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WHIRLPOOL - Whirlpool India

📊 NSE: WHIRLPOOL 🏢 Domestic Appliances 📅 Last Updated: 12/14/2025 15:17

📢 Recent Corporate Announcements

Whirlpool of India Submits SEBI Regulation 74(5) Compliance Certificate for Q4 FY2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 28 Apr 2026, 10:15 AM

Whirlpool of India Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Private Limited, confirms that share certificates received for dematerialization between January 1, 2026, and March 31, 2026, were processed within prescribed timelines. This routine filing ensures that the company's share registry is updated and physical certificates are properly mutilated and cancelled. There are no financial implications or material changes to the company's operations arising from this document.

Compliance certificate issued for the quarter ended March 31, 2026.
Confirmation that securities received for dematerialization were listed on relevant stock exchanges.
MUFG Intime India Private Limited acted as the Registrar and Share Transfer Agent for the process.
Verification and cancellation of physical share certificates were completed within mandated SEBI timelines.

💡 No action is required from investors as this is a standard regulatory filing. Focus should remain on the company's upcoming financial results for fundamental analysis.

Whirlpool India Shareholders Reject Re-designation of Anil Berera as Independent Director

🔵 WATCH ⭐ 6/10

MANAGEMENT 📅 29 Mar 2026, 12:12 PM

Whirlpool of India Limited announced that a special resolution to re-designate Mr. Anil Berera as a Non-Executive Independent Director was defeated by shareholders. The resolution, initiated via a Postal Ballot on February 6, 2026, failed to receive the requisite majority of votes. Consequently, Mr. Berera will continue his tenure in his current capacity as a Non-Executive (Non-Independent) Director. This rejection by shareholders indicates a level of dissent or scrutiny regarding board composition and independence criteria.

Special resolution for re-designating Mr. Anil Berera as an Independent Director failed to pass.
The voting results and Scrutinizer's Report were finalized on March 28, 2026.
Mr. Anil Berera will remain on the board as a Non-Executive (Non-Independent) Director.
The failure to pass a special resolution typically implies less than 75% shareholder approval for the proposal.

💡 Investors should monitor future board appointments and governance disclosures to understand the reasons behind shareholder dissent. The rejection suggests that institutional or minority shareholders may have concerns regarding the independence status of the director.

Whirlpool of India Receives Draft IT Order with Potential Liability of INR 7.14 Crore

🟡 NEUTRAL ⭐ 4/10

LEGAL 📅 26 Mar 2026, 03:36 PM

Whirlpool of India Limited has received a draft assessment order for the Assessment Year 2023-24 from the Income Tax Department. The order proposes total disallowances of INR 28.39 Crore, primarily driven by Transfer Pricing adjustments of INR 21.31 Crore. The estimated financial liability is approximately INR 7.14 Crore plus interest and penalties. The company intends to contest the order before the Dispute Resolution Panel and maintains that there is no material impact on its operations.

Total disallowance of INR 28.39 Crore proposed for AY 2023-24.
Transfer Pricing adjustments account for INR 21.31 Crore of the total disallowance.
Estimated financial liability stands at INR 7.14 Crore plus applicable interest and penalties.
Company is filing objections before the Dispute Resolution Panel (DRP) against the assessment.
Management states there is no material impact on the company's operations or activities.

💡 No immediate action is required as the financial impact is relatively small compared to the company's scale. Investors should view this as a routine tax dispute common in large multinational operations.

Whirlpool of India Announces Trading Window Closure from April 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 25 Mar 2026, 05:39 PM

Whirlpool of India Limited has notified the stock exchanges regarding the closure of its trading window for all designated persons and their immediate relatives. The closure is effective from April 1, 2026, in anticipation of the financial results for the quarter and year ending March 31, 2026. The window will remain closed until 48 hours after the official declaration of these results. This is a standard regulatory procedure mandated by SEBI to prevent insider trading during the financial reporting period.

