Stove Kraft Ltd Q2 FY26 | From Frying Pans to Franchise Plans – The Pigeon That Wants to Be a Phoenix
1. At a Glance
If you thought your kitchen was chaotic, meet Stove Kraft Ltd (NSE: STOVEKRAFT) — the company juggling Pigeon, Gilma, and BLACK+DECKER brands while dodging income tax raids and frying profits into thin air. As of Q2 FY26, Stove Kraft reported revenue of ₹474.4 crore and PAT of ₹21.4 crore, marking a 27.8% YoY jump. Sounds spicy? Wait till you look under the lid.
With a market cap of ₹2,408 crore, P/E of 53x, and ROE of 8.7%, it’s clear the market expects a Michelin-star performance from what’s essentially an upper-middle-class pressure cooker company. The stock trades at ₹725, down 9.5% over the last year but up 26% in three months — clearly oscillating between “bearish masala” and “bullish biryani.”
Margins have improved to 12% OPM, but interest and depreciation are munching profits like leftover snacks. The debt now stands at ₹196 crore, up from ₹78 crore two years ago. The company’s expansion spree — new warehouses, solar power plants, cast iron foundry, and franchise stores — means they’re cooking growth on all burners. The only question is: can they avoid burning the pan this time?
2. Introduction
Let’s get one thing straight: Stove Kraft isn’t your typical FMCG story. It’s a rare mix of PSU-style bureaucracy and startup-level ambition in the kitchen appliances market. The Bengaluru-based company started in 1999 with pressure cookers but now sells everything from juicers to LED bulbs — yes, the same company that sells your gas stove also wants to light your drawing room.
Over the last few years, Stove Kraft has evolved from a humble cookware brand into a full-blown home solutions company, much like how that one engineering student suddenly decides to become a “lifestyle influencer.” Their product range spans Pigeon (mass), Gilma (semi-premium), and BLACK+DECKER (premium) — neatly slicing India’s middle class, upper middle, and “I saw this on YouTube” categories.
Despite an Income Tax raid in late 2023 and a few executive exits in 2024, the company has managed to stay operationally strong. Sales have grown 20% over FY22–FY24, and volumes keep ticking up — 9% YoY in Q1 FY25. They’ve even gone omnichannel, expanding from 59 stores in early FY24 to 191 stores by Q1 FY25, aiming for 500 by FY27.
So while the stock market sees Stove Kraft as a volatile midcap, in reality, it’s an ambitious desi kitchen empire trying to go from gas to global.
3. Business Model – WTF Do They Even Do?
In simple words, Stove Kraft sells kitchen dreams. It designs, manufactures, and markets cookware, small appliances, and home solutions under multiple brands catering to different segments:
Pigeon: The “common man’s” kitchen essential line — affordable, functional, and omnipresent in Indian retail shelves.
Gilma: Semi-premium brand for modular kitchens and chimneys — think South Indian aspirational segment.
BLACK+DECKER: Premium line in partnership with the global giant. This one caters to urban consumers who believe in “Sunday brunch aesthetic.”
The company manufactures over 220 million units annually across two plants (Bengaluru and Baddi), covering products from cooktops and pressure cookers to juicers and LED lights. Around 88% of revenue comes from India, with 12% exports to 14 countries including the US and Mexico.
It’s not just manufacturing. Stove Kraft’s retail strategy is now a three-course meal:
Online: Active on e-commerce giants like Amazon and Flipkart.
Essentially, Stove Kraft makes money every time you boil water or burn toast.
4. Financials Overview
Source table
Metric (₹ Cr)
Q2 FY26
Q2 FY25
Q1 FY26
YoY %
QoQ %
Revenue
474.4
418.0
340.0
13.4%
39.5%
EBITDA
57.0
49.0
36.0
16.3%
58.3%
PAT
21.4
17.0
10.0
27.8%
114.0%
EPS (₹)
6.45
5.06
3.16
27.5%
104.1%
Source: Screener data, figures in ₹ crore; EPS annualized at ₹25.8.
Commentary: The company has flipped faster than your dosa — from ₹10 crore profit last quarter to ₹21 crore now. Margins are stable at 12%, and management claims cost optimization helped, though the rising interest bill suggests the optimization didn’t reach the finance department.
