Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,436.50 last close on 30 Oct 2026 +0.06%
Research updated
Whirlpool of India Ltd.
NSE: WHIRLPOOLConsumer CyclicalFurnishings, Fixtures & Appliances
- Last close
- ₹814.50
- Day change
- −₹7.70 (−0.94%)vs
- Market cap
- ₹10,790 crIndian rupees
- Research updated
- 1 report
Follow Whirlpool of India
Create an account, then follow this company for weekday briefs. You will return to Whirlpool of India after signing in.
About Whirlpool of India
Whirlpool of India Ltd. is a leading manufacturer and marketer of home appliances in India. As a subsidiary of Whirlpool Corporation, one of the world’s largest appliance manufacturers, this company plays a vital role in the domestic home appliance market. Its primary function is to produce and distribute a diverse range of products including refrigerators, washing machines, air conditioners, microwave ovens, and dishwashers. These appliances are well-regarded for their quality, innovation, and energy efficiency, appealing to the evolving demands of modern Indian households. Whirlpool of India Ltd. serves both urban and rural markets, making use of a strong distribution network that includes numerous retail outlets and service centers across the country. As part of the burgeoning consumer goods sector, the company's offerings contribute significantly to household consumption and lifestyle enhancement in India, supporting the country's economic growth. By leveraging advancements in technology and consumer insights, Whirlpool of India Ltd. continues to strengthen its position as a trusted brand in the competitive landscape of home appliances.
- Sector
- Consumer Cyclical
- Industry
- Furnishings, Fixtures & Appliances
- Listing
- NSE: WHIRLPOOL
- Employees
- 2,076
- Headquarters
- Gurugram, India
- ISIN
- INE716A01013
- Website
- corporate.whirlpool.in
Public research · Report of
Business model & financial foundation
Whirlpool of India (NSE: WHIRLPOOL), Branded household and kitchen appliances: revenue of ₹8,034 crore in FY26 (+1.4% on FY25), an EBITDA margin of 6.0%, net profit of ₹293.8 crore and net cash of ₹2,194 crore.
- Revenue, FY26 (₹ crore)
- 8,034
- consolidated
- Revenue growth, FY26
- +1.4%
- on FY25
- Net profit, FY26 (₹ crore)
- 293.8
- to owners
- Return on equity, FY26
- 7.2%
- on average equity
- Net debt, FY26 (₹ crore)
- -2,194
- Net debt including leases less cash and investments
- Market capitalisation (₹ crore)
- 9,287
- at the close of 18 Oct 2026
Company profile
Whirlpool of India Limited manufactures and markets branded household appliances, including refrigerators, washing machines, air conditioners and cooking appliances. Its major-appliance manufacturing facilities are in Pune, Faridabad and Puducherry. Its consolidated group includes wholly owned Elica PB Whirlpool Kitchen Appliances Private Limited, a material kitchen-appliance subsidiary. The comparison framework prioritises integrated appliance brands and consumer distribution rather than Amber's ODM/component manufacturing model as a primary anchor.
| Item | Value |
|---|---|
| Legal name | Whirlpool of India Limited (formerly Kelvinator of India Limited) |
| Exchange and ticker | NSE: WHIRLPOOL; BSE: 500238 |
| ISIN | INE716A01013 |
| CIN | L29191PN1960PLC020063 |
| Sector | Consumer Durables |
| Industry | Branded household and kitchen appliances |
| Headquarters | Gurugram, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S.R. Batliboi & Co. LLP |
| Market capitalisation | ₹9,287 crore (18 Oct 2026) |
| Shares outstanding | 12.69 crore shares (FY26) |
| Price | ₹850.2 (close, 18 Oct 2026) |
| 52-week range | ₹706.0 - ₹1,437 (to 18 Oct 2026) |
| Website | https://corporate.whirlpool.in/ |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Elica PB Whirlpool Kitchen Appliances Private Limited | 100% | Manufacturing and distribution of kitchen appliances; sole material subsidiary at 31 March 2026. |
FY26: no associates/JVs. Whirlpool Mauritius Limited is former holding company; Whirlpool Corporation former ultimate holding company. After November 2025 sale to 39.76%, WOIL ceased to be their subsidiary; significant influence from 29 November 2025 (S66:p330). Do not treat promoter/brand licensor as current controlling parent. Auditor reappointed 15 July 2022 through 66th AGM; first appointment date not found.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 51.00% | 39.76% | 39.76% | 39.76% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 11.12% | 11.90% | 11.47% | 12.48% |
| Domestic institutions | 28.50% | 35.56% | 35.85% | 34.18% |
| of which mutual funds | 25.69% | 32.51% | 32.33% | 31.76% |
| Retail | 9.39% | 12.78% | 12.92% | 13.58% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
The business monetises branded refrigerators, washers, ACs and kitchen appliances through manufacturing, sourced products, dealer distribution and service. Home appliances is the sole disclosed reportable segment; do not fabricate category segment accounts. FY26 standalone turnover mix refrigerators52%, washers29%, ACs11% is not a consolidated mix and cannot be multiplied by group revenue, FY26 Annual Report submitted 14 August 2026. Elica is the sole subsidiary and fully owned from 10 March 2026; the remaining-stake purchase changed owners/NCI attribution, not already consolidated revenue, same publication date. Domestic demand dominates; service-income runoff is a separate headwind to aggregate sales, agreement disclosure 16 October 2025.