Trading window closure starts on April 1, 2026.
Closure pertains to the financial results for the quarter and year ending March 31, 2026.
The window will reopen 48 hours after the financial results are declared.
Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015.

💡 This is a routine regulatory announcement and requires no immediate action from general investors. Focus should remain on the upcoming financial results to assess the company's performance.

Whirlpool Defends Re-designation of Anil Berera as Independent Director Amid Proxy Firm Concerns

🔵 WATCH ⭐ 6/10

MANAGEMENT 📅 24 Mar 2026, 11:49 AM

Whirlpool of India has issued formal clarifications to proxy advisory firms IiAS and SES regarding the proposed re-designation of Mr. Anil Berera as an Independent Director. The proxy firms recommended voting against the resolution, citing his long-standing association with the company since 2011 as a potential governance issue. Whirlpool argues that Mr. Berera is fully compliant with the Companies Act and SEBI regulations, as he ceased his executive role on December 31, 2019, and has served in a non-executive capacity for over 6 years. The company maintains that his extensive experience as a former CFO and VP (Asia) of Whirlpool Corporation adds significant strategic value to the board.

Mr. Anil Berera served as Executive Director until Dec 31, 2019, and has been a Non-Executive Director since Jan 1, 2020.
The company proposes his appointment as an Independent Director effective March 1, 2026, following a 6-year non-executive tenure.
Proxy firms IiAS and SES recommended an 'Against' vote, leading the company to issue a point-by-point legal rebuttal.
Whirlpool asserts compliance with Section 149(6) of the Companies Act, noting he has no pecuniary relationship with the group for the last 3 financial years.
The company currently maintains 5 Independent Directors, which is higher than the minimum one-third regulatory requirement.

💡 Investors should monitor the postal ballot results to gauge institutional sentiment regarding board independence and governance standards. While the company is legally compliant, a significant 'Against' vote could indicate pressure for fresher board perspectives.

Whirlpool of India Approves ESOP 2026 for Up to 2% of Paid-Up Capital

🟢 POSITIVE ⭐ 6/10

MANAGEMENT 📅 23 Mar 2026, 10:03 AM

Whirlpool of India's board has approved the 'ESOP 2026' plan, which covers up to 2% of the company's paid-up capital as of March 31, 2025. The plan will be implemented through an ESOP Trust using secondary market acquisitions, which prevents the dilution of existing shareholding. The exercise price will be set by the Nomination and Remuneration Committee, ranging from the face value to the fair market value. The company is currently seeking shareholder approval for the plan through a postal ballot process.

ESOP 2026 covers up to 2% of the total paid-up capital as of March 31, 2025.
Implementation involves secondary acquisition of shares by an ESOP Trust, avoiding equity dilution.
Exercise period is capped at a maximum of 1 year from the date of vesting.
The exercise price will not be less than the face value of the shares.
The plan is subject to approval from members of the company via postal ballot.

💡 This is a standard incentive mechanism to align employee interests with long-term value creation; the use of secondary market purchases is shareholder-friendly as it avoids equity dilution.

Whirlpool of India Completes 100% Acquisition of Elica India with 3.18% Stake Purchase

🟢 POSITIVE ⭐ 8/10

M&A 📅 10 Mar 2026, 07:44 PM

Whirlpool of India Limited has successfully completed the acquisition of an additional 3.18% stake in Elica PB Whirlpool Kitchen Appliances Private Limited. This transaction involved the purchase of 154,105 equity shares, following an initial intimation made in February 2026. With this final step, Elica India has now become a 100% wholly-owned subsidiary of Whirlpool of India. This consolidation is expected to streamline operations and strengthen Whirlpool's presence in the premium kitchen appliances segment.

