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Stove Kraft Chief Growth Officer Mayank Gupta Resigns; Led 300+ Store Retail Expansion
Mr. Mayank Gupta, the Chief Growth Officer of Stove Kraft Limited, has resigned effective February 27, 2026, to pursue an external opportunity. During his four-year tenure, Gupta was instrumental in building the company's retail vertical from its inception to a network of over 300 stores across India. As a key member of the Senior Management Personnel, his departure marks a significant leadership change in the company's growth and retail strategy. The company has acknowledged his contribution to the retail footprint but has not yet announced a successor.
Key Highlights
Resignation of Chief Growth Officer Mayank Gupta effective February 27, 2026.
Gupta led the retail vertical expansion from zero to a 300+ store network nationwide.
The executive served a tenure of 4 years, focusing on direct-to-consumer growth.
Departure is cited as being for the pursuit of an external professional opportunity.
Mr. Gupta was classified as Senior Management Personnel (SMP) under SEBI regulations.
💼 Action for Investors
Investors should monitor the company's retail sales performance in upcoming quarters to ensure the 300+ store network remains productive post-leadership transition. Watch for the appointment of a new CGO to gauge the continuity of the current growth strategy.
Stove Kraft Q3 FY26: Revenue dips 6.4% on export headwinds; Gross Margins improve to 39.4%
Stove Kraft reported a 6.4% YoY decline in Q3 FY26 revenue to INR 378.4 crores, primarily due to a sharp drop in export sales which fell to just 3.5% of total revenue. Despite the top-line pressure, gross margins improved by 188 bps to 39.4% through better product mix and operational efficiencies. Profit After Tax (PAT) saw a significant decline to INR 4.1 crores, impacted by one-time expenses of INR 4.65 crores. However, the company successfully reduced its working capital debt by INR 80 crores and improved working capital days to 43.
Key Highlights
Q3 FY26 revenue declined 6.4% YoY to INR 378.4 crores due to weak export demand in the US market.
Gross margins expanded by 188 basis points to 39.4%, while 9-month EBITDA grew 5.4% to INR 127.7 crores.
Significant debt reduction of INR 80 crores achieved during the quarter, bringing working capital debt down to INR 80.6 crores.
Retail footprint expanded to 313 stores across 21 states, with a long-term target of 500 stores by 2027.
Small appliances category recorded a robust volume growth of 38% during the quarter.
💼 Action for Investors
Investors should monitor the recovery of the export segment and the ramp-up of the IKEA partnership starting in FY27. The significant debt reduction and margin improvement are positive signs, but near-term PAT remains under pressure from one-off costs.
Stove Kraft Q3FY26 PAT Drops 65.8% YoY to ₹4.1 Cr; Revenue Declines 6.4%
Stove Kraft reported a weak Q3FY26 performance with revenue declining 6.4% YoY to ₹378.4 crore and reported PAT falling 65.8% to ₹4.1 crore. The bottom line was significantly impacted by one-time expenses, including a ₹1.9 crore forex loss and a ₹1.24 crore charge related to Labour Code implementation. Despite the quarterly slump, 9MFY26 revenue showed a modest 4.9% growth to ₹1,192.9 crore. The company continues its aggressive retail expansion, adding 17 new stores this quarter to reach a total of 313 outlets.
Key Highlights
Q3FY26 Revenue fell 6.4% YoY to ₹378.4 Cr, while EBITDA margin contracted to 9.1% from 10.0% in the previous year.
Reported PAT plummeted 65.8% YoY to ₹4.1 Cr, impacted by ₹3.14 Cr in extraordinary items (Forex and Labour Code).
Retail footprint expanded to 313 stores across 21 states, with a long-term target of 500 stores by CY 2027.
Working capital efficiency improved with days reduced to 43, while gross margins remained resilient at 39.4%.
Product category performance was mixed: Gas Cooktops grew 10.1% in value, while Non-stick Cookware value fell 27%.
💼 Action for Investors
Investors should exercise caution as the sharp decline in quarterly profitability and revenue suggests near-term headwinds in consumer demand. Monitor if the aggressive store expansion translates into higher revenue per store and improved margins in the coming quarters.
