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Whirlpool of India (500238) investor relations material
Whirlpool of India Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Secured long-term brand and technology agreements with Whirlpool Corporation, ensuring exclusive brand rights for 30 years and technology access for 10 years, with renewal options for both agreements.
Achieved revenue growth of 4% year-over-year in Q3 FY25-26 despite a weak industry environment, with profitability rebounding after two quarters of decline.
Operational EBITDA grew 47% year-over-year in Q3, driven by volume growth, cost productivity, and premiumization.
Unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, were approved by the Board on February 6, 2026.
Results reflect the performance of the home appliances segment, including the subsidiary Elica PB Whirlpool Kitchen Appliances Pvt Ltd.
Financial highlights
Standalone Q3 revenue grew 3.8% year-over-year to INR 1,624 crore; consolidated revenue grew 4% to INR 1,774 crore.
Standalone EBITDA rose 47.3% year-over-year to INR 65.3 crore (4% margin); consolidated EBITDA up 31.2% to INR 90.9 crore (5.1% margin).
Standalone PBT before exceptional items increased 31.9% year-over-year to INR 48.2 crore; reported PBT declined 60% due to a one-time wage code provision.
Exceptional item loss of INR 3,341 lakhs (standalone) and INR 3,884 lakhs (consolidated) due to Labour Code implementation.
Promoter shareholding reduced from 51% to 39.76% following partial dilution by the ultimate holding company.
Outlook and guidance
Management targets high single-digit to early double-digit revenue CAGR over the next five years, contingent on market growth.
Profitability expected to grow modestly, with 2026-2027 highlighted as a structurally challenging year due to regulatory changes and transition costs.
Recovery in revenue and profitability expected to continue, supported by premiumization, cost productivity, and market share gains in key categories.
The investment in the subsidiary aligns with long-term growth opportunities in the cooking and built-in business.
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