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Butterfly Gandhimathi Appliances Limited (BUTTERFLY)

₹603.50 -2.24% last close, 16 Oct

📊 NSE: BUTTERFLY 🏢 Domestic Appliances 📢 Latest filing: 15 Oct 2026 📝 Analysis written: 13 Dec 2025

Q2 FY27 results

Butterfly Gandhimathi Appliances Limited reported Q2 FY27 results on 15 Oct 2026: revenue ₹331 Cr (+13.1% year on year, +55.0% on the previous quarter), and net profit ₹20.2 Cr (+18.7% year on year); the operating margin was 9.5%.

Q2 FY27 (₹ Cr)	Value	YoY vs Q2 FY26	QoQ
Revenue	₹331	+13.1%	+55.0%
Operating profit	₹31.5	+12.5%	+109.5%
Net profit	₹20.2	+18.7%	+127.0%
EPS (₹)	11.29	+18.7%	+127.2%
Operating margin	9.5%	—	—

Profit -12% below its own trend

Quality of profit: of pre-tax profit of ₹26.9 Cr, ₹24.3 Cr (90%) came from the core business and the rest from other income and one-off items. Core profit (operating profit less interest and depreciation) moved +10.5% year on year.

Against its own trend: net profit of ₹20.2 Cr was -11.5% against the ₹22.8 Cr its recent growth pointed to (below trend). This is a statistical baseline, not an analyst estimate.

Share price since the results: +6.2% (close before the filing to the latest close).

Full quarterly financials → Margins & quality of profit → All Q2 FY27 results → Results calendar →

BUTTERFLY delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 31.79% of the BUTTERFLY shares traded on NSE were taken to delivery, against the stock's own 20-session average of 59.7%. The price fell 2.24% on unusually low delivery. It traded 3.8 times its average daily volume.

31.79%Delivery, 16 Oct

59.7%Own 20-session average

3.8×Volume vs its average

₹603.50NSE close · -2.24%

Delivery in the last 5 sessions: 64.8% · 66.9% · 49.8% · 23.8% · 31.8%

Delivery across the market →Unusual volume today →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Butterfly Q2 FY27 PAT Rises 18.7% YoY to ₹20 Cr; Revenue Up 13.1% to ₹331 Cr

🟢 POSITIVE ⭐ 6/10

EARNINGS 📅 15 Oct 2026, 03:49 PM

Butterfly Gandhimathi Appliances announced its Q2 FY27 results, reporting a 13.1% YoY revenue growth to ₹331 Cr compared to ₹293 Cr in Q2 FY26. EBITDA rose 13.3% YoY to ₹32 Cr with margins holding steady at 9.5%, while PAT improved 18.7% YoY to ₹20 Cr. Material margins contracted 160 bps YoY to 36.2% due to commodity inflation, which was partially offset by pricing actions. For H1 FY27, revenue reached ₹545 Cr (up 13.5% YoY) and PAT stood at ₹29 Cr (up 24.1% YoY).

Q2 FY27 standalone revenue grew 13.1% YoY to ₹331 Cr (15.9% YoY excluding Crompton manufacturing)
EBITDA increased 13.3% YoY to ₹32 Cr with EBITDA margin flat at 9.5%
PAT rose 18.7% YoY to ₹20 Cr, expanding PAT margin by 30 bps to 6.1%
Material margin declined 160 bps YoY to 36.2% driven by commodity inflation
H1 FY27 revenue and PAT stood at ₹545 Cr and ₹29 Cr, up 13.5% and 24.1% YoY respectively

💡 Track festive season demand pull-through in Q3 and monitor raw material price trends to see if material margins recover.

Butterfly Reappoints Independent Directors P. M. Murty & Smita Anand for 3-Year Term

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 15 Oct 2026, 03:14 PM

Butterfly Gandhimathi Appliances' Board approved the re-appointment of Independent Directors Mr. P. M. Murty and Ms. Smita Anand for a second consecutive 3-year term, effective April 1, 2027 to March 31, 2030. The re-appointments are subject to shareholder approval via postal ballot. The Board meeting on October 15, 2026, also approved the unaudited financial results for the quarter ended September 30, 2026.

