Consumer Durables - Domestic Appliances · Founded 1960 · https://corporate.whirlpool.in · BSE 500238 · NSE WHIRLPOOL · ISIN INE716A01013
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Business
Whirlpool Of India Ltd. is a leading manufacturer and marketer of home appliances in India. It operates primarily in the domestic appliances segment, offering a range of products including refrigerators, washing machines, air conditioners, microwave ovens, dishwashers, and water purifiers. The company leverages the globally recognized "Whirlpool" brand, providing solutions for various consumer needs in the Indian market. Its core business model involves manufacturing, sourcing, distributing, and servicing these appliances through a wide network of dealers, modern retail channels, and e-commerce platforms, generating revenue from direct product sales.
Revenue Mix
The company's primary revenue segments are broadly categorized by product lines:
Refrigerators: A major contributor, covering single door, double door, and multi-door frost-free models.
Washing Machines: Includes semi-automatic, top-load automatic, and front-load automatic variants.
Air Conditioners: Split and window ACs.
Microwave Ovens & Cooking Appliances: A range of microwave ovens and other kitchen appliances.
Other Appliances: Dishwashers, water purifiers, and built-in appliances.
Specific revenue contributions for each segment are not publicly available in detail without financial statements.
Industry
Whirlpool Of India operates in the highly competitive Indian Consumer Durables - Domestic Appliances industry. This industry is characterized by increasing disposable incomes, rapid urbanization, growing middle class, and low penetration levels for many appliance categories compared to developed markets. The market is fragmented with both domestic and international players. Whirlpool Of India is positioned as a significant player, leveraging its global brand heritage and product innovation. It competes directly with other major brands such as LG, Samsung, Godrej Appliances, Voltas, Haier, and Panasonic across its product categories.
MOAT
Brand Recognition: "Whirlpool" is a globally renowned brand, which enjoys high trust and recall among Indian consumers, associated with quality and durability.
Technological Expertise & R&D: As a subsidiary of Whirlpool Corporation, USA, it benefits from access to global R&D, product innovation, and manufacturing technologies, allowing it to offer advanced and energy-efficient products.
Extensive Distribution & Service Network: The company has built a wide pan-India distribution network, encompassing traditional dealers, modern retail chains, and a growing online presence, supported by a robust after-sales service infrastructure.
Scale Economies: Leveraging its parent company's global scale in procurement, manufacturing, and logistics provides a cost advantage in certain areas.
Growth Drivers
Rising Disposable Incomes: As incomes increase, more households can afford to purchase or upgrade home appliances.
Low Penetration Levels: Many categories like dishwashers, large capacity refrigerators, and premium washing machines still have low penetration in India, offering significant headroom for growth.
Urbanization & Nuclear Families: Growth in urban households and the trend towards nuclear families drive demand for new appliances.
Premiumization Trend: Consumers are increasingly willing to pay for advanced features, energy efficiency, and aesthetically superior products.
Easy Financing Options: Availability of consumer finance and EMI options makes appliances more accessible.
Government Initiatives: Schemes promoting housing and electrification can indirectly boost demand for home appliances.
Risks
Intense Competition: The Indian consumer durables market is highly competitive, leading to pricing pressure and the need for continuous marketing and product innovation.
Raw Material Price Volatility: Fluctuations in prices of key commodities like steel, copper, aluminium, and plastics can impact manufacturing costs and margins.
Demand Fluctuations: Consumer spending on discretionary items like appliances can be sensitive to economic slowdowns, inflation, and changes in consumer sentiment.
Supply Chain Disruptions: Global or domestic disruptions (e.g., geopolitical events, pandemics) can affect the availability of components or finished goods.
Foreign Exchange Fluctuations: Given reliance on imported components, currency volatility can impact costs.
Regulatory Changes: Changes in energy efficiency standards, import duties, or environmental regulations can necessitate product design changes or impact costs.
Management & Ownership
Whirlpool Of India Ltd. is promoted by Whirlpool Corporation, USA, which holds a majority stake in the company. This ownership structure implies strong corporate governance practices aligned with global standards and access to the parent company's global resources, expertise, and R&D. The management team is professional, often comprising experienced industry veterans, responsible for executing the company's strategy in the Indian market while adhering to the global vision and policies of Whirlpool Corporation.
