Stove Kraft Ltd(STOVEKRAFT)

NSE: STOVEKRAFTBSE: 543260

₹ 815+2.67%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 2,698 crNext results: 4 Nov 2026Website: www.stovekraft.comUpdated: 24 Oct 2026

About

Stove Kraft Ltd is an Indian kitchen and home appliances manufacturer selling under the Pigeon and Black + Decker brands, spanning gas cooktops, induction cooktops, pressure cookers, cookware, and small domestic appliances. The company reported FY26 revenue of Rs. 1,607.4 crores, with manufacturing plants in Bengaluru (Harohalli) and Baddi (Himachal Pradesh). It exports to 14 countries and supplies global retailers including IKEA, with 11.4% of FY25 sales from exports.^[1][2][3]

Business segments

Kitchen and Home Appliances - India segment generated revenue of Rs. 1,284.47 crores in FY25, representing the dominant domestic business.^[3]
Kitchen and Home Appliances - Outside India segment generated revenue of Rs. 165.34 crores in FY25, accounting for 11.4% of total FY25 sales exported to 14 countries.^[3]
In Q1 FY27, induction cooktops (ICT) alone contributed 27% of consolidated revenues following 315.9% YoY and 100.3% QoQ growth, with management guiding ICT to remain at least 20% of full-year FY27 revenues.^[4]

Products and brands

Core portfolio spans gas cooktops, induction cooktops, pressure cookers (aluminium and stainless steel), non-stick cookware, and a broad small domestic appliances range sold under the Pigeon brand.^[3][4]
New products launched include Pigeon Insta-Mami (idiyappam/snack maker), CERACLAD stainless-steel aluminium ceramic-coated cookware, an instant water heater, and an un-cord dry iron.^[5]
Personal care segment entered via BLDC hairdryers and men's trimmers sold through e-commerce platforms.^[3]
Within pressure cookers, stainless steel variants grew faster than aluminium in Q1 FY27, improving per-unit realisation; pressure cooker category grew 41.3% YoY in Q1 FY27.^[4]
IKEA supply covers a ceramic cookware range (replacing PTFE non-stick), with three product lines awarded; full capacity revenue potential of Rs. 200 - 250 crores annually.^[1][6]

Manufacturing and capacity

Induction cooktop production capacity doubled from ~2 million units in FY25 to a current run rate of 4 - 5 million units, aided by additional assembly lines at the Baddi facility.^[1]
A dedicated IKEA manufacturing facility at the Harohalli campus, Karnataka was fully capitalised as of 31 March 2026; commercial billing commenced in Q1 FY27.^[1][3]
India's largest cast iron foundry was commissioned at the Harohalli campus, with plans to expand the customer base domestically and internationally.^[3]
Peak revenue capacity of existing facilities is estimated at Rs. 2,500 - 3,000 crores, requiring no major new capex to reach that level.^[1]
A JV with a large Chinese manufacturer to produce triply circles for pressure cookers and cookware is targeting commercial production before December 2026.^[4]

Key operating numbers

Q1 FY27 consolidated revenue of Rs. 480.6 crores grew 41.3% YoY and 15.9% QoQ, the company's highest-ever first quarter.^[4]
Gross margin in Q1 FY27 was 39.6%, up 127 bps YoY from 38.3% in Q1 FY26; full-year FY26 gross margin was 38.7%, up 164 bps YoY.^[4][1]
Net working capital days improved to 45 days in Q1 FY27 from 69 days in Q1 FY26; Q4 FY26 working capital was 24 days, down from 64 days in Q4 FY25.^[4][1]
Induction cooktop volume grew 67.3% YoY in Q4 FY26 and a further 315.9% YoY in Q1 FY27, driven by structural demand shift following LPG supply disruption.^[1][4]
ROCE was 13.9% in Q1 FY27, up from 12.6% in Q1 FY26; ROE was 9.3% in Q1 FY27, up from 8.3% in Q1 FY26.^[4]

Distribution and channels

Pigeon exclusive brand outlets (EBOs) stood at 346 stores across 23 states and 160 cities in Q1 FY27, up from 329 stores across 151 cities and 22 states at end-FY26.^[4][1]
Average monthly revenue per Pigeon EBO store was Rs. 4.36 lakhs in Q1 FY27; store-to-store growth (mature stores) was 25 - 30% in Q4 FY26.^[4][1]
Franchise mix among Pigeon EBOs rose from 43% to 55 - 56% YoY in Q1 FY27; the COFO model (company-owned, franchisee-operated) requires a Rs. 17 lakhs deposit from the franchisee, funding all store setup costs.^[4][6]
General trade grew 56.2% YoY in Q1 FY27, the strongest growth in three years, contributing 28.6% of revenues; e-commerce accounted for 31.8% of Q1 FY27 revenues.^[4]
Two customers individually represented more than 10% of total revenue in FY25 - together accounting for 31.58% of revenue (17.82% and 13.76% respectively).^[3]

Expansion and capex

FY27 capex guided at approximately Rs. 40 crores, covering retail expansion and small assembly lines; no major new manufacturing capex planned.^[1]
Pigeon EBO network targets 500 stores by 2027, adding approximately 25 stores per quarter; 17 stores were added in Q1 FY27.^[4][1]
Export contribution targeted to rise from ~12% to 15% of revenue within two years (by FY28); IKEA at full scale is expected to represent 5 - 6% of company revenues.^[4]
Revenue milestone targets set for the advisory engagement: Rs. 3,000 crores revenue with 14% EBITDA by FY2029, and Rs. 5,000 crores revenue with 14% EBITDA by FY2031.^[7]

Recent developments

Mr. Chandru Kalro (ex-Managing Director of TTK Prestige, 35+ years in consumer durables) was appointed Non-Executive Vice Chairperson and strategic advisor, as disclosed in the FY26 annual report.^[7]
US tariff on Indian goods was reduced from ~50% to ~18%, improving export competitiveness for Indian kitchen appliance manufacturers as noted in the Q4 FY26 call.^[1]
IKEA supplies commenced billing in Q1 FY27 after the dedicated facility was fully capitalised by 31 March 2026; FY27 IKEA revenues guided at Rs. 40 - 50 crores.^[1]
Net debt (excluding lease liabilities) fell from Rs. 192.9 crores at Q4 FY24 to Rs. 27.4 crores at Q4 FY26, with debt-equity ratio (ex-lease) at 0.1x.^[1]
Board approved a dividend of Rs. 3.50 per equity share (35%) for FY2025-26 and proposed reappointment of Price Waterhouse Chartered Accountants LLP as statutory auditors for a second five-year term.^[7]
ESOP pool increased by an additional 2,12,000 options (from 8,13,000 to 10,25,000), subject to shareholder approval, as approved by the Board on 12 May 2026.^[7]

Market Cap

₹2,698 Cr

High / Low

₹882 / 446

Stock P/E

18.3

Price / Book

5.0

Book Value

₹152

EPS

₹12.7

No. of Shares

3.31 Cr

ROCE

13.4%

ROE

8.6%

OPM

4.9%

Debt / Equity

0.00

Sales

₹1,607 Cr

Net Profit

₹42 Cr

Promoter holding

55.8%

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