Whirlpool of India (WOIL) reported Q3 FY 2025-26 standalone revenue growth of ~4%, recovering after two quarters of decline. Operational EBITDA grew robustly by +47%, driven by strong gross margin delivery of 30%, aided by the P4G cost takeout program. However, reported PBT declined significantly due to a one-time wage code provision of Rs 33.4 Cr. The company also highlighted successful execution across key strategic imperatives, including category acceleration and market share consolidation.
Q3 FY26 Performance Snapshot (Standalone)
Whirlpool of India Limited announced its results for the quarter ending December 2025 (Q3 FY 2025-26), marking a recovery after two preceding quarters of decline. The company sustained market share while focusing on profitability improvements.
Topline and Profitability
The standalone performance metrics were:
- Revenue: Grew by +3.8% to ₹1,624 Cr, achieved in a weak industry environment. This growth was driven by market share improvement in the washer segment, growth in Aircon, festival demand, and segment premiumization.
- Operational EBITDA: Saw a substantial jump of +47.3% (or +119 bps) to ₹65.3 Cr (4% of revenue).
- PBT (before exceptional items): Increased by +31.9% (or +63 bps) to ₹48.2 Cr (3.0% of revenue).
- Gross Margin: Robust P4G (Cost takeout) program delivery resulted in a 30% gross margin.
It is important to note that the Reported PBT declined by ~60% due to a one-time wage code provision amounting to Rs 33.4 Cr.
Consolidated Results (Whirlpool + Elica)
Consolidated performance for Q3 FY26 showed:
- Revenue from operations: Grew by ~4.0% to ₹1,774 Cr.
- Operational EBITDA: Grew by ~31%.
- Elica Margin: Elica continues to deliver double-digit margins.
The 9-Month Consolidated performance showed a minor revenue decline of ~1.0%, though Gross Margin improved by 62bps, driven by cost productivity and an improved product mix.
Strategic Imperatives & Execution Focus
The company reaffirmed its commitment to four core strategic imperatives:
- Inspire Generations with our Brands: Highlighting historical pioneering efforts and recent product launches like the ‘Pride of India’ Glass Door range, Lapis Grande Collection, and the Frost Free 3 Door New Range.
- Win with Product Leadership: Showcasing innovation such as India’s Fastest Convertible Refrigerator (Freezer to Fridge in ~10 mins) and Dynamix Technology in semi-automatic washers (Zero Detergent Patches). The AC business also posted >50% Growth in CY 2025. Premiumization was driven through Elica India’s portfolio, featuring filterless hoods and built-in ovens with Air Fryer functionality.
- Build a Competitive and Resilient Supply Chain: The Robust P4G Program is central to manufacturing, achieving Silver status in Pune and Bronze in other sites. This program contributed to a 320 bps GM improvement (9M FY26 vs FY23).
- Excellence in Execution: Focus on a consumer-centric service organization, aiming to Win Every Day in Every Store with Every Consumer. This is supported by better pricing for premium lines and consistent improvement in Net Promoter Score (NPS).
Long-Term Certainty Secured
The company confirmed that long-term transaction agreements with Whirlpool Corporation have been secured, providing stability and strategic access:
- Brand Rights: Exclusive rights to use the “Whirlpool” Brand for 30 years with competitive royalty rates.
- Technology Access: Access to current and future technology for major domestic appliances.
- IT Stability: A Transitional Service Agreement (TSA) for IT systems lasting 3+ years, and continuation of the Global Technology centre until March 2029.
Financial Efficiency
Efficient inventory management continues to drive strong working capital metrics. The company reported achieving negative working capital in 4 out of the last 6 quarters, highlighting disciplined execution in the standalone business.
Source: BSE