FY26 operations revenue INR8034.20 crore, operating EBITDA INR481.14 crore and owners PAT INR293.75 crore, audited results signed 20 May 2026; EBITDA is derived from the primary cost stack, excluding other income and exceptions. Cash/treasury earnings support PAT but are not evidence that appliance operating profitability has recovered.
| Peer | Why the dossier compares them |
|---|---|
| LG Electronics India Limited (LGEINDIA) | Closest integrated branded major-appliance anchor: refrigerators, washers, ACs and kitchen appliances; local manufacturing and distribution. TVs/electronics broaden the mix. |
| Voltas Limited (VOLTAS) | Branded cooling and seasonal AC-demand comparator with appliance adjacency; engineering/projects and differing household-appliance scope limit direct group comparison. |
| Blue Star Limited (BLUESTARCO) | AC and refrigeration brand: premium cooling, manufacturing and distribution comparator; commercial HVAC/refrigeration exposure differs from Whirlpool laundry/kitchen mix. |
| Havells India Limited (HAVELLS) | Lloyd offers ACs, washers and refrigerators: branded-appliance distribution and manufacturing comparator; electricals, cables and switchgear diversify the listed group. |
| IFB Industries Limited (IFBIND) | Direct washer, dishwasher and microwave overlap: premium laundry/kitchen and service-network comparator; engineering components dilute appliance-only comparability. |
| Bajaj Electricals Limited (BAJAJELEC) | Branded small/home-appliance and retail-channel comparator; useful for consumer distribution and brand execution, not a direct refrigerator/laundry scale anchor. |
| Crompton Greaves Consumer Electricals Limited (CROMPTON) | Consumer electrical and kitchen-appliance brand/distribution comparator; fans and lighting differ from major white goods, so use as a secondary consumer-channel peer. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 6,193 | 6,664 | 6,830 | 7,919 | 8,034 |
| Cost of revenue (vendor classification) * | 4,192 | 4,662 | 4,657 | 5,225 | 5,440 |
| Other operating costs (vendor classification) * | 840.9 | 899.1 | 980.7 | 1,967 | 1,186 |
| EBITDA (vendor classification) * | 495.0 | 488.8 | 567.8 | 744.5 | 669.6 |
| EBIT * | 665.6 | 312.0 | 337.0 | 534.9 | 441.4 |
| Finance costs | 15.2 | 14.7 | 30.2 | 44.8 | 45.5 |
| Profit before tax | 650.4 | 297.2 | 307.3 | 490.1 | 396.6 |
| Total income tax expense | 83.0 | 73.2 | 83.0 | 127.3 | 101.3 |
| Profit for the year | 567.4 | 224.0 | 224.3 | 362.8 | 295.3 |
| Diluted earnings per share (₹) | 44.64 | 17.26 | 17.11 | 28.30 | 23.15 |
| Other income | 163.8 | 190.8 | 199.2 | ||
| Materials, traded goods and inventory changes | 4,576 | 5,225 | 5,346 | ||
| Employee benefits expense | 725.4 | 858.9 | 867.9 | ||
| Other expenses | 1,126 | 1,285 | 1,340 | ||
| Operating EBITDA excluding other income and exceptional items | 403.0 | 550.3 | 481.1 | ||
| Depreciation and amortisation | 210.3 | 213.2 | 209.3 | ||
| Exceptional income/(charge) | -18.9 | 7.00 | -28.9 | ||
| Profit attributable to non-controlling interest | 7.26 | 3.78 | 1.55 | ||
