Whirlpool of India Ltd., a subsidiary of Whirlpool Corporation USA and a leading player in the Indian home appliance market, announced its financial results for the first quarter of FY26 on 26th July 2025. The company posted a consolidated Profit After Tax (PAT) of ₹145.73 crore, marking a 1.33% YoY growth. However, revenue from operations declined to ₹2,432.32 crore, a 2.58% YoY dip.
This moderate performance came in the backdrop of a mixed macroeconomic environment, subdued rural demand, and shifting consumer preferences in the white goods sector. Let’s delve into the detailed breakdown of the Whirlpool of India Q1 FY26 Results, analyze what the numbers mean, assess the share performance, and explore the company’s strategy moving forward.
About Whirlpool of India
Whirlpool of India is a leading manufacturer and marketer of major home appliances such as refrigerators, washing machines, air conditioners, microwave ovens, and kitchen appliances. With a presence across India and robust manufacturing units in Faridabad, Pune, and Puducherry, the company is known for innovation, product quality, and a strong after-sales service network.
As a part of Whirlpool Corporation, USA, the Indian subsidiary benefits from global research and design synergies and continuous technology upgrades.
Official website: www.whirlpoolindia.com
Whirlpool of India Q1 FY26 Financial Overview
Here is a summary of the company’s quarterly performance on both consolidated and standalone bases:
Consolidated Financials (Q1 FY26 vs Q1 FY25)
| Particulars | Q1 FY26 (₹ Cr) | Q1 FY25 (₹ Cr) | YoY Change (%) |
|---|---|---|---|
| Revenue from Operations | 2,432.32 | 2,496.86 | -2.58% |
| Profit Before Tax (PBT) | 265.20 | 262.29 | +1.11% |
| Profit After Tax (PAT) | 145.73 | 143.82 | +1.33% |
Standalone Financials (Q1 FY26 vs Q1 FY25)
| Particulars | Q1 FY26 (₹ Cr) | Q1 FY25 (₹ Cr) | YoY Change (%) |
| Revenue from Operations | 2,317.47 | 2,383.70 | -2.78% |
| Profit Before Tax (PBT) | 243.69 | 240.64 | +1.26% |
| Profit After Tax (PAT) | 135.07 | 134.03 | +0.78% |
Key Takeaway: While revenues declined marginally, the slight improvement in profitability indicates cost rationalization and better operating efficiency.
Performance Drivers in Q1 FY26
Several factors influenced Whirlpool’s Q1 FY26 performance:
1. Declining Demand in Rural Markets
Sluggish demand in rural areas due to inflationary pressures affected the sales of entry-level appliances. Whirlpool, which has a strong rural footprint, faced headwinds here.
2. Consumer Shift Toward Premium Appliances
Urban consumers are shifting toward premium and energy-efficient appliances. Whirlpool’s new line of high-end products saw better traction, partially offsetting volume losses.
3. Marginal Increase in Profitability
Despite revenue decline, better product mix, operational cost control, and improved margins in selective product lines led to modest PAT growth.
4. Supply Chain Optimization
Whirlpool’s emphasis on localized sourcing and inventory control helped protect margins despite cost pressure from raw materials and logistics.
Whirlpool Share Price Performance
On 28th July 2025, Whirlpool of India shares opened at ₹1377.10 and traded slightly higher at ₹1380.10 by mid-session, indicating marginal positive investor sentiment.
Historical Stock Performance:
| Timeframe | Return (%) |
| 1-Year Return | -35.85% |
| 5-Year Return | -33.42% |
| Maximum Return | +878.10% |
Analysis: The stock has underperformed in recent years, driven by declining margins, high competition, and muted demand. However, its long-term returns remain compelling.
Key Financial Ratios and M
etrics
| Metric | Value |
| Market Cap (Approx) | ₹10,000 Cr+ |
| EPS (TTM) | ₹30.25 |
| PE Ratio (TTM) | ~45x |
| Debt-to-Equity Ratio | 0.03 |
| ROE | 10.5% |
| Dividend Yield | 1.2% |
Segment-Wise Performance Insights
While Whirlpool does not disclose detailed quarterly segment performance, internal estimates and industry trends suggest:
- Refrigerators: Continued to contribute 45%+ of revenue. Flat YoY due to weak rural sales.
- Washing Machines: Grew marginally, driven by semi-automatic models in Tier II/III cities.
- Air Conditioners: Witnessed seasonal uplift, but high competition kept pricing under pressure.
- Kitchen Appliances: Gaining ground, especially in built-in and premium microwave segments.
Management Commentary
Whirlpool India management acknowledged the mixed performance:
“Despite macroeconomic headwinds, we have maintained profitability. Our strategic focus on premiumization, digital integration, and cost efficiency continues to deliver results.”
— Whirlpool of India Spokesperson
Strategic Priorities Moving Ahead
Whirlpool has identified several initiatives to reignite growth:
1. Premiumization Drive
Focused marketing and R&D investments are being made to expand premium product offerings across segments.
2. Sustainability and Energy Efficiency
New energy-efficient models and refrigerant technologies align with India’s sustainability goals and reduce regulatory risk.
3. Rural Channel Reinvestment
Reimagining the rural distribution model and local partnerships to address the volume shortfall in Tier III and rural towns.
4. E-Commerce and D2C Channels
Building robust online presence through its website and partnerships with Flipkart, Amazon, and Tata Cliq.
Whirlpool vs Peers: Q1 FY26 Comparison
| Company | Revenue (₹ Cr) | PAT (₹ Cr) | YoY PAT Growth | PE Ratio |
| Whirlpool of India | 2,432.32 | 145.73 | +1.33% | ~45x |
| Voltas | 3,200.00 | 188.00 | +12.5% | ~39x |
| LG India (Est.) | 5,200.00 | 610.00 | +18.2% | Private |
| Blue Star | 2,450.00 | 155.00 | +10.4% | ~42x |
Conclusion: Whirlpool’s growth has been relatively muted compared to peers, reflecting the need for bolder strategic execution.
Analyst Outlook: Buy, Hold, or Sell?
Most brokerage firms currently rate Whirlpool as “Hold” with a 12-month price target ranging from ₹1390 to ₹1500.
Bull Case:
- Margin recovery from premium product mix
- Higher AC sales during seasonal uptrend
- Export opportunities to neighboring countries
Bear Case:
- Intense price competition from Korean and Chinese brands
- Weak consumer sentiment in Tier III markets
- Elevated working capital cycle
Should You Invest in Whirlpool?
Consider Buying If:
- You believe in India’s long-term consumption growth
- You seek exposure to high-margin consumer durables
- You trust Whirlpool’s global brand and manufacturing strength
Consider Waiting If:
- You expect better entry points during market corrections
- You prioritize growth over stability
- You seek faster-growing mid-cap alternatives
Conclusion
The Whirlpool of India Q1 FY26 Results demonstrate resilience in a challenging consumer environment. While revenue declined, the modest increase in profitability shows underlying operational strength. For long-term investors, the stock offers an opportunity to invest in a quality brand with deep domestic roots and global backing.
With strategic shifts toward premiumization, rural reinvention, and energy-efficient offerings, Whirlpool is poised to weather near-term volatility and reaccelerate growth in future quarters.
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