND	1031.10	4,184 Cr	34.88	4.54	0.00	13.74	17.45	4.88
BAJAJELEC	354.00	4,089 Cr	114.65	2.39	0.85	5.40	9.44	0.91
CARYSIL	824.80	2,348 Cr	26.16	4.15	0.29	14.33	16.09	8.65
VOEPL	352.00	1,079 Cr	67.05	2.76	0.00	2.30	8.92	1.16

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	1,522	1,536	1,734	2,497	1,713	1,705	2,005	2,432	1,647	1,774
Expenses	1,448	1,473	1,590	2,286	1,626	1,636	1,822	2,221	1,589	1,683
Operating Profit	73	63	144	211	87	69	183	211	58	91
OPM %	4.81	4.08	8.29	8.45	5.08	4.06	9.13	8.68	3.51	5.13
Other Income	34	36	41	51	49	51	47	54	60	3.38
Interest	5.60	8.53	8.61	10	11	9.20	14	15	8.23	10
Depreciation	49	47	62	56	52	51	54	54	52	51
Profit Before Tax	52	42	114	196	73	59	162	196	58	33
Tax %	26.93	29.16	30.44	25.86	27.04	24.77	26.09	25.64	27.30	18.08
Net Profit	38	30	79	145	54	45	119	146	42	27
EPS in Rs	2.89	2.21	6.12	11.34	4.10	3.46	9.40	11.49	3.26	2.09

Consolidated Profit Loss (in ₹ Crores)

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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	26.24
Dividend Payout %	14.47	15.48	12.94	18.03	11.20	28.97	29.22	17.67	—

Consolidated Balance Sheet (in ₹ Crores)

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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)

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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

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	75.00%	75.00%	75.00%	75.00%	51.00%	51.00%	51.00%	51.00%	51.00%	51.00%	51.00%	39.76%
FIIs	3.20%	3.31%	3.48%	3.64%	6.47%	8.93%	9.48%	9.70%	10.72%	10.29%	11.12%	11.90%
DIIs	12.38%	12.49%	12.95%	12.65%	33.71%	31.32%	31.52%	30.82%	28.11%	28.75%	28.50%	35.56%
Public	9.42%	9.21%	8.57%	8.71%	8.83%	8.75%	8.00%	8.48%	10.17%	9.96%	9.39%	12.78%
Total Shareholders	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	1,25,869

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Documents

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Concalls

Reports

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Investor Presentation

Q3 FY26

Investor Presentation

Q3 FY25

Investor Presentation

Q1 FY25

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