Acquired 154,105 additional equity shares in Elica PB Whirlpool Kitchen Appliances Private Limited
The additional stake represents 3.18% of the total issued and paid-up share capital
Whirlpool of India now holds 100% ownership of Elica India, making it a wholly-owned subsidiary
The acquisition was finalized on March 10, 2026, concluding the process initiated in February 2026

💡 Investors should view this as a positive strategic move to consolidate a key business segment. Monitor the upcoming quarterly results to see how full ownership impacts consolidated margins and revenue growth.

Whirlpool of India Issues Errata for Postal Ballot Notice Regarding Director Profile

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Feb 2026, 09:47 PM

Whirlpool of India Limited has issued an errata to its postal ballot notice dated February 6, 2026, to correct typographical errors in the explanatory statement. The correction specifically pertains to the professional profile and qualifications of Mr. Anil Berera, a director of the company. The update clarifies his 40-year career history and educational background for the benefit of voting shareholders. This is a procedural filing and does not change the items being voted upon in the postal ballot.

Correction issued for the postal ballot notice originally dated February 6, 2026
Clarifies Mr. Anil Berera's qualifications as a Chartered Accountant with a Bachelor's Degree from Delhi University
Highlights Mr. Berera's 40+ years of experience in financial management and internal controls
Notes his previous professional associations with PriceWaterHouseCoopers, Gillette, and Becton Dickinson
The errata has been sent electronically to all registered members and uploaded to stock exchange websites

💡 No specific action is required as this is a routine administrative correction. Investors should review the updated director profile before casting their e-votes.

Whirlpool of India Proposes Re-designation of Anil Berera as Independent Director

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 24 Feb 2026, 06:57 PM

Whirlpool of India Limited has issued a postal ballot notice to seek shareholder approval for the re-designation of Mr. Anil Berera as a Non-Executive Independent Director. The proposed term for this appointment is from March 1, 2026, to November 30, 2029. Shareholders can cast their votes through a remote e-voting process that runs for 30 days. This move is part of the company's compliance with SEBI and Companies Act regulations regarding board composition.

Proposal to re-designate Mr. Anil Berera (DIN: 00306485) as a Non-Executive Independent Director.
Proposed tenure for the appointment is from March 1, 2026, to November 30, 2029.
Remote e-voting period starts on February 26, 2026, and concludes on March 27, 2026.
The cut-off date for determining shareholder voting eligibility was February 20, 2026.
The resolution is being proposed as a Special Resolution via postal ballot.

💡 Investors should review the director's credentials in the full notice and participate in the e-voting process before the March 27 deadline. This is a routine governance matter with no immediate impact on the company's financial performance.

Whirlpool India Q3 FY26: EBITDA Surges 47% YoY with 30%+ Gross Margins

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 16 Feb 2026, 05:57 PM

Whirlpool of India reported a strong Q3 FY26 performance with standalone revenue growing 4% YoY despite a weak industry environment. The company achieved a significant 47% YoY growth in EBITDA and a 32% increase in PBT before exceptional items, driven by its P4G cost-productivity program. A key strategic highlight is the long-term brand license agreement securing the Whirlpool brand for 30 years and technology access for 10 years. The company also maintained negative net working capital, reflecting efficient operational management.

Standalone EBITDA grew by 47% YoY while PBT before exceptional items rose by 32% in Q3 FY26.
Gross margins exceeded 30% due to the 'Productivity for Growth' (P4G) cost takeout initiative.
Secured exclusive Whirlpool brand rights for 30 years and technology access for 10 years with flexible renewal options.
Achieved triple-digit basis point market share growth in the front-load washer segment.
Maintained negative net working capital for four out of the last six quarters.

💡 Investors should view the significant margin expansion and long-term brand/tech certainty as strong positives for valuation. Monitor the company's ability to regain market share in the high-volume Direct Cool refrigerator segment amidst intense competition.

