Annual reportSep 2026
Sep 2026 · Letter To The Shareholders - Annual Report F.Y. 2025-26 14 Aug - Whirlpool of India AGM on September 9, 2026; record date for final dividend August 28, 2026.
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 02:00 pm ISTDetails
Quote21 Oct, 02:00 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result16 Aug, 12:39 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
50NeutralSMA20 +7.6% / mo · MACD − · sector -4.5pp vs Nifty 500 (3M)
Stock trend: 62
Sector RS: 32
Sector 3M: -10.6% vs Nifty 500 -6.1%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
WHIRLPOOLD candles · FIT view-19.4%TODAY · PROVISIONALLatest price ₹803.00 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-3.8%
RSI
45
MACD hist
-4.89
52W pos
13%
2026-10-21O ₹835.10H ₹844.05L ₹801.80C ₹803.00Vol 1.8L shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
WHIRLPOOLNifty Consumer DurablesNifty 500
- WHIRLPOOL
- +8.4%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.7%
- Vs Nifty 500
- +14.0 pp
Chart stats
19 Oct 2026- From 52W high
- -41.6%
- 52W range position
- 18%
- ATR (14)
- 4.8%
- Volume vs 20D
- 0.07x
- Avg traded value
- ₹295 Cr
- 20D price channel
- ₹718.7 - ₹960
₹1,437
₹706 - ₹1,437
₹40.2
Latest completed session
20-session average
77.7% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED21
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +12.1% · PAT -29.4% YoY
Technical
Neutral50
Price trend and sector-relative-strength timing.
Valuation
Legacy model-543.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence64
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -29% YoY · margin compression · Rev +12% YoY · +25% QoQ
Filed 30 Jun 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 39.00
- P/B
- 2.56
- EV/EBITDA
- 17.77
- Market Cap
- 10641.00Cr
Profitability
- ROE
- 7.71%
- ROCE
- 10.70%
- ROA
- 3.44%
- Dividend Y
- 0.62%
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
- 4.31
- 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
- 18%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 8,034+1.5% vs prev
Net Profit
₹ CrLatest: 295-18.7% vs prev
Return on Equity
%Latest: 232+2563.8% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 45. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~7.8% over last month) — short-term momentum positive.
- RSI(14) at 45 — sideways, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 44% off 52W high · 14% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
20
RS percentile
Stage 1 Base / Transition
1M return
+16.9%
3M return
+8.4%
6M return
-10.0%
1Y return
-39.3%
RS 1D
+1
RS 20D
+16
Sector rank
#8
Industry rank
#23
Stage evidence
- Price is within 1.5% of the 30-week proxy.
- The 30-week proxy changed -0.7% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price above
200-DMA
price above
Sector
neutral
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 72.05-0.32%
RS vs Nifty 50072
Valuation & peers
U-Score 21 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 21 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth2/25
Quality1/20
Balance Sheet8/15
Cash Flow4/10
Piotroski
7/9 (+5)
Penalties
1
Raw sum
21
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
21/100 · legacy band OVERVALUED
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 -543.4%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 1/20; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
39.0
PB
2.6
EV/EBITDA
17.8
ROE
7.7%
ROCE
10.7%
FCF Yield
—
Debt/Equity
0.1
MoS
-543.4%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
21
Previous: 21
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-543.4%
Previous: -572.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
20
20
21
21
21
21
21
21
21
21
21
21
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹382.07
-110.2% MoS
Growth-justified P/E
6.3
Growth-justified Value
₹124.81
-543.4% MoS
PEG
—
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
CROMPTON
Small
Crompton Greaves Consumer Electricals Limited
Consumer Durables
match 90
31
28.5
10.6%
-685%
OVERVALUED
BAJAJELEC
Micro
Bajaj Electricals Limited
Consumer Durables
match 81
21
—
-0.7%
—
OVERVALUED
IFBIND
Micro
IFB Industries Limited
Consumer Durables
match 75
59
28.6
15.7%
+16%
FAIR VALUE
TTKPRESTIG
Small
TTK Prestige Limited
Consumer Durables
match 58
26
34.0
9.0%
-610%
OVERVALUED
PGEL
Small
PG Electroplast Limited
Consumer Durables
match 58
30
70.8
6.7%
-112%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-17T09:23:56.685Z
Management commentary snapshot
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.
Growth engines
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.
Tailwinds
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.
Headwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The presentation consistently provides YoY comparisons for Q4 and full-year results, indicating this is the primary basis for evaluating performance trends.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
64Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
44 docs text-extracted · 12 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
42nd percentile
overall median 67 · Consumer: 45th pctile, median 66 · Small: 47th pctile, median 66
Evidence depth
Financial-only
44 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
60
acceptable · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
52
watch · capital discipline
Results
39
weak · quarterly consistency
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.
Continue researching Whirlpool of India Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual reportSep 2026
Sep 2026 · AGM Notice For The Financial Year Ended March 31, 2026 14 Aug - Annual Report and 65th AGM notice for FY2025-26 submitted; AGM on 9 September 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 16 Sep
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Annual reportAug 2026
Aug 2026 · Business Responsibility and Sustainability Reporting (BRSR) 14 Aug - Whirlpool of India submitted FY2025-26 BRSR with annual report on 14 August 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 22 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 17 Aug
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Change in Management 1 Jul - Jijesh Gopalan becomes Vice President-Service from 15 July 2026; Bharat Gulati resigns 14 July 2026; Anish Ahuja shifts roles.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 7 Jul
Source: Bse
Announcement
Announcement Under Regulation 30 (LODR) - General Update 3 Jul - Bihar tax authority levied ₹6.96 lakh demand, ₹7.75 lakh interest and ₹80,812 penalty for FY2019-20.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 5 Jun
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.