STOVEKRAFT

Stove Kraft share price & financials

Price
₹694.25
Market cap
₹2.6k Cr
Sector
Consumer Durables
Calls analysed
6
Latest concall · Q1 FY27 · call held 04 Aug 2026

Stove Kraft Q1 FY27

Revenue ₹480.6 cr +41%EBITDA ₹53.8 cr +51%EBITDA Margin 11.2% +1%PAT ₹17.1 cr +64%

What went well

  • Revenue of ₹480.6 crores, up 41.3% YoY, marking the strongest ever first quarter performance.
  • EBITDA of ₹53.8 crores, up 50.9% YoY, with margins expanding 71 bps to 11.2%.
  • PAT of ₹17.1 crores, up 63.5% YoY, driven by operating and financial leverage.

What to watch

  • Small Appliances & Gas Cooktop categories witnessed temporary moderation due to resource reallocation to meet Induction Cooktop demand.
  • Net working capital increased to 45 days in Q1 FY27, higher than Q4 FY26, due to strategic inventory buildup for the festive season.
Read the full call →

What Stove Kraft does

Stove Kraft designs, manufactures and retails kitchen and home solutions under its flagship 'Pigeon' brand and the semi-premium 'Gilma' brand, alongside in-licensed brands such as BLACK+DECKER. Its product range spans pressure cookers, non-stick cookware, gas and induction cooktops, chimneys, small appliances (mixer grinders, kettles, toasters, air fryers) and home/lighting products such as LED bulbs and emergency lamps. Revenue is earned through a multi-channel mix of general trade, modern trade, e-commerce, company-owned/franchised exclusive brand outlets and OEM/contract manufacturing for other brands, including a supply partnership with IKEA for cookware. Manufacturing is largely backward-integrated across two owned facilities, supplemented by exports to international retailers.

Segments

  • Cookware
  • Cooktops & Kitchen Solutions
  • Small Appliances
  • Home & Lighting / Other Products
Pigeon exclusive brand outlets (EBOs)
329 stores
Store footprint
22 states, 151 cities/towns
Manufacturing facilities
2 fully backward-integrated units (Bengaluru, Karnataka and Baddi, Himachal Pradesh)
Manufacturing lines
37 lines across both facilities
Export markets
14 countries
Distributor network
600+ distributors
Founded 1999Employees 5,403 (FY2024-25 (permanent emp) Company website

Guidance record · Q1 FY27

what the last two calls moved 20 tracked 3 delivered 2 missed 15 open
  • IKEA Partnership Revenue Start delayed said Q4 FY25 Promised: The IKEA business will only start in the end of the last quarter, early fourth quarter, mean, end of third quarter and early fourth quarter. Q1 FY27: Management confirms IKEA business will start in Q2 FY27, a further delay from the previously guided Q1 FY27.
  • Overall Revenue Growth delivered said Q4 FY25 Promised: We will grow by double digits, sir. For this year (FY26). Q4 FY26: Achieved 10.9% YoY revenue growth for full year FY26, meeting the double-digit target despite a weak Q3.
  • Export Revenue Growth missed said Q4 FY25 Promised: Very high growth rate upwards of 50% in the current year itself. Q4 FY26: FY26 OEM exports contributed 10.7% of revenue. The significant growth target was not met due to setbacks early in the year.

All 20 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 41.5%, net profit up 70.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue418 404 313 340 474 +13%378 −6%415 +33%481 +41%
EBITDA49 41 29 36 57 +16%34 −17%39 +34%54 +50%
Net profit17 12 1 10 21 +24%4 −67%6 +500%17 +70%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +17.2% 1Y

₹500₹600₹700₹800Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 4 Nov 2025Q3 FY26 — 30 Jan 2026Q4 FY26 — 13 May 2026Q1 FY27 — 4 Aug 2026

1Y: ₹695.45 on 10 Sept 2025 → ₹814.9. High ₹849.25 (7 Sept 2026), low ₹453.5 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
+0.7%
4 Aug
Q4 FY26
−3.9%
13 May
Q3 FY26
−3.2%
31 Jan
Q2 FY26
−2.0%
4 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 7.8% a year over 3 years, FY23 to FY26. Operating margin widened to 10.3%.

