Stove Kraft LimitedQ1 FY27 Results & Financial Update
Stove Kraft Limited: Q1 FY27 standalone results and company financials – revenue ₹480.58 Cr, PAT ₹17.06 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Stove Kraft Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Stove Kraft reported its highest-ever quarterly revenue of INR 480.583 crore for Q1 FY27, driven by strong demand across multiple product lines and distribution channels.
Profit after tax for the quarter stood at INR 17.056 crore, supported by robust gross profit expansion, operational leverage, and increased sales volumes.
The induction cooktops (ICT) segment delivered exceptional growth, benefiting from resilient demand and supportive market conditions relative to previous periods.
General trade and retail channels posted significant year-on-year growth, with general trade crossing the 56% mark for the first time in three years.
Net working capital days increased sequentially to 45 days, reflecting a strategic inventory build-up ahead of the festive season, particularly for long lead-time ICT products.
Profit after tax was ₹17.06 Cr for the reported quarter. EPS was ₹5.15 for the reported quarter.
01 · Business model
What does Stove Kraft do?
Stove Kraft Limited is a prominent Indian manufacturer and marketer of kitchen and home appliances, operating under established flagship brands including Pigeon and Gilma.
The company's product portfolio spans pressure cookers, cookware, non-stick cookware, gas cooktops, induction cooktops, chimneys, hobs, small appliances such as mixer grinders and air fryers, and LED lighting products.
Stove Kraft distributes its offerings through diverse domestic and international channels, including general trade, modern retail, e-commerce, exclusive franchisee-operated outlets, and corporate and OEM sales.
Manufacturing operations are anchored by integrated production facilities in Bengaluru (Karnataka) and Baddi (Himachal Pradesh), featuring strong backward integration to support high levels of in-house manufacturing.
02 · Historical context
What shaped the business before this quarter
Stove Kraft was incorporated as a private limited company in 1999.
Secured trademark registrations for the Pigeon brand in 2003, establishing its core brand identity.
Commenced commercial production at the Harohalli facility in Bengaluru following investment by SIDBI in 2008.
Achieved milestone sales of 9.1 million units and established an LED plant in Bengaluru alongside an inner-lid cooker plant in Baddi, Himachal Pradesh.
Completed an initial public offering (IPO) with listings on both NSE and BSE in 2021.
Entered into a strategic partnership with IKEA in 2024 to develop specialized cookware products.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹480.58 Cr |
| Total income | ₹480.15 Cr |
| Profit before tax | ₹22.48 Cr |
| Profit after tax | ₹17.06 Cr |
| EPS | ₹5.15 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Reported standalone revenue from operations of INR 480.583 crore for Q1 FY27, underpinned by robust consumer demand.
The induction cooktops (ICT) segment experienced exceptional demand growth, up 315.9% year-on-year, aided by favorable market conditions.
Cooker and non-stick cookware categories recorded steady year-on-year revenue expansion of 41.3% and 21.8% respectively.
What drove margins
Gross margins expanded by 127 basis points year-on-year to 39.6%, supported by healthy brand recall and pricing realization despite elevated raw material costs.
Higher revenue scale drove operating and financial leverage, lifting EBITDA and PAT margins for the period.
05 · Demand, customers & order book
Where demand is coming from
Added 140,482 new customers during the quarter, with repeat purchases accounting for 15% of transactions.
General trade accounted for 28.6% of revenue, e-commerce for 31.8%, modern retail for 13.0%, own retail for 8.7%, and OEM/export sales for 15.3%.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Induction cooktops grew 315.9% YoY, cookers by 41.3% YoY, non-stick cookware by 21.8% YoY, while small appliances and gas cooktops recorded slight contractions of 2.2% and 6.9% YoY respectively.
Pigeon brand sales reached INR 403.4 crore, OEM sales contributed INR 73.3 crore, and other product lines accounted for INR 3.2 crore in Q1 FY27.
Geography and market mix
Pigeon outlets reached 346 stores across 23 states and 160 cities, with the addition of 17 new stores during the quarter, including 165 operated under a franchisee model.
Expanded retail presence into 9 new cities during Q1 FY27 to capture emerging regional market opportunities.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Maintains integrated manufacturing facilities across ~46 acres in Bengaluru and Baddi, possessing a combined capacity of up to 70 million units with high backward integration.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Revived the Pigeon exchange offer via the 'Ex Ko Karo Exchange' campaign alongside the 'Gas to Grid' consumer education initiative promoting electric kitchen appliances.
Launched commercial induction and infrared cooktops, Gilma chimneys and hobs (including Astrix, Oriax, Curvix, and Flara/Vexor 4XL FFD models), and Multi-Tasker milk frothers.
09 · Reported developments
What changed operationally
Achieved record quarterly revenue of INR 480.583 crore alongside strong improvement in return ratios, with ROE reaching 9.3% and ROCE at 13.9%.
General trade achieved 56.2% year-on-year growth crossing the 56% mark for the first time in three years, and retail outlets delivered 86.3% year-on-year growth.
10 · Items worth noticing
The line items that can distort a quick read
Reported negative other income of INR -0.431 crore for the quarter ended June 30, 2026.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Net working capital days increased sequentially to 45 days in Q1 FY27 from 23 days in Q4 FY26 due to planned inventory build-up ahead of the festive season.
12 · Beyond the numbers
What changed beyond the numbers
Reported update
Board Re-appointments
The Board approved the reappointment of Mr. Anup Sanmukh Shah as Independent Director for a second five-year term and Mrs. Neha Gandhi as Executive Director for a further five-year term.
Reported update
Tax Assessment Updates
Note 7 of the financial results details ongoing proceedings regarding Income Tax Department search operations conducted in November 2023, with management asserting no material adverse impact on the company's financial position.
13 · Key Q&A
The quarter, answered directly
What does Stove Kraft do?
Stove Kraft Limited is a prominent Indian manufacturer and marketer of kitchen and home appliances, operating under established flagship brands including Pigeon and Gilma.
What is the clearest takeaway from Q1 FY27?
Stove Kraft reported its highest-ever quarterly revenue of INR 480.583 crore for Q1 FY27, driven by strong demand across multiple product lines and distribution channels.
What drove revenue or demand?
Reported standalone revenue from operations of INR 480.583 crore for Q1 FY27, underpinned by robust consumer demand.
What mattered most for margins or profitability?
Gross margins expanded by 127 basis points year-on-year to 39.6%, supported by healthy brand recall and pricing realization despite elevated raw material costs.
What changed operationally beyond the headline numbers?
Maintains integrated manufacturing facilities across ~46 acres in Bengaluru and Baddi, possessing a combined capacity of up to 70 million units with high backward integration.
What should the next disclosure help confirm?
Monitor the sell-through of pre-season inventory build-up during upcoming festive demand periods.
14 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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15 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Festive Season Demand Conversion: Monitor the sell-through of pre-season inventory build-up during upcoming festive demand periods.
- 02
Tax Proceedings Resolution: Track further developments regarding ongoing income tax assessment reviews and appeals.
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