| Profit attributable to owners of parent | 217.0 | 359.0 | 293.8 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 3,501 | 3,668 | 3,843 | 3,990 | 4,161 |
| Borrowings | 133.6 | 111.7 | 231.0 | 284.4 | n.d. |
| Cash and cash equivalents | 1,610 | 1,678 | 2,233 | 2,558 | 615.0 |
| Trade receivables | 429.8 | 433.4 | 339.7 | 510.4 | 740.3 |
| Inventories | 1,311 | 1,508 | 1,247 | 1,326 | 1,509 |
| Trade payables | 1,482 | 1,641 | 1,432 | 1,701 | 1,881 |
| Net property, plant and equipment * | 134.3 | 107.3 | 953.8 | 951.9 | 1,014 |
| Capital work in progress * | 139.3 | 24.8 | 27.3 | 57.9 | 218.1 |
| Total assets * | 5,687 | 5,959 | 6,140 | 6,776 | 7,384 |
| Cash + other bank balances + current investments | 2,235 | 2,560 | 2,553 | ||
| Net debt including leases less cash and investments | -2,004 | -2,275 | -2,194 | ||
| Bank balances other than cash equivalents | 1,938 | ||||
| Current and non-current lease liabilities | 358.7 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash flow from operating activities | 325.4 | 27.8 | 610.1 | 571.1 | 297.9 |
| Free cash flow (vendor definition) * | -72.0 | 88.9 | 544.0 | 451.3 | 34.6 |
| Dividends paid (the provider's sign: an outflow is negative) * | -63.4 | -63.4 | -63.4 | -63.4 | -63.4 |
| Purchase of PPE, intangibles and CWIP (cash outflow) | -168.0 | -179.5 | -66.1 | -119.8 | -263.4 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 12.69 | 12.69 | 12.69 | 12.69 | 12.69 |
| Consolidated royalty expense | 78.1 | 87.8 | 90.7 | ||
| Consolidated technical know-how expense | 30.9 | 33.1 | 29.8 | ||
| Restricted and earmarked bank balances | 6.21 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,713 | 1,705 | 2,005 | 2,432 | 1,647 | 1,774 | 2,181 | 2,727 |
| Cost of revenue (vendor classification) * | 1,101 | 1,117 | 1,311 | 1,619 | 1,167 | 1,509 | 1,905 | |
| Other operating costs (vendor classification) * | 311.5 | 299.5 | 297.8 | 380.7 | 295.8 | 338.6 | 439.3 | |
| EBITDA (vendor classification) * | 136.3 | 119.8 | 222.7 | 265.2 | 133.1 | 174.3 | 208.0 | |
| EBIT * | 84.5 | 68.4 | 176.0 | 211.7 | 43.2 | 121.5 | 153.5 | |
| Finance costs | 11.1 | 9.20 | 14.3 | 15.2 | 8.23 | 10.4 | 11.7 | 14.8 |
| Profit before tax | 73.4 | 59.2 | 161.7 | 196.4 | 57.5 | 32.9 | 109.8 | 138.8 |
| Total income tax expense | 19.8 | 14.7 | 42.2 | 50.4 | 15.7 | 5.94 | 29.3 | 35.9 |
| Profit for the period | 53.5 | 44.5 | 119.5 | 146.1 | 41.8 | 26.9 | 80.5 | 102.9 |
| Diluted earnings per share (₹) | 4.10 | 3.46 | 9.40 | 11.49 | 3.26 | 2.09 | 6.32 | 8.11 |
| Other income | 49.3 | 50.5 | 39.6 | 54.1 | 49.8 | 42.2 | 53.1 | 68.9 |
| Materials, traded goods and inventory changes | 1,101 | 1,117 | 1,311 | 1,619 | 1,050 | 1,167 | 1,509 | 1,905 |
| Employee benefits expense | 213.6 | 219.4 | 212.9 | 221.1 | 214.6 | 220.4 | 211.8 | 242.9 |
| Other expenses | 311.5 | 299.5 | 297.8 | 380.7 | 324.6 | 295.8 | 338.6 | 439.3 |
| Operating EBITDA excluding other income and exceptional items | 87.0 | 69.3 | 183.1 | 211.1 | 57.8 | 90.9 | 121.3 | 139.1 |
| Depreciation and amortisation | 51.9 | 51.4 | 53.7 | 53.6 | 51.8 | 51.1 | 52.8 | 54.5 |
