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1 — At a Glance
Whirlpool of India booked its largest revenue quarter on record — ₹2,727 crore consolidated, up 12.1% year on year — and management described the same three months as an “almost perfect storm” on the profit line. Both statements are on the record, in the same call, roughly four minutes apart.
Operating profit came in at ₹139 crore against ₹211 crore a year ago. Net profit was ₹103 crore versus ₹146 crore. EPS printed ₹8.11 against ₹11.49. The topline and the bottom line spent the quarter walking in opposite directions with the confidence of two people who agreed to meet at the station and never confirmed which one.
Management’s stated causes: crude moving from USD 67 to USD 97 year on year in the quarter, a rupee that depreciated more than 10% YoY, “war-led premiums” paid to secure supply, minimum wage revisions in Haryana, labour inflation in Noida, plus energy-regulation resets in refrigerators and air conditioners and e-waste accounting at higher levels. The CFO’s rough split: if the war impact was x, the energy regulation piece was about half of that or a little less.
Elsewhere in the quarter: air conditioner revenue grew over 50%, front-load washer volumes grew roughly 80%, Elica revenue rose 26%, and the company launched a four-door premium refrigerator with a disclosed ₹245 crore investment behind it. The parent, Whirlpool Corporation, now holds 39.76% after selling down in November 2025 — and the Managing Director’s summary of what he knows about its plans was “I know as much as you do.”
Ten sections from here, the Other Income column has something to say.
2 — Introduction
Whirlpool of India Limited is one of the country’s larger manufacturers and marketers of major home appliances, registered office at Ranjangaon in Pune district, corporate office in Gurugram. It was promoted by Whirlpool Corporation of the USA — a global kitchen and laundry appliances manufacturer whose brand portfolio includes Whirlpool, KitchenAid, Maytag, Consum, Brastemp and Amana, and which reported sales of roughly $19 billion 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 27–28 November, reducing ownership from 51% to about 40%, with gross proceeds around $166 million. On 1 December 2025 shareholders passed a special resolution altering the Articles, removing Whirlpool-name and ICICI nominee-related provisions. In February 2026 the board approved acquiring an additional 3.18% of Elica India for roughly ₹59 crore; the acquisition completed on 10 March 2026, taking Whirlpool’s stake in the 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 CFO from 21 July 2026 for a five-year term. On 5 August 2026, alongside the Q1 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; and Sourav Chakravarty, a chartered accountant with around 18 years’ experience and a prior stint at ITC Limited, was appointed Head–Manufacturing Finance from 10 August, reporting to Jain.
On 26 March 2026 the company disclosed a draft income-tax assessment for AY2023-24 with disallowances of ₹28.39 crore and an expected liability of ₹7.14 crore plus interest and penalty.
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3 — Business Model: WTF Do They Even Do?
They make the boxes in your kitchen that hum. That is the entire thing, and it is a bigger thing than it sounds.
FY25 revenue split: refrigerators 57%, washing machines 26%, air conditioners 8%, others 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 account for about 4% of FY25 revenue, which means this is a company that sells to India and occasionally waves at the neighbours.
The refrigerator concentration is the structure worth understanding. When 57% of your revenue sits in one category and the government resets the energy-labelling rules for that category, the reset is not a line item, it is the weather. Management said as much: the MD called the energy changes “a debilitating impact on this year’s financials.”
Within refrigerators, the company holds the #1 spot in direct cool by multi-brand-outlet volume share for seven consecutive months, and #2 overall in refrigerators and washers in that channel. The gap management identified is above 500–600 litres in frost-free, where a portfolio hole plus supply issues cost share. The answer arrived on the day of the call: the Luxuriem 654L four-door line, made in India off Pune lines, ₹245 crore invested, with a triple-evaporator architecture so that — in the most specific product claim of the quarter — “smell from the freezer will not go into the fridge.” There is also ethylene sensing in the crisper
