Stove Kraft Limited (STOVEKRAFT)
₹851.35 +0.63% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Stove Kraft's revenue was ₹481 Cr (+41.3% year on year, +15.9% on the previous quarter), and net profit ₹17.1 Cr (+63.5% year on year); the operating margin was 11.2%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹481 | +41.3% | +15.9% |
| Operating profit | ₹53.8 | +50.9% | +36.2% |
| Net profit | ₹17.1 | +63.5% | +181.9% |
| EPS (₹) | 5.15 | +63.5% | +181.4% |
| Operating margin | 11.2% | — | — |
STOVEKRAFT delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 39.86% of the STOVEKRAFT shares traded on NSE were taken to delivery, against the stock's own 20-session average of 48.54%. That is lower than usual for this stock.
Delivery in the last 5 sessions: 43.1% · 46.9% · 53.1% · 44.4% · 39.9%
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
Stove Kraft Limited's board approved the issuance of a Standby Letter of Credit (SBLC) not exceeding Rs 30 Cr in favor of overseas banks in China to provide credit facilities for its wholly owned subsidiary, Guangzhou Jiawo Import & Export Co. Ltd. This contingent support of Rs 30 Cr represents approximately 6.0% of Stove Kraft's net worth (Rs 504 Cr) and 3.4% of TTM revenue (Rs 884 Cr). The board also reconstituted its Audit Committee, appointing Non-Executive Vice Chairperson Mr. Chandru Kalro in place of Mr. Rajendra Gandhi. The company confirmed that promoters have no interest in the SBLC transaction.
- Approved Standby Letter of Credit (SBLC) for an amount not exceeding Rs 30,00,00,000 (Rs 30 Cr).
- SBLC issued in favor of overseas banks for credit facilities to wholly owned Chinese subsidiary Guangzhou Jiawo Import & Export Co. Ltd.
- Reconstituted Audit Committee by appointing Mr. Chandru Kalro in place of Mr. Rajendra Gandhi with immediate effect.
- SBLC exposure equals ~6.0% of Stove Kraft's net worth (Rs 504 Cr).
Stove Kraft Limited held its 27th Annual General Meeting on September 11, 2026, where shareholders passed all 10 agenda resolutions with required majorities. Key approvals include the declaration of a Rs 3.50 per share dividend (100% in favor) and the reappointment of statutory auditor Price Waterhouse Chartered Accountants LLP for a five-year term (99.94% approval). Shareholders also cleared modifications to the Stove Kraft ESOP 2018 (98.44% in favor) and approved the appointment and professional fees for Non-Executive Director Mr. Chandru Kalro.
- Dividend of Rs 3.50 per equity share approved unanimously with 100% votes in favor
- Price Waterhouse Chartered Accountants LLP reappointed as statutory auditors for a 5-year term with 99.9415% votes in favor
- Modifications to Stove Kraft Employee Stock Option Plan 2018 approved with 98.4355% majority
- Appointment and professional fee payments to Non-Executive Director Mr. Chandru Kalro cleared with 99.941% and 98.2653% support
Stove Kraft Limited has released the voting results and scrutinizer's report for its 27th Annual General Meeting held on September 11, 2026. All 10 resolutions were approved by shareholders with requisite majorities, including the declaration of a Rs 3.50 per share dividend. Key approvals also included the re-appointment of Price Waterhouse Chartered Accountants LLP as statutory auditors for five years, modifications to the Employee Stock Option Plan 2018, and the appointment of Mr. Chandru Kalro as Non-Executive Director along with professional fee approvals.