| Exceptional income/(charge) | 0.00 | 0.00 | 7.00 | 0.00 | 9.91 | -38.8 | 0.00 | 0.00 |
| Profit attributable to non-controlling interest | 1.51 | 0.57 | 0.27 | 0.35 | 0.47 | 0.43 | 0.30 | 0.00 |
| Profit attributable to owners of parent | 52.0 | 44.0 | 119.2 | 145.7 | 41.3 | 26.5 | 80.2 | 102.9 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 5.0% | 7.6% | 2.5% | 16.0% | 1.4% |
| EBITDA margin | 5.9% | 6.9% | 6.0% | ||
| Net margin | 3.2% | 4.5% | 3.7% | ||
| Return on equity | 5.8% | 9.2% | 7.2% | ||
| Return on capital employed | 20.3% | 8.4% | 8.6% | 12.8% | |
| Return on assets | 3.6% | 5.6% | 4.1% | ||
| Net debt (₹ crore) | -2,004 | -2,275 | -2,194 | ||
| Net debt / EBITDA | -4.97x | -4.13x | -4.56x | ||
| Interest cover | 43.7x | 21.2x | 11.1x | 11.9x | 9.71x |
| Asset turnover | 1.15x | 1.14x | 1.13x | 1.23x | 1.13x |
| Receivable days | 25 | 24 | 18 | 24 | 34 |
| Inventory days (on revenue) | 77 | 83 | 67 | 61 | 69 |
| Payable days (on revenue) | 87 | 90 | 77 | 78 | 85 |
| Cash conversion | 2.81x | 1.59x | 1.01x | ||
| Capex intensity | 2.7% | 2.7% | 1.0% | 1.5% | 3.3% |
| Free cash flow (₹ crore) | 157.5 | -151.7 | 544.0 | 451.3 | 34.6 |
| Dividend payout | 29.2% | 17.7% | 21.6% | ||
| EPS, diluted (₹) | 44.64 | 17.26 | 17.11 | 28.30 | 23.15 |
| Book value per share (₹) | 275.9 | 289.1 | 302.9 | 314.6 | 327.9 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income and exceptional items) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including leases less cash and investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income and exceptional items).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted earnings per share).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 18 Oct 2026); market data at the close of 18 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
With Individual or above
What the full research on Whirlpool of India includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
See Mool’s call and the full research
Individual or above opens every piece of research Mool has published. A new account can start with 10 days of Pro, or of Firm on a work email address. No card needed.
Report history
Reports on Whirlpool of India
- Research reportLatest
Same sector
More research in Consumer Cyclical
Maruti Suzuki India Limited
NSE: MARUTI
Consumer Cyclical · Auto Manufacturers
₹11,397.00 last close on 30 Oct 2026 −0.25%Research updated
Mahindra & Mahindra Ltd.
NSE: M&M
Consumer Cyclical · Auto Manufacturers
₹2,840.30 last close on 30 Oct 2026 −1.72%Research updated
Eternal Limited
NSE: ETERNAL
Consumer Cyclical · Internet Retail
₹343.65 last close on 30 Oct 2026 +1.72%Research updated
Bajaj Auto Limited
NSE: BAJAJ-AUTO
Consumer Cyclical · Auto Manufacturers
₹10,350.00 last close on 30 Oct 2026 −0.32%Research updated
TVS Motor Company Limited
NSE: TVSMOTOR
Consumer Cyclical · Auto Manufacturers
₹4,195.20 last close on 30 Oct 2026 −1.98%Research updated
Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 18 Oct 2026; page updated 2 Nov 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.