Whirlpool of India Limited, a leading player in the Indian consumer durables industry, continues its legacy as part of the globally renowned Whirlpool Corporation. Established in 1980 through a joint venture with the TVS Group, Whirlpool India began its journey in the washing machine segment. Over the decades, it expanded into refrigerators, air conditioners, kitchen appliances, and purifiers. Headquartered in Gurugram, Whirlpool of India 2025 maintains a strong manufacturing, marketing, and distribution network while contributing to global procurement and product development for its parent.
This article offers a detailed analysis of Whirlpool of India 2025, covering its business operations, financial performance, market position, challenges, and growth outlook.
Company Overview
Whirlpool India’s integrated operations span manufacturing, trading, and service delivery:
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Manufacturing Units:
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Faridabad: Refrigerators, semi-automatic washing machines
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Pune: Frost-free and direct cool refrigerators
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Puducherry: Washing machines
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Strategic Acquisitions:
Whirlpool holds a 96.81% stake in Elica PB India, enhancing its position in the cooking and built-in kitchen appliances market. Elica India complements Whirlpool’s mass premium brand positioning in the kitchen segment. -
Global Reach:
Whirlpool of India supplies to over 30 international markets, focusing on SAARC nations and select global regions.
Product Portfolio
Whirlpool of India offers:
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Refrigerators (Direct Cool, Frost Free)
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Washing machines (semi-automatic, fully automatic)
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Air conditioners
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Kitchen appliances (through Elica)
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Water and air purifiers
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Microwaves and ovens (outsourced production)
The company leverages premiumization and feature-rich products to meet evolving consumer needs.
Financial Performance FY25
Revenue Growth
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FY25 net sales: ₹7,919 crore (16% YoY growth)
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5-year CAGR: 5.7%
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Growth drivers: Market share gains in refrigerators and washers, pricing discipline, premium mix, and productivity initiatives
EBITDA
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FY25: ₹550 crore (37% YoY growth)
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EBITDA margin: 6.95% (up 105 bps YoY)
PAT
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FY25: ₹363 crore (62% YoY growth)
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PAT margin: 4.6%
Segment Insights
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Refrigerators: Growth driven by Direct Cool and Frost Free models, with added capacity at Pune to support future growth.
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Washing Machines: Gaining market share in fully automatic and semi-automatic categories.
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Kitchen Appliances (Elica): A margin-accretive segment that continues to expand its presence in premium kitchens.
Operational Metrics
ROCE
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FY25: 11.8% (improved on operating profit growth)
ROE
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FY25: ~9% (PAT ₹363 crore; net worth ₹3,950 crore)
Cash Flow
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CFO: ₹571 crore (working capital and profitability gains)
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Free cash flow: Stable despite acquisitions
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Capex: ₹270 crore for Pune expansion (commissioning Q2 FY26)
Asset Turnover
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FY25: 1.18x (stable over past years)
Debt & Solvency
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Whirlpool India remains debt-free
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Interest coverage: 11.6x
Valuation and Dividend
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PE Ratio: 48.56x (TTM)
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Dividend: ₹5 per share (FY24 final dividend)
Shareholding Pattern
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Promoter stake: Reduced to 51% as part of a global strategic move, with plans to reduce further to ~20%
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FIIs: Increased holding to 10.72% in Q4 FY25
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DIIs: 27.96%
Key institutional shareholders include Aditya Birla Sun Life, SBI Contra Fund, Mirae Asset, Nippon Life, and UTI Mid Cap Fund.
Sector and Market Potential
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India’s consumer durables market: Projected to touch ₹3 lakh crore by 2029.
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RAC market: Expected to grow from ₹37,000 crore in FY24 to ₹91,000 crore by FY29.
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Washing machines: Double-digit growth potential driven by rising urbanization and premiumization.
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Refrigerators: Low penetration (35%) offers room for expansion.
Competitive Landscape
Whirlpool of India faces intense competition from:
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LG Electronics
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Samsung India
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Voltas
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Godrej
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Emerging private labels
To defend its position, Whirlpool focuses on premiumization, cost discipline, and innovation.
Future Strategy
Whirlpool’s five key growth pillars:
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Build product leadership through innovation
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Premiumize the portfolio across core categories
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Strengthen the supply chain and build resilience
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Expand rural and semi-urban reach
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Drive exports and grow ahead of the industry
Specific plans:
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Refrigerator capacity expansion at Pune
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Broaden Elica’s footprint in premium kitchens
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Continue to leverage brand equity while addressing competitive pricing
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SAARC export market growth
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Build ‘Whirlpool’ as a mass premium cooking brand
Risks
Potential risks for Whirlpool of India 2025:
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Rising input costs (commodities, logistics)
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Delays in new product launches
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Aggressive competition impacting market share
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Potential impact of promoter stake reduction on investor sentiment
Stock Performance
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Consolidation range: ₹1200–₹1800 (2022-2023)
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Recent high: ₹2450 (Oct 2024)
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Support zone: ₹820–₹900 (long-term accumulation)
The stock saw volatility following promoter stake sale announcements.
Conclusion
Whirlpool of India 2025 stands at a strategic crossroads. While it continues to deliver growth and margin improvement, it faces heightened competition and market challenges. Its focus on premiumization, kitchen segment expansion, and operational efficiency positions it well for future growth. The company’s plans for capacity enhancement, rural reach, and export expansion underline its ambition to sustain leadership in key categories.
For more information on Whirlpool’s products and services, visit Whirlpool India.
