1. At a Glance
Whirlpool of India just served a proper Indian thali of numbers in Q3 FY26 — some spicy, some bland, and some that make you stare at the plate wondering what exactly changed. Revenue came in at ₹1,774 Cr, up 4% YoY, while PAT jumped 23.5% YoY to ₹54.3 Cr. Sounds decent, right? But hold your remote control — this stock is still down 33% in the last 3 months, promoter holding has quietly slipped from 51% to 39.76%, and the share price is chilling at ₹855, miles away from its ₹1,474 high.
Market cap stands at ₹10,843 Cr, P/E at 31x, ROE at a sleepy 9.26%, and ROCE at 12.6%. This is not a distressed company. It’s also not a growth monster. It’s that dependable fridge in your house — works fine, makes noise sometimes, but no one is excited about it anymore.
And yet… Q3 had wage provisions, royalty deals locked for 30 years, Elica acquisition nearing 100%, and a promoter selling shares like it’s Diwali cleanup. Curious already? Let’s open the freezer.
2. Introduction – Same Brand, New Confusion
Whirlpool of India is one of those companies your parents trust blindly. Fridge? Whirlpool. Washing machine? Whirlpool. Microwave? Whirlpool. Stock? Hmm… maybe not.
The company has been around long enough to feel like a utility, not a growth story. And that’s exactly the problem the market is wrestling with. In a country where Voltas, Blue Star, and LG are screaming growth through air-conditioners, Whirlpool seems to be politely knocking.
Over the last five years, sales CAGR is just ~5.7%, profits have actually de-grown, and ROE has refused to cross double digits meaningfully. Meanwhile, consumer durable peers are getting premium multiples just by saying “AC demand strong” on earnings calls.
But Whirlpool is not sleeping. It has quietly changed its product mix, slashed refrigerator dependence, ramped up ACs, doubled down on Elica (kitchens are sexy now), and locked in a 30-year brand license with its US parent. This quarter also came with exceptional
wage provisions, muddying headline profitability.
So the question is simple:
Is Whirlpool India a boring cash cow… or a misunderstood slow-burn story?
3. Business Model – WTF Do They Even Do?
At its core, Whirlpool of India is a home appliances manufacturer and marketer. Simple, right? Not really.
They sell:
- Refrigerators
- Washing machines
- Air conditioners
- Microwaves & small appliances
- Built-in kitchen appliances (via Elica)
But the interesting bit is how the mix has changed.
Back in FY20:
- Refrigerators were 62% of revenue
- Air conditioners were just 6%
Fast forward to FY24:
- Refrigerators dropped to 33%
- Air conditioners jumped to 26%
- Washing machines steady at 25%
This is not accidental. Refrigerators are a mature, price-competitive, margin-squeezed category. ACs are where:
- ASPs are higher
- Replacement demand is strong
- Premiumization works
So Whirlpool has consciously pivoted. Add to this the Elica acquisition, and suddenly you’re selling chimneys, hobs, and built-in kitchens — products that feel aspirational, not functional.
They operate three manufacturing plants:
- Faridabad
- Pune
- Puducherry
Exports? Meh. Only ~5% of revenue, across 9 countries. This is a pure India consumption play.
And yes, they also provide product development & procurement services to the parent — contributing ~3% of revenue (₹206 Cr in FY24). Small, but high-quality income.
So no, Whirlpool doesn’t “just sell fridges”. It’s slowly becoming a home solutions brand. Slowly. Very slowly.
4. Financials Overview – Numbers Don’t Lie,