Outlook
Whirlpool Of India is well-positioned to capitalize on the long-term growth potential of the Indian consumer durables market, driven by favorable demographics, rising incomes, and increasing electrification. Its strong brand, extensive distribution network, and access to global R&D provide a competitive edge in a market where premiumization and technological advancements are key. However, the company faces persistent challenges from intense competition, which could pressure market share and margins, alongside volatility in raw material costs and consumer demand. Sustained investment in innovation, marketing, and channel expansion will be crucial for maintaining its market position and driving profitable growth.
Price goes above X
Price falls below X
PE goes above X
PE falls below X
| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 1536 | 1734 | 2497 | 1713 | 1705 | 2005 | 2432 | 1647 | 1774 | 2181 |
| Other Income | 36 | 60 | 51 | 49 | 51 | 40 | 54 | 50 | 42 | 53 |
| Total Income | 1571 | 1794 | 2548 | 1762 | 1755 | 2044 | 2486 | 1697 | 1816 | 2234 |
| Total Expenditure | 1473 | 1590 | 2286 | 1626 | 1636 | 1822 | 2221 | 1589 | 1683 | 2060 |
| Operating Profit | 98 | 203 | 262 | 136 | 120 | 223 | 265 | 108 | 133 | 174 |
| Interest | 9 | 9 | 10 | 11 | 9 | 14 | 15 | 8 | 10 | 12 |
| Depreciation | 47 | 62 | 56 | 52 | 51 | 54 | 54 | 52 | 51 | 53 |
| Exceptional Income / Expenses | 0 | -19 | 0 | 0 | 0 | 7 | 0 | 10 | -39 | 0 |
| Profit Before Tax | 42 | 114 | 196 | 73 | 59 | 162 | 196 | 58 | 33 | 110 |
| Provision for Tax | 12 | 35 | 51 | 20 | 15 | 42 | 50 | 16 | 6 | 29 |
| Profit After Tax | 30 | 79 | 145 | 54 | 45 | 119 | 146 | 42 | 27 | 81 |
| Adjustments | -2 | -2 | -1 | -2 | -1 | -0 | -0 | -0 | -0 | -0 |
| Profit After Adjustments | 28 | 78 | 144 | 52 | 44 | 119 | 146 | 41 | 26 | 80 |
| Adjusted Earnings Per Share | 2.2 | 6.1 | 11.3 | 4.1 | 3.5 | 9.4 | 11.5 | 3.3 | 2.1 | 6.3 |
| #(Fig in Cr.) | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 4832 | 5398 | 5993 | 5900 | 6197 | 6668 | 6830 | 7919 | 8034 |
| Other Income | 87 | 105 | 129 | 90 | 63 | 127 | 164 | 191 | 199 |
| Total Income | 4919 | 5502 | 6121 | 5989 | 6260 | 6795 | 6994 | 8110 | 8233 |
| Total Expenditure | 4272 | 4755 | 5319 | 5381 | 5781 | 6297 | 6427 | 7369 | 7553 |
| Operating Profit | 647 | 747 | 802 | 609 | 479 | 498 | 567 | 741 | 680 |
| Interest | 4 | 9 | 20 | 15 | 16 | 15 | 30 | 45 | 45 |
| Depreciation | 102 | 111 | 129 | 142 | 147 | 185 | 210 | 213 | 210 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 325 | 0 | -19 | 7 | -29 |
| Profit Before Tax | 541 | 629 | 667 | 470 | 650 | 297 | 307 | 490 | 397 |
| Provision for Tax | 190 | 219 | 177 | 118 | 83 | 73 | 83 | 127 | 101 |
| Profit After Tax | 351 | 410 | 490 | 352 | 567 | 224 | 224 | 363 | 296 |
| Adjustments | 0 | 0 | 0 | 0 | -1 | -5 | -7 | -4 | 0 |
| Profit After Adjustments | 351 | 410 | 490 | 352 | 566 | 219 | 217 | 359 | 293 |
