Whirlpool of India Limited (WHIRLPOOL)
₹850.15 +1.35% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Whirlpool of India's revenue was ₹2,727 Cr (+12.1% year on year, +25.0% on the previous quarter), and net profit ₹103 Cr (-29.6% year on year); the operating margin was 5.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹2,727 | +12.1% | +25.0% |
| Operating profit | ₹139 | -34.1% | +15.0% |
| Net profit | ₹103 | -29.6% | +28.6% |
| EPS (₹) | 8.11 | -29.4% | +28.3% |
| Operating margin | 5.1% | — | — |
WHIRLPOOL delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 39.84% of the WHIRLPOOL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 34.12%. That is close to its usual level. Volume was 0.3 times its average, well below normal. It closed at a price band (circuit) on 1 session in about the last 20. 10 bulk or block deals were reported in WHIRLPOOL in the last 60 days: ₹544 Cr bought and ₹539 Cr sold.
Delivery in the last 5 sessions: 27.3% · 34.3% · 8.9% · 19.2% · 39.8%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 25 Sep | Sell | Microcurves Trading Private Limited | ₹151.58 Cr | ₹927.76 | 1,633,846 | Bulk |
| 25 Sep | Buy | Microcurves Trading Private Limited | ₹151.49 Cr | ₹927.17 | 1,633,846 | Bulk |
| 25 Sep | Buy | Hrti Private Limited | ₹120.49 Cr | ₹920.18 | 1,309,378 | Bulk |
| 25 Sep | Sell | Hrti Private Limited | ₹116.97 Cr | ₹922.73 | 1,267,607 | Bulk |
| 25 Sep | Sell | Alphagrep Securities Private Limited | ₹95.53 Cr | ₹924.70 | 1,033,095 | Bulk |
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
Whirlpool of India clarified a media report regarding a potential promoter stake sale, confirming it received a communication on September 22, 2026, from parent Whirlpool Corporation. The parent company stated its intent to explore selling its promoter shares (Whirlpool Mauritius holds ~39.8%) to a third party as part of a control transaction with multiple counterparties. The operating company noted it is not party to negotiations, terms, or pricing, following a previous ~11% stake reduction in 2025. The scrip had surged 20% from Rs 721.15 to Rs 865.35 on September 23, 2026, triggering exchange queries.
- Promoter Whirlpool Mauritius informed the Board on September 22, 2026, of its intent to sell shares as a control transaction.
- Parent Whirlpool Corporation is currently exploring the proposed sale with more than one potential counterparty.
- The clarification follows a 20% single-day stock price surge from Rs 721.15 to Rs 865.35 on September 23, 2026.
- Whirlpool Corporation previously reduced its holding via an ~11% stake sale in 2025, leaving promoter holding at ~39.8%.
Whirlpool of India clarified a media report regarding a potential promoter stake sale, confirming it received a communication on September 22, 2026, from parent Whirlpool Corporation. The parent company stated its intent to explore selling its promoter shares (Whirlpool Mauritius holds ~39.8%) to a third party as part of a control transaction with multiple counterparties. The operating company noted it is not party to negotiations, terms, or pricing, following a previous ~11% stake reduction in 2025. The scrip had surged 20% from Rs 721.15 to Rs 865.35 on September 23, 2026, triggering exchange queries.
- Promoter Whirlpool Mauritius informed the Board on September 22, 2026, of its intent to sell shares as a control transaction.
- Parent Whirlpool Corporation is currently exploring the proposed sale with more than one potential counterparty.
- The clarification follows a 20% single-day stock price surge from Rs 721.15 to Rs 865.35 on September 23, 2026.
- Whirlpool Corporation previously reduced its holding via an ~11% stake sale in 2025, leaving promoter holding at ~39.8%.
Whirlpool of India Limited has submitted the voting results and scrutinizer report for its 65th Annual General Meeting (AGM) held on September 09, 2026. The meeting was conducted via Video Conferencing/Other Audio Visual Means pursuant to Regulation 44 of SEBI LODR. The filing confirms the formal completion of annual shareholder voting on ordinary and special business items. This represents standard statutory compliance without any immediate material financial impact.
- 65th Annual General Meeting concluded on September 09, 2026
- Meeting conducted via VC/OAVM starting at 11:00 A.M. (IST)
- Scrutinizer's Report dated September 10, 2026 submitted under Section 108 of Companies Act, 2013
- E-voting results filed pursuant to Regulation 44 of SEBI LODR Regulations
Whirlpool of India Limited reported the proceedings of its 65th Annual General Meeting held on September 09, 2026. Key business conducted included the approval of audited standalone and consolidated financial statements for FY26 and the declaration of a final dividend of ₹5 per equity share. A total of 62 members attended the virtual meeting, and all ordinary and special resolutions were tabled for e-voting. Voting results and the scrutinizer's report will be submitted within two working days.
