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

Whirlpool of India Limited has announced its investor presentation for the Q3FY26 conference call scheduled for February 12, 2026, in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has submitted the presentation materials to both BSE Limited and National Stock Exchange of India Limited.

Regulatory Compliance and Communication

The company filed the presentation under Regulation 30, continuing from their earlier intimation letters dated February 3, 2026, and February 10, 2026, which had informed about the conference call schedule for investors and analysts.

Strategic Business Overview

The presentation highlights Whirlpool's long-term transaction arrangement, including exclusive rights to use the "Whirlpool" brand for 30 years with competitive royalty rates. The company maintains access to current and future technology for major domestic appliances, supported by a Transitional Service Agreement for IT systems usage extending 3+ years.

Market Performance and Strategic Initiatives

The company reported sustaining market shares in a competitive environment while focusing on profitability growth. Key achievements include revenue growth of approximately 4% versus last year in a weak industry environment and robust cost takeout programs delivering 30% gross margin.

The presentation emphasizes positive results from ROI-based investments and healthy working capital management, with negative working capital achieved in four out of the last six quarters.

Product Innovation and Market Position

Whirlpool continues to strengthen its market position through new product launches and category expansions. The company has introduced India's fastest convertible refrigerator technology, allowing conversion from freezer to fridge in approximately 10 minutes, and expanded its premium product ranges including air fryer functions and clean kitchen hood solutions.

The subsidiary Elica PB Whirlpool Kitchen Appliances Private Limited has shown strong performance with 2.4% revenue growth and 16.5% PBT margin in 9M FY25, compared to 8.5% revenue growth and 17.8% PBT margin in FY24.

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