| Adjusted Earnings Per Share | 27.6 | 32.3 | 38.6 | 27.7 | 44.6 | 17.3 | 17.1 | 28.3 | 23.2 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 16% | 9% | 6% | 0% |
| Operating Profit CAGR | 31% | 16% | -2% | 0% |
| PAT CAGR | 62% | -14% | -6% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -33% | -16% | -17% | 1% |
| ROE Average | 10% | 8% | 11% | 15% |
| ROCE Average | 14% | 11% | 14% | 20% |
| #(Fig in Cr.) | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 1796 | 2145 | 2563 | 2858 | 3358 | 3520 | 3689 | 3950 |
| Minority's Interest | 0 | 0 | 0 | 0 | 143 | 148 | 155 | 41 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 136 | 165 | 192 | 256 | 377 | 332 | 455 | 525 |
| Total Current Liabilities | 1266 | 1367 | 1608 | 1893 | 1756 | 1898 | 1769 | 2176 |
| Total Liabilities | 3198 | 3677 | 4363 | 5007 | 5634 | 5897 | 6067 | 6692 |
| Fixed Assets | 446 | 508 | 709 | 707 | 1803 | 1917 | 1932 | 1913 |
| Other Non-Current Assets | 604 | 705 | 332 | 353 | 241 | 107 | 110 | 151 |
| Total Current Assets | 2148 | 2464 | 3322 | 3946 | 3589 | 3873 | 4025 | 4628 |
| Total Assets | 3198 | 3677 | 4363 | 5007 | 5634 | 5897 | 6067 | 6692 |
| #(Fig in Cr.) | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 1052 | 974 | 1053 | 1274 | 2060 | 1610 | 1678 | 2252 |
| Cash Flow from Operating Activities | 384 | 402 | 380 | 524 | 98 | 270 | 610 | 571 |
| Cash Flow from Investing Activities | -415 | -262 | -72 | 338 | -469 | -101 | 62 | 42 |
| Cash Flow from Financing Activities | -46 | -62 | -87 | -75 | -89 | -101 | -117 | -307 |
| Net Cash Inflow / Outflow | -77 | 79 | 221 | 786 | -460 | 68 | 555 | 306 |
| Closing Cash & Cash Equivalent | 975 | 1053 | 1274 | 2060 | 1610 | 1678 | 2233 | 2558 |
| # | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 27.64 | 32.3 | 38.64 | 27.73 | 44.64 | 17.26 | 17.11 | 28.3 |
| CEPS(Rs) | 35.64 | 41.07 | 48.83 | 38.93 | 56.34 | 32.27 | 34.26 | 45.4 |
| DPS(Rs) | 4 | 5 | 5 | 5 | 5 | 5 | 5 | 5 |
| Book NAV/Share(Rs) | 138.48 | 165.6 | 198.06 | 220.92 | 259.92 | 272.13 | 284.23 | 303.81 |
| Core EBITDA Margin(%) | 9.21 | 9.75 | 9.18 | 6.85 | 5.06 | 4.07 | 4.33 | 5.08 |
| EBIT Margin(%) | 8.97 | 9.69 | 9.36 | 6.41 | 8.11 | 3.43 | 3.63 | 4.94 |
| Pre Tax Margin(%) | 8.9 | 9.55 | 9.09 | 6.2 | 7.92 | 3.26 | 3.3 | 4.53 |
| PAT Margin (%) | 5.77 | 6.22 | 6.68 | 4.65 | 6.91 | 2.46 | 2.41 | 3.35 |
| Cash Profit Margin (%) | 7.44 | 7.91 | 8.45 | 6.52 | 8.71 | 4.5 | 4.67 | 5.32 |
| ROA(%) | 10.97 | 11.92 | 12.19 | 7.51 | 10.66 | 3.89 | 3.75 | 5.69 |
| ROE(%) | 19.96 | 21.24 | 21.25 | 13.24 | 18.6 | 6.64 | 6.36 | 9.73 |
| ROCE(%) | 30.35 | 32.38 | 29.16 | 17.89 | 21.44 | 9.08 | 9.37 | 14.01 |
| Receivable days | 14.43 | 13.74 | 14.37 | 16.89 | 17.98 | 17.3 | 15.15 | 14.33 |
| Inventory Days | 48.64 | 47.06 | 51.13 | 58.8 | 57.46 | 56.51 | 54 | 43.38 |
| Payable days | 141.32 | 129.21 | 133.27 | 150.35 | 136.57 | 124.32 | 118.96 | 99.34 |
| PER(x) | 54.76 | 47.13 | 46.78 | 80.41 | 35.23 | 76.08 | 71.03 | 35 |