Whirlpool of India Releases Q3 FY 2025-26 Investor Conference Call Recording

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 12 Feb 2026, 08:36 PM

Whirlpool of India Limited has officially released the audio recording of its Q3 FY 2025-26 earnings conference call held on February 12, 2026. This disclosure follows the company's quarterly financial results and is part of its regulatory compliance under SEBI (LODR) Regulations. The recording provides a detailed discussion between management and analysts regarding the company's performance and future outlook. Investors can access the full audio via the company's corporate website to understand the nuances of the quarter's results.

Audio recording for the Q3 FY 2025-26 investor call is now available for public access.
The conference call was conducted on February 12, 2026, following the quarterly results.
Filing is in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The recording link is hosted on the official Whirlpool India corporate website for transparency.

💡 Investors interested in the company's fundamental performance should listen to the recording for management commentary on demand trends and margin outlook. No immediate portfolio changes are recommended based on this administrative update.

Whirlpool India Q3 FY26: Standalone EBITDA Jumps 47% YoY; Revenue Up 4% to ₹1,774 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 12 Feb 2026, 06:55 PM

Whirlpool of India reported a recovery in Q3 FY26 with consolidated revenue growing 4% YoY to ₹1,774 Cr, ending two quarters of decline. Standalone operational EBITDA saw a robust growth of 47.3% YoY to ₹65.3 Cr, driven by market share gains in washers and air conditioners alongside cost productivity programs. However, reported PBT was significantly impacted by a one-time wage code provision of ₹38.8 Cr on a consolidated basis. Strategically, the company secured a 30-year brand license agreement and increased its stake in Elica India to 97%, strengthening its long-term position.

Standalone EBITDA grew 47.3% YoY to ₹65.3 Cr with margins expanding by 119 bps to 4%
Consolidated Q3 revenue reached ₹1,774 Cr, up 4% YoY, driven by premiumization and festival demand
Standalone Gross Margin improved by 320 bps compared to FY23 levels due to the P4G cost takeout program
Secured exclusive rights to use the 'Whirlpool' brand for 30 years with competitive royalty rates
Reported PBT was impacted by a one-time wage code provision of ₹38.8 Cr on a consolidated basis

💡 Investors should focus on the strong operational turnaround and margin expansion led by cost-saving initiatives. While the one-time wage provision masks bottom-line growth this quarter, the 30-year brand license and market share gains in washers and ACs are positive long-term indicators.

Whirlpool India Q3 FY26: Standalone EBITDA Surges 47% YoY Amid Market Share Gains

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 12 Feb 2026, 02:44 PM

Whirlpool of India reported a recovery in Q3 FY26 with standalone revenue growing 3.8% YoY to ₹1,624 Cr, reversing two quarters of decline. Operational EBITDA saw a significant jump of 47.3% YoY, driven by cost productivity programs (P4G) and a shift toward premium products. While reported PBT was impacted by a one-time wage code provision of ₹38.8 Cr on a consolidated basis, operational margins showed healthy expansion. The company also secured a critical 30-year brand license agreement with Whirlpool Corporation, ensuring long-term stability.

Standalone EBITDA grew 47.3% YoY to ₹65.3 Cr with margins expanding by 119 bps to 4%
Secured exclusive rights to use the Whirlpool brand for 30 years with competitive royalty rates
AC business scaled up significantly with over 50% growth in CY 2025
Gross Margin improved by 320 bps (9M FY26 vs FY23) due to robust cost-takeout programs
Consolidated Q3 revenue reached ₹1,774 Cr, up 4% YoY, supported by Elica's double-digit margins

💡 Investors should monitor the sustainability of the margin expansion and the continued growth in the premium AC and cooking segments. The 30-year brand agreement removes a major long-term uncertainty, making the stock a strong recovery play in the consumer durables space.

Whirlpool of India Schedules Q3 FY 2025-26 Earnings Call for February 12, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 10 Feb 2026, 06:41 PM

Whirlpool of India Limited has scheduled its earnings conference call for the third quarter and nine months ended December 31, 2025. The call is set for Thursday, February 12, 2026, at 04:00 P.M. IST. This session will allow analysts and investors to discuss the company's financial performance and strategic outlook with management. Universal dial-in numbers provided are +91 22 6280 1341 and +91 22 7115 8242.

