Whirlpool of India Ltd(WHIRLPOOL)

NSE: WHIRLPOOLBSE: 500238

₹ 802+1.45%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 10,175 crWebsite: www.whirlpool.comUpdated: 27 Oct 2026

About

Whirlpool of India Ltd manufactures and sells home appliances - primarily refrigerators and washing machines - and is scaling air conditioners and kitchen appliances through its 100%-owned Elica PB Whirlpool subsidiary. The company reported consolidated revenue of ₹8,034 cr in FY26 and posted its highest-ever quarterly standalone revenue of ₹2,582 cr in Q1 FY27. It holds the #2 volume market share position in the combined refrigerators and washing machines category in multi-brand outlets, and has secured a 30-year exclusive brand license and 10-year technology agreement with Whirlpool Corporation to operate independently.^[1][2][3][4]

Business segments

Core appliances (refrigerators and washing machines) form the primary standalone business; air conditioners are a fast-scaling third category. Elica PB Whirlpool (100% subsidiary) covers kitchen appliances - chimneys and hobs.^[2][3]
Consolidated FY26 revenue was ₹8,034 cr (+1.4% YoY), held back by weak summer season in Q1-Q2 FY26; standalone Q4 FY26 recovered to +7.4% YoY and Q1 FY27 standalone reached ₹2,582 cr (+11.4% YoY).^[3][2]
Elica contributed strong double-digit growth: Q1 FY27 revenue +26% YoY and profit +22% YoY; full-year FY26 revenue +12% and profit +15% YoY, with double-digit PBT margins sustained.^[2][3]

Products and brands

Refrigerators span direct-cool (DC) and frost-free ranges; the Luxuriem four-door premium 654L range launched in Q1 FY27, made at the Pune plant where ₹245 cr has been invested, featuring triple-evaporator cooling and 6th Sense AI ethylene-detection.^[2]
Washing machines cover semi-automatic, top-load fully automatic, and front-load; the Dynamix hydrodynamic detergent dispenser was introduced in semi-auto in FY25. Top-load innovations to address commoditisation are targeted within 12 - 15 months of Q1 FY27.^[5][2]
Air conditioners are sourced via third-party manufacturing; a new AC range launched end of CY2024. Own-plant AC manufacturing in India is under commercial evaluation.^[5][3]
Brand and technology secured independently: 30-year exclusive Whirlpool brand license, 10-year technology access agreement (renewable every 5 years), and a Transitional Service Agreement for IT systems until March 2029.^[4]

Manufacturing and capacity

Capacity utilisation across all product lines was approximately 70 - 75% (annualised) in Q1 FY27.^[2]
Pune plant received ₹245 cr of investment for premium four-door refrigerator lines; the Luxuriem 654L range was rolling off those lines as of Q1 FY27. A further CWIP of ₹203 cr for premium frost-free refrigerators was on the FY26 balance sheet, not yet capitalised.^[2][3]
Base ongoing capex is approximately ₹100+ cr per annum; additional project-specific capex is sanctioned on ROI merits without a fixed cap.^[2]

Key operating metrics

Volume market share in combined refrigerators and washers (MBO) rose by double-digit basis points YoY in Q1 FY27; in March 2026 Whirlpool held the #2 MBO volume share position in the combined category.^[2][3]
Semi-automatic washer MBO volume share rose more than 100 bps YoY for the second consecutive quarter in Q1 FY27.^[2]
Front-load washer volumes grew ~80% YoY in Q1 FY27 (1.6x in FY26), with triple-digit bps MBO volume market share gains; current share is ~5% with some regions near 10%, targeting double-digit share within 2 - 3 years.^[2][3]
AC revenue grew more than 50% YoY in Q1 FY27 and more than 40% in FY26; March 2026 was the first month to exceed 100,000 monthly units. Market share remains single-digit with a target of mid-double digits over time.^[2][3]
Standalone EBITDA margin was 4.6% in Q1 FY27 ( - 377 bps YoY); consolidated EBITDA margin was 5.1% (~ - 300 bps YoY). The Productivity for Growth (P4G) programme delivered 220 bps of standalone gross margin improvement from FY23 to FY26.^[2][3]
Net working capital was negative in Q1 FY27, restored after an AC inventory build in Q4 FY26; achieved in 5 of the last 8 quarters.^[2]

Distribution and channel

Primary sales channel is multi-brand outlets (MBO); market-share data is reported on MBO volume basis. Management is pursuing AC off-take growth and claimed fastest-growing off-take ranking for the second consecutive year in Q1 FY27.^[2]

Expansion and capex

Luxuriem premium four-door refrigerator (654L) launched Q1 FY27 from Pune; additional Luxuriem models to launch in Q2 - Q4 FY27.^[2]
Premium large-capacity frost-free refrigerator range targeted for Q2 FY27 launch; CWIP of ₹203 cr on FY26 balance sheet covers this facility.^[3]
Capital deployment blueprint covering new product capex, capacity increases, factory automation, and inorganic opportunities to be finalised within 12 months of Q1 FY27; residual cash could be returned to shareholders.^[2]
AC own-plant manufacturing in India under commercial evaluation; decision depends on volume scale, third-party logistics economics, and P&L depreciation impact.^[3]

Recent developments

Q1 FY27 (April - June 2026): Whirlpool launched Luxuriem four-door premium refrigerators, the company's first India-designed and India-made four-door range, rolling off Pune lines.^[2]
Q1 FY27: Two rounds of price increases (April and May 2026) implemented to partially offset war-driven crude/forex inflation and energy regulation (BEE) cost upcharges on refrigerators and ACs.^[2]
FY26: Whirlpool Corporation reduced its stake from ~51% toward ~20%; 30-year brand license and 10-year technology agreement signed to secure the Indian entity's independent operation.^[4][5]
Inorganic opportunities are being actively evaluated; management described the next 12 - 15 months from Q1 FY27 as 'absolutely the right time' given improved operational execution capability.^[2]
Next BEE energy regulation cycle for refrigerators and ACs is expected in January 2029; no additional regulatory cost headwind anticipated before then.^[2]

Market Cap

₹10,175 Cr

High / Low

₹1,438 / 706

Stock P/E

39.9

Price / Book

2.4

Book Value

₹328

EPS

₹23.1

No. of Shares

12.69 Cr

ROCE

10.9%

ROE

7.2%

OPM

5.7%

Debt / Equity

0.00

Sales

₹8,034 Cr

Net Profit

₹295 Cr

Promoter holding

39.8%

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