Consumer Durables - Domestic Appliances · Founded 2010 · www.inflameindia.com · BSE 541083 · · ISIN INE464Z01017
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Business
Inflame Appliances Ltd. is an Indian company engaged in the manufacturing and marketing of a range of domestic appliances, primarily focusing on kitchen appliances. Its core business model involves designing, producing, and distributing products such as gas stoves, chimneys, hobs, and other related small home appliances under its brand name. The company makes money by selling these products to consumers through a multi-channel distribution network, which typically includes retailers, distributors, and e-commerce platforms across India.
Revenue Mix
The company operates within the "Consumer Durables - Domestic Appliances" sector. While specific revenue contribution breakdowns are not publicly available in general information, its primary product segments include:
Cooking Appliances: Gas stoves, cooktops, hobs.
Kitchen Hoods & Chimneys: Products for kitchen ventilation.
Small Kitchen Appliances: May include blenders, toasters, kettles, etc. (common for companies in this space).
Given its focus, cooking and kitchen ventilation appliances likely form the bulk of its revenue.
Industry
Inflame Appliances operates in the highly competitive Indian consumer durables market for domestic appliances. This industry is characterized by robust growth driven by rising disposable incomes, urbanization, and increasing aspirations for modern conveniences. The market is fragmented with a mix of large multinational players (e.g., LG, Samsung, Whirlpool), established Indian brands (e.g., Bajaj, Havells, Prestige), and numerous smaller regional players. Inflame Appliances likely positions itself as a growing Indian brand, potentially focusing on specific price points, product niches, or regional strengths to compete against larger, more established players.
MOAT
As a smaller to mid-sized player in a highly competitive market, Inflame Appliances' competitive advantages may be developing. Potential moats could include:
Cost Efficiency: Ability to manufacture at competitive prices, offering value-for-money products.
Distribution Network: Building a strong, localized distribution network, particularly in Tier 2/3 cities and rural areas, which might be less saturated by larger players.
Brand Recognition (Developing): Gradually building brand trust and recall among its target consumer base, especially in specific product categories or regions.
Agility: Ability to quickly adapt to changing consumer preferences and market trends compared to larger, more bureaucratic organizations.
Significant brand loyalty or economies of scale comparable to industry leaders are likely still in development.
Growth Drivers
Key factors that can drive Inflame Appliances' growth over the next 3-5 years include:
Rising Disposable Incomes: Increasing purchasing power of Indian consumers leading to higher demand for aspirational appliances.
Urbanization & Nuclear Families: Growth of smaller households and modern living spaces driving demand for efficient kitchen solutions.
Expanding Distribution: Penetrating new geographic markets, especially Tier 2/3 cities and rural areas, and strengthening retail presence.
Product Innovation & Diversification: Introduction of new models, smart features, and expansion into related appliance categories.
Replacement Demand: Growing replacement cycle for existing appliances.
Government Initiatives: Policies supporting manufacturing and consumer spending.
Risks
Intense Competition: Highly competitive market with established domestic and international brands, leading to pricing pressure and margin erosion.
Raw Material Price Volatility: Fluctuations in prices of key raw materials (e.g., steel, copper, plastic) can impact manufacturing costs and profitability.
Economic Slowdown: A downturn in the Indian economy could reduce discretionary spending on consumer durables.
Supply Chain Disruptions: Dependency on a complex supply chain for components and finished goods can lead to operational delays and cost increases.
Changing Consumer Preferences: Rapid shifts in consumer tastes, technology adoption, and design trends require continuous R&D and product updates.
Brand Perception: Maintaining and enhancing brand trust and quality perception in a crowded market is crucial.
Management & Ownership
Inflame Appliances is typically promoter-led, common for many Indian companies. The promoters often have significant skin in the game and a deep understanding of the domestic market. Management quality is critical for navigating the competitive landscape, executing growth strategies, and maintaining operational efficiency. Ownership structure typically involves a substantial promoter holding, with the remaining shares held by public investors, institutional investors, and potentially high-net-worth individuals.
Outlook
Inflame Appliances operates in a structurally growing market driven by India's demographic and economic tailwinds. The company has an opportunity to capitalize on increasing consumer demand for modern domestic appliances, especially by expanding its product portfolio and strengthening its distribution network in underserved regions. However, the outlook is balanced by significant challenges, including intense competition from larger, more entrenched players, the need for continuous product innovation, and the inherent volatility in raw material costs. Success will depend on the management's ability to execute its growth strategy efficiently, differentiate its offerings, and build sustainable brand equity while maintaining cost competitiveness in a price-sensitive market.