- Dividend of Rs 3.50 per equity share approved unanimously with 100% votes in favor (21,002,476 votes)
- Reappointment of Price Waterhouse Chartered Accountants LLP for a 5-year term approved with 99.94% majority
- Modifications to Stove Kraft Employee Stock Option Plan 2018 approved with 98.44% votes in favor
- Appointment and professional fee payment for Non-Executive Director Mr. Chandru Kalro approved with 99.94% and 98.27% votes, respectively
Stove Kraft Limited has informed the exchanges that its management will participate in a Non-Deal Roadshow organized by EMKAY Global Financial Services Limited. The roadshow will take place in Singapore on August 24 and August 25, 2026, starting at 10:00 AM onwards. The meetings are scheduled as one-on-one interactions with institutional investors. Such interactions are routine compliance intimations under SEBI LODR Regulation 30.
- Non-Deal Roadshow organized by EMKAY Global Financial Services Limited
- Scheduled on 24 August 2026 and 25 August 2026 in Singapore
- Meeting timing: 10:00 AM onwards
- Format: One-on-one investor meetings
Stove Kraft Limited has scheduled its 27th Annual General Meeting (AGM) for September 11, 2026, to be held via video conferencing. The company has fixed September 4, 2026, as the record date for entitlement to a dividend of ₹3.50 per share (35% on face value of ₹10) for FY2025-26. Key agenda items include the reappointment of Price Waterhouse Chartered Accountants LLP for a second 5-year term and expanding the ESOP 2018 pool from 813,000 to 10,25,000 stock options. Remote e-voting will be available from September 8 to September 10, 2026.
- 27th AGM convened for Friday, September 11, 2026, at 11:00 AM IST via VC/OAVM
- Record date set for September 4, 2026, to determine eligibility for ₹3.50 per share dividend (35%)
- Proposed expansion of Stove Kraft ESOP 2018 pool from 813,000 to 10,25,000 stock options
- Proposed reappointment of Statutory Auditors Price Waterhouse Chartered Accountants LLP for a 5-year term (FY27 to FY31)
- Remote e-voting window opens September 8, 2026 (9:00 AM) and closes September 10, 2026 (5:00 PM)
Stove Kraft has operationalized its China expansion by incorporating a Wholly Owned Subsidiary (WOS), Guangzhou Jiawo Import & Export Co. Ltd, with an initial investment of CNY 10 Million (approx. ₹11.6 Cr) made on August 12, 2026. Additionally, a 50:50 Joint Venture (JV) named Yushan Wosituo New Materials Co., Ltd. has been formed to manufacture triply sheets and circles for cookware. This move is a strategic step toward backward integration, aiming to secure supply chain control and cost advantages for its premium cookware segment.
- CNY 10 Million initial investment made in the China WOS on August 12, 2026
- CNY 20 Million total registered capital for the new subsidiary, Guangzhou Jiawo
- 50:50 Joint Venture formed with Ningbo Wochi New Materials for manufacturing triply sheets
- Manufacturing revenues currently account for ~90% of total revenue, which this JV will further support
- Investment of CNY 10 Million represents approximately 2.3% of the company's current Net Worth of ₹504 Cr
Stove Kraft reported its strongest-ever Q1 performance with revenue growing 41.3% YoY to ₹480.6 Cr, significantly outpacing the seasonally soft industry trend. Growth was primarily driven by a 315.9% surge in Induction Cooktops, which now contribute 27% of total revenue. The company is aggressively expanding its retail footprint, adding 17 new franchise stores this quarter toward a target of 500 outlets by 2027. Management highlighted margin expansion potential through premiumization and a new triply cookware line expected to be operational by Q3 FY27.
- Revenue grew 41.3% YoY to ₹480.6 Cr in Q1 FY27, compared to ₹340.1 Cr in the previous year's quarter.
- Induction Cooktop category witnessed 315.9% YoY growth, becoming a key growth engine at 27% of revenue mix.
- General Trade channel recovered strongly with 56.2% YoY growth, the highest in the last three years.
- Retail channel (EBOs) grew 86.3% YoY, supported by 17 new franchise store additions in the quarter.
- South India market remains the largest contributor, accounting for approximately 50% of total revenue.
