01 — At a Glance
The Pressure Cooker That’s Actually Under Pressure
- 52-Week High / Low₹9,900 / ₹7,026
- Q3 FY26 Revenue₹332 Cr
- Q3 FY26 PAT₹33.5 Cr
- Q3 EPS (₹)₹63.39
- Annualised EPS₹253.56
- Book Value₹704
- Price to Book10.62x
- Dividend Yield1.75%
- Debt / Equity0.16x
- FY25 Full Year EPS₹237.85
The Pressure Cooker’s Paradox: Q3 FY26 delivered ₹332 crore revenue (+16.2% YoY) with a bonkers 58.1% PAT jump. A 32.0% ROE and 40.9% ROCE that would make mutual fund managers weep with envy. Yet the stock trades at 31.5x P/E — which is to say, the market is pricing in perfection. One hiccup in raw material prices, and this pressure cooker might actually explode. But it hasn’t in 66 years, so… who knows?
02 — Introduction
You Know It. Your Mom Knows It. Your Grandmother Probably Owns 5.
Hawkins Cookers. The name that’s synonymous with “pressure cooker” in India the way “Xerox” was synonymous with photocopiers — before the internet made Xerox completely redundant and sad.
Founded in 1959, when Jawaharlal Nehru was still Prime Minister and “durable goods” actually meant something, Hawkins has spent the last 66 years perfecting one specific product: the pressure cooker. Not fridges. Not microwaves. Not air fryers that your neighbour bought and never uses. Just the cooker. In aluminium. In stainless steel. In 13 different types. With 300 distinct models. Because apparently, there are 300 ways to whistle at the right pressure.
The company holds 25% of the overall pressure cooker market — making it the No. 1 player by a country mile. In cars, they’d call this a monopoly. In cookware, it’s just “brand equity built over six decades.”
Q3 FY26 brought quarterly revenue of ₹332 crore (up 16.2% YoY), PAT surging 58.1% to ₹33.5 crore, and margins that remain more stable than your uncle’s opinions on cricket. The company just opened its 4th manufacturing facility in Jaunpur, UP in June 2025 — because after 66 years of the same business, they decided it was time to expand. Slowly. Methodically. Like pressure cookers demand.
Real Talk from the Board: When a company’s Q3 result announcement mentions “9-month revenue at ₹887.50 crore,” it means they’ve spent the year doing what they’ve always done — executing flawlessly in a segment that nobody finds exciting. But the numbers? The numbers are sexy.
03 — Business Model: WTF Do They Even Do?
They Make Metal Boxes That Whistle. Repeatedly.
The business model is so straightforward it feels like a test case for business school. Hawkins sources aluminium (from Hindalco) and stainless steel (from compliant suppliers), manufactures pressure cookers and cookware at three facilities (Thane, Hoshiarpur, Jaunpur), and distributes through 9,588 dealers nationwide. That’s it. That’s the entire playbook. No AI. No blockchain. No “platform play.” Just cookers. Reliable cookers. Cookers that your mom has already owned for 20 years and still works.
Revenue breakup: Pressure cookers = 83% (~₹1,115 Cr in TTM), Cookware = 17% (~₹229 Cr). Geographic split: Domestic = 93%, Exports = 7% (to 64 countries). The organized sector accounts for 60% of the market; unorganized 40%. Hawkins, naturally, dominates the organized side.
Market share breakdown (approximately): Pressure cookers in cars segment = 39% (1st position), motorcycles = 28% (1st position), commercial vehicles = 20% (1st position). Overall automotive market share = ~51%. In cookware, they’re No. 2, which is fine because No. 1 is scattered across a million unbranded manufacturers who’ve never heard of a patent.
Pressure Cooker Market Share~25%No. 1 Player
Domestic Revenue %93%Export = 7%
Distribution Network9,588Dealers Nationwide
Patent & IP141Patents in Force
The Brands Behind the Brand: Hawkins sells under three labels: Hawkins (the flagship), Future (value play), and Miss Mary (premium-ish cookware). It’s like how Volkswagen owns Audi, Porsche, and Lamborghini — except cookers don’t go 0-100 in 3 seconds.
