Whirlpool of India (500238) Q3 25/26 earnings summary

Executive summary

• Secured long-term brand and technology agreements with Whirlpool Corporation, ensuring exclusive brand rights for 30 years and technology access for 10 years, with renewal options for both agreements.

• Achieved revenue growth of 4% year-over-year in Q3 FY25-26 despite a weak industry environment, with profitability rebounding after two quarters of decline.

• Operational EBITDA grew 47% year-over-year in Q3, driven by volume growth, cost productivity, and premiumization.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, were approved by the Board on February 6, 2026.

• Results reflect the performance of the home appliances segment, including the subsidiary Elica PB Whirlpool Kitchen Appliances Pvt Ltd.

Financial highlights

• Standalone Q3 revenue grew 3.8% year-over-year to INR 1,624 crore; consolidated revenue grew 4% to INR 1,774 crore.

• Standalone EBITDA rose 47.3% year-over-year to INR 65.3 crore (4% margin); consolidated EBITDA up 31.2% to INR 90.9 crore (5.1% margin).

• Standalone PBT before exceptional items increased 31.9% year-over-year to INR 48.2 crore; reported PBT declined 60% due to a one-time wage code provision.

• Exceptional item loss of INR 3,341 lakhs (standalone) and INR 3,884 lakhs (consolidated) due to Labour Code implementation.

• Promoter shareholding reduced from 51% to 39.76% following partial dilution by the ultimate holding company.

Outlook and guidance

• Management targets high single-digit to early double-digit revenue CAGR over the next five years, contingent on market growth.

• Profitability expected to grow modestly, with 2026-2027 highlighted as a structurally challenging year due to regulatory changes and transition costs.

• Recovery in revenue and profitability expected to continue, supported by premiumization, cost productivity, and market share gains in key categories.

• The investment in the subsidiary aligns with long-term growth opportunities in the cooking and built-in business.