| Price/Book(x) | 10.93 | 9.19 | 9.13 | 10.09 | 6.05 | 4.83 | 4.28 | 3.26 |
| Dividend Yield(%) | 0.26 | 0.33 | 0.28 | 0.22 | 0.32 | 0.38 | 0.41 | 0.5 |
| EV/Net Sales(x) | 3.77 | 3.38 | 3.61 | 4.45 | 2.96 | 2.25 | 1.93 | 1.26 |
| EV/Core EBITDA(x) | 28.17 | 24.44 | 26.99 | 43.1 | 38.28 | 30.11 | 23.26 | 13.5 |
| Net Sales Growth(%) | 0 | 11.71 | 11.02 | -1.55 | 5.03 | 7.6 | 2.43 | 15.95 |
| EBIT Growth(%) | 0 | 17.06 | 7.58 | -29.36 | 37.36 | -53.14 | 8.11 | 58.47 |
| PAT Growth(%) | 0 | 16.84 | 19.63 | -28.23 | 61.26 | -60.52 | 0.13 | 61.74 |
| EPS Growth(%) | 0 | 16.85 | 19.63 | -28.23 | 60.98 | -61.33 | -0.9 | 65.41 |
| Debt/Equity(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio(x) | 1.7 | 1.8 | 2.07 | 2.09 | 2.04 | 2.04 | 2.28 | 2.13 |
| Quick Ratio(x) | 1.06 | 1.15 | 1.34 | 1.41 | 1.3 | 1.25 | 1.57 | 1.52 |
| Interest Cover(x) | 124.19 | 70.21 | 34.59 | 31.62 | 41.98 | 20.8 | 11.17 | 11.94 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 75 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 39.76 | 39.76 |
| FII | 3.64 | 6.47 | 8.93 | 9.48 | 9.7 | 10.72 | 10.29 | 11.12 | 11.9 | 11.47 |
| DII | 12.63 | 33.69 | 31.3 | 31.5 | 30.81 | 27.96 | 28.6 | 28.35 | 35.41 | 35.84 |
| Public | 8.73 | 8.85 | 8.77 | 8.02 | 8.49 | 10.32 | 10.11 | 9.54 | 12.93 | 12.93 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 9.52 | 6.47 | 6.47 | 6.47 | 6.47 | 6.47 | 6.47 | 6.47 | 5.04 | 5.04 |
| FII | 0.46 | 0.82 | 1.13 | 1.2 | 1.23 | 1.36 | 1.31 | 1.41 | 1.51 | 1.45 |
| DII | 1.6 | 4.27 | 3.97 | 4 | 3.91 | 3.55 | 3.63 | 3.6 | 4.49 | 4.55 |
| Public | 1.11 | 1.12 | 1.11 | 1.02 | 1.08 | 1.31 | 1.28 | 1.21 | 1.64 | 1.64 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 12.69 | 12.69 | 12.69 | 12.69 | 12.69 | 12.69 | 12.69 | 12.69 | 12.69 | 12.69 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +16% | +9% | +6% | — |
| Operating Profit CAGR | +31% | +16% | -2% | — |
| PAT CAGR | +62% | -14% | -6% | — |
| Share Price CAGR | -33% | -16% | -17% | +1% |
| ROE Average | +10% | +8% | +11% | +15% |
| ROCE Average | +14% | +11% | +14% | +20% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 75 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 39.76 | 39.76 |
| FII | 3.64 | 6.47 | 8.93 | 9.48 | 9.7 | 10.72 | 10.29 | 11.12 | 11.9 | 11.47 |
| DII | 12.63 | 33.69 | 31.3 | 31.5 | 30.81 | 27.96 | 28.6 | 28.35 | 35.41 | 35.84 |
| Public | 25 | 49 | 49 | 49 | 49 | 49 | 49 | 49 | 60.24 | 60.24 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 9.52 | 6.47 | 6.47 | 6.47 | 6.47 | 6.47 | 6.47 | 6.47 | 5.04 | 5.04 |
| FII | 0.46 | 0.82 | 1.13 | 1.2 | 1.23 | 1.36 | 1.31 | 1.41 | 1.51 | 1.45 |
| DII | 1.6 | 4.27 | 3.97 | 4 | 3.91 | 3.55 | 3.63 | 3.6 | 4.49 | 4.55 |
| Public | 3.17 | 6.22 | 6.22 | 6.22 | 6.22 | 6.22 | 6.22 | 6.22 | 7.64 | 7.64 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 12.69 | 12.69 | 12.69 | 12.69 | 12.69 | 12.69 | 12.69 | 12.69 | 12.69 | 12.69 |
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