Inflame Appliances Ltd

BSE: 541083

₹ 218-0.43%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 163 crWebsite: www.inflameindia.comUpdated: 24 Oct 2026

About

Inflame Appliances is an OEM maker of kitchen chimneys and built-in kitchen appliances, with plants at Panchkula and Hyderabad that supply brands such as IFB, Crompton, Hindware, Havells and KAFF. It produced about 270,000 chimneys in FY26, and reported revenue was Rs 150.25 Cr in FY26. Management describes it as the largest OEM producer of BLDC chimneys in India.^[1][2]

Business mix

Built-in chimneys made up 90-95% of revenue in FY25 and other products 5-10%.^[3]
Management expects chimneys' share of revenue to fall to 60-65% by FY28 as hobs, built-ins and other products grow.^[4][1]

Products

BLDC chimneys were 60% of production in FY26. The company calls itself the largest OEM producer of BLDC chimneys in India and targets an 80% BLDC share by the end of FY27.^[1]
In April 2026 it showed 25 new chimney models, plus built-in microwaves and dishwashers, at an exhibition in Panchkula.^[1]
Built-in refrigerators and wine coolers were being made at about 14-15 units a day as of the Q4 FY26 call, against a target of 50 units a day.^[1]
From H1 FY26, the Hyderabad plant has been supplying built-in refrigerators, wine coolers and built-in ovens regularly, with BIS certifications in hand.^[4]

Plants and capacity

Total chimney capacity across both plants was 600,000 units a year in FY25.^[3]
Capacity utilisation across both plants was about 50% in FY26. It was about 50% in Q3 FY26 vs about 27% in Q3 FY25, and about 46% in 9M FY26 vs about 32% in 9M FY25.^[1][5]
In H1 FY26, Panchkula ran above 90% utilisation at about 22,000 chimneys a month, while Hyderabad was at about 50%, or about 10,000 units a month.^[4]
Hyderabad is being repositioned to make premium products such as built-in ovens, wine coolers and refrigerators. Panchkula handles mass-volume chimney production.^[1]
The Hyderabad plant turned EBITDA-positive in FY25, with plant-level EBITDA of INR 4.4 mn.^[3]

Key operating numbers

Chimney production was about 270,000 units in FY26 vs 195,000 in FY25, up 38%. Panchkula grew 42% and Hyderabad 31%.^[1]
Chimney volumes were 75,621 units in Q3 FY26 vs 39,822 in Q3 FY25, up 90%. Volumes for 9M FY26 were 2,10,126 units, up 44%.^[5]
Raw material consumed was about 70% of revenue in H1 FY26 and about 75% in H2 FY26. Dollar movement alone had an adverse impact of about INR70-80 lakh.^[1]
The market complaint ratio was below 1.5% in FY26.^[1]
Monthly orders rose from about 17,000-18,000 in April 2025 to about 45,000 in September 2025.^[4]

Customers

Major buyers include IFB, Crompton, Hindware and Havells. All of them had fewer orders in Q4 FY26, so Q4 revenue was about INR35-37 cr against an expected INR55-60 cr.^[1]
Supplies to new customers IFB and Crompton began in Q4 FY25.^[3]
In April 2024 the company signed an exclusive supplier partnership with KAFF covering kitchen appliances, refrigerators and wine coolers.^[3]
Management says it will pursue exports once domestic OEM volumes reach 6 lakh chimneys a year.^[1]

Expansion and capex

A 50,000 sq ft multi-storey expansion at Panchkula costs INR10 cr. Its ground floor was ready as of June 2026 and adds 12,000-15,000 chimneys a month. The second floor is targeted for Aug 15, 2026 and the third for Sep 30, 2026.^[1]
The Panchkula expansion is funded by bank debt that was sanctioned in H1 FY26.^[4]
Management targets chimney production of 4 lakh units in FY27.^[1]
All new product lines (dishwashers, built-in microwaves, ovens, refrigerators and wine coolers) are planned to be production-ready by December 2026 to January 2027.^[1]
BIS certification for hobs is expected in September 2026, which would move hobs from full import to assembly in India.^[1]

Recent developments

The company set up an associate, Tricoree Machmatrix Pvt Ltd, with a 34% stake. It will make BLDC motors first and PCBs and electronics later. 37-38% of chimney raw material is currently sourced from China.^[1]
Motor manufacturing at Tricoree is expected in about 1-1.5 years from the Q4 FY26 call, with electronics and PCBs about 1-1.5 years after that.^[1]

Market Cap

₹163 Cr

High / Low

₹359 / 191

Stock P/E

28.6

Price / Book

0.0

Book Value

₹83

EPS

₹7.8

No. of Shares

0.75 Cr

ROCE

11.4%

ROE

9.5%

OPM

8.7%

Debt / Equity

0.85

Sales

₹150 Cr

Net Profit

₹6 Cr

Promoter holding

44.7%

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