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WHIRLPOOL - Whirlpool India

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

📢 Recent Corporate Announcements

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.

Whirlpool to Acquire Remaining 3.18% Stake in Elica PB for INR 59 Cr; Appoints New Director

🟢 POSITIVE ⭐ 7/10

M&A 📅 06 Feb 2026, 05:39 PM

Whirlpool of India has approved the acquisition of the remaining 3.18% stake in its subsidiary, Elica PB Whirlpool Kitchen Appliances, for approximately INR 59 crore. This transaction will make Elica a 100% wholly-owned subsidiary, aligning with Whirlpool's strategy to expand in the cooking and built-in appliance segment. Additionally, the board has appointed Mr. Anil Berera, a finance veteran with 40 years of experience, as an Independent Director effective March 1, 2026. The company also approved its unaudited financial results for the quarter ended December 31, 2025.

Acquisition of 3.18% stake in Elica PB Whirlpool for ~INR 59 crore to achieve 100% ownership
Elica PB Whirlpool reported a turnover of INR 499 crore for FY25, up from INR 375 crore in FY22
Appointment of Mr. Anil Berera as Independent Director for a term ending November 30, 2029
The cash-based acquisition is expected to be completed by March 2026

💡 Investors should view the full consolidation of the Elica subsidiary as a positive move to strengthen the company's presence in the high-margin kitchen appliances market. Monitor the detailed Q3 financial results for operational performance trends.

Whirlpool of India to Acquire Remaining 3.18% Stake in Elica PB for ₹59 Crore

🟢 POSITIVE ⭐ 8/10

M&A 📅 06 Feb 2026, 05:32 PM

Whirlpool of India has approved the acquisition of the remaining 3.18% stake in its subsidiary, Elica PB Whirlpool Kitchen Appliances, for approximately INR 59 Crore. This transaction will make Elica PB a 100% wholly-owned subsidiary, facilitating better integration of the cooking and built-in appliances business. The subsidiary has shown consistent growth, with turnover increasing from INR 375 Crores in FY22 to INR 499 Crores in FY25. Additionally, the company announced the appointment of Mr. Anil Berera as an Independent Director and released its Q3 FY26 financial results.

Acquisition of 3.18% additional stake in Elica PB Whirlpool Kitchen Appliances for ~INR 59 Crore
Whirlpool of India will hold 100% equity in the subsidiary post-completion, expected by March 2026
Elica PB's turnover reached INR 499 Crores in FY25, up from INR 375 Crores in FY22
Appointment of seasoned finance professional Mr. Anil Berera as Independent Director effective March 1, 2026
Board approved unaudited standalone and consolidated financial results for the quarter ended December 31, 2025

💡 Investors should look favorably upon the full consolidation of the kitchen appliances subsidiary as it aligns with high-growth segments. Monitor the detailed Q3 results for margin performance in the core refrigerator and washing machine categories.

Whirlpool to Acquire Remaining 3.18% Stake in Elica PB Subsidiary for INR 59 Crore

🟢 POSITIVE ⭐ 7/10

M&A 📅 06 Feb 2026, 05:11 PM

Whirlpool of India has approved the acquisition of the remaining 3.18% stake in its subsidiary, Elica PB Whirlpool Kitchen Appliances, for approximately INR 59 crore. This move will make Elica PB a 100% owned subsidiary, consolidating Whirlpool's position in the cooking and built-in appliances market. Elica PB has shown steady growth, with turnover increasing from INR 375 crore in FY22 to INR 499 crore in FY25. Additionally, the board approved Q3 FY26 financial results and the appointment of Mr. Anil Berera as an Independent Director.

Acquisition of additional 3.18% stake in Elica PB Whirlpool Kitchen Appliances for ~INR 59 crore
Post-acquisition, Whirlpool of India will hold 100% equity in the subsidiary
Elica PB reported a turnover of INR 499 crore for the fiscal year ended March 31, 2025
Appointment of Mr. Anil Berera as Independent Director effective March 1, 2026
The acquisition is expected to close on or before March 2026

💡 Investors should view the full ownership of Elica PB as a positive step toward scaling the high-growth cooking appliances segment. Monitor the upcoming full financial disclosures for Q3 FY26 to assess the company's operational performance.

Whirlpool of India to Hold Q3 FY 2025-26 Earnings Call on February 12, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 03 Feb 2026, 07:37 PM

Whirlpool of India Limited has announced the schedule for its investor and analyst conference call to discuss the financial results for the third quarter and nine months ended December 31, 2025. The call is scheduled for Thursday, February 12, 2026, at 04:00 PM IST. This is a standard regulatory filing following the conclusion of the December quarter. Interested institutional investors and analysts are invited to participate by registering via the provided company email address.

Conference call for Q3 FY 2025-26 results scheduled for February 12, 2026, at 4:00 PM IST
Covers financial performance for the quarter and nine-month period ending December 31, 2025
Registration for the call is available via email at investor_contact@whirlpool.in
The meeting is subject to Regulation 30 of SEBI (LODR) Regulations, 2015

💡 Investors should mark the date to listen for management commentary on consumer demand trends and margin pressures. No immediate action is required as this is a routine scheduling announcement.

Whirlpool of India Submits SEBI Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 19 Jan 2026, 03:36 PM

Whirlpool of India Limited has submitted 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 the processing of dematerialization requests for the quarter ended December 31, 2025. It verifies that security certificates received were mutilated, cancelled, and the name of depositories substituted in the register of members. This is a standard administrative filing required by Indian listing regulations to ensure the integrity of shareholding records.

Compliance certificate submitted for the quarter ended December 31, 2025.
Issued by Registrar and Share Transfer Agent, MUFG Intime India Private Limited.
Confirms that securities received for dematerialization were processed and listed on stock exchanges.
Physical certificates were mutilated and cancelled within prescribed timelines after due verification.
Ensures adherence to SEBI (Depositories and Participants) Regulations, 2018.

💡 No action is required from investors as this is a routine regulatory filing confirming the company's administrative compliance.

Whirlpool of India Limited Files General Update with Stock Exchanges

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Jan 2026, 07:26 PM

Whirlpool of India Limited has submitted a general update filing to the stock exchanges as per regulatory requirements. The document provided contains a digital signature from Sweta Srivastava dated January 14, 2026. No specific financial figures, operational changes, or material corporate actions were disclosed in this particular brief. This appears to be a routine administrative notification rather than a market-moving event.

Whirlpool of India Limited submitted a general update notification to the exchanges.
The filing was digitally signed on January 14, 2026, by Sweta Srivastava.
No material financial impact or specific business changes were detailed in the brief.
The announcement is classified under general regulatory compliance updates.

💡 This is a routine administrative update with no immediate impact on stock valuation. Investors should continue to monitor for more substantial news or upcoming quarterly earnings reports for fundamental analysis.

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.