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STOVEKRAFT - Stove Kraft

📊 NSE: STOVEKRAFT 🏢 Domestic Appliances 📅 Last Updated: 12/14/2025 13:45

📢 Recent Corporate Announcements

Stove Kraft Cancels Participation in Investec India Investor Conference

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 06 Mar 2026, 10:47 AM

Stove Kraft Limited has announced the cancellation of its scheduled participation in the Investec India Promoter & Founder Conference. The meeting was originally set to take place on March 9, 2026, at 11:00 A.M. via video conferencing. This follows an earlier intimation made by the company on March 3, 2026, regarding group and one-on-one interactions. No specific reason for the cancellation was provided in the regulatory filing.

Cancellation of investor meeting scheduled for March 9, 2026, at 11:00 A.M.
The meeting was part of the Investec India Promoter & Founder Conference.
The session was intended for group and one-on-one interactions via video conferencing.
The company had previously notified the exchanges about this meet on March 3, 2026.

💡 No immediate action is required as this is a routine administrative update regarding investor relations. Investors should monitor for any future rescheduled dates or upcoming quarterly earnings calls for business updates.

Stove Kraft to Attend Investec India Promoter & Founder Conference on March 9, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 03 Mar 2026, 12:08 PM

Stove Kraft Limited has announced its participation in the Investec India Promoter & Founder Conference scheduled for March 9, 2026, in Mumbai. The company's management will engage in both group and one-on-one meetings with institutional investors starting from 11:00 AM. This is a standard investor relations activity aimed at discussing the company's business outlook and strategy. The schedule is subject to change based on the availability of the company or investors.

Participation in Investec India Promoter & Founder Conference on March 9, 2026
Meetings include both group and one-on-one formats with institutional investors
Interaction sessions are scheduled to begin from 11:00 AM onwards in Mumbai
Disclosure made in compliance with Regulation 30 of SEBI Listing Obligations

💡 No immediate action is required as this is a routine investor meeting; however, investors should monitor for any post-event presentations or transcripts for updates on business strategy.

Stove Kraft to Participate in Nirmal Bang Investor Conference on March 5, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Feb 2026, 04:42 PM

Stove Kraft Limited has announced its participation in a virtual investor conference organized by Nirmal Bang Institutional Equities. The event is scheduled for March 5, 2026, starting from 2:00 PM onwards. The interaction will consist of both group and one-on-one meetings with institutional investors. This is a routine regulatory disclosure under SEBI Listing Obligations and Disclosure Requirements.

Investor interaction scheduled for March 05, 2026, via virtual mode.
Conference organized by Nirmal Bang Institutional Equities for institutional clients.
Format includes both group sessions and one-on-one meetings starting at 2:00 PM.
Disclosure made in compliance with Regulation 30(6) of SEBI LODR Regulations 2015.

💡 Investors should watch for any investor presentations or meeting transcripts released after the event for updates on business strategy. No immediate trading action is required based solely on this scheduling announcement.

Stove Kraft Chief Growth Officer Mayank Gupta Resigns; Led 300+ Store Retail Expansion

🔵 WATCH ⭐ 6/10

MANAGEMENT 📅 27 Feb 2026, 04:27 PM

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.

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.

💡 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%

🔵 WATCH ⭐ 7/10

EARNINGS 📅 05 Feb 2026, 09:47 PM

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.

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.

💡 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 Limited Releases Audio Recording of Jan 31 Earnings Call

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 31 Jan 2026, 06:53 PM

Stove Kraft Limited has officially released the audio recording of its earnings conference call held on January 31, 2026. This disclosure is in compliance with Regulation 30(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The recording allows investors to review the management's discussion on financial performance and strategic outlook. Accessing such recordings is vital for understanding the nuances of the company's operational performance beyond the reported numbers.

Audio recording of the earnings call held on January 31, 2026, is now available.
The filing follows mandatory SEBI (LODR) Regulation 30(6) compliance.
Investors can access the recording via the company's official website link provided in the disclosure.
The call likely covers the company's performance for the quarter ending December 2025.

💡 Investors should listen to the recording to understand management's commentary on margin pressures and demand trends in the kitchen appliances sector. Focus on guidance provided regarding new product launches and distribution network expansion.

Stove Kraft Q3FY26 PAT Drops 65.8% YoY to ₹4.1 Cr; Revenue Declines 6.4%

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 31 Jan 2026, 03:05 PM

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.

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%.

💡 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

🔵 WATCH ⭐ 8/10

EARNINGS 📅 31 Jan 2026, 03:00 PM

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.

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.

💡 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

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 31 Jan 2026, 02:54 PM

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.

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.

