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Stove Kraft Results: Latest Quarterly Results & Analysis

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Stove Kraft Ltd. 03 Nov 2025 18:13 PM
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Q2FY26 Quarterly Result Announced for Stove Kraft Ltd.

Household Appliances company Stove Kraft announced Q2FY26 results

  • Revenues: Rs 474.4 crore compared to Rs 418.3 crore during Q2FY25, change 13.4%.
  • EBITDA: Rs 56.8 crore compared to Rs 49.0 crore during Q2FY25, change 15.8%.
  • EBITDA Margin: 12.0% for Q2FY26.
  • PAT: Rs 21.4 crore compared to Rs 16.7 crore during Q2FY25, change 27.8%.
  • PAT Margin: 4.5% for Q2FY26.

Rajendra Gandhi, Managing Director, said: “Stovekraft Limited delivered a healthy performance across product categories, supported by improved consumer demand and strong festive season momentum. manufacturing push, and energy-efficient kitchen solutions. We are pleased to announce that the consolidated revenue stood at Rs 474.4 crore for the quarter versus Rs 418.3 crore in the previous quarter last year, hence registering a growth of 13.4% YoY basis. Gross Margin continuous to remain stable above 38.5%, in-line with our target for the full year. This has improved our return ratio sequentially.

The recent GST rate rationalization, reducing the rate from 12% to 5% on key categories such as pressure cookers, non-stick cookware, and 9W light bulbs, is expected to significantly boost volume growth in coming quarters. Approximately 35% of portfolio will benefit from this reduction, providing both immediate and long-term structural advantages. Company would like to ride on this momentum and has also announced aggressive plans for launch of Pigeon EBOs from current 300 stores to 500 stores by FY27”

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Household Appliances company Stove Kraft announced Q1FY26 results

  • Revenues: Rs 340.1 crore compared to Rs 314.5 crore during Q1FY25, change 8.2%.
  • EBITDA: Rs 35.6 crore compared to Rs 31.7 crore during Q1FY25, change 12.5%.
  • EBITDA Margin: 10.5% for Q1FY26.
  • PAT: Rs 10.4 crore compared to Rs 8.2 crore during Q1FY25, change 27.2%.
  • PAT Margin: 3.1% for Q1FY26.

Rajendra Gandhi, Managing Director, said: “Stove kraft Limited delivered a strong performance in Q1FY26, with revenue of INR 340.1 crore. growing by 8.2% YoY, subsequently improving PAT by 27.2% YoY, reflecting enhanced operational leverage and cost efficiency. The Company expects further margin expansion in the coming quarters as operational leverage gains momentum. Exports for the quarter grew 14% YoY, now contributing 20% to total revenues, despite recent geo-political and trade disruptions.

With 281 operational stores, Retail revenue has started contributing overall margin expansion and improvement in profitability of the company. Aligned with our strategy of driving diversification, ensuring sustainable growth, and enhancing brand presence across key markets, We are focused on reducing regional concentration and accelerating retail expansion in Northern and Western India.

On the product front, the Company has commenced in-house manufacturing chimneys, targeting a high-potential, underpenetrated segment. Increased production of new backward-integrated kettles and cast-iron cookware has further supported margin gains. Development is also underway for outdoor cooking products and bakeware to cater to export demand. Additionally, during the quarter we also initiated “Balancing Gender Roles at Home” campaign under Pigeon Appliances which has received strong consumer response, reinforcing emotional brand connect.”