Price goes above X
Price falls below X
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PE falls below X
| #(Fig in Cr.) |
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| Net Sales |
| Other Income |
| Total Income |
| Total Expenditure |
| Operating Profit |
| Interest |
| Depreciation |
| Exceptional Income / Expenses |
| Profit Before Tax |
| Provision for Tax |
| Profit After Tax |
| Adjustments |
| Profit After Adjustments |
| Adjusted Earnings Per Share |
| #(Fig in Cr.) | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 9 | 55 | 15 | 20 | 40 | 77 | 92 | 106 | |
| Other Income | 0 | 1 | 1 | 0 | 0 | 1 | 1 | 0 | |
| Total Income | 9 | 56 | 16 | 20 | 40 | 78 | 94 | 107 | |
| Total Expenditure | 8 | 52 | 19 | 22 | 38 | 67 | 84 | 94 | |
| Operating Profit | 1 | 4 | -3 | -2 | 2 | 11 | 9 | 13 | |
| Interest | 0 | 0 | 1 | 1 | 2 | 2 | 3 | 4 | |
| Depreciation | 0 | 1 | 2 | 2 | 2 | 2 | 4 | 5 | |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | -0 | -2 | 0 | 0 | |
| Profit Before Tax | 0 | 3 | -6 | -5 | -2 | 4 | 2 | 4 | |
| Provision for Tax | 0 | 1 | -1 | -1 | -1 | 1 | 0 | 1 | |
| Profit After Tax | 0 | 2 | -4 | -3 | -2 | 3 | 1 | 3 | |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Profit After Adjustments | 0 | 2 | -4 | -3 | -2 | 3 | 1 | 3 | |
| Adjusted Earnings Per Share | 0.5 | 3.4 | -7.1 | -5.6 | -2.5 | 4.4 | 1.4 | 4.2 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 15% | 38% | 48% | 0% |
| Operating Profit CAGR | 44% | 87% | 0% | 0% |
| PAT CAGR | 200% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 31% | -21% | 4% | NA% |
| ROE Average | 6% | 7% | -12% | -10% |
| ROCE Average | 9% | 10% | 2% | 1% |
| #(Fig in Cr.) | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 10 | 12 | 8 | 4 | 14 | 41 | 47 | 56 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 1 | 2 | 2 | 9 | 4 | 9 | 17 | 20 |
| Other Non-Current Liabilities | 0 | 3 | 2 | 1 | -3 | -2 | -1 | -0 |
| Total Current Liabilities | 8 | 17 | 19 | 22 | 21 | 33 | 40 | 52 |
| Total Liabilities | 19 | 34 | 31 | 36 | 36 | 81 | 103 | 127 |
| Fixed Assets | 3 | 13 | 12 | 11 | 10 | 13 | 33 | 35 |
| Other Non-Current Assets | 2 | 1 | 1 | 0 | 1 | 13 | 3 | 7 |
| Total Current Assets | 13 | 20 | 17 | 24 | 24 | 54 | 67 | 86 |
| Total Assets | 19 | 34 | 31 | 36 | 36 | 81 | 103 | 127 |
| #(Fig in Cr.) | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 1 |
| Cash Flow from Operating Activities | -4 | 8 | 0 | -3 | -5 | -2 | 4 | 2 |
| Cash Flow from Investing Activities | -5 | -10 | 0 | -3 | -1 | -24 | -11 | -7 |
| Cash Flow from Financing Activities | 10 | 1 | -0 | 6 | 5 | 26 | 8 | 4 |
| Net Cash Inflow / Outflow | 1 | -1 | -0 | 0 | -0 | 0 | 1 | -1 |
| Closing Cash & Cash Equivalent | 1 | 0 | 0 | 0 | 0 | 0 | 1 | 0 |
| # | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.51 | 3.44 | -7.09 | -5.6 | -2.48 | 4.41 | 1.43 | 4.17 |
| CEPS(Rs) | 0.71 | 5.44 | -3.8 | -2.63 | 0.24 | 7.46 | 7.46 | 10.57 |
| DPS(Rs) | 0 | 0.5 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 15.68 | 19.35 | 11.89 | 6.52 | 21.09 | 56.3 | 57.73 | 74.79 |
| Core EBITDA Margin(%) | 5.92 | 6.35 | -25.56 | -9.61 | 3.8 | 12.97 | 8.71 | 11.45 |
| EBIT Margin(%) | 4.66 | 5.87 | -32.6 | -17.36 | -0.94 | 8.46 | 5.33 | 7.37 |
| Pre Tax Margin(%) | 4.38 | 5.17 | -37.4 | -22.76 | -5.56 | 5.69 | 1.66 | 3.79 |
| PAT Margin (%) | 3.38 | 3.74 | -27.67 | -16.92 | -4.16 | 4.19 | 1.13 | 2.95 |