💡 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 Schedules Q3 & 9M FY26 Earnings Call for January 31, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 17 Jan 2026, 03:41 PM

Stove Kraft Limited has announced a conference call scheduled for January 31, 2026, at 5:00 PM IST to discuss its financial performance. The call will focus on the standalone unaudited results for the third quarter and the nine-month period ending December 31, 2025. Top management, including the Managing Director and CFO, will be present to address queries from analysts and institutional investors. This is a routine regulatory filing under SEBI's disclosure requirements to ensure transparency regarding financial updates.

Conference call scheduled for January 31, 2026, at 5:00 PM IST.
Discussion will cover standalone unaudited financial results for Q3 and 9M FY26.
Key participants include MD Rajendra Gandhi and CFO Ramakrishna Pendyala.
International dial-in facilities provided for investors in the USA, UK, Hong Kong, and Singapore.

💡 Investors should monitor the financial results release on the day of the call and listen for management commentary on margin pressures and demand trends. Review the upcoming investor presentation for detailed operational metrics.

Stove Kraft Files Quarterly SEBI Compliance Certificate for Dec 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Jan 2026, 03:06 PM

Stove Kraft Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by KFin Technologies Limited, confirms that all dematerialization and rematerialization requests for the quarter ended December 31, 2025, have been processed. This filing ensures that the company's shareholding records are accurately maintained with the depositories (NSDL and CDSL). Such filings are a mandatory part of corporate governance and indicate the company's adherence to regulatory reporting timelines.

Compliance certificate submitted for the quarter ended December 31, 2025.
Certificate issued by KFin Technologies Limited, the Registrar and Share Transfer Agent.
Confirms processing of dematerialization and rematerialization requests as per SEBI norms.
Filing covers requirements for both National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL).

💡 This is a routine administrative filing with no impact on the company's financial health or stock valuation. No action is required from investors based on this announcement.

Stove Kraft Announces Trading Window Closure from Dec 30 for Q3 FY26 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 22 Dec 2025, 02:36 PM

Stove Kraft Limited has informed the exchanges that its trading window will be closed starting December 30, 2025, for designated persons and their immediate relatives. This closure is a mandatory compliance step under SEBI Insider Trading regulations ahead of the announcement of financial results for the quarter and nine months ending December 31, 2025. The trading window will remain closed until 48 hours after the results are declared. This is a standard procedure for listed companies and does not indicate any fundamental change in the company's operations.

Trading window closure effective from December 30, 2025.
Closure pertains to the unaudited financial results for the quarter ending December 31, 2025.
Window to reopen 48 hours after the official declaration of results.
Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015.

💡 No action is required as this is a routine regulatory filing. Investors should monitor the company's upcoming earnings release for actual performance data.

Stove Kraft Credit Rating Upgraded to [ICRA]A (Stable) and [ICRA]A1

🟢 POSITIVE ⭐ 7/10

OTHER 📅 18 Dec 2025, 05:49 PM

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.

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.

💡 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.

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💰 Financial Performance

Revenue Growth by Segment

For H1 FY26, revenue grew 11.2% YoY to INR 814.5 Cr. Segment value growth included Small Appliances at 19.9%, Non-stick Cookware at 13.0%, Induction Cooktops at 10.2%, Gas Cooktops at 9.6%, and Pressure Cookers at 6.6%. Volume growth varied significantly, with Gas Cooktops up 11.5% while Non-stick Cookware volumes declined 14.0% due to a shift toward higher Average Selling Price (ASP) products.

Geographic Revenue Split

While specific regional percentages are not disclosed, the company is intensifying its focus on North and West India for FY26 expansion. Exports contributed to the revenue mix, with a specific focus on ramping up the IKEA order and expanding the 'Pigeon' brand footprint globally.

Profitability Margins

Gross margins improved to 38.1% in FY25 from 36.9% in FY24, and reached 38.5% in Q2 FY26. This 120-160 bps improvement is driven by a higher share of in-house manufacturing and reduced dependence on traded goods. PAT margin stood at 2.7% in FY25 (INR 38.5 Cr) compared to 2.5% in FY24 (INR 34.1 Cr).

EBITDA Margin

EBITDA margin for H1 FY26 was 11.3%, a 33 bps improvement over 11.0% in H1 FY25. For the full year FY25, EBITDA margin was 10.4% (INR 151.1 Cr) vs 8.7% (INR 118.9 Cr) in FY24, reflecting better operating leverage as manufacturing utilization increases.

Capital Expenditure

The company has been investing heavily in manufacturing infrastructure over the last four years, which led to a temporary deterioration in ROE and ROCE. Specific INR Cr capex for the upcoming period is not disclosed, but the focus is on achieving double-digit return ratios through these investments.

