Hawkins Cookers Ltd Q2 FY26 – The ₹316 Cr Quarter That Whistled, Fizzed, and Still Didn’t Blow the Lid Off
1. At a Glance
Ladies and gentlemen, welcome to the land of steaming profits and sizzling pans — Hawkins Cookers Ltd (BSE: 508486), the company that’s been whistling in Indian kitchens since your grandmother’s marriage. In Q2 FY26, Hawkins clocked ₹316 crore in revenue and ₹32 crore in net profit, a neat 6.97% sales growth YoY, though profits were down 6.19% — proof that even the king of cookers can get a little burnt on one side.
At a current market price of ₹8,741, Hawkins commands a market cap of ₹4,624 crore, sporting a premium P/E of 40.8x (industry PE 42.3x). It’s nearly debt-free with a modest ₹23.1 crore in borrowings, and an ROE of 32% — the kind of number that makes most FMCG CFOs weep quietly into their balance sheets.
The company is distributing cheer too: a dividend yield of 1.49% on a 57.9% payout, while its return over 5 years (11.2%) proves it’s still one of those “slow cooker” stocks that take their sweet time but serve a tasty dish in the end.
So here we are — a 66-year-old legend that still dominates one-fourth of India’s pressure cooker market, sells across 64 countries, and yet, every quarter, keeps reminding investors: “Zaroorat se zyada pressure nahi lena chahiye.”
2. Introduction
If Indian households were a stock exchange, “Hawkins” would be blue-chip. It’s the company that’s survived every macro crisis — from LPG shortages to air fryers. Your mother probably bought one during the Monsoon Bonanza Sale of 1997, and it’s still functional (unlike half the SMEs listed in 2023).
This company isn’t about disruption — it’s about durability. Hawkins Cookers Ltd, founded in 1959, remains a synonym for pressure cookers. While new-age brands chase “ergonomic handles” and “AI-enabled kitchens,” Hawkins quietly adds 53 new SKUs and calls it a financial year.
And yes, it’s not just nostalgia — the numbers back the brand. The company sells 83% of its revenue from cookers and 17% from cookware, leading the market with roughly 25% share in cookers and holding the second spot in cookware.
But not everything is gravy. Sales growth over 5 years stands at a modest 10.6%, which means Hawkins isn’t exactly sprinting. However, it compensates with 40.9% ROCE, 0.06x debt-to-equity, and enough cash (₹190 crore in FY25) to open another factory or two — or maybe just keep paying those generous dividends that retail investors love more than biryani.
3. Business Model – WTF Do They Even Do?
Let’s decode it simply: Hawkins makes stuff your mother trusts and your startup founder friend secretly uses.
Its flagship product — the pressure cooker — accounts for the bulk of its revenue. The company sells over 300 models in 13 types, under three brands: Hawkins, Futura, and Miss Mary — names that sound like your kitchen’s Marvel multiverse.
While 94% of sales come from India, Hawkins also exports to 64 countries, sprinkling a little “desi pressure” across the globe.
The company has three (now four) manufacturing plants — Thane, Hoshiarpur, Jaunpur, and a new addition in UP (commercial ops started in June 2025). The logic? Simple. Each factory should be self-sufficient so that even if one region goes under lockdown or strikes, your dal-chawal dreams remain uninterrupted.
Production is backed by a 6,500-dealer network — a vast offline empire, because let’s be honest, nobody buys a ₹2,500 cooker after reading a Reddit review.
Raw materials are sourced from the big boys — aluminium from Hindalco and steel from compliant vendors — ensuring quality. Plus, no product recalls in FY23. For a company dealing with literal explosions in kitchens, that’s impressive.
Add a pinch of R&D (112 patents), a dash of brand advertising (₹37 crore spend in FY23), and you’ve got Hawkins’ secret recipe — a mix of reliability, brand legacy, and minimal drama (except for one legal case we’ll get to soon).
4. Financials Overview
Source table
Metric (₹ Cr)
Latest Qtr (Sep’25)
YoY Qtr (Sep’24)
Prev Qtr (Jun’25)
YoY %
QoQ %
Revenue
316
296
239
+6.97%
+32.2%
EBITDA
44
46
35
-4.3%
+25.7%
PAT
32
34
26
-6.19%
+23.1%
EPS (₹)
60.42
64.41
49.06
-6.19%
+23.2%
Commentary: Hawkins’ top line is slowly boiling, not exploding. Sales rose nearly 7% YoY — steady but uninspiring. Margins cooled a bit, as higher aluminium costs likely dented profitability. Still, an EBITDA margin of ~14% is commendable for a company competing with every “non-stick” warrior in India.
Annualised EPS works out to about ₹242, implying a P/E