Re-appointment of Mr. P. M. Murty as Non-Executive Independent Director for a second 3-year term
Re-appointment of Ms. Smita Anand as Non-Executive Independent Director for a second 3-year term
Tenure for both directors will run from April 1, 2027 to March 31, 2030
Shareholder approval to be sought through a Postal Ballot Notice

💡 Track shareholder voting results on the Postal Ballot notice and review the accompanying Q2 FY27 financial results filing for detailed performance metrics.

Butterfly Gandhimathi Approves Q2 Results, Re-Appoints Two Independent Directors

🟡 NEUTRAL ⭐ 4/10

BOARD_MEETING 📅 15 Oct 2026, 02:57 PM

Butterfly Gandhimathi Appliances approved its unaudited financial results for the quarter ended September 30, 2026, alongside the limited review report. The Board also approved the re-appointment of Independent Directors Mr. P. M. Murty and Ms. Smita Anand for a second 3-year term spanning April 1, 2027 to March 31, 2030, subject to shareholder approval. A postal ballot notice will be dispatched to seek member consent for these re-appointments.

Approved unaudited financial results for the quarter ended September 30, 2026
Re-appointment of Independent Director Mr. P. M. Murty for a 3-year term from April 1, 2027 to March 31, 2030
Re-appointment of Independent Director Ms. Smita Anand for a 3-year term from April 1, 2027 to March 31, 2030
Shareholder approval to be sought via Postal Ballot

💡 Review the detailed Q2 FY27 standalone financial tables once fully disseminated and monitor voting results on the postal ballot for director re-appointments.

Butterfly Gandhimathi Shareholders Approve All Resolutions at 39th AGM

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 05 Aug 2026, 07:42 PM

Butterfly Gandhimathi Appliances Limited has successfully concluded its 39th Annual General Meeting (AGM) held on August 4, 2026. According to the Scrutinizer's report dated August 5, 2026, all resolutions proposed in the notice dated May 11, 2026, were approved by shareholders with the requisite majority. This filing is a procedural confirmation of the voting results for the financial year 2025-26, ensuring regulatory compliance and continuity of corporate governance.

39th Annual General Meeting successfully conducted on August 4, 2026
All resolutions approved by shareholders with the requisite majority as per the Scrutinizer's report
Annual Report for the Financial Year 2025-26 was previously submitted on July 9, 2026
Notice for the AGM was issued on May 11, 2026
Scrutinizer's report confirming the results was finalized on August 5, 2026

💡 Investors should focus on the upcoming quarterly results and the progress of the proposed merger with CGCEL, which remains the primary strategic catalyst.

Butterfly Gandhimathi Concludes 39th AGM; FY26 Financials and Director Re-appointment Approved

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 04 Aug 2026, 02:11 PM

Butterfly Gandhimathi Appliances Limited conducted its 39th Annual General Meeting (AGM) on August 4, 2026, via video conferencing. Shareholders considered three primary resolutions: the adoption of audited financial statements for the year ended March 31, 2026, the re-appointment of Mr. Nithiyanandam Anandkumar as a director, and the ratification of cost auditor remuneration. The meeting concluded within 50 minutes, and final voting results are expected to be disclosed within two working days.

39th Annual General Meeting held on August 4, 2026, via VC/OAVM
Remote e-voting period spanned 4 days from July 31 to August 3, 2026
Meeting duration was 50 minutes, concluding at 11:50 AM IST
Three resolutions proposed including adoption of FY26 financial statements
Voting results to be declared within 2 working days of the meeting

💡 Investors should monitor the upcoming disclosure of voting results to confirm the formal approval of the financial statements and director appointments.

