Whirlpool of India Ltd: 7,355 Cr Sales, 110 Cr Royalty, and Still Struggling to Spin Dry Profits
1. At a Glance
Whirlpool of India is that NRI cousin who brags about their rich uncle in the US (Whirlpool Corporation, $19B sales, 55 plants) but still borrows chai-paani money at family weddings. Despite being one of India’s top appliance brands with refrigerators, washing machines, ACs, and now kitchen hoods via Elica, the company trades at a P/E of 53x for a meagre 9% ROE. Basically, paying fine-dining prices for a thali.
2. Introduction
Remember when a Whirlpool fridge in the 90s was a status symbol? Fast forward to 2025, and Whirlpool India is battling Korean chaebols, desi juggernauts, and online-first D2C upstarts.
Revenue grew from ₹2,801 Cr in FY14 to ₹7,355 Cr in FY25. CAGR? Just 9%.
PAT growth 10Y CAGR? 4%. That’s like Virat Kohli scoring only singles for a decade.
Market share in fridges slid from 62% (FY20) to 33% (FY24). Meanwhile, ACs shot up from 6% to 26%. Basically, they’re selling cool air more than cold storage.
Global parent Whirlpool Corp controls 51% of the Indian arm. Along with royalties (₹110 Cr in FY24), they also use India as an R&D outsourcing pit. So while the Indian subsidiary sweats in Faridabad, Pune, and Pondicherry factories, a chunk of the profit flies back to Benton Harbor, Michigan.
3. Business Model (WTF Do They Even Do?)
Whirlpool India manufactures and sells home appliances under the “Whirlpool” brand (plus indirect exposure via Elica for kitchen hoods).
Refrigerators (33% share): Once the breadwinner, now losing steam as Koreans (Samsung, LG) dominate.
Washing Machines (25% share): Decent growth with launches like StainWash and XpertCare, but still fighting Bosch & IFB.
Air Conditioners (26% share): The surprise hit — grew 4x in 4 years.
Others (16% share): Includes Elica’s chimneys, microwaves, and small appliances.
Export contribution? Just 5% revenue — basically “NRIs don’t buy Indian Whirlpool.”
Capex remains stingy at ₹66 Cr in FY24 — peanuts in an industry where Voltas and Blue Star burn 10x on capacity and R&D.
4. Financials Overview
Latest Quarterly Snapshot (Jun 2025 vs Jun 2024 & Mar 2025)
Source table
Metric
Jun 2025
Jun 2024
Mar 2025
YoY %
QoQ %
Revenue (₹ Cr)
2,317
2,384
1,890
-2.8%
22.6%
EBITDA (₹ Cr)
195
193
169
+1.0%
15.4%
PAT (₹ Cr)
135
134
111
+0.8%
21.6%
EPS (₹)
10.65
10.56
8.74
+0.9%
21.9%
Commentary: Margins look stable (OPM ~8%) but growth is anaemic. YoY flat, QoQ jump only because March was terrible. Annualised EPS ~₹42.6 → P/E recalculated = 30.5x (vs official 53x). Screener’s default is making Whirlpool look like a Ferrari when it’s actually a Maruti Ciaz.
5. Valuation – Fair Value Range
P/E method EPS annualised = ₹42.6 Industry P/E = 55 FV Range = 42.6 × 25–35 → ₹1,065 – ₹1,490
