Whirlpool of India Limited (WHIRLPOOL)
Small CapConsumer stocks · Small cap · NSE
Whirlpool of India Limited is a consumer durables company manufacturing and selling home appliances like refrigerators, washers, and air conditioners. It also operates in kitchen appliances through Elica India, focusing on product leadership, supply chain resilience, and execution excellence.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 0/100PAT -29% YoY · margin compression · Rev +12% YoY · +25% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,727 Cr | +12.1% | +25.0% |
| EBITDA | ₹139 Cr | -34.1% | +14.9% |
| Operating margin | 5.0% | -400 bps | -100 bps |
| PAT | ₹103 Cr | -29.4% | +28.8% |
| PAT margin | 3.8% | -222 bps | +11 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Q4 FY26 consolidated revenue grew 8.8% YoY, driven by washers, AC, and Elica. However, EBITDA and PBT declined significantly by 33.7% and 29.0% respectively, due to regulatory upcharges and incremental E-waste provisions.
Revenue growth is positive, driven by specific categories and premiumization. However, profitability is under pressure from regulatory costs and product mix, raising concerns about sustainable margin expansion despite cost-saving programs like P4G.
Air Conditioner Business
Aircon exceeded 1 Lac units in March month; Qtr volume growth >50%; FY 1.4X vs LY; Scaling Up with New Milestones.
Front Load Washers
Front load washers volumes doubled and triple digit increase in market share (MBO* vol MS); Accelerates in FY 2025-26.
Elica Performance
Strong Elica Performance Revenue +30%, PBT +48%; Elica India’s New Product Ranges Continue to Drive Premiumisation.
Premiumization Strategy
Segment premiumisation driving revenue growth; Launching Premium Refrigerator in Frost Free large capacity in Q2 26-27.
Cost Savings from P4G
Cost savings from P4G offsetting energy upgrade upcharges, driving T2 margin; Robust P4G Program is at Core of WOIL Manufacturing.
Improved Service KPIs
Consistent improvement in Service KPIs; Strong Net Promoter Score Improvement.
Regulatory Upcharges
Margins impacted due to energy change in Ref. and Aircon, incremental E-waste impact; Reported EBITDA / PBT declined on account of regulatory upcharge of Incremental E-waste and Ref/Aircon energy upgrade.
Competitive Pricing
T2 share decline due to Ref. regulatory changeovers/ competitive pricing; Ref in H2 25-26 remained challenging due to competitive pricing.
Aircon Mix Impact on Margins
FY gross margins lower vs LY due to Aircon Mix; Overall margins impacted due to aircon mix.
Delayed Summer Onset
H1 25-26 industry impacted due to delayed onset of summer; Ref industry declined, primarily due to the delayed onset of summer.
Supply Chain Disruption
Closely monitoring the supply situation arising from Middle East war.
Regulatory Changes
Ref. regulatory changeovers/ competitive pricing; Margins impacted due to energy change in Ref. and Aircon, incremental E-waste impact.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The presentation consistently provides YoY comparisons for Q4 and full-year results, indicating this is the primary basis for evaluating performance trends.
Consolidated Revenue Growth (YoY)
Revenue from operations up by 8.8% driven by: Market share improvement in washer, Strong growth in air conditioner, Segment premiumisation, High double digit Elica growth.
Standalone Revenue Growth (YoY)
Revenue from operations up by 7.4% driven by: Market share improvement in washer, Strong growth in air conditioner, Segment premiumisation, Industry driven growth.
Consolidated EBITDA Margin
EBITDA* (% revenue) 5.6% (YoY change -357 bps) in Q4 FY26.
Standalone PBT Margin
PBT (% revenue) 4.5% (YoY change -309 bps) in Q4 FY26.
Filling Frost Free Portfolio Gap
Launching Premium Refrigerator in Frost Free large capacity in Q2 26-27, thereby filling a significant gap in our Frost Free portfolio.
Win Every Day in Every Store
Aim: Win Every Day in Every Store with Every Consumer; Best in Class front end execution.
Continued Working Capital Efficiency
Continue to Remain Efficient in Working Capital; Planned AC Investment driving higher Q4 WC.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Gross Margins | FY gross margins lower vs LY due to Aircon Mix; Improved T2 Margins vs LY. | Impact of Aircon mix on overall gross margins and effectiveness of P4G in offsetting regulatory costs. |
| PBT Margins | Q4 PBT Margin % impacted by regulatory costs; Held Q4 PBT margin% excluding energy cost upcharges and incr. E-waste provision. | Stabilization of PBT margins post regulatory impacts and E-waste provisions. |
| Refrigerator Market Share | T2 share decline due to Ref. regulatory changeovers/ competitive pricing. | Recovery in refrigerator market share, especially with new premium product launches. |
| Air Conditioner Volume Growth | Qtr volume growth >50%; FY 1.4X vs LY. | Sustained high growth rates and market share gains in the AC segment. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
44NeutralMACD + · near 52W low
Technical chart
WHIRLPOOLdaily · 1Y · AUTO-10.2%Daily technical trend read
NeutralTrend is undirectional — long-term trend down. RSI 57.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 57 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 43% off 52W high · 9% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is within 2.9% of the 30-week proxy.
- The 30-week proxy changed -0.2% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
Valuation & score drivers
U-Score 21 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 21 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Balance sheet contributes 8/15 to the score.
- Cash flow contributes 4/10 to the score.
Main drags
- Fair-value margin of safety is negative at -553.7%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 1/20; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: -1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 42nd percentile of the scored universe and 45th percentile within Consumer. Main check: results consistency is weak at 39/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Promoter holding fell 11.2%.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Consumer: 45th pctile, median 66 · Small: 47th pctile, median 66
41 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸6 years of positive FCF.
- ▸Debt/equity is 0.09.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Promoter holding fell 11.2%.
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸ROE is low at 7.7%.
- ▸0/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 38.00
- P/B
- 2.49
- EV/EBITDA
- 17.30
- Market Cap
- 10352.00Cr
Profitability
- ROE
- 7.71%
- ROCE
- 10.70%
- ROA
- 3.44%
- Dividend Y
- 0.61%
Growth (CAGR)
- Revenue 5Y
- 6.00%
- EPS 5Y
- -2.00%
- Revenue 3Y
- 6.00%
- EPS 3Y
- 13.00%
Balance Sheet
- Debt/Equity
- 0.09
- Interest Coverage
- 9.09×
- Altman Z
- 4.25
- Book Value
- 328.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 6/5
- OCF
- 298.00 Cr
- EPS TTM
- 19.78
Shareholding
- Promoter Hold
- 39.76%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 10%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.