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Household Appliances company Stove Kraft announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenues: Rs 313.0 crore vs Rs 325.2 crore down 3.8%
  • Gross Profit: Rs 120.8 crore vs Rs 120.7 crore up 0.1%
  • Gross Profit %: 38.6% vs 37.1% up 150 bps
  • EBITDA: Rs 29.5 crore vs Rs 24.8 crore up 18.8%
  • EBITDA %: 9.4% vs 7.6% up 180 bps
  • PAT: Rs 1.5 crore vs Rs 2.7 crore down 45.5%
  • PAT %: 0.5% vs 0.8% down 30 bps

FY25 Financial Highlights:

  • Revenues: Rs 1,449.8 crore vs Rs 1,364.3 crore up 6.3%
  • Gross Profit: Rs 552.5 crore vs Rs 504.0 crore up 9.6%
  • Gross Profit %: 38.1% vs 36.9% up 120 bps
  • EBITDA: Rs 150.7 crore vs Rs 118.8 crore up 26.8%
  • EBITDA %: 10.4% vs 8.7% up 170 bps
  • PAT: Rs 38.5 crore vs Rs 34.1 crore up 12.8%
  • PAT %: 2.7% vs 2.5% up 20 bps

Commenting on Q4 performance Rajendra Gandhi (Managing Director) said, “We are pleased to report a healthy performance for FY25, with revenues reaching Rs 1,449.8 crore, a 6.3% growth over FY24. .This performance was underpinned by our strategic focus on improving profitability. Through disciplined execution and cost optimization, we achieved gross margins of 38% for the full year. Our EBITDA margin also saw a healthy improvement, expanding to 10.4% in FY25, which came with its share of challenges, marked by high inflation, subdued consumer sentiment, and softer discretionary spending,

This year marked several strategic milestones. Our partnership with IKEA to supply cookware for their global stores reflects our manufacturing excellence and international ambitions. We continued to scale our retail presence by transitioning from the COCO to franchisee model, expanding our Pigeon EBOs to 262 stores across 91 cities in 20 states. We also operationalized a state-of-the-art cast iron foundry and made a successful entry into the grooming segment.

Innovation remains core to our growth. We launched energy-efficient BLDC fans, a 5-in-1 hair dryer, mini rechargeable fans, and trimmers — reinforcing our commitment to convenience, sustainability, and category expansion. As the macro-outlook improves, with easing inflation and a positive rural demand trend, we remain optimistic about the future and are well-positioned to capture emerging growth opportunities across channels, including e-commerce and quick commerce.”

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Household Appliances company Stove Kraft announced Q3FY25 results

  • Revenues: Rs 404.1 crore compared to Rs 361.6 crore during Q3FY24, change 11.7%.
  • Gross Profit: Rs 151.7 crore compared to Rs 139.2 crore during Q3FY24, change 9.0%
  • Gross Profit margin: 37.6% for Q3FY25.
  • EBITDA: Rs 40.5 crore compared to Rs 30.1 crore during Q3FY24, change 34.7%.
  • EBITDA margin: 10.0% for Q3FY25.
  • PAT: Rs 12.1 crore compared to Rs 6.8 crore during Q3FY24, change 79.7%.
  • PAT margin: 3% for Q3FY25.

Rajendra Gandhi (Managing Director) said: “We are pleased to report a strong third-quarter performance, with revenue growing 11.7% YoY and profitability surging 80%, driven by improved operational efficiencies. A key milestone this quarter was our strategic partnership with IKEA to develop and supply cookware globally from FY26. To support this, we are setting up a dedicated 180,000 sq. ft. manufacturing facility at our Harohalli campus in Karnataka, enhancing production capabilities and aligning with global best practices.

Additionally, our cast iron foundry, commissioned in November, is now fully commercialized with an installed capacity of 2.2 million pieces per annum, scalable to 4.4 million pieces in the future. Expanding beyond our traditional categories, we launched a new personal care product line, including hair dryers and trimmers, available through e-commerce platforms from January 2025. Furthermore, our Pigeon Air Fryer received CSD approval, reaffirming the high quality of our in-house manufacturing. These strategic advancements position us well for sustained growth and market expansion.”