14% Revenue Growth and 38% PAT Growth in Q1 FY27

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 03 Aug 2026, 10:20 PM

Butterfly Gandhimathi Appliances reported a strong Q1 FY27 with revenue growing 14% YoY to ₹214 Cr, driven by double-digit growth across retail, modern trade, and online channels. Profitability outpaced revenue growth, with PAT surging 38% YoY to ₹9 Cr and EBITDA rising 17% to ₹15 Cr. The company successfully maintained material margins at 41.1% through pricing interventions that mitigated commodity inflation. EBITDA margins expanded by 20 bps to 7.0%, reflecting improved operating leverage.

Revenue grew 14% YoY to ₹214 Cr compared to ₹187 Cr in Q1 FY26
PAT increased by 38% YoY to ₹9 Cr from ₹6 Cr in the previous year
EBITDA margin expanded by 20 bps to 7.0% from 6.8% YoY
Material margin remained stable at 41.1% despite commodity price volatility
Won the Golden Peacock Eco-Innovation Award 2026 for the 5-star rated RENZ COOKTOP

💡 Investors should monitor the execution of the premiumization strategy (Idea First Series) and the progress of the proposed merger with CGCEL, which is expected to drive further operational synergies.

38% YoY Profit Growth in Q1 FY27; Revenue up 14% to ₹213.87 Cr

🟢 POSITIVE ⭐ 6/10

EARNINGS 📅 03 Aug 2026, 03:15 PM

Butterfly Gandhimathi reported a strong 14.1% YoY increase in revenue to ₹213.87 Cr for the quarter ended June 30, 2026. Net profit grew significantly by 38.1% YoY to ₹8.89 Cr, reflecting improved operational efficiency despite a slight 2% sequential revenue dip. The company's EPS rose to ₹4.97 from ₹3.60 in the same quarter last year. While YoY performance is robust, sequential profit declined by 22% from the March 2026 quarter.

Revenue from operations grew 14.1% YoY to ₹21,387.27 Lakhs.
Net profit for the period increased 38.1% YoY to ₹888.73 Lakhs.
Earnings Per Share (EPS) improved to ₹4.97 from ₹3.60 in the year-ago period.
Profit Before Tax (PBT) stood at ₹1,192.59 Lakhs, a 37.5% increase over Q1 FY26.
Total expenses for the quarter were ₹20,514.63 Lakhs, up 13.6% YoY.

💡 Monitor the progress of the proposed merger with CGCEL for synergy realization and track the impact of raw material price volatility on operating margins in upcoming quarters.

Butterfly Gandhimathi Granted 20-Year Patent for Improvised Gas Cooktop Safety Knob

🟢 POSITIVE ⭐ 4/10

OTHER 📅 13 Jul 2026, 07:12 PM

Butterfly Gandhimathi Appliances has been officially granted a patent (No. 595137) for an 'Improvised Safety Knob for Gas Cooktops'. The patent is valid for a 20-year term, effective retrospectively from December 29, 2021. This development strengthens the company's intellectual property in the LPG stove segment, where it currently maintains a top 3 market position in South India. While the immediate revenue impact is not disclosed, the patent supports the company's stated strategy of premiumization and brand equity enhancement.

Patent Number 595137 granted on July 13, 2026, for an improvised safety knob invention.
The patent term is 20 years, effective from the application date of December 29, 2021.
The innovation targets the gas cooktop category, a core business segment for the company.
Company maintains a retail network of over 29,000 outlets in South India to leverage such innovations.

💡 Watch for the integration of this patented technology in new premium product launches and its potential to drive market share gains in the competitive kitchen appliance segment.

Butterfly Gandhimathi: 938 shares dematerialized in Q1 FY27

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 13 Jul 2026, 12:45 PM

Butterfly Gandhimathi Appliances Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. For the quarter ended June 30, 2026, the company's Registrar and Share Transfer Agent, GNSA Infotech Private Limited, processed 14 physical share certificates. These certificates, representing 938 equity shares, were verified, mutilated, and cancelled to facilitate dematerialization. This is a standard administrative procedure with no impact on the company's financial or operational standing.

