Whirlpool India

Whirlpool India reported a Q4 FY26 standalone revenue growth of 7.4% versus last year. On a consolidated basis, Q4 revenue stood at ₹2,181 crores, achieving high single-digit growth despite a subdued industry that grew in low single-digits. Consolidated EBITDA for the quarter was ₹121 crores, representing a 5.6% margin, which was lower by 33.7% compared to the previous year, primarily due to regulatory cost upcharges and e-waste provisions.

For the full financial year FY26, consolidated revenue reached ₹8,034 crores, marking a 1.4% growth over the previous year, overcoming a challenging first half. Full-year consolidated EBITDA was ₹481 crores, at a 6% margin, a 12.6% decline YoY. Gross margins for FY26 were 29.9%, down from 30.6% in FY25, mainly attributed to a higher mix of lower-margin air conditioner sales. Profit before exceptional item^📎s for FY26 was ₹426 crores (5.3% margin), a 12% decline YoY, further impacted by a one-time^📎 wage Code provision of ₹38.8 crores.

In March 2026, Whirlpool secured the number two position in multi-brand outlets for refrigerators and washing machines combined. The company achieved market leadership in direct cool refrigerators for four consecutive months (Dec 2025-Mar 2026) and the second position in top load and semi-automatic washers in Q4. Key product innovations included new ranges of direct cool and frost-free refrigerators, the new three-door Protton, and an 11kg BloomWash washing machine with Quick Sense technology. The AC business saw volumes double in Q4, showing triple-digit market share increase.

The company's strategic imperatives focus on product leadership, building a resilient supply chain, and execution excellence. Premiumization is a key driver, with new products like the Protton NXT series and BloomWash series contributing to growth. The AC business, though smaller, is a significant growth area, with Q4 revenue up 50%. Elica, the cooking appliance segment, delivered strong results with Q4 revenue up 30% and PBT up 48%, driven by new product ranges and premiumization.

Whirlpool India maintains a strong cash position, which it plans to utilize for organic growth and potential inorganic opportunities, explicitly ruling out buybacks for now. Current capital work in progress (CWIP) is allocated to premium refrigerators. The company is evaluating investments in automation for factories and exploring projects to reduce costs. A significant launch of large capacity frost-free refrigerators is planned for Q2 FY27, filling a portfolio gap. Aggressive investments are anticipated over the next 12-24 months to drive growth.

The industry experienced subdued growth in Q4 FY26, with refrigerators declining for the full year. Management noted a 'K-curve' effect post-COVID, impacting entry-level direct cool and semi-automatic segments. Consumer upgrades for older appliances are being postponed, but management expects a recovery as economic conditions improve and government initiatives take effect. The company acknowledges the highly competitive market and the need to balance market share with profitability, especially given ongoing cost pressures.

Regulatory changes, particularly new energy efficiency norms for refrigerators and air conditioners, led to significant cost upcharges that were not fully compensated by pricing in Q4. Incremental e-waste provisions also impacted profitability. The company is actively engaged in discussions with the Ministry, producers, and recyclers regarding e-waste cost rationalization. Supply chain disruptions and raw material cost inflation due to the Middle East war, along with forex rate volatility, continue to pose significant challenges to costs and supply.