Whirlpool of India Limited

Consumer Cyclical — Furnishings, Fixtures & Appliances · NSE

₹851.00+₹12.15 (+1.45%)

DalalBaazaar Score

48 / 100

🟡 Moderate

Verdict

CAUTION

Risk

High

Driven by high debt relative to equity, small-cap size, which brings sharper price swings, falling profits.

In simple words: The business is earning a fairly low return on the money invested in it, though profits are falling even as sales grow. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:01 pm

Understanding the Business

Company site ↗

The 60-second version of Whirlpool of India Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Whirlpool of India Limited manufactures and markets home appliances in India and internationally. It offers refrigerators, washing machines, air conditioners, microwave ovens, air fryer, kitchen, built-in, and small appliances, as well as dishwasher.

IndustryFurnishings, Fixtures & Appliances

SectorConsumer Cyclical

Employees2,076

Annual revenue₹8,033 Cr

How does it make money?

Turns over ₹8,033 Cr a year. Of every ₹100 of sales, about ₹4 reaches shareholders as profit, with ₹8 left at the operating level before interest, tax and depreciation. Each of its 2,076 employees supports ₹3.87 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹3.87 Cr

Who are its competitors?

The closest listed comparisons in its industry are HAVELLS INDIA LIMITED, VOLTAS LTD, TITAN COMPANY LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 9.0% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE17.1%

What is the outlook?

10 analysts covering the stock expect revenue to grow about 10.3% and earnings to grow about 35.9% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+10.3%

Est. earnings growth+35.9%

Analysts10

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +21% while net margin moved +11% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+21%

Margin effect+11%

DalalBaazaar Score

48/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ ROE of 7.1% is weak

Quality vs. Valuation

Company Quality

47/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

58/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

43.0x

3Y Median

72.2x

40 monthly readings · mean 68.3x · range 27.5x–133.8x

Sector Median

68.5x

median of 3 sector peers

🟢Current valuation is approximately 40% below its 3y median of 72.2x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 37% below the peer median of 68.5x.

vs. its own history

Cheap

72.2x median over 40 months · -40%

vs. sector peers

Cheap

68.5x median of 3 peers · -37%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

15.7x

PEG

4.19

What's Good / What's Bad

🟢 What's Going Well1

Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

3 items require attention · 3 high

🔴Debt has risen sharplyFinancial
Total debt is up 221% over 3 years, from ₹112 Cr to ₹359 Cr.
🔴High leverageFinancial
Debt/Equity of 8.62x — earnings must service borrowings before shareholders see anything.
🔴Receivables growing faster than salesFinancial
Receivables up 71% against revenue up 21% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 40% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 37% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Leverage amplifies any setback
Debt/Equity of 8.62x. Interest is payable whether or not the business has a good year.
Sales are being booked faster than collected
Receivables are up 71% against revenue up 21%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Growth barely outpaces inflation
Revenue compounding at 6.4% a year is close to the rate prices rise, so the business is gaining little ground in real terms. That leaves the share price dependent on a re-rating rather than on earnings growth.
Size brings its own risk
Small Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
3 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 6%✓ 8.3%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Revenue growth stays above 5% a year✓ 6.4% CAGR
Latest reported year was 12.1%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
3Free cash flow remains positive✓ ₹35 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.5x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 8%✓ 9.0%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

6 / 12 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✗ Profit growing year-over-year
✗ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

3 good · 4 neutral · 4 weak

Market Cap

₹10,801 Cr

Small Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

43.0x

Expensive

Expensive — verify against sector peers

P/B Ratio

2.60x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹19.78

Profitable

Profitable on a per-share basis

ROE

7.1%

Weak

Weak capital efficiency

ROCE

9.0%

Moderate

Moderate return on the capital in the business

Debt/Equity

8.62x

High

High leverage

Revenue Growth (YoY)

12.1%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-29.4%

Falling

Profits are shrinking

Dividend Yield

0.59%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹35 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

