Stove Kraft Limited has announced its consolidated audited financial results for Q4 FY26, reporting a significant surge in net profit and revenue on a year-on-year basis. The board recommended a final dividend of ₹3.50 per equity share for the financial year, subject to shareholder approval at the ensuing Annual General Meeting. These results were considered and approved at the board meeting held on May 12, 2026, with the audit conducted by Price Waterhouse Chartered Accountants LLP, who issued an unmodified opinion on the financial results. The standalone audited financial results for the quarter and year ended March 31, 2026, were published in Vijay Karnataka and Business Line on May 13, 2026. Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the transcript of the earnings call held on May 13, 2026, has been made available on the company's website at https://stovekraft.com/investors/ .

Q4 FY26 Financial Performance

Stove Kraft delivered a strong quarterly performance, with net profit rising 317.8% and revenue recording healthy growth of 32.4% year-on-year. The company also reported a Gross Profit of ₹160.2 crores, up 32.6% YoY, with a Gross Profit margin of 38.6%. The following table summarises the key financial metrics for Q4 on a year-on-year and sequential basis:

While net profit and revenue saw strong year-on-year growth, the EBITDA margin remained relatively stable at 9.5% compared to 9.4% in the corresponding previous period. A forex loss due to volatility of ₹5.67 Cr was recorded for Q4 FY26. The audited financial statements report a profit for the quarter of ₹60.51 million, with basic and diluted earnings per share of ₹1.83 for the quarter.

Full-Year FY26 Performance

For the full financial year, Stove Kraft reported revenues of ₹1,607.4 crores, up 10.9% from ₹1,449.8 crores in FY25. The following table presents the key annual financial metrics:

For the full year, the audited profit was ₹419.91 million, with basic EPS of ₹12.69 and diluted EPS of ₹12.69. A forex loss due to volatility of ₹8.37 Cr was recorded for the full year FY26. Total comprehensive income for the year stood at ₹422.47 million, compared to ₹382.88 million in the previous year.

Operational Highlights

The company reported robust growth across several product categories during the quarter. Induction Cooktops led the growth with an 89.4% increase in value and 67.3% in volume, while Non-stick Cookware and Cookers also showed significant momentum. During the quarter, both small appliances and induction cooktops contributed around 56% of total revenue.

The revenue breakup for Q4 FY26 by product category was as follows:

Managing Director Mr. Rajendra Gandhi noted that the surge in demand for induction cooktops and small appliances was driven by higher household adoption and penetration, with these products transitioning from optional to essential. To address the HoReCa (hotel, restaurant and café) segment, the company launched the Pigeon Ignite 3,500 watt heavy duty infrared cooktop designed for professional kitchens and commercial use. The flagship Pigeon brand delivered a year-to-date CAGR of 11.6%, with Q4 FY26 CAGR at 16.7%.

Channel-Wise Performance

Stove Kraft's omnichannel strategy continued to gain traction during the quarter. E-commerce was the largest revenue contributor, followed closely by General Trade. The channel-wise revenue breakup for Q4 FY26 and full-year FY26 is as follows:

The company expanded into 13 new cities during the quarter, further strengthening its presence across key regions. As of Q4 FY26, 329 stores are operational across 22 states and 151 cities in India, with 16 new stores added in the quarter and 34 stores under the franchisee model. The average sale per store stood at ₹4.7 lakhs per store per month. A total of 147,870 new customers were added during the quarter, with a 15% repeat purchase rate, and 316,524 units were sold. The company stated it remains firmly aligned with its goal of reaching 500 stores exclusively by 2027, adding stores at a trend rate of approximately 25 stores per quarter.

Management Commentary from Earnings Call

During the earnings conference call held on May 13, 2026, Mr. Gandhi highlighted that the recent reduction in U.S. tariff on Indian goods from nearly 50% to around 18% is expected to improve export competitiveness and open growth opportunities for the Indian kitchen appliance industry in global markets. OEM exports contribution increased to 8.7% in Q4, up from 3.8% in Q3 on a YTD basis, and OEM exports have delivered a CAGR of 3.9%. On the IKEA business, management indicated that revenue recognition from the first product line will commence in Q1 of the current financial year, with the second and third lines expected to follow by Q3 and Q4 respectively. At full capacity utilization of the three awarded lines, revenue is expected to be between ₹200 crores and ₹250 crores. Management also guided for overall capex of around ₹40 crores for the current year, including retail expansion.

