1. At a Glance – Old Pressure Cooker, New Pressure Levels
If Indian kitchens had a stock exchange, Hawkins Cookers Ltd would be the Tata Motors of pressure cookers. Founded in 1959, survived LPG revolutions, induction cooktops, non-stick fads, and now casually dropping 58% QoQ profit growth in Q3 FY26 like it’s nothing.
Let’s talk numbers before emotions:
- Market Cap: ₹4,171 crore
- CMP: ₹7,885
- Q3 FY26 Sales: ₹332 crore (YoY +16%)
- Q3 FY26 PAT: ₹33.5 crore (YoY +58%)
- ROCE: 40.9% (kitchen mein bhi capital efficient)
- Debt: ₹60 crore (basically pocket change)
- Cash & equivalents (FY25): ~₹184 crore
This is not a “story stock”. This is a Sunday pressure cooker whistling at 7 AM kind of company. Slow, irritatingly consistent, dividend-paying, and refuses to die.
But here’s the masala: while the stock has gone nowhere in the last 1 year (-7%), profits quietly kept compounding at ~10%. So… is Hawkins boring? Or is it just waiting for the cooker lid to blow off?
Let’s open it slowly. 🔥
2. Introduction – Hawkins Is Not Sexy, And That’s the Point
Hawkins doesn’t sell dreams. It sells pressure cookers that don’t explode. In India, that itself is a moat.
For decades, Hawkins has operated like that one strict uncle in the family: no marketing tamasha, no influencer nonsense, no “D2C pivot” PowerPoint. Just solid manufacturing, obsessive safety standards, and a distribution network that reaches places where Amazon still says “delivery unavailable”.
Despite being in a supposedly “mature” category, Hawkins has:
- Defended ~25% market share in pressure cookers
- Expanded cookware contribution to ~17% of revenue
- Entered electrical appliances in FY25 (hello Smart Kettle)
- Added a 4th manufacturing plant in UP (June 2025)
Yet, valuation-wise, the market treats it like a boring FMCG
cousin.
Question for you:
👉 Would you rather own a flashy startup kettle brand or a company your dadi trusts blindly?
3. Business Model – WTF Do They Even Do?
At its core, Hawkins does three things, very well, very stubbornly:
1️⃣ Pressure Cookers (83% of Revenue)
This is the cash cow. Hawkins sells 300+ models across 13 types, from aluminum to stainless steel, induction-friendly to hard-anodised.
Key point:
- Hawkins is #1 in pressure cookers
- ~1 out of every 4 pressure cookers sold in India is Hawkins
That’s not branding. That’s kitchen dominance.
2️⃣ Cookware (17% of Revenue)
Tavas, pans, handis, cook-n-serve bowls – the boring stuff that sells every day. Hawkins is #2 here, behind prestige-type players.
Recent shift:
👉 Company has started manufacturing cookware in-house across all factories, improving margin control and quality consistency.
3️⃣ New Electrical Entry (Tiny but Symbolic)
FY25 saw the launch of Smart Electronic Kettle – Hawkins’ first electrical product.
Is this revolutionary? No.
Is this a signal of category expansion? Yes.
Hawkins moves like a tortoise. But remember who wins the race.
4. Financials Overview – Numbers Don’t Whistle, They Compound
Q3 FY26 vs YoY
