Whirlpool of India (500238) Q4 25/26 earnings summary

Executive summary

• Achieved consolidated revenue growth of 1.4% for FY 2025-26 and up to 8.8% YoY in Q4, reversing earlier declines, driven by washer and air conditioner market share gains, premiumisation, and Elica subsidiary's strong performance.

• Elica subsidiary delivered 30% revenue and 48% profit growth (PBT) in Q4, supporting overall premiumisation.

• March 2026 marked the highest ever monthly shipments in company history.

• Margins were pressured by regulatory costs, energy upgrades, and E-waste provisions.

• Audited results confirmed compliance, with significant management changes and a final dividend of Rs. 5 per share recommended.

Financial highlights

• Q4 consolidated revenue: INR 2,181 crore (+8.8% YoY); EBITDA: INR 121 crore (5.6% margin, -33.7% YoY); PBT: INR 110 crore (5% margin, -29% YoY).

• FY 2025-26 consolidated revenue: INR 8,034 crore (+1.4% YoY); EBITDA: INR 481 crore (6% margin, -12.6% YoY); PBT: INR 426 crore (5.3% margin, -12% YoY).

• Standalone FY 2025-26 revenue: INR 747,380 lacs; net profit: INR 24,223 lacs, down from INR 31,337 lacs in FY 2024-25.

• Consolidated FY 2025-26 net profit: INR 29,530 lacs, down from INR 36,278 lacs in FY 2024-25; EPS: INR 23.15, down from INR 28.30.

• Dividend of INR 5 per share recommended, totaling INR 6,344 lacs.

Outlook and guidance

• Management expects FY 2026-27 to be challenging due to regulatory cost increases, competitive pricing, and geopolitical supply chain risks.

• Focus remains on premiumisation, innovation, and responsible growth, with a premium refrigerator launch in large Frost Free segment planned for Q2 FY 2026-27.

• No specific margin or revenue guidance provided due to market volatility.

• Board continues to monitor the impact of new Labour Codes.