Conference call scheduled for February 12, 2026, at 4:00 PM IST.
Discussion to cover financial results for Q3 and the nine-month period ending December 31, 2025.
Universal dial-in access available via +91 22 6280 1341 and +91 22 7115 8242.
International toll-free numbers provided for USA, UK, Singapore, and Hong Kong investors.

💡 Investors should monitor the call for management's commentary on demand trends in the consumer durables sector and margin outlook. No immediate action is required as this is a routine scheduling announcement.

Whirlpool India Q3 Revenue Up 4% to Rs 1,774 Cr; Adjusted PBT Grows 21%

🟡 NEUTRAL ⭐ 8/10

EARNINGS 📅 06 Feb 2026, 06:36 PM

Whirlpool of India reported a 4% YoY growth in consolidated revenue to Rs 1,774 Cr for Q3 FY26, driven by gains in the washer and air conditioning segments. While operational performance was strong with adjusted PBT (before exceptional items) rising 21% to Rs 72 Cr, reported PBT fell 44.5% to Rs 33 Cr due to a one-time wage code provision of Rs 39 Cr. The company secured its long-term future through a multi-decadal brand and technology licensing agreement with Whirlpool Corporation. Market share in core categories improved by 70 bps compared to the previous quarter despite a sluggish refrigerator market.

Consolidated Revenue grew 4% YoY to Rs 1,774 Cr, supported by market share gains in Washers.
Adjusted PBT (before exceptional items) increased by 21% YoY to Rs 72 Cr.
Reported PBT declined 44.5% YoY to Rs 33 Cr following a one-time wage code provision of Rs 39 Cr.
Market share in refrigerators and washers improved by 70 bps sequentially vs Q2.
Secured long-term brand and technology rights through a new agreement with Whirlpool Corporation.

💡 Investors should focus on the underlying 31.2% EBITDA growth (pre-wage code) which indicates improving operational efficiency. The stock remains a watch for recovery in the refrigerator segment and the long-term impact of the new brand licensing deal.

View All WHIRLPOOL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue from operations grew by 16% YoY for the nine-month period ended December 31, 2024, and 17% for the April-December period. Growth was primarily driven by market share gains in the refrigerator and washer segments, alongside accelerated growth in the air conditioner business and premium product portfolios.

Geographic Revenue Split

Not disclosed in available documents; however, the company operates primarily in the Indian market with support from its Mauritius-based holding company and US-based parent.

Profitability Margins

Operating profit margin improved significantly to 3.86% in FY 2024-25 from 1.99% in FY 2023-24. Net profit margin increased to 4.22% from 2.64% YoY. The improvement was driven by a 220 bps gross margin expansion through the P4G cost-takeout program and premiumization.

EBITDA Margin

While specific EBITDA % is not explicitly stated, Profit Before Tax (PBT) grew by over 100% YoY with a PBT margin improvement of 210 bps. The subsidiary Elica PB Whirlpool maintained a robust PBT margin of 15.7%.

Capital Expenditure

The company generates healthy annual cash accruals of over INR 400 Cr, which is utilized to fund ongoing capital expenditure and incremental working capital requirements without the need for term debt.

Credit Rating & Borrowing

Whirlpool of India maintains a strong credit profile with nil term debt. However, the parent company (Whirlpool Corporation) was downgraded by S&P Global to 'BB+/Stable' from 'BBB-/Negative' due to leverage exceeding 4x-5x through 2025-2026.

⚙️ Operational Drivers

Raw Materials

Key raw materials include steel, plastic, and copper. These materials are subject to high volatility, which historically impacted margins from pre-pandemic levels of 11-12% down to current levels.

