IFB Industries (IFBIND) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 standalone revenue from operations was ₹1,227.95 crore, up 8% YoY; EBITDA rose 27% to ₹89.65 crore and PAT increased 45% to ₹34.36 crore.

• Q3 consolidated revenue from operations was ₹1,269.52 crore and profit ₹31.09 crore, versus ₹1,160.83 crore and ₹17.45 crore YoY.

• 9M standalone revenue was ₹3,641.79 crore, EBITDA ₹255.22 crore and PAT ₹106.50 crore, up 12%, 37% and 94%, respectively.

• 9M consolidated revenue was ₹3,758.01 crore and profit ₹100.04 crore, versus ₹3,347.64 crore and ₹38.36 crore YoY.

• Washer sales weakened after October, weighing on appliance mix and margins; AC sales improved and the AC business moved to positive EBITDA.

Financial highlights

• Q3 standalone EBITDA margin improved to 7.3% from 6.2%; PAT margin rose to 2.8% from 2.1%.

• Q3 consolidated PBT was ₹42.11 crore versus ₹26.28 crore YoY; 9M PBT was ₹136.78 crore versus ₹58.22 crore.

• 9M standalone EBIT increased to ₹158.70 crore from ₹95.12 crore; finance costs declined to ₹16.78 crore from ₹20.99 crore.

• 9M operating cash flow was ₹175.37 crore versus ₹234.22 crore; investing cash outflow was ₹223.03 crore versus ₹132.85 crore.

Outlook and guidance

• Home Appliances Division targets ₹200 crore in cost savings by March 2026; material-cost reductions are expected to be fully realised by Q4 FY26.

• AC market-share target is 6% in FY26 versus 3% currently; a 2-tonne, 5-star model is planned by end-February 2025.

• Refrigerator monthly sales stabilisation above 40,000 units is targeted for Q1 FY26, excluding OEM sales; EBT breakeven is expected near June.

• Dishwasher targets exceed 3,500 monthly sales, then 4,000+ in Q1 FY26; retail reach is targeted to exceed 4,000 outlets by Q4 FY25.

• Engineering targets ₹500 crore of new orders over two years and a 60% EV/EV-neutral mix within three years, from 40% currently; industrial business targets 3x revenue in three years.