| Cash Profit Margin (%) | 4.72 | 5.93 | -14.82 | -7.94 | 0.4 | 7.08 | 5.93 | 7.46 |
| ROA(%) | 1.6 | 7.78 | -13.18 | -10.09 | -4.59 | 5.56 | 1.14 | 2.72 |
| ROE(%) | 3.23 | 19.62 | -45.41 | -60.84 | -18.36 | 11.7 | 2.51 | 6.35 |
| ROCE(%) | 4.19 | 25.26 | -30.98 | -17.45 | -1.48 | 13.6 | 6.4 | 8.55 |
| Receivable days | 283.24 | 54.55 | 214.05 | 197.29 | 113.94 | 82.06 | 90.49 | 84.65 |
| Inventory Days | 99.8 | 33.14 | 173.85 | 134.09 | 65.44 | 53.85 | 87.68 | 125.23 |
| Payable days | 430.22 | 94.86 | 326.68 | 237.52 | 119.63 | 65.96 | 70.67 | 102.23 |
| PER(x) | 57.25 | 43.95 | 0 | 0 | 0 | 99.54 | 346.5 | 40.94 |
| Price/Book(x) | 1.85 | 7.8 | 6.6 | 24.52 | 14.94 | 7.8 | 8.58 | 2.29 |
| Dividend Yield(%) | 0 | 0.33 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 1.85 | 1.7 | 3.66 | 5.68 | 5.62 | 4.41 | 4.26 | 1.56 |
| EV/Core EBITDA(x) | 30.86 | 21.11 | -18.51 | -67.84 | 138.04 | 31.93 | 42.14 | 13.13 |
| Net Sales Growth(%) | 0 | 512.97 | -72.08 | 29.14 | 99.4 | 95.27 | 19.49 | 14.86 |
| EBIT Growth(%) | 0 | 671.8 | -254.93 | 31.24 | 89.17 | 1853.1 | -24.8 | 58.98 |
| PAT Growth(%) | 0 | 577.67 | -306.46 | 21.03 | 51 | 296.59 | -67.61 | 198.13 |
| EPS Growth(%) | 0 | 577.6 | -306.46 | 21.03 | 55.79 | 278.08 | -67.61 | 192.17 |
| Debt/Equity(x) | 0.06 | 0.35 | 1.35 | 4.81 | 0.97 | 0.66 | 0.9 | 0.75 |
| Current Ratio(x) | 1.59 | 1.16 | 0.92 | 1.09 | 1.16 | 1.67 | 1.69 | 1.65 |
| Quick Ratio(x) | 1.3 | 0.71 | 0.54 | 0.75 | 0.85 | 1.21 | 1 | 0.83 |
| Interest Cover(x) | 16.59 | 8.35 | -6.78 | -3.21 | -0.2 | 3.06 | 1.45 | 2.06 |
| Total Debt/Mcap(x) | 0.03 | 0.04 | 0.2 | 0.2 | 0.06 | 0.08 | 0.11 | 0.33 |
| # | Jun 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 43.77 | 43.77 | 43.59 | 43.59 | 43.59 | 43.59 | 44.72 | 44.72 | 44.72 | 44.72 |
| FII | 0 | 0 | 1.12 | 3.41 | 5.07 | 5.53 | 5.2 | 5.3 | 5.31 | 0.19 |
| DII | 0 | 0 | 2.24 | 2.62 | 1.42 | 1.44 | 1.42 | 1.41 | 1.41 | 0.16 |
| Public | 56.23 | 56.23 | 53.05 | 50.39 | 49.91 | 49.43 | 48.67 | 48.57 | 48.56 | 54.93 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.34 | 0.34 | 0.34 | 0.34 |
| FII | 0 | 0 | 0.01 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0 |
| DII | 0 | 0 | 0.02 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0 |
| Public | 0.41 | 0.41 | 0.39 | 0.37 | 0.37 | 0.36 | 0.36 | 0.36 | 0.36 | 0.41 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 | 0.75 | 0.75 | 0.75 | 0.75 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +15% | +38% | +48% | — |
| Operating Profit CAGR | +44% | +87% | — | — |
| PAT CAGR | +200% | — | — | — |
| Share Price CAGR | +31% | -21% | +4% | — |
| ROE Average | +6% | +7% | -12% | -10% |
| ROCE Average | +9% | +10% | +2% | +1% |
| # | Jun 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 43.77 | 43.77 | 43.59 | 43.59 | 43.59 | 43.59 | 44.72 | 44.72 | 44.72 | 44.72 |
| FII | 0 | 0 | 1.12 | 3.41 | 5.07 | 5.53 | 5.2 | 5.3 | 5.31 | 0.19 |
| DII | 0 | 0 | 2.24 | 2.62 | 1.42 | 1.44 | 1.42 | 1.41 | 1.41 | 0.16 |
| Public | 56.23 | 56.23 | 56.41 | 56.41 | 56.41 | 56.41 | 55.28 | 55.28 | 55.28 | 55.28 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.34 | 0.34 | 0.34 | 0.34 |
| FII | 0 | 0 | 0.01 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0 |
| DII | 0 | 0 | 0.02 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0 |
| Public | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 | 0.75 | 0.75 | 0.75 | 0.75 |
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