1. At a Glance
Whirlpool India’s Q1 FY26 numbers prove one thing – your fridge may be cool, but the company’s growth isn’t. Sales grew 2.6% YoY to ₹2,432 Cr while PAT rose marginally to ₹146 Cr. Margins improved to 9%, but the stock still trades at a nosebleed P/E of 50.
2. Introduction with Hook
Imagine selling washing machines like hotcakes but still dripping profits slower than a leaking tap. That’s Whirlpool India. Revenue rises in baby steps, while shareholders watch their returns spin at 1,200 RPM and go nowhere.
Key Stats:
- Q1 Sales: ₹2,432 Cr (+2.6% YoY)
- Q1 Net Profit: ₹146 Cr (+1.3% YoY)
3. Business Model (WTF Do They Even Do?)
They make fridges, washing machines, and microwaves – basically the stuff that keeps your domestic life civilized. But in finance terms, they’re a high-margin aspirant stuck in a low-growth cycle. Heavy competition (Voltas, LG, Samsung) makes them sweat harder than their dryers.
4. Financials Overview
- Revenue (TTM): ₹7,855 Cr
- Net Profit (TTM): ₹364 Cr
- ROE: 9.3%
- ROCE: 13%
Margins are improving, but profit growth is weaker than an unplugged mixer.
5. Valuation
- Market Cap: ₹17,749 Cr
- P/E: 49.9 (luxury tag without luxury returns)
- P/B: 4.49
- Dividend Yield: 0.36%
Fair Value Range? ₹1,050–₹1,200 (only if growth picks up).
6. What’s Cooking – News, Triggers, Drama
- Whirlpool sold 30M shares last year, reducing promoter stake to 51%.
- Partnership with Hindustan Unilever for joint marketing – because two brands are better than one when growth stalls.
- Acquisition of extra 9.56% in Elica India to boost kitchen appliance play.
- Legal battles? Mostly cleared, but still nibbling at investor confidence.
7. Balance Sheet
| (₹ Cr) | Mar 2025 |
|---|---|
| Total Assets | 6,776 |
| Equity + Reserves | 3,950 |
| Borrowings | 62 |
| Other Liabilities | 2,763 |
Debt-free? Almost. The balance sheet is as clean as a new dishwasher.
8. Cash Flow – Sab Number Game Hai
| (₹ Cr) | FY23 | FY24 | FY25 |
|---|---|---|---|
| Operating | 270 | 610 | 571 |
| Investing | -101 | 62 | 42 |
| Financing | -101 | -117 | -307 |
Cash flows solid, but financing outflows increased – dividend and stake changes did the damage.
9. Ratios – Sexy or Stressy?
| Ratio | Value |
|---|---|
| ROE | 9.3% |
| ROA | 5.6% |
| OPM | 7% |
| P/B | 4.49 |
Sexy margins are missing; valuation is way too spicy for the bland growth.
10. P&L Breakdown – Show Me the Money
| (₹ Cr) | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | 6,668 | 6,830 | 7,919 |
| PAT | 224 | 224 | 363 |
Flat profits for years, sudden bump in FY25 but still far from sizzling.
11. Peer Comparison
| Company | Revenue (₹ Cr) | PAT (₹ Cr) | P/E | ROE |
|---|---|---|---|---|
| Voltas | 15,413 | 823 | 53 | 13.4% |
| Blue Star | 11,968 | 585 | 61 | 20.6% |
| Amber | 9,973 | 245 | 100 | 11.3% |
| Whirlpool | 7,855 | 364 | 50 | 9.3% |
Looks like the slowest sprinter in a race full of fast runners.
12. Miscellaneous – Shareholding, Promoters
- Promoters: 51% (down from 75%)
- FIIs: 10.3% (rising)
- DIIs: 28.7%
- Public: 10%
Promoter stake reduction signals either global strategy or “we’re out”.
13. EduInvesting Verdict™
Whirlpool India is the appliance king stuck in a microwave economy – heats up occasionally but cools off quickly. Solid brand, weak growth, overpriced stock. Investors should keep it in the fridge, not the oven.
Written by EduInvesting Team | 26 July 2025
Tags: Whirlpool India, Q1 FY26, Appliances, EduInvesting Premium