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Houseware company Stove Kraft announced Q2FY25 results

  • Revenue from Operations Rs 418.3 crore, change 10.1%.
  • Gross Profit Rs 159.8 crore, change 19.1%
  • EBITDA Rs 49.0 crore, change 22,7%.
  • PAT Rs 16.7 crore, change 1.2%.

Rajendra Gandhi (Managing Director) said: “We are pleased to announce another quarter of strong revenue and profitability growth on both a yearly and quarterly basis. With positive market momentum supporting us, we remain committed to driving volume and value growth in revenue and margins in the upcoming quarters. Our expansion of Pigeon outlets through the COCO and COFO model has been promising; this quarter, we added 22 new stores, bringing our total to 213. Additionally, we focused on improving operational efficiency, successfully reducing our working capital days to 44.”

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Houseware company Stove Kraft announced Q1FY25 results:

  • Revenue from Operations: Rs 314.5 crore, up by 5.6 % YoY
  • Gross Profit Rs 120.1 crore, 9.4 % YoY
  • EBITDA: Rs 31.7 crore,  32.1 % YoY
  • PAT: Rs 8.2 crore, 0.04 % YoY 

Commenting on Q1 Results Rajendra Gandhi (Managing Director) said, I am pleased to announce that our company continues its growth trajectory, propelled by operational optimization, efficient manufacturing processes, and backward integration of market-tested and approved products.

Consumption growth, which remained subdued until fiscal 2024, is expected to accelerate this fiscal year. This anticipated growth is supported by improved agricultural incomes, a projected decrease in inflation, and increased government funding for rural-focused schemes. To maximize the benefits from these structural shifts, we have continued our aggressive store expansion strategy, increasing our total retail store count to 191 stores across 11 states and 49 cities. Notably in the current quarter, we have also made meaningful inroads into the Delhi NCR region, expanding our operations beyond the southern states.

As we move ahead in 2025, we remain committed to continue our growth trajectory by bringing valued products of topnotch quality under our brand Pigeon to our customers.

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Houseware company Stove Kraft announced Q4FY24 results:

  • Revenue from Operations: Rs 325.2 crore, 17.0 % YoY
  • Gross Profit: Rs 120.7 crore, 35.0 % YoY
  • EBITDA: Rs 24.8 crore, 320.6 % YoY
  • PAT: Rs 2.7 crore, (Compared to -6.0 Cr in Q4FY23)

Commenting on Q4 Results, Rajendra Gandhi (Managing Director) said, Revenues for 4th quarter stood at Rs 325.2 Crs with gross margin of 37.1% thus registering a growth of 17% in revenue on a YoY basis. Our gross margins have improved significantly over the past year aided by optimization of operations, efficientmanufacturing process and backward integration of market tested and accepted products.

During the quarter company also launched its cast iron cookware range tailored for the Indian kitchen called‘imperi’ under itsflagship brand Pigeon along with other state of the art products. These products are combination of traditional culture andmodern elements to enhance their usability and functionality. Looking back at our foray into company owned retail stores wehave successfully added 117 stores in FY24, which is almost 2/3rd of our total store count. This shows our commitment towardsexpanding our product reach to customers and improving our brand presence.

As we move ahead in 2024, we remain committed to continue our growth trajectory by bringing valued products to ourcustomers. The Board has recommended maiden dividend of Rs 2.50 per share.

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Houseware company Stove Kraft announced Q1FY24 results:

  • Revenues of Rs 297.7 crore in Q1FY24 compared to Rs 275.1 crore in Q1FY23, up 8.2% YoY
  • Gross Profit of Rs 109.9 crore in Q1FY24 compared to Rs 90.5 crore in Q1FY23, up 21.4% YoY
  • Gross Profit % at 36.9% in Q1FY24 compared to Rs 32.9% in Q1FY23
  • EBITDA of Rs 23.4 crore in Q1FY24 compared to Rs 21.60 crore in Q1FY23, up 8.7% YoY
  • Profit for the year stands at Rs 7.7 crore in Q1FY24 compared to Rs 8.1 crore in Q1FY23, down 4.4% YoY
  • PAT % at 2.6% in Q1FY24 compared to 2.9% in Q1FY23 