Processed 14 physical share certificates for dematerialization during the quarter.
A total of 938 equity shares were converted from physical to electronic form.
Compliance confirmed for the quarter ended June 30, 2026.
Registrar GNSA Infotech confirmed the mutilation and cancellation of physical certificates as per SEBI norms.

💡 This is a routine regulatory filing. No action is required from investors; focus should remain on upcoming quarterly earnings for fundamental performance.

Butterfly Gandhimathi Schedules 39th AGM for August 04, 2026; FY26 Annual Report Released

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 09 Jul 2026, 07:36 PM

Butterfly Gandhimathi Appliances has scheduled its 39th Annual General Meeting (AGM) for August 04, 2026, to be conducted via video conferencing. Key agenda items include the adoption of FY 2025-26 audited financial statements and the re-appointment of Director Mr. Nithiyanandam Anandkumar. The company also seeks ratification for ₹2.25 lakh in cost auditor remuneration for FY 2026-27. With a low debt-to-equity ratio of 0.02 and a net worth of ₹372 Cr, the company continues its focus on premiumization and its proposed merger with CGCEL.

39th Annual General Meeting scheduled for August 04, 2026, at 11:00 AM IST
Cut-off date for e-voting eligibility set for July 28, 2026
Proposed remuneration for Cost Auditors (M/s. S. Mahadevan & Co.) is ₹2,25,000 for FY 2026-27
Permanent employee count reported at 574 for FY 2025-26, with 100% retention rate for parental leave
Lost Time Injury Frequency Rate (LTIFR) for workers improved to 0.73 in FY26 from 1.17 in FY25

💡 Investors should review the Integrated Annual Report for detailed management commentary on the CGCEL merger progress and the execution of the ₹50-70 Cr annual capex plan. No immediate action is required beyond participating in the e-voting process starting July 31, 2026.

Butterfly Gandhimathi Announces Trading Window Closure from July 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 30 Jun 2026, 12:31 PM

Butterfly Gandhimathi Appliances Limited has announced the closure of its trading window for all designated persons starting July 1, 2026. This is a standard regulatory procedure in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015. The closure is ahead of the declaration of the standalone unaudited financial results for the quarter ending June 30, 2026. The window will remain closed until 48 hours after the results are officially announced to the exchanges.

Trading window closure commences on July 1, 2026
Closure pertains to the financial results for the quarter ending June 30, 2026
Window to remain closed until 48 hours after the declaration of results
Applies to all Designated Persons including Directors, KMPs, and identified employees

💡 Investors should wait for the upcoming announcement of the board meeting date to know when the Q1 FY27 financial results will be published.

Butterfly Gandhimathi Wins Golden Peacock Eco-Innovation Award 2026 for RENZ 3B Cooktop

🟢 POSITIVE ⭐ 3/10

OTHER 📅 19 Jun 2026, 12:19 PM

Butterfly Gandhimathi Appliances Limited has been honored with the 'Golden Peacock Eco-Innovation Award' for 2026 by the Institute of Directors, India. The award specifically recognizes the company's 'RENZ 3B COOKTOP' for its sustainability-driven excellence and innovation. Additionally, the company has been certified for meeting the rigorous standards of the Golden Peacock Excellence Model. The formal award presentation is scheduled for July 03, 2026, during the 27th International Conference on Environment Management and Climate Change.

Received the Golden Peacock Eco-Innovation Award for the year 2026.
Recognition specifically awarded for the 'RENZ 3B COOKTOP' product line.
Certified for meeting the evaluation benchmarks of the Golden Peacock Excellence Model.
Award ceremony to be held on July 03, 2026, in Gandhinagar, Gujarat.
Voluntary disclosure made as a measure of good corporate governance practices.

💡 This is a positive development for brand equity and ESG positioning, but it is not a material financial event. Investors should remain focused on the company's quarterly earnings and market share growth in the kitchen appliance segment.