💬 Real question: When was the last time you actually used a pressure cooker? And did it feel like a relic from the 1990s, or did it feel like reliable engineering? Drop your thoughts!
04 — Financials Overview
Q3 FY26: The Numbers That Make Accountants Smile
Result type: Quarterly Results (Q3 FY26) | Q3 EPS: ₹63.39 | Annualised EPS (Q3×4): ₹253.56 | Full-year FY25 EPS: ₹237.85
| Metric (₹ Cr) |
Q3 FY26
Dec 2025 |
Q3 FY25
Dec 2024 |
Q2 FY26
Sep 2025 |
YoY % |
QoQ % |
| Revenue | 332 | 286 | 316 | +16.2% | +5.1% |
| Operating Profit | 47 | 29 | 44 | +62.1% | +6.8% |
| OPM % | 14.2% | 10.1% | 13.9% | +410 bps | +30 bps |
| PAT | 33.5 | 21 | 32 | +58.1% | +4.7% |
| EPS (₹) | 63.39 | 40.09 | 60.42 | +58.1% | +4.9% |
The Plot Twist: Q3 FY26 operating margins of 14.2% represent a stunning recovery from Q3 FY25’s anaemic 10.1%. How? Price hikes implemented in April-May 2025 + volume growth + operational leverage. The company had been absorbing raw material inflation (mainly aluminium) throughout FY25 without raising prices. Q3 FY26 is the vindication. ICRA’s recent report (July 2025) explicitly states: “Operating margins are anticipated to recover in FY2026, backed by price increases implemented in April-May 2025 and higher sales volume.” They weren’t wrong. The street tends to miss these cyclical recoveries until the quarter lands.
05 — Valuation: Fair Value Range
What’s This Cooker Actually Worth?
Method 1: P/E Based
CMP ₹7,480 ÷ Annualised EPS (Q3×4) ₹253.56 = 29.5x P/E. Sector median P/E is 35.48x. Hawkins trades BELOW sector median — which is surprising given its 40.9% ROCE. Fair P/E band for a 40% ROCE compounder: 28x–36x. Conservative approach: 26x–32x.
Range: ₹6,593 – ₹8,114
Method 2: EV/EBITDA Based
TTM EBITDA (OPM 14.4% × ₹1,194 Cr revenue) = ₹171.8 Cr. Current EV = Market Cap ₹3,957 Cr + Net Debt (-₹184 Cr cash) = ₹3,773 Cr. EV/EBITDA = 21.9x. Quality small-cap manufacturers trade 16x–24x. Given Hawkins’ ROCE trajectory, a 18x–22x band is fair.
EV range (18x–22x): ₹3,092 Cr – ₹3,780 Cr
Range: ₹6,055 – ₹7,420
Method 3: DCF Based
Base FCF: ~₹102 Cr (FY25 operating cash flow). Growth: 8–10% for 5 years (price hikes + distribution expansion). Terminal growth: 4%. WACC: 10.5%.
→ PV of 5-year FCFs at 10.5%: ~₹625 Cr
→ Terminal Value (4% growth / 6.5% cap rate): ~₹3,400 Cr
→ Total EV: ~₹4,025 Cr (net cash ₹184 Cr) ≈ ₹4,209 Cr
Range: ₹6,200 – ₹8,200
Fair Min: ₹6,050
CMP: ₹7,480
Fair Max: ₹8,200
CMP ₹7,480
⚠️ EduInvesting Fair Value Range: ₹6,050 – ₹8,200. CMP ₹7,480 is near the midpoint, suggesting fair valuation at current levels — a rarity in Indian equities. This fair value range is for educational purposes only and is not investment advice. Please consult a SEBI-registered investment advisor before making any financial decision.
06 — What’s Cooking: News, Triggers & Drama
The Cooker Is Actually Getting Hotter