Stove Kraft Q3 FY26 Revenue Dips 6.4% to ₹378.4 Cr; PAT Impacted by One-time Costs
Stove Kraft reported a challenging Q3 FY26 with revenue declining 6.4% YoY to ₹378.4 crore, though 9M FY26 revenue remains up by 4.9%. Profitability was significantly impacted as PAT fell 65.8% YoY to ₹4.1 crore, primarily due to one-time gratuity provisions of ₹1.24 crore and forex losses of ₹1.9 crore. On a positive note, gross margins improved by 188 bps to 39.4%, and the company successfully reduced its debt to ₹80.6 crore. The company continues its retail expansion, adding 17 new stores this quarter to reach a total of 313 outlets.
Key Highlights
Q3 FY26 Revenue decreased 6.4% YoY to ₹378.4 crore, while 9M FY26 Revenue grew 4.9% to ₹1,192.9 crore.
Gross Margin improved by 188 bps YoY to 39.4% in Q3 FY26, reflecting business resilience despite export sluggishness.
PAT dropped 65.8% YoY to ₹4.1 crore, hit by ₹3.14 crore in exceptional gratuity and forex items.
Debt reduced to ₹806 million (₹80.6 crore) during the quarter through improved working capital and sale-leaseback.
Retail footprint expanded to 313 stores across 138 cities, with 17 new stores added in Q3 FY26.
💼 Action for Investors
Investors should focus on the company's ability to sustain gross margin improvements and the scaling of its exclusive retail channel. While the current profit dip is largely due to one-time items, the recovery in export volumes remains a key monitorable for future growth.
Stove Kraft Q3 FY26 Revenue Up 18% YoY, but Net Profit Plummets 66% to ₹41.5 Million
Stove Kraft reported a revenue growth of 18.4% YoY, reaching ₹4,783.74 million for the quarter ended December 31, 2025. However, net profit saw a sharp decline of 65.8% YoY to ₹41.46 million, primarily due to rising raw material costs and higher operating expenses. On a sequential basis, the profit drop was even more pronounced at 80.6% compared to the previous quarter. The company is also managing ongoing income tax assessments following a 2023 search, with a current demand of ₹13.5 million under appeal.
Key Highlights
Revenue from operations grew 18.4% YoY to ₹4,783.74 million from ₹4,040.63 million.
Net profit fell sharply by 65.8% YoY and 80.6% QoQ to ₹41.46 million.
Earnings Per Share (EPS) dropped to ₹1.25 from ₹3.67 in the same quarter last year.
Other expenses increased significantly to ₹776.45 million compared to ₹645.49 million in the previous year.
Income tax demand of ₹13.5 million for past assessment years is currently under appeal or rectification.
💼 Action for Investors
Investors should exercise caution as the significant margin contraction and sharp decline in profitability overshadow the steady revenue growth. Monitor management's strategy for cost control and the final outcome of the ongoing income tax proceedings.
Stove Kraft Credit Rating Upgraded to [ICRA]A (Stable) and [ICRA]A1
ICRA has upgraded the credit ratings for Stove Kraft Limited's bank facilities, reflecting a strengthened financial profile. The long-term rating has been revised upward to [ICRA]A (Stable) from [ICRA]A- (Positive), while the short-term rating improved to [ICRA]A1 from [ICRA]A2+. This upgrade indicates improved creditworthiness and may lead to lower interest costs for the company's debt. The transition from a 'Positive' outlook to 'Stable' at a higher rating level suggests the agency's confidence in the company's sustained performance.
Key Highlights
Long-term bank facility rating upgraded from [ICRA]A- (Positive) to [ICRA]A (Stable).
Short-term bank facility rating upgraded from [ICRA]A2+ to [ICRA]A1.
The rating revision was officially received from ICRA on December 18, 2025.
The upgrade signifies a lower risk of default and improved access to capital markets.
💼 Action for Investors
Investors should view this upgrade as a positive sign of financial health and management efficiency. It is advisable to monitor if this leads to a reduction in finance costs in the upcoming quarterly earnings.