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1 — At a Glance
Whirlpool of India makes and sells large home appliances, from refrigerators to washing machines and air conditioners. Consolidated revenue for the three months to June 2026 was ₹2,727 crore, up 12.1% year on year. The company said that was its largest revenue quarter on record. Management described the same three months as an “almost perfect storm” on the profit line. Both remarks came in the same call, about four minutes apart.
Operating profit was ₹139 crore, against ₹211 crore in the same quarter a year earlier. Net profit was ₹103 crore, compared with ₹146 crore. Earnings per share, which is profit divided across all shares, printed ₹8.11 against ₹11.49. The top line and the bottom line spent the quarter walking in opposite directions.
Management set out its causes for the profit fall. Crude oil moved from 67 dollars to 97 dollars over the year, and the rupee weakened by more than 10%. The company said it paid “war-led premiums” to secure supply. Management also cited minimum wage revisions in Haryana and labour inflation in Noida. It pointed to resets of energy regulation in refrigerators and air conditioners, and to e-waste accounting at higher levels. The Chief Financial Officer’s rough split put the energy-regulation cost at about half the war-related cost, or a little less.
Elsewhere in the quarter, air conditioner revenue grew more than 50% and front-load washer volumes grew roughly 80%. Revenue at Elica, the subsidiary, rose 26%. The company launched a four-door premium refrigerator with a disclosed ₹245 crore investment behind it. The parent, Whirlpool Corporation, holds 39.76% after selling down in November 2025. Asked about the parent’s plans, the Managing Director said he knew as much about them as the analysts on the call did.
2 — Introduction
Whirlpool of India Limited is one of the country’s larger makers and marketers of major home appliances. Its registered office is at Ranjangaon in Pune district, and its corporate office is in Gurugram. The promoter is Whirlpool Corporation of the USA, a global maker of kitchen and laundry appliances. Its brand portfolio includes Whirlpool, KitchenAid and Maytag. Consum, Brastemp and Amana sit in the same stable. The parent reported sales of roughly 19 billion dollars in 2023, across 55 manufacturing and technology research centres.
The last twelve months have been busy on the corporate-action side. In November 2025 the parent sold 14,255,000 shares, over the 27th and 28th of that month. That reduced its ownership from 51% to about 40%, for gross proceeds of around 166 million dollars. On 1 December 2025 shareholders passed a special resolution altering the Articles, the company’s own rulebook. The change removed provisions relating to the Whirlpool name and to the ICICI nominee.
In February 2026 the board approved acquiring a further 3.18% of Elica India for roughly ₹59 crore. The acquisition completed on 10 March 2026, taking the holding in that subsidiary to 100%. The same February announcement recorded a multi-decade Whirlpool brand deal.
The finance function has turned over twice this year. Anuj Lall resigned as Executive Director on 2 May 2026. Aditya Jain was appointed Executive Director and Chief Financial Officer from 21 July 2026, for a five-year term. On 5 August 2026, alongside the June-quarter results, the board recorded three further senior-management changes. Anish Ahuja, Head–Service, moves to Chief Operating Officer at Elica India from 1 September. Ankit Gupta, Head–Manufacturing Finance, resigned effective 14 August to pursue opportunities outside the company. Sourav Chakravarty was appointed Head–Manufacturing Finance from 10 August, reporting to Jain. He is a chartered accountant with around 18 years’ experience and a prior stint at ITC Limited.
On 26 March 2026 the company disclosed a draft income-tax assessment for assessment year 2023-24. An assessment year is the year in which the previous year’s income is taxed. Disallowances came to ₹28.39 crore, with an expected liability of ₹7.14 crore plus interest and penalty.
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3 — Business Model: WTF Do They Even Do?
Whirlpool of India makes the boxes that hum in a kitchen, and sells them across the country. The category list is short and the volumes behind it are not.
For the year to March 2025, refrigerators supplied 57% of revenue and washing machines another 26%. Air conditioners contributed 8%, and everything else in the range made up the remaining 10%. The portfolio also runs to microwave ovens, built-in appliances and small appliances. Manufacturing happens at three plants: Faridabad in Haryana, Pune in Maharashtra, and Puducherry. Exports go to 14 countries and were about 4% of revenue in the year to March 2025.
The concentration in refrigerators shapes everything else. More than half of revenue sits in one category, so a change to that category’s rules reaches the whole business. Energy labelling is the star rating printed on an appliance, and the government resets the standard behind it periodically. The Managing Director said the energy changes had “a debilitating impact on this year’s financials”.
Within refrigerators, the company holds the top spot in direct cool by volume share in multi-brand outlets, for seven consecutive months. It is second overall in refrigerators and washers in that channel. Management identified the gap as sizes