Credit Rating & Borrowing

ICRA reaffirmed ratings based on the company's established market position. Finance costs increased 29.1% YoY to INR 31.0 Cr in FY25 from INR 24.0 Cr in FY24, driven by higher borrowing requirements for working capital and lease liabilities.

⚙️ Operational Drivers

Raw Materials

Key raw materials include Aluminum and Steel, which are critical for the production of pressure cookers and cooktops. Fluctuations in these commodities directly impact the cost of goods sold, though the company has successfully passed on some costs through price hikes post-festive season.

Import Sources

The company is strategically lessening its dependence on imports to enhance profit margins and quicken working capital circulation. Specific countries of origin are not disclosed, but the shift is toward domestic backward integration.

Capacity Expansion

The company recently installed and fully operationalized a cast iron foundry to support the outdoor cooking and premium cookware categories. It is also expanding its retail footprint to 500 standalone Pigeon Stores by 2027.

Raw Material Costs

Cost of materials consumed was INR 259.5 Cr in Q2 FY26. The company maintains a gross margin of ~38% by managing the mix between manufactured and traded goods, with trading now accounting for only ~10% of revenue.

Manufacturing Efficiency

Manufacturing revenues now account for ~90% of total revenue, up from previous years. This shift has supported the OPM improvement to 8.7% in FY24 and 10.4% in FY25 by capturing the manufacturing value add.

Logistics & Distribution

The company utilizes multiple channels including general trade, e-commerce, and 500 planned exclusive retail outlets to ensure wide distribution across India's diverse market.

📈 Strategic Growth

Expected Growth Rate

13.40%

Growth Strategy

Growth will be achieved through a three-pronged strategy: expanding the standalone 'Pigeon' store network to 500 outlets by 2027, increasing export volumes (specifically IKEA), and diversifying into new categories like personal care (hair dryers/trimmers) and premium cast iron cookware.

Products & Services

Pressure cookers, induction cooktops, gas cooktops, non-stick cookware (ceramic and cast iron), small appliances (kettles, OTGs, air fryers), and personal care products (hair dryers, trimmers).

Brand Portfolio

Pigeon, Gilma, Black + Decker.

New Products/Services

Entered the personal care segment in January 2025 with hair dryers and trimmers. Also expanding the outdoor cooking and cast iron cookware ranges to capture higher-margin premium segments.

Market Expansion

Targeting 500 exclusive stores by 2027 and intensifying focus on the North and West Indian markets to balance its historically strong presence in South India.

Market Share & Ranking

The company is a leading brand in the value-for-money (VFM) kitchen appliance category in India, though specific percentage ranking is not provided.

Strategic Alliances

Maintains a significant supply relationship with IKEA for export markets and uses a franchise model for its retail store expansion.

🌍 External Factors

Industry Trends

The industry is shifting toward premiumization (higher ASP products like air fryers and OTGs) and omnichannel distribution. Stove Kraft is positioning itself by increasing its in-house manufacturing to 90% of revenue to control quality and costs.

Competitive Landscape

Faces intense competition from established players in the kitchen appliance segment. Competitors often compete on aggressive pricing in e-commerce channels.

Competitive Moat

The moat is built on a strong brand recall in the VFM segment, a massive distribution network, and a high degree of backward integration in manufacturing, which allows for competitive pricing that is often double-digit percentages lower than competitors online.

Macro Economic Sensitivity

Sensitive to consumer demand shifts and inflationary pressures on input costs. The Indian Government's 100% FDI allowance in electronic hardware manufacturing provides a favorable tailwind for long-term expansion.

Consumer Behavior

Increasing demand for convenience-based appliances (air fryers, induction) and a shift toward branded retail outlets (Pigeon Stores) for a better shopping experience.

Geopolitical Risks

Export growth in certain categories is currently 'at pause' while waiting for the stabilization of international tariffs.

⚖️ Regulatory & Governance

Industry Regulations

Complies with SEBI LODR Regulations and 100% FDI norms for electronic hardware manufacturing. Operations are subject to standard manufacturing and pollution control norms.

Environmental Compliance

The company has a Corporate Social Responsibility (CSR) policy in place as per Section 135 of the Companies Act, 2013.

Taxation Policy Impact

The effective tax rate resulted in a net tax expense of INR 10.28 Cr for FY25 on a PBT of INR 48.79 Cr, approximately 21%.

⚠️ Risk Analysis

Key Uncertainties

Volatility in commodity prices (Aluminum/Steel) and forex fluctuations are the primary uncertainties, with a potential impact on EBITDA margins of 50-100 bps if not managed.

Geographic Concentration Risk

Historically concentrated in South India, the company is actively diversifying into North and West India to mitigate regional demand risks.

Third Party Dependencies

Dependency on e-commerce platforms for a significant portion of sales, where pricing is highly competitive and subject to platform-driven discount cycles.