Stove Kraft Limited has released the audio recording of its earnings call held on August 4, 2026, following its latest financial results. The company currently reports a TTM revenue of Rs 884 Cr and a PAT of Rs 51 Cr, with an operating profit margin of 9.4%. The call likely details management's progress toward its target of 500 'Pigeon' stores by 2027 and its recent entry into the personal care segment. This disclosure is a routine regulatory requirement under SEBI Regulation 30(6).
- Earnings call conducted on August 4, 2026, following quarterly performance review
- Company maintains a target of expanding to 500 exclusive Pigeon stores by 2027
- Manufacturing revenue now contributes approximately 90% of total revenue
- TTM revenue stands at Rs 884 Cr with a current P/E ratio of 40.1
- Management previously noted forex losses of INR 2.8 Cr in Q2 FY26 due to USD fluctuations
Stove Kraft reported a robust Q1 FY27 with revenue reaching ₹480.6 Cr, a 41.3% YoY increase, significantly outpacing historical quarterly averages. Profitability improved sharply with PAT jumping 63.5% to ₹17.1 Cr, driven by a 315.9% surge in the Induction Cooktop category. The company expanded its retail footprint to 346 stores, adding 17 new outlets this quarter. Operating margins (EBITDA) expanded to 11.2% from 10.5% YoY, reflecting strong operating leverage despite the quarter being seasonally soft for the industry.
- Revenue grew 41.3% YoY to ₹480.6 Cr, representing approximately 54.3% of the previous TTM revenue in a single quarter.
- Induction Cooktop category witnessed exceptional growth of 315.9% YoY.
- Own Retail channel delivered 86.3% growth, with 346 total stores now operational across 160 cities.
- EBITDA margins improved by 70 bps YoY to 11.2%, resulting in a 50.9% jump in EBITDA to ₹53.8 Cr.
- Average sales per store stood at ₹4.36 Lakhs per month, supported by 15% repeat purchase rates.
Stove Kraft delivered a robust Q1FY27 performance with revenue growing 41.3% YoY to ₹480.6 Cr, driven by a massive 315.9% surge in the Induction Cooktop segment. Profitability saw significant gains with PAT rising 63.5% YoY to ₹17.1 Cr, supported by a 127 bps expansion in gross margins to 39.6%. The company successfully expanded its retail footprint to 346 stores, contributing to an 86.3% YoY growth in the retail channel. While working capital days increased to 45 days due to festive inventory build-up, the overall operational leverage remains strong with EBITDA growing 50.9% YoY.
- Reported highest-ever Q1 revenue of ₹480.6 Cr, a 41.3% YoY increase.
- PAT grew by 63.5% YoY to ₹17.1 Cr, with EBITDA margins improving to 11.2%.
- Induction Cooktop segment delivered exceptional growth of 315.9% YoY.
- Retail channel revenue grew 86.3% YoY, supported by 346 operational stores across 160 cities.
- Gross margins expanded by 127 bps YoY to 39.6% despite elevated raw material costs.
Stove Kraft reported a robust Q1 FY27 with revenue from operations growing 41.3% YoY to ₹480.58 cr. Net profit surged 65.4% YoY to ₹17.05 cr, up from ₹10.31 cr in the same quarter last year. The board approved the reappointment of Executive Director Neha Gandhi and Independent Director Anup Sanmukh Shah for five-year terms. Management also noted that while Income Tax assessment proceedings are ongoing following a 2023 search, no material adverse impact is expected.
- Revenue from operations increased 41.3% YoY to ₹480.58 cr in Q1 FY27.
- Net profit grew 65.4% YoY to ₹17.05 cr, with EPS rising to ₹5.15 from ₹3.15.
- Reappointed Mrs. Neha Gandhi as Executive Director for 5 years effective September 30, 2026.
- Reappointed Mr. Anup Sanmukh Shah as Independent Director for a second 5-year term starting November 2, 2026.