24.6x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

3.1%

Weak

Thin margins leave little room for error

Net Margin

3.0%

Average

Average bottom-line conversion

Current Ratio

2.03

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.38

Defensive

Steadier than the market

52W Range Position

20%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

836.5 / 806.8

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

33.7

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹6,664 Cr	₹6,829 Cr	₹7,918 Cr	₹8,033 Cr	+6.4%
EBITDA	₹489 Cr	₹568 Cr	₹745 Cr	₹670 Cr	+11.1%
EBITDA Margin	7.3%	8.3%	9.4%	8.3%	—
PAT (Net Profit)	₹219 Cr	₹217 Cr	₹359 Cr	₹294 Cr	+10.3%
EPS	₹17.26	₹17.11	₹28.3	₹23.15	+10.3%
ROE	6.2%	5.9%	9.1%	7.1%	—
ROCE	7.7%	7.7%	11.6%	9.0%	—
Total Debt	₹112 Cr	₹231 Cr	₹284 Cr	₹359 Cr	+47.5%
Free Cash Flow	₹89 Cr	₹544 Cr	₹451 Cr	₹35 Cr	-27.0%

🟢 Revenue has grown at 6.4% a year over 3 years.

🟢 EBITDA has grown at 11.1% a year over 3 years.

🟢 EBITDA Margin has risen from 7.3% to 8.3% over 3 years (+1.0 pts).

🟢 PAT (Net Profit) has grown at 10.3% a year over 3 years.

🟢 EPS has grown at 10.3% a year over 3 years.

🟡 ROE has held roughly flat at 7.1% over 3 years.

🟢 ROCE has risen from 7.7% to 9.0% over 3 years (+1.3 pts).

🔴 Total Debt has grown at 47.5% a year over 3 years.

🔴 Free Cash Flow has shrunk at 27.0% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹7,384 Cr

Total Liabilities

₹3,224 Cr

Cash & Equivalents

₹615 Cr

Operating Cash Flow

₹298 Cr

Capex

-₹263 Cr

Shareholding (proxy)

Institutional Holding

39.7%

Insider Holding

42.4%

Corporate Actions

Next Earnings

04 Nov 2026

Dividend Rate

₹5

Ex-Dividend Date

28 Aug 2026

Analyst Consensus

Recommendations

5 Buy · 2 Hold · 4 Sell

Target Price (Mean)

₹939.18

+10.4% vs CMP

Target Range

₹712 – ₹1,203

Peer Comparison

Company	P/E	ROE
HAVELLS INDIA LIMITED	43.5x	17.1%
VOLTAS LTD	75.8x	7.0%
TITAN COMPANY LIMITED	68.5x	36.7%

Recent News

2 mixed2 negative2 general

Whirlpool of India zooms 33% in 3 days; what's driving stock price?

Business Standard, 25 Sept

Whirlpool of India (NSEI:WHIRLPOOL) Stock Forecast & Analyst Predictions

Simply Wall Street, 08 OctAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Whirlpool shares gain 30% in five sessions; here's what the firm clarified on promoter stake sale buzz

Upstox, 25 SeptOwnership

🔴Potentially negativePromoter selling or pledging is a signal worth understanding, though the reason is often personal rather than about the business.

Whirlpool Of India Share Price Skyrockets 12% In Trade Today — Here's Why

NDTV Profit, 25 Sept

Whirlpool of India stock soars 20% to hit upper circuit on promoter stake sale buzz

The Economic Times, 23 SeptOwnership

🔴Potentially negativePromoter selling or pledging is a signal worth understanding, though the reason is often personal rather than about the business.

Whirlpool of India share price zooms 33% in 3 days, up 12% today; what's driving this stock? Will the bull run continue?

Livemint, 25 SeptPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

MiddlingFinancial Health · Growth · Valuation · Risk

WeakBusiness Quality · Profitability

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 3 high-severity red flags sit above this conclusion and should be read first.

All 5 tripwires holding · see Key things to watch ↑