Comments on Q1FY24 Results by Rajendra Gandhi, Managing Director: "First quarter of FY24 was in-line with our expectation in terms of revenue & profitability growth. As the nature of our business is seasonal the first and last quarters are smaller than the second and third quarters. We witnessed revenue and gross profit growth of 8.2% & 21.4% respectively despite muted demand. We have seen significant growth in small appliances on both YoY & QoQ basis. General trade, E-Commerce, retail & modern retail have experienced growth.

I’m excited to announce the Company is consistently adding company-owned and company-operated retail stores for the Pigeon brand. During the quarter, we successfully added 25 additional stores in South India taking the total count to 77 stores till 30 Jun 23, and 90% of the stores achieve operational break-even, in an average period of 3 months post opening.

As we move ahead in 2023, we remain committed to continuing our growth trajectory by bringing valued products to our customers. We have improved our offering by bringing indigenous manufactured products like stainless steel bottles, kettles & electric rice cookers along with established air fryers from our Bangalore Unit which will lead us to the next leg of growth & create long-term value for all our stakeholders.

The Leadership team of 7 (seven) CXOs are in place who are fully committed to the sustainable growth and value creation for our stakeholders."

 

 

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Houseware company Stove Kraft announced FY23 results:

  • Revenue from Operations at Rs 1,283.8 crore, up 13.0% YoY
  • Gross Margin at Rs 420.4 crore, up 15.8% YoY
  • EBITDA at Rs 99.0 crore, up 4.4% YoY

Commenting on the Results, Rajendra Gandhi, Managing Director said, "During the year FY23 the industry witnessed a weak demand scenario across markets and despite the challenging business environment, the company has emerged with a significant volume & value growth in revenue by 13% in FY23 to INR 1,284 crore and EBITDA growth of 4.4%. All product categories grew in volume, ranging from 8-16% aided by our strong brand identity, robust distribution channels and effective marketing strategies, and strong manufacturing facilities. The company continues to strive hard to gain market share across business verticals and distribution channels.

Our growth momentum continues in addition to company-owned and company operated retail stores for the Pigeon brand. During the whole year FY23, we successfully added 54 stores in southern markets. We remain committed to accelerating our store reach in FY24 with a target to open 7-8 stores every month.

As we move ahead in 2023, we remain committed to continuing our growth trajectory while taking cognizance of the volatility and challenges in the market environment. We would continue focusing on expanding our product offering and enhancing the distribution network which will lead Stove Kraft to the next leg of growth & create long-term value for all our stakeholders."

 

 

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Houseware company Stove Kraft announced Q3FY23 results:

Q3FY23:

  • Revenue from operations Rs 324.5 crores up 8.9 %
  • Gross margin Rs 108.6 crores up 15.1 %
  • EBITDA Rs 26.4 crores up 23.0%

Commenting on the Results, Mr. Rajendra Gandhi, Managing Director said, "I’m pleased to report the company has achieved Rs 1,000 crores revenue milestone within 9MFY23, with another quarter of consistent performance wherein top-line grew by 9%, largely driven by volume uptick. While the quarter encountered a slowdown in overall consumer demand, the company managed to grow faster than the industry. This growth was consistent in the south and non-south markets.

The prices of key raw materials continue to remain steady which is also reflected in our gross margins. Gross Margins have improved from 31.7% in Q3FY22 to 33.5% in Q3FY23. EBITDA margin for the quarter stood at 8.1%.

I’m excited to announce the Company is consistently adding company-owned and company-operated retail stores for the Pigeon brand. During the quarter, we have successfully added 12 additional stores in Bengaluru taking the total count to 31 stores till 31-Dec-22 with new stores opened in AP, Telangana markets."

 

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