Butterfly Gandhimathi Q4 PAT Up 26.7% to Rs 11 Cr; FY26 Revenue Grows 9% to Rs 943 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 11 May 2026, 09:57 PM

Butterfly Gandhimathi reported a strong Q4 FY26 with revenue growing 16.6% YoY to Rs 218 Cr, driven by double-digit growth in cookers and gas stoves. Full-year FY26 PAT (excluding exceptional items) surged by 45.2% to Rs 47 Cr, reflecting improved operational efficiency and cost optimization. EBITDA margins expanded by 90 bps for the full year to 8.5%, supported by a successful brand refresh and new product launches. The company also demonstrated robust cash flow generation of Rs 88 Cr during the fiscal year.

Q4 Revenue grew 16.6% YoY to Rs 218 Cr, while FY26 Revenue reached Rs 943 Cr (up 9%)
FY26 PAT (excluding exceptional items) increased significantly by 45.2% YoY to Rs 47 Cr
EBITDA margins for FY26 improved to 8.5% from 7.6% in the previous year
Strong cash flow generation of Rs 88 Cr reported for the full financial year
Double-digit growth in core categories like cookers and gas stoves during Q4

💡 Investors should view the strong margin expansion and double-digit Q4 growth as positive indicators of the company's successful brand refresh and operational restructuring. The stock remains a key play in the South Indian kitchen appliance market with improving profitability and cash flows.

Butterfly Gandhimathi FY26 Revenue Up 9% to ₹943 Cr; EY Appointed as Internal Auditor

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 11 May 2026, 05:35 PM

Butterfly Gandhimathi reported a 9% year-on-year increase in annual revenue, reaching ₹94,315.30 Lakhs for FY26. The company's Q4 revenue also saw a significant jump of 16.5% to ₹21,816.90 Lakhs compared to the previous year's quarter. A key highlight is the substantial reduction in finance costs, which dropped from ₹518.68 Lakhs to ₹179.33 Lakhs. The board has also strengthened corporate governance by appointing Ernst & Young (EY) as the new Internal Auditors.

Annual Revenue from operations grew 9% YoY to ₹94,315.30 Lakhs in FY26.
Q4 FY26 Revenue increased by 16.5% YoY to ₹21,816.90 Lakhs.
Finance costs significantly reduced by 65% to ₹179.33 Lakhs in FY26 from ₹518.68 Lakhs in FY25.
Ernst & Young (EY) appointed as Internal Auditors for the FY 2026-27 period.
Statutory auditors ASA & Associates LLP issued an unmodified (clean) audit opinion for the financial year.

💡 The steady revenue growth and improved debt management (lower finance costs) are positive indicators; investors should maintain their positions while monitoring the impact of new internal audit controls.

Butterfly Gandhimathi Q4 Revenue Up 16.5% YoY; FY26 Revenue Reaches ₹943 Crore

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 11 May 2026, 05:16 PM

Butterfly Gandhimathi reported a robust Q4 FY26 with revenue from operations at ₹21,816.90 lakhs, up from ₹18,717.60 lakhs in the same period last year. For the full financial year, revenue grew 9% to ₹94,315.30 lakhs compared to ₹86,503.09 lakhs in FY25. A notable achievement is the sharp reduction in finance costs, which dropped from ₹518.68 lakhs in FY25 to ₹179.33 lakhs in FY26. The company also strengthened its governance by appointing Ernst & Young as Internal Auditors for the next fiscal year.

Full-year revenue from operations rose 9% YoY to ₹94,315.30 lakhs.
Q4 FY26 revenue showed a strong 16.5% YoY growth reaching ₹21,816.90 lakhs.
Finance costs for the full year decreased by approximately 65% to ₹179.33 lakhs.
Profit before tax for the quarter ended March 31, 2026, stood at ₹1,535.87 lakhs.
Ernst & Young appointed as Internal Auditors to enhance corporate governance and internal controls.