- Total expenses for the quarter stood at ₹458.09 cr, with cost of materials consumed at ₹238.81 cr.
Stove Kraft Limited reported a robust performance for Q1 FY27, with revenue from operations increasing 41.3% YoY to ₹480.58 Cr. Net profit for the quarter rose 65.5% YoY to ₹17.06 Cr, up from ₹10.31 Cr in the year-ago period. The company maintained its growth momentum with EPS rising to ₹5.15 from ₹3.15. Additionally, the board approved the reappointment of Executive Director Neha Gandhi and Independent Director Anup Sanmukh Shah for five-year terms, ensuring leadership continuity.
- Revenue from operations increased 41.3% YoY to ₹480.58 Cr in Q1 FY27.
- Net profit grew 65.5% YoY to ₹17.06 Cr compared to ₹10.31 Cr in Q1 FY26.
- Basic EPS improved significantly to ₹5.15 from ₹3.15 in the corresponding previous quarter.
- Total expenses for the quarter stood at ₹457.61 Cr, with cost of materials consumed at ₹238.81 Cr.
- Reappointment of Neha Gandhi as Executive Director for a 5-year term effective September 30, 2026.
Stove Kraft Limited has scheduled its Q1 FY27 earnings conference call for August 4, 2026, at 4:00 PM IST. The management team, including the Managing Director and CFO, will discuss the standalone unaudited financial results for the quarter ended June 30, 2026. This call follows a period where the company has maintained a TTM revenue of Rs 884 Cr and an operating profit margin of 9.4%. Investors will likely look for updates on the company's strategic goal to expand its 'Pigeon' store network to 500 outlets by 2027.
- Earnings conference call is scheduled for August 4, 2026, at 4:00 PM IST.
- The discussion will focus on standalone unaudited results for the quarter ended June 30, 2026.
- Management participation includes 4 senior executives including the MD, Vice Chairperson, and CFO.
- Dial-in facilities include 4 international toll-free numbers for Hong Kong, Singapore, USA, and UK.
Stove Kraft Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The document, issued by KFin Technologies Limited (the Registrar and Share Transfer Agent), confirms that share dematerialization and rematerialization requests for the quarter ended June 30, 2026, were processed and reported to the exchanges. This is a standard administrative filing required for all listed entities to ensure depository records are accurate. There is no impact on the company's financial performance or business operations.
- Compliance certificate issued for the quarter ended June 30, 2026
- Certificate provided by Registrar and Share Transfer Agent, KFin Technologies Limited
- Confirms adherence to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Details of securities dematerialized/rematerialized furnished to NSDL and CDSL
Stove Kraft has appointed Mr. Chandru Kalro as an Additional Director and Vice Chairperson effective July 02, 2026. Mr. Kalro is a veteran of the consumer durables industry with over 35 years of experience, most notably serving as the Managing Director of major competitor TTK Prestige from 2015 to 2024. This strategic appointment comes as Stove Kraft (TTM Revenue Rs 884 Cr) seeks to expand its retail footprint to 500 stores by 2027 and improve its operating margins, which currently stand at 9.4%.
- Mr. Chandru Kalro appointed as Vice Chairperson and Non-Executive Director effective July 02, 2026
- Brings over 35 years of experience, including a 9-year tenure as MD of TTK Prestige (2015-2024)
- Appointment aligns with the company's goal to reach 500 exclusive 'Pigeon' stores by 2027
- Mr. Kalro is an alumnus of IIM Ahmedabad with expertise in enhancing shareholder value
- The board meeting for this approval concluded within 57 minutes on July 02, 2026
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.
Technology Obsolescence Risk
The company is mitigating technology risks by investing in R&D and launching modern appliances like air fryers and digital induction cooktops.
Credit & Counterparty Risk
Receivable days stood at 37 days in H1 FY26, showing relative stability in credit collections from distributors and retail partners.