Capacity Expansion

Current capacity is not specified in units, but the company is expanding its premium portfolio, including the launch of the XpertCare Front Load washing machine range and the AceXL washer range with Dynamix Detergent Dispensers.

Raw Material Costs

Material costs were reduced by 1% YoY through cost productivity actions, despite absorbing an additional INR 41 Cr in regulatory costs related to new E-Waste regulations.

Manufacturing Efficiency

Efficiency is driven by the cost productivity program yielding substantial benefits across the P&L and a focus on 'executional excellence' in retail presence.

📈 Strategic Growth

Expected Growth Rate

16%

Growth Strategy

Growth is targeted through market share gains in core categories (Ref/Washers), premiumization of the product mix, and expansion in the Air Conditioner segment. The company is also leveraging its 96.81% stake in Elica PB Whirlpool to grow the kitchen appliances business.

Products & Services

Refrigerators, washing machines (Semi-Automatic and Front Load), air conditioners, microwave ovens, deep freezers, and kitchen appliances (hoods, hobs, and chimneys).

Brand Portfolio

Whirlpool, Elica, Kelvinator (historical), XpertCare, AceXL.

New Products/Services

Recent launches include the XpertCare Front Load washing machine range and the AceXL range featuring the Dynamix Detergent Dispenser to address consumer pain points regarding detergent patches.

Market Expansion

The company is focusing on gaining triple-digit bps market share in refrigerators and washers while expanding its presence in the premium segment and air conditioners.

Market Share & Ranking

The company holds a strong market position in refrigerators and washing machines, recently achieving triple-digit basis point gains in market share for both categories.

Strategic Alliances

Whirlpool Corporation is reducing its stake from 51% to approximately 20% by late 2025. A long-term brand and technology agreement is being established to ensure business continuity post-sell-down.

🌍 External Factors

Industry Trends

The industry is seeing muted growth (low-to-mid single digits) in refrigerators and washers, but Whirlpool is outperforming through premiumization and market share gains. There is a significant shift toward energy-efficient and regulatory-compliant (E-Waste) products.

Competitive Landscape

Intense competition in the consumer durables segment limits the company's ability to fully pass on raw material price increases, keeping margins under pressure.

Competitive Moat

The moat is built on a strong brand reputation, an established distribution network, and technical support from Whirlpool Corp. Sustainability depends on the long-term brand and tech licensing agreements following the parent's ownership reduction.

Macro Economic Sensitivity

Highly sensitive to consumer spending trends and inflation in raw material prices (steel, copper, plastic), which can impact the ability to pass on costs to consumers.

Consumer Behavior

Shift toward premium products and demand for specific features like 'zero detergent patches' in washers and better cooling in refrigerators.

Geopolitical Risks

The parent company's debt reduction strategy involves selling down its Indian stake to approximately 20% to manage its global leverage, which is projected to remain over 5x in 2025.

⚖️ Regulatory & Governance

Industry Regulations

Operations are affected by E-Waste management rules and energy efficiency norms for appliances. The company utilizes a Product Organisation to track and implement proactive, cost-efficient adaptations to these changes.

Environmental Compliance

The company absorbed INR 41 Cr in costs due to new E-Waste regulations in FY 2024-25.

Legal Contingencies

The company engaged AZB & Partners to assist with the transition following the parent's sell-down announcement. Specific litigation values are not disclosed.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the impact of Whirlpool Corporation reducing its stake to 20%, which may affect 'visibility on new product developments' and the cost of brand/technology royalties.

Geographic Concentration Risk

Revenue is heavily concentrated in the Indian market, making it susceptible to local economic cycles and seasonal demand (summer/festivals).

Third Party Dependencies

High dependency on Whirlpool Corporation for technical know-how, engineering assistance, and the innovation pipeline.

Technology Obsolescence Risk

The company mitigates technology risk through continuous R&D and technical support from its global parent to maintain a competitive innovation pipeline.