Whirlpool of India Limited (WHIRLPOOL) Financial Results — Revenue ₹2,181 Cr

Investor Takeaways

Revenue grew 7.4% YoY to ₹2,181 crores, driven by 50% AC growth and market share gains in washers and refrigerators.

Gross margins declined 50 basis points YoY to 29.9%, with PBT down 19% annually.

Record March shipments and new premium product launches occurred, but margin pressures persist from energy regulations, e-waste provisions, and competitive pricing.

No dividend or buyback plans; capex of ₹200 crores planned for premium refrigerator expansion over 12-24 months.

Overall Tone: Neutral

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹2,181 Cr	+7.4%
Net Profit	₹79.45 Cr	-19%
EBITDA	Not available	N/A
EPS	₹6.12	-19% (implied from PBT decline)
OPM	8.29%	Declined from prior quarters

What Changed

The company reported Q4 FY26 revenue of ₹2,181 crores, up 7.4% YoY, supported by strong AC growth of 50% and market share gains in washers and refrigerators. Despite record March shipments and new product launches in refrigerators and washers, gross margins declined 50 basis points YoY to 29.9%, and PBT fell 19% annually. The decline in profitability reflects margin pressures from energy regulations, e-waste provisions, and competitive pricing. Management highlighted ongoing cost initiatives like the P4G program and strategic capex for premium refrigerator expansion, while acknowledging short-term financial challenges from regulatory and supply chain headwinds. The company remains focused on profitable growth in high-potential segments like Elica and front-load washers, with no dividend or buyback plans amid reinvestment priorities.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Whirlpool of India	34.18	Not available	Not available	10,850.71
Titan Company	77.59	41%	34.34%	3,70,126.93
Asian Paints	64.95	19.82%	25.99%	2,49,928.58
LG Electronics India	N/A	N/A	N/A	1,07,232.46

Whirlpool’s P/E ratio of 34.18 is lower than Titan and Asian Paints, suggesting relatively lower valuation multiples compared to peers, though direct ROE and ROCE comparisons are not available for Whirlpool in the provided data.

Risks & Concerns

Gross margin decline of 50 basis points YoY to 29.9% due to energy regulations, e-waste provisions, and competitive pricing.

PBT declined 19% YoY, indicating pressure on profitability.

No dividend or buyback plans, reflecting reinvestment focus amid financial headwinds.

Short-term margin volatility expected due to regulatory and supply chain challenges.

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q3FY25	1,704.85	44.53	4.06%
Q2FY25	1,712.99	53.53	5.08%
Q1FY25	2,496.86	145.25	8.45%
Q4FY24	1,733.99	79.45	8.29%

The sequential decline in revenue and profitability from Q1FY25 to Q4FY24 reflects increasing pressure on margins, despite revenue growth in Q4 FY26. OPM has declined from 8.45% in Q1FY25 to 8.29% in Q4FY24, aligning with the reported margin compression.

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