- Conducted 65th Annual General Meeting virtually on September 09, 2026
- Tabled Ordinary Resolution to declare a final dividend of INR 5/- per equity share for FY26
- 62 Members attended the meeting virtually or via authorized representatives
- Remote e-voting was open from September 05, 2026 to September 08, 2026
Whirlpool of India announced that shareholders have approved all special and ordinary resolutions via postal ballot with the requisite majority on August 24, 2026. Key approvals include the Whirlpool of India Employees Stock Option Plan 2026 via a trust route, including secondary market acquisition of shares and funding to the trust. Additionally, shareholders approved the appointment of Mr. Aditya Jain as Executive Director effective July 21, 2026. This aligns long-term management incentives with corporate performance.
- Approved Whirlpool of India Employees Stock Option Plan 2026 implemented via trust route
- Sanctioned ESOP Trust to acquire equity shares of the company through secondary market purchases
- Confirmed appointment of Mr. Aditya Jain as Executive Director with effect from July 21, 2026
- All 6 proposed ordinary and special resolutions approved with requisite majority via remote e-voting
Whirlpool of India Limited has scheduled its 65th Annual General Meeting (AGM) for Wednesday, September 09, 2026, via Video Conferencing. The company has fixed Friday, August 28, 2026, as the record date to determine eligibility for the final dividend. The cut-off date for e-voting entitlement is September 02, 2026, with the voting window open from September 05 to September 08, 2026. The filing also intimates the dispatch of Annual Report links to shareholders with unregistered email IDs.
- 65th AGM scheduled to be held on September 09, 2026 at 11:00 AM IST via VC/OAVM
- Record date for final dividend fixed as Friday, August 28, 2026
- Cut-off date for remote e-voting eligibility set for Wednesday, September 02, 2026
- Remote e-voting window open from 09:00 AM on Sept 05, 2026 to 05:00 PM on Sept 08, 2026
Whirlpool of India Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for FY26 pursuant to SEBI Listing Regulations. The report details standalone ESG metrics across its 3 manufacturing plants (Faridabad, Pune, and Puducherry). The disclosures show refrigerators contributed 52% of turnover, washing machines 29%, and air conditioners 11%, while exports accounted for approximately 3%. In addition, the document reports 100% ownership in subsidiary Elica PB Whirlpool Kitchen Appliances Private Limited.
- Refrigerators and washing machines accounted for 52% and 29% of turnover, respectively, with air conditioners at 11%
- Exports contributed approximately 3% to total turnover across 11 countries
- Company reported a total workforce of 11,047 employees (1,524 permanent) and 5,563 workers
- Received reasonable assurance on BRSR Core disclosures from Adwin Advisory Services Private Limited
Whirlpool of India Limited has submitted its Annual Report for FY26 and issued the notice for its 65th Annual General Meeting (AGM), scheduled for September 09, 2026, via video conferencing. In its MD&A, the company highlighted that mild summer weather led to mid-to-high single-digit declines in single-door refrigerators and air conditioners, though frost-free refrigerators and washing machines posted mid-single-digit growth. For FY26, the company delivered revenue of ₹8,034.16 Cr and net profit of ₹295.0 Cr. The filing is a standard statutory disclosure.
- 65th Annual General Meeting scheduled for Wednesday, September 09, 2026, via Video Conference.
- Unseasonable summer suppressed demand, driving mid-to-high single-digit declines in single-door refrigerators and ACs in FY26.
- Frost-free refrigerators and washing machine segments recorded modest mid-single-digit growth during the year.
- Operates 3 manufacturing facilities located in Pune, Faridabad, and Puducherry.
Whirlpool of India reported record revenue growth in Q1 FY27, highlighted by a 50%+ surge in the Air Conditioner segment and triple-digit basis point market share gains in front-load washers. Despite strong top-line performance, margins were significantly impacted by high crude oil prices and regulatory costs (energy and e-waste) that could not be fully recovered through pricing due to competitive dynamics. The company achieved a net negative working capital position, recovering previous investments in the AC segment. Management also detailed a new ESOP structure for senior leadership, moving to 100% performance-linked cliff vesting after three years to align with shareholder interests.
- Delivered 50%+ revenue growth in the Air Conditioner segment during the quarter.
- Maintained #1 volume market share in Direct Cool refrigerators for the last 7 consecutive months.
- Elica PB Whirlpool subsidiary reported 26% revenue growth and 22% profit growth.
- Achieved net negative working capital, successfully recovering previous quarter investments in AC inventory.
- New ESOP plan features 100% performance-linked vesting after a 3-year cliff period, replacing previous time-based vesting.
Whirlpool of India has released the audio recording of its Q1 FY 2026-27 investor conference call held on August 06, 2026. The company currently operates with a TTM revenue of Rs 8,034 Cr and a relatively thin operating margin of 6.0%. This routine filing provides the link for investors to access management's detailed commentary on recent performance and future strategy. Key areas of interest for investors include the company's 96.81% stake in Elica PB Whirlpool and its efforts to gain market share in the refrigerator and washer segments.
- Audio recording of the Q1 FY 2026-27 investor call held on August 06, 2026, is now public.
- Company reported TTM revenue of Rs 8,034 Cr and TTM PAT of Rs 295 Cr as of the latest cycle.
