Stove Kraft Ltd, the proud parent of your beloved Pigeon cooker and Gilma chimney, also moonlights as India’s partner for Black+Decker’s premium gadgets. The company has gone from selling pressure cookers in small towns to supplying cookware to IKEA. Yet despite all this drama, the market values it at a P/E of 52. Basically, investors are paying iPhone prices for a gas stove business.
2. Introduction
Stove Kraft is the classic “ghar ka rasoi se stock market tak” story. Started in 1999 by Rajendra Gandhi (no relation to 10 Janpath), the company today runs multiple brands across India’s kitchen shelves. Pigeon is the mass-market king—if you’ve ever bargained in Big Bazaar, you’ve seen it. Gilma pretends to be semi-premium, but honestly feels like Pigeon with better packaging. And Black+Decker is the “phoren touch” to lure urban elites who think imported toaster = lifestyle upgrade.
The company claims dominance in pressure cookers and cooktops. Translation: every 3rd Indian kitchen likely has one of their products. They’ve also jumped into adjacent businesses like LED bulbs, flasks, oxymeters (during COVID rush), and air fryers (for the gym-bros who still sneak samosas).
But here’s where things heat up. In just one year, they expanded retail presence from 59 to 191 stores. Add a mega distribution network—1.28 lakh outlets, 600 distributors, and 12 exporters. Basically, their products are harder to avoid than a wedding ladoo.
And yet, like many midcap Indian consumer companies, the problem is profitability. Margins are thin, debt is rising, and income tax raids in 2023 raised eyebrows. Still, growth is undeniable. So, is Stove Kraft a recipe for long-term compounding—or just a pressure cooker about to whistle too loud?
3. Business Model – WTF Do They Even Do?
Think of Stove Kraft as India’s mini Tupperware + Prestige + Philips hybrid. They make and sell:
Kitchen Infrastructure: Hobs, chimneys, water heaters.
Lifestyle Gadgets: Air fryers, blenders, steam irons, flasks.
Random Add-ons: LEDs, oxymeters, downlights.
They operate three main brands:
Pigeon (Value) – Affordable, high-volume products (think Amazon Great Indian Festival discounts).
Gilma (Semi-Premium) – Chimneys and hobs for newly built “modular kitchens.”
Black+Decker (Premium Partner) – Imported-sounding range to make you feel international while making chai.
Revenue is 88% domestic, 12% exports (to 14 countries). Recently signed an IKEA supply partnership, which means their Pigeon frying pan might soon be sitting next to IKEA meatballs in Europe.
So yes—they’re in the business of filling every Indian kitchen shelf possible. From pani puri stall gas stoves to posh Gurgaon air fryers, they’ve got it all.
4. Financials Overview
Metric
Latest Qtr (Jun’25)
YoY Qtr (Jun’24)
Prev Qtr (Mar’25)
YoY %
QoQ %
Revenue
₹340 Cr
₹314 Cr
₹313 Cr
8.2%
8.6%
EBITDA
₹36 Cr
₹32 Cr
₹29 Cr
12.5%
24.1%
PAT
₹10.4 Cr
₹8 Cr
₹1 Cr
30.0%
940%
EPS (₹)
3.16
2.48
0.44
27.2%
618%
Commentary: YoY growth is modest, but QoQ looks like a miracle. Last quarter’s PAT was barely breathing (₹1 Cr), so this jump looks dramatic. But annualized EPS = ₹12.6, and at CMP ₹639, that’s a P/E of ~51. Same as a luxury FMCG stock, but margins still look like roadside idli-vada stalls.
5. Valuation – Fair Value Range Only
Method 1: P/E
EPS = ₹12.3 (TTM).
Assign multiple 25–35 (reasonable for kitchen appliances, not Nestlé India).
Fair Value = ₹308–₹430.
Method 2: EV/EBITDA
EV = ₹2,455 Cr.
EBITDA = ₹156 Cr.
EV/EBITDA = 15.7x.
Normalized 10–12x gives EV = ₹1,560–₹1,872 Cr → Price range = ₹405–₹485.
Method 3: DCF
Assume 10% growth, WACC 11%.
Fair range = ₹350–₹500.
Consolidated Fair Value Range: ₹308–₹500
Disclaimer: This fair value range is for educational purposes only and is not investment advice.
6. What’s Cooking – News, Triggers, Drama
Retail Expansion: 191 stores and counting. Plans for 75 more. Imagine a Pigeon store popping up in every
