Stove Kraft Q2FY26 Concall Decoded: From Kitchen Hustle to Global Sizzle 🔥
Opening Hook Remember when your mom said “Don’t play with fire”? Well, Stove Kraft’s business model is literally built on it — and it’s working. The company cooked up a double-digit growth recipe even as tariffs, aluminum, and GST rates tried to turn down the flame. From expanding stores faster than Swiggy adds outlets to striking IKEA-level export deals, this quarter’s story is more “MasterChef India” than “Kitchen Nightmares.” Stick around — because it gets spicier than a Diwali ladoo dipped in margin talk.
At a Glance
Revenue up 13.4% YoY: Consumers bought more pressure cookers than mutual funds — festive fever wins again.
EBITDA up 15.8%: Margins finally found seasoning, no salt shortage here.
PAT up 27.8%: Profits blew the whistle louder than a cooker on full steam.
Gross Margin at 38.5%: CFO claims “cost-plus model,” not “costly mistakes.”
ROCE at 15.5%: Slowly boiling toward 20%, but not yet served hot.
Net Debt at ₹180cr: Management swears it’ll be debt-free in four quarters — assuming no surprise kitchen fires.
Management’s Key Commentary
“We delivered a robust 13.4% growth driven by festive demand and leverage.” (Translation: India bought so many cookers, we ran out of shelves.)
“GST reduction from 12% to 5% on cookware is a structural positive.” (Read: Thank you, FM — we’ll take this as an early Diwali bonus.)
“We added 300 Pigeon exclusive outlets — now in 120 cities and 21 states.” (The only migration faster than pigeons — these stores.)
“IKEA partnership starts this year; meaningful revenue next year.” (Basically: we’ve entered Sweden’s kitchen, but they’ll pay later.)
“Exports grew 19% H1; tariffs dampened high growth potential.” (Translation: global trade wars are our unwanted sous-chefs.)
“Borrowing reduced significantly; cash flow ₹177 crore.” (When your CFO brags about cash, you know Diwali went well 😏)
“We aim for 500 stores by FY27 under a COFO model.” (Translation: If the franchisees blink, we’ll cook the stores ourselves.)