- Whirlpool maintains a significant 96.81% stake in Elica PB Whirlpool Kitchen Appliances.
- Operating margins remain a focus area at 6.0% TTM compared to 6.95% in FY25.
- The filing follows the company's strategy to target a 16% expected growth rate through premiumization.
Whirlpool of India has released its investor presentation for Q1 FY 2026-27, coinciding with its analyst conference call on August 06, 2026. The company enters this period with a TTM revenue of Rs 8,034 Cr and a PAT of Rs 295 Cr, reflecting a challenging year where OPM compressed to 6.0% from 6.95% in FY25. Investors are focused on the company's ability to sustain triple-digit basis point market share gains in refrigerators and washers while leveraging its 96.81% stake in Elica PB Whirlpool. The stock has seen significant pressure, declining 39.2% over the last 12 months.
- Conference call for Q1 FY 2026-27 scheduled for August 06, 2026, to discuss financial performance.
- TTM revenue stands at Rs 8,034 Cr with an operating profit margin of 6.0%.
- Promoter holding remains stable at 39.76% as of June 2026.
- Company continues to focus on its 96.81% stake in Elica PB Whirlpool for kitchen appliance growth.
- Recent quarterly revenue for Mar 2026 was Rs 2,181 Cr with a net profit of Rs 80 Cr.
Whirlpool of India reported a 12% YoY increase in consolidated revenue to ₹2,727 Cr for Q1 FY27, driven by market share gains in refrigerators and washers. However, profitability faced significant headwinds, with Consolidated PBT falling 29% YoY to ₹139 Cr. The margin contraction was attributed to commodity inflation, currency depreciation, and regulatory cost upcharges related to energy and E-waste norms. Subsidiary Elica India performed strongly, posting 26% revenue growth and a 22% improvement in PBT.
- Consolidated Revenue from operations grew 12% YoY to ₹2,727 Cr.
- Consolidated PBT decreased by 29% YoY to ₹139 Cr.
- Subsidiary Elica India delivered 26% revenue growth and 22% PBT improvement.
- Maintained #1 volume market share in Direct Cool refrigerators within Multi-Brand Outlets (MBOs).
- Faridabad factory achieved record quarterly volumes despite geopolitical supply chain challenges.
Whirlpool of India Limited has scheduled its 65th Annual General Meeting (AGM) for September 09, 2026, to be conducted via video conferencing. The company has fixed August 28, 2026, as the record date to determine shareholder eligibility for the final dividend for the financial year ended March 31, 2026. This follows a fiscal year (FY26) where the company reported a net profit of ₹295 crore on a revenue of ₹8,034 crore. The dividend payment remains subject to shareholder approval at the upcoming AGM.
- 65th Annual General Meeting scheduled for September 09, 2026, at 11:00 AM IST
- Record date for final dividend eligibility fixed as August 28, 2026
- FY26 TTM Revenue stands at ₹8,034.16 crore with an OPM of 6.0%
- FY26 Net Profit reported at ₹295.0 crore, down from ₹362.78 crore in FY25
- Dividend payment to be processed within statutory timelines post-AGM approval
Whirlpool of India Limited has announced August 28, 2026, as the record date for determining shareholder eligibility for the final dividend of FY 2025-26. The 65th Annual General Meeting (AGM) is scheduled for September 09, 2026, where the dividend will be put to a vote. This follows a fiscal year (FY26) where the company reported a PAT of ‡295 crore on a revenue of ‡8,034 crore. The dividend payment remains subject to shareholder approval and statutory tax deductions.
- Record date for final dividend eligibility fixed for August 28, 2026
- 65th Annual General Meeting scheduled for September 09, 2026, at 11:00 A.M. IST
- Dividend pertains to the financial year ended March 31, 2026
- Company reported FY26 revenue of ‡8,034.16 crore and PAT of ‡295 crore
Whirlpool of India reported a 12.1% YoY increase in consolidated revenue to ₹2,726.75 Cr for Q1 FY27. However, consolidated PAT declined significantly by 29.6% YoY to ₹102.88 Cr, down from ₹146.08 Cr in the same period last year. The company also announced a management reshuffle, including the appointment of Sourav Chakravarty as Head of Manufacturing Finance following the resignation of Ankit Gupta. Operating performance was impacted as total expenses rose 16% YoY, outpacing revenue growth.
- Consolidated Revenue from operations increased 12.1% YoY to ₹2,726.75 Cr.
- Consolidated Net Profit (PAT) fell 29.6% YoY to ₹102.88 Cr from ₹146.08 Cr.
- Total expenses surged to ₹2,656.89 Cr, a 16% increase compared to ₹2,289.95 Cr in Q1 FY26.
- Sourav Chakravarty appointed as Head-Manufacturing Finance effective August 10, 2026.
- Anish Ahuja, Head-Service, to transition to COO of material subsidiary Elica India on September 1, 2026.
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.
Credit & Counterparty Risk
Receivables quality is stable, with the debtor turnover ratio improving to 19.83, indicating efficient collections from trade partners.
