Whirlpool of India Limited has announced a postal ballot seeking shareholder approval for the re-designation of Mr. Anil Berera as a Non-Executive Independent Director. Following the original notice dated February 6, 2026, the company has issued an errata notice on February 26, 2026, to correct typographical errors identified in the explanatory statement.

Postal Ballot Details

The postal ballot process will be conducted entirely through electronic voting, with no physical ballot forms being distributed to shareholders. The company has established specific timelines and procedures for the voting process.

Errata Notice and Corrections

The company issued an errata notice on February 26, 2026, addressing typographical errors found in the explanatory statement of the original postal ballot notice. The corrections were made to page 11 of the postal ballot notice, specifically regarding Mr. Anil Berera's qualifications and profile description.

The corrected information clarifies that Mr. Anil Berera is a qualified Chartered Accountant and holds a Bachelor's Degree in Commerce from the University of Delhi. The brief profile section was also updated to accurately reflect his professional background and experience.

Director Re-designation Proposal

Mr. Anil Berera (DIN: 00306485) has been serving as a Non-Executive Non-Independent Director on the company's Board since January 1, 2020. The Nomination and Remuneration Committee has recommended his re-designation as an Independent Director, citing his extensive contribution in advising the company on internal controls, financial management, regulatory and corporate governance matters.

Director Profile and Qualifications

As corrected in the errata notice, Mr. Berera brings significant expertise to the Board with over 40 years of experience in financial management and corporate governance. He is a qualified Chartered Accountant and holds a Bachelor's Degree in Commerce from the University of Delhi.

Key Qualifications:

• Qualified Chartered Accountant
• Bachelor's Degree in Commerce, University of Delhi
• Over 40 years of experience in finance and corporate governance
• Previous associations with PriceWaterHouseCoopers, Gillette, and Becton Dickinson

Current Directorships:

• Independent Director of Infifresh Food Limited
• Independent Director of Moneyview Limited

Voting Process and Compliance

Shareholders whose email addresses are registered with the company's Registrar and Share Transfer Agent or Depository Participants as of the cut-off date will receive both the original postal ballot notice and the errata notice electronically. The errata notice has been made available on the company's website, NSDL platform, and stock exchange websites to ensure transparency and compliance with listing regulations.

Voting rights will be proportional to shares held in the company's paid-up equity share capital as of February 20, 2026. The resolution requires approval by special resolution, and results will be announced within two working days of the e-voting conclusion.

Whirlpool of India Limited showcased strong operational performance in Q3 FY26, delivering robust profitability growth despite navigating a competitive and challenging market environment. The company's strategic focus on market share expansion and cost optimization yielded impressive financial results during the quarter.

Financial Performance Highlights

The company achieved solid revenue growth across its core business segments during Q3 FY26. On a standalone basis, Whirlpool India delivered comprehensive financial improvements that demonstrate the effectiveness of its strategic initiatives.

On a consolidated basis, including the Elica business, the company reported revenue of Rs.1,774 crores with 4% growth. Consolidated EBITDA reached Rs.91 crores, representing 31% growth, while PBT before exceptional items stood at Rs.71.7 crores with 21% growth.

Nine-Month Performance Overview

For the nine months ended December 2025, Whirlpool India's consolidated performance reflected the impact of challenging market conditions, particularly during the critical summer season.

The marginal revenue decline was primarily attributed to weak industry conditions during April-May-June, traditionally the strongest quarter for the business, due to delayed and weak summer conditions.

Strategic Agreements Secure Future Growth

Whirlpool India strengthened its foundation through comprehensive long-term agreements with Whirlpool Corporation, ensuring operational continuity and growth prospects. These strategic arrangements include several key components that position the company for sustained success.

The brand license agreement provides exclusive rights to use the Whirlpool brand in an expanded set of markets, with renewal options available for additional 10-year periods. The technology agreement ensures access to world-class innovations in refrigeration, washing machines, and related categories.

Market Position and Competitive Performance

Whirlpool India maintained strong market positions across key categories despite intense competitive pressures. The company sustained market shares in refrigerators and washing machines while growing profitability through strategic initiatives.

Volume Share Performance (12 months Jan-Dec 2025):

• Front-load washers: Triple-digit basis points growth
• Semi-automatic washers: Strong double-digit basis points growth
• No-frost refrigerators: Strong double-digit basis points growth
• Direct-cool refrigerators: Maintained high market share position
• Top-load washers: Competitive positioning within touching distance of Number 2

The company's market leadership stems from successful product innovations including auto-defrost technology in direct-cool refrigerators, glass-door designs in the "Pride of India" series, and the Dynamics technology in semi-automatic washing machines that eliminates detergent patches.

Product Innovation and Portfolio Expansion

Whirlpool India continued driving premiumization through innovative product launches across categories. The company introduced several breakthrough technologies and design elements tailored specifically for Indian consumers.

Key Product Innovations:

• Auto-defrost refrigerators: "No Tension Refrigerator" proposition addressing ice wall buildup
• Glass-door collections: Pride of India designs with authentic Indian aesthetic elements
• Convertible frost-free: Best-in-class 10-minute freezer-to-fridge conversion
• Three-door Proton range: 43% lesser cold air loss with enhanced cooling technology
• Dynamics technology: Covers 45% of semi-automatic category, ensuring zero detergent patches

The air conditioner business achieved greater than 50% growth in calendar year 2025, while the front-load washing machine segment expanded approximately 50% versus the previous year.

Operational Excellence and Cost Management

The company's Productivity for Growth (P4G) program delivered significant margin improvements, achieving over 30% gross margin in Q3 FY26. From fiscal year 2023 to nine months of fiscal year 2026, standalone gross margin improved by 320 basis points through comprehensive cost optimization initiatives.

Working capital management remained robust, with the company achieving negative net working capital in four of the last six quarters, demonstrating efficient operational execution and cash flow management.

Future Outlook and Strategic Priorities

Management outlined clear strategic imperatives focused on brand inspiration, product leadership, competitive supply chain development, and execution excellence. The company committed to quarterly analyst calls going forward, reflecting increased transparency following the ownership transition.

Whirlpool India's strong Q3 FY26 performance demonstrates the company's ability to navigate challenging market conditions while building sustainable competitive advantages through innovation, operational excellence, and strategic positioning across core appliance categories.

Source: Whirlpool of India Limited Q3 FY26 Earnings Call Transcript