Year endingFY23FY24FY25FY26
Revenue₹1.3k Cr₹1.4k Cr₹1.4k Cr₹1.6k Cr
Operating profit₹99 Cr₹119 Cr₹151 Cr₹166 Cr
Operating margin7.7%8.7%10.4%10.3%
Interest₹16 Cr₹24 Cr₹31 Cr₹27 Cr
Depreciation₹32 Cr₹50 Cr₹71 Cr₹80 Cr
Net profit₹36 Cr₹35 Cr₹38 Cr₹41 Cr
Net margin2.8%2.6%2.6%2.6%
Cash from operations₹76 Cr₹113 Cr₹130 Cr₹258 Cr
Free cash flow₹-21 Cr₹8 Cr₹49 Cr₹150 Cr
ROCE13.0%11.0%11.0%11.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹33 Cr₹33 Cr₹33 Cr₹33 Cr₹33 Cr₹33 Cr
Reserves₹270 Cr₹331 Cr₹370 Cr₹406 Cr₹461 Cr₹471 Cr
Borrowings₹53 Cr₹78 Cr₹197 Cr₹256 Cr₹196 Cr₹117 Cr
Other liabilities₹216 Cr₹286 Cr₹297 Cr₹401 Cr₹452 Cr₹553 Cr
Total liabilities₹571 Cr₹728 Cr₹897 Cr₹1.1k Cr₹1.1k Cr₹1.2k Cr
Fixed assets₹221 Cr₹312 Cr₹402 Cr₹510 Cr₹525 Cr₹583 Cr
Capital work in progress₹19 Cr₹9 Cr₹10 Cr₹30 Cr₹66 Cr₹15 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Other assets₹331 Cr₹407 Cr₹486 Cr₹557 Cr₹552 Cr₹576 Cr
Total assets₹571 Cr₹728 Cr₹897 Cr₹1.1k Cr₹1.1k Cr₹1.2k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public added +0.69 pp while DIIs trimmed −0.68 pp. The shareholder count shrank 3% to 55,318.

Promoters
55.8%
FIIs
1.2%
DIIs
7.1%
Public
35.9%

Since Jun 2025

  • Public +0.69 pp
  • DIIs −0.68 pp
  • Promoters −0.05 pp

How it drifted, 12 quarters

Over this window the public fell from 41.2% to 35.9% — −5.3 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 55.9%, FIIs 0.5%, DIIs 2.4%, Public 41.2%.Dec '23: Promoters 55.9%, FIIs 0.4%, DIIs 3.0%, Public 40.7%.Mar '24: Promoters 55.9%, FIIs 0.8%, DIIs 3.4%, Public 39.9%.Jun '24: Promoters 55.9%, FIIs 0.9%, DIIs 4.7%, Public 38.5%.Sep '24: Promoters 55.9%, FIIs 1.5%, DIIs 5.5%, Public 37.1%.Dec '24: Promoters 55.9%, FIIs 1.7%, DIIs 5.4%, Public 37.0%.Mar '25: Promoters 55.8%, FIIs 1.2%, DIIs 7.0%, Public 36.0%.Jun '25: Promoters 55.8%, FIIs 1.2%, DIIs 7.8%, Public 35.2%.Sep '25: Promoters 55.8%, FIIs 0.9%, DIIs 7.9%, Public 35.4%.Dec '25: Promoters 55.8%, FIIs 0.9%, DIIs 8.3%, Public 35.0%.Mar '26: Promoters 55.8%, FIIs 0.8%, DIIs 8.0%, Public 35.5%.Jun '26: Promoters 55.8%, FIIs 1.2%, DIIs 7.1%, Public 35.9%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Stove Kraft above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Rajendra Gandhi 55.18%unchanged
Bandhan Small Cap Fund Mutual fund3.61%−0.13 pp
Suresh Kumar Agarwal 2.81%unchanged
Mahindra Manulife Small Cap Fund Mutual fund2.10%−0.32 pp
Ashish Kacholia 1.74%unchanged
Sunitha Rajendra Gandhi 0.60%unchanged
Neha Gandhi 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Growth trap

To justify its price of ₹815, this stock must grow earnings at 32% every year for 7 years. Our analysis caps realistic growth at ~5%. At that growth it is worth ₹205 — downside of 75%.

Growth the price implies
32.0% a year
for 7 years, fading to 4%
It has actually compounded at
4.6% a year
net profit, FY23–FY26 · EPS 5.2%
The gap
0.3 pp
-75% downside if it only repeats history
Price today ₹814.9 Value at the reference growth ₹204.62 Cyclical — a peak-earnings base overstates value

Change the assumptions yourself →

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse Stove Kraft

Guides on how to read this kind of business and the numbers that matter.