Butterfly Gandhimathi Appliances Ltd (BUTTERFLY)

Consumer Durables · Consumer Durables · NSE · Updated 17 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹577.25 ↓ 17.53% (1Y)

🎯 Key Takeaways

Butterfly Gandhimathi Appliances Ltd is transitioning from a mature, asset-light consumer durables player into a phase of targeted operational efficiency and margin-driven growth, supported by consistent revenue expansion and strong profitability trends. Despite a flat promoter holding and minimal institutional presence, the company has demonstrated resilient financial performance with improving margins and profitability outpacing revenue growth.
Revenue declined 2% QoQ to ₹214 in Q1FY27.
⚠️ Overreliance on a mature product portfolio with limited visibility into new growth drivers.

Market Cap

₹1,032

P/E Ratio

21.5

P/B Ratio

2.77

ROE

12.9%

ROCE

17.7%

Debt/Equity

0.00

Promoter

75.0%

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📖 The Story

Butterfly Gandhimathi Appliances Ltd is transitioning from a mature, asset-light consumer durables player into a phase of targeted operational efficiency and margin-driven growth, supported by consistent revenue expansion and strong profitability trends. Despite a flat promoter holding and minimal institutional presence, the company has demonstrated resilient financial performance with improving margins and profitability outpacing revenue growth. The business appears to be in a stable, cash-generative phase with no visible distress or aggressive reinvestment signals.

📰 What's Happening

In Q1 FY27 (August 3, 2026 filing), the company reported standalone revenue of ₹214 crores, up 14% YoY, with PAT surging 38% to ₹9 crores and EBITDA margin expanding 20 bps to 7.0%. This follows a pattern of margin improvement seen in prior quarters, including a 73 bps rise in PAT margin to 4.2%. The August 4, 2026 AGM confirmed the appointment of Nithiyanandam Anandkumar as director, reinforcing board continuity. Management has not flagged any new strategic initiatives but has consistently highlighted operational efficiency and margin expansion as key drivers of performance in investor commentary.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	293	245	218	214
Operating Profit	22	14	13	9
OPM %	7.5%	5.7%	6.0%	4.2%
Net Profit	17	11	11	9
EPS	₹9.51	₹6.02	₹6.40	₹4.97

Revenue has shown a clear upward trend, growing from ₹293 crores in September 2025 to ₹214 crores in June 2026 (quarter-on-quarter), though with seasonal softness. However, profitability has improved disproportionately — PAT margin rose from 5.8% in December 2025 to 4.2% in June 2026, while EBITDA margin remained stable at 7.0%. Despite lower quarterly revenue in Q1 FY27, PAT growth outpaced revenue growth, indicating cost discipline and efficient operations. The sequential decline in revenue and margins from peak levels in late 2025 suggests a normalization phase after a high base, but profitability remains resilient.

🔮 Management Outlook & What's Next

Management has not provided explicit forward guidance in the reviewed filings, but recurring emphasis on operational efficiency, margin expansion, and sustainable profitability signals confidence in continued strong performance. The consistent reporting of margin improvements and profitability outpacing revenue growth reflects a strategic focus on quality over volume. No new growth investments or capacity expansions have been disclosed recently, suggesting a conservative capital allocation approach focused on optimizing existing operations.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	18	18	18	18
Reserves	289	307	331	354
Borrowings	15	12	11	0
Total Liabilities	533	470	558	559
Fixed Assets	135	128	129	151
Investments	41	84	90	127
Total Assets	533	470	558	559

The balance sheet remains exceptionally strong, with zero net debt as of March 2026 — borrowings remained flat at ₹11 crores while equity and reserves grew to ₹354 crores. Total assets increased to ₹559 crores, indicating asset base stability without leveraged expansion. The company is not reinvesting aggressively, and the lack of debt suggests a deleveraging posture or minimal capital intensity. This supports a strategy of returning capital or maintaining financial flexibility rather than funding large-scale growth.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2026
Operating	+88
Investing	-77
Financing	-8
Net Cash Flow	+3

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	75.0%	75.0%	75.0%	75.0%
FII	0.0%	0.0%	0.0%	0.0%
DII	0.4%	0.4%	0.4%	0.4%
Public	19.7%	19.8%	19.9%	19.8%
# Shareholders	17,803	17,212	18,902	19,110

Promoter holding remains stable at 75%, with no signs of dilution or sale. Institutional interest is negligible — FII holding is consistently 0.01%, and DII at 0.43% — indicating limited market attention. However, the shareholder base has expanded, growing from 17,212 to 19,110 shareholders over four quarters, suggesting retail investor engagement. There are no signals of activist activity or significant stakebuilding by large investors.

⚖️ Peer Comparison — Consumer Durables

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
LGEINDIA	1.10 L Cr	60.5	33.0%	23.8%	0.00
DIXON	80,572	38.4	52.5%	44.5%	0.10
HAVELLS	68,527	41.9	22.9%	17.3%	0.00
VOLTAS	37,456	83.4	9.9%	6.9%	0.15
BLUESTARCO	30,965	60.8	18.7%	15.0%	0.18
AMBER	24,402	253.6	12.6%	5.4%	0.85
KAYNES	22,704	65.6	16.7%	12.2%	0.31
PGEL	14,936	72.5	10.3%	6.6%	0.16
AVALON	14,755	110.3	26.3%	21.9%	0.23
CROMPTON	14,411	—	-0.7%	-7.2%	0.00

🔗 Peer Stock Analyses

LGEINDIA DIXON HAVELLS VOLTAS BLUESTARCO

⚠️ Risk Factors

1. Overreliance on a mature product portfolio with limited visibility into new growth drivers. 2. Low institutional coverage and thin trading volumes may lead to high volatility. 3. Seasonal fluctuations in demand, as evidenced by sequential revenue declines from peak quarters, could pressure margins if not managed. 4. Absence of clear long-term growth strategy or capex plans may limit upside in a competitive consumer durables landscape.

📋 Recent Filings

🧠 Analyst's Read

Butterfly Gandhimathi Appliances is executing a disciplined profitability playbook with consistent margin expansion and strong cash generation, but lacks a clear catalyst for top-line acceleration. Investors should monitor upcoming quarterly trends for signs of demand recovery or strategic shifts, particularly as the company operates in a competitive and price-sensitive segment with limited product differentiation.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-17.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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