💡 The significant reduction in finance costs and steady top-line growth indicate improving operational efficiency and debt management. Investors should maintain a positive outlook while monitoring the impact of new audit appointments on future reporting transparency.

View All BUTTERFLY Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total revenue from operations decreased by 7.17% YoY to INR 864.50 Cr in FY25 from INR 931.28 Cr in FY24. While the first half of FY25 saw a decline, the second half achieved a 5% revenue growth following strategic pricing and marketing interventions.

Geographic Revenue Split

The company has a heavy geographic concentration in South India, where it is a top three player. It maintains a distribution network of 29,000+ retailers and 750+ distributors in the region.

Profitability Margins

Operating profit margin improved significantly to 7.55% in FY25 from 2.94% in FY24. Net profit margin increased to 3.76% from 0.79% YoY, driven by margin improvements and strict control on spends.

EBITDA Margin

EBITDA margin stood at 7.55% (INR 65.25 Cr) in FY25, a substantial increase from 2.71% (INR 25.26 Cr) in FY24, reflecting improved equity utilization and stronger profitability.

Capital Expenditure

Capital expenditure is described as moderate and is expected to be funded through internal cash accruals of INR 50-70 Cr per annum over the medium term.

Credit Rating & Borrowing

The company maintains a strong financial risk profile with an interest coverage ratio of 12.58x in FY25, up from 4.26x in FY24. Debt is minimal with a debt-equity ratio of 0.04x.

⚙️ Operational Drivers

Raw Materials

Specific raw materials like steel, aluminum, and plastics are used for kitchen appliances; however, their specific percentage of total cost is not disclosed in available documents.

Capacity Expansion

Current capacity is not specified in units, but the company plans moderate expansion funded by internal accruals of INR 50-70 Cr annually.

Raw Material Costs

Raw material costs are a significant driver, with operating profitability susceptible to price volatility. In FY25, COGS reduction was in line with sales, helping to improve margins to 7.55%.

Manufacturing Efficiency

Manufacturing efficiency is managed through cost optimization and product laddering; specific capacity utilization percentages are not disclosed.

Logistics & Distribution

Distribution is handled through 29,000+ retailers and 750+ distributors, with a significant focus on e-commerce and online channels.

📈 Strategic Growth

Expected Growth Rate

12%

Growth Strategy

Growth will be achieved through premiumization (introducing high-end product variants), increasing digital penetration, and a proposed merger with CGCEL to realize synergies, simplify governance, and align shareholder interests.

Products & Services

LPG stoves, mixer grinders, wet grinders, pressure cookers, and vacuum flasks.

Brand Portfolio

Butterfly

New Products/Services

Introduction of premium product variants and high-potential offerings to enhance brand equity; specific revenue contribution % not disclosed.

Market Expansion

Focus on expanding digital penetration and strengthening the existing retail network of 29,000+ outlets in South India.

Market Share & Ranking

Top 3 player in mixer grinders, pressure cookers, and LPG stoves in South India.

Strategic Alliances

Proposed merger with parent company Crompton Greaves Consumer Electricals Limited (CGCEL).

🌍 External Factors

Industry Trends

The kitchen appliance industry is evolving toward premiumization and digital sales. BGAL is positioning itself by focusing on high-margin premium variants and e-commerce growth.

Competitive Landscape

Intense competition from both organized and unorganized players in the cookware and kitchen appliance segments.

Competitive Moat

The moat consists of a 20-year brand legacy and a dominant distribution network in South India. This is sustainable due to the strong managerial and operational support from parent CGCEL.

Macro Economic Sensitivity

The company is sensitive to inflation and sluggish market demand, which contributed to a 7.17% revenue decline in FY25.

Consumer Behavior

Shift toward premium products and increased adoption of online shopping for kitchen appliances.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to safety standards (HIRA), environmental regulations (EPR), and accounting standards for financial reporting.

Environmental Compliance

The company is committed to eco-friendly packaging and waste minimization. FY24 margins were impacted by Extended Producers’ Responsibility (EPR) costs.