On induction cooktop capacity, Mr. Gandhi stated that the company produced approximately 2 million pieces in the prior year and is currently running at a rate of between 4 million to 5 million units, having effectively doubled production. Management expressed confidence in protecting an EBITDA margin of 11% and growing revenues upwards of 15% for the current year, driven by small appliances growth, export normalization, and the IKEA business ramp-up. The company also indicated that it is targeting gross margin improvement of approximately 1% per year, aiming to reach 42% over the next 2 to 3 years. At peak capacity utilization of existing facilities, management indicated revenue potential of between ₹2,500 crores and ₹3,000 crores.

Financial Position

The company maintained a strong financial position with net debt (excluding lease liabilities and suppliers credit) at ₹0.00 as at March 31, 2026, compared to ₹1,768.09 million as at March 31, 2025. As per the audited balance sheet, total assets stood at ₹11,741.61 million as at March 31, 2026, compared to ₹12,039.80 million in the previous year. Total equity stood at ₹5,042.42 million, up from ₹4,708.35 million, reflecting the improvement in the company's net worth.

*Excludes lease liabilities and suppliers credit.

Cash Flow Statement

For the financial year ending March 31, 2026, the company reported a net cash flow from operating activities of ₹2,577.42 million, compared to ₹1,299.08 million in the previous year. Cash flow from investing activities was -₹1,093.98 million, while cash flow from financing activities stood at -₹1,291.56 million. Cash and cash equivalents as at March 31, 2026 increased to ₹219.52 million from ₹27.64 million in the previous year.

Dividend Recommendation

The board has recommended a final dividend of ₹3.50 per equity share for FY26, subject to shareholder approval at the ensuing Annual General Meeting.

Corporate Governance Updates

The board approved the re-appointment of Price Waterhouse Chartered Accountants LLP as Statutory Auditors for a second term of five consecutive years, from the conclusion of the 27th AGM until the conclusion of the 32nd AGM, subject to shareholder approval. Additionally, the board accepted the resignation of Mr. Ramakrishna Pendyala from the position of Chief Financial Officer effective May 15, 2026, and approved the appointment of Mr. Subhadeep Pal as the new Chief Financial Officer effective May 16, 2026. Mr. Pal is a qualified Chartered Accountant with over 23 years of experience in Finance Leadership, with expertise across Corporate Finance, Controllership, Internal Audit, Treasury, FP&A, and Business Partnering across industries such as Pharma, FMCG, Foods, and Energy sectors. The board also approved the amendment of the Stovekraft Employee Stock Option Plan 2018 to increase the ESOP pool from 813,000 stock options to 10,25,000, subject to necessary approvals. Additionally, the board approved the grant of 46,915 stock options to eligible employees under ESOP Plan 2018 at an exercise price of ₹554.65 per option, with options exercisable within 4 years from the date of vesting.

About Stove Kraft Limited

Stove Kraft Limited is a kitchen solutions and an emerging home solutions brand, and one of the leading brands for home and kitchen appliances in India. The company is one of the dominant players for pressure cookers and among the market leaders in the sale of free-standing hobs, cooktops, and non-stick cookware. It manufactures and retails a wide and diverse suite of home and kitchen solutions under the Pigeon and Gilma brands, and proposes to commence manufacturing of home and kitchen solutions under the BLACK + DECKER brand, covering the entire range of value, semi-premium, and premium home and kitchen solutions, respectively. The flagship brands, Pigeon and Gilma, have enjoyed a market presence of over 16 years and enjoy a high brand recall amongst customers for quality and value for money. The company has well-equipped and backward integrated manufacturing facilities at Bengaluru (Karnataka) and Baddi (Himachal Pradesh), enabling it to control and monitor quality and costs.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE00IN01015/1511682ce9564703.pdf

Stove Kraft Limited has notified the stock exchanges of its upcoming participation in an investor engagement event, in compliance with Regulation 30(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. The company's officials are scheduled to participate in the Goldman Sachs India Supply Chain Resilience Corporate Day on 20 May 2026 at 2:00 P.M. via video conference for a group meeting.

Investor Meeting Details

The event is a virtual group conference organised by Goldman Sachs, focused on India's supply chain resilience. The following table summarises the key details of the scheduled investor meeting:

Regulatory Disclosure

The intimation was filed on 15 May 2026 and signed by Shrinivas P Harapanahalli, Company Secretary and Compliance Officer of Stove Kraft Limited. The company has clarified that the scheduled date and time are subject to change due to exigencies on the part of the company or the investor. The disclosure was submitted to both BSE Limited and the National Stock Exchange of India Ltd. in accordance with applicable listing regulations.

Stove Kraft Limited is headquartered at its registered office in Harohalli Industrial Area, Kanakapura Taluk, Ramanagara District, Bengaluru, Karnataka, and maintains its corporate office at Mission Road, Bengaluru.