Whirlpool India Q1 FY27 Results (NSE: WHIRLPOOL)
Signal: Margin pressure
The read
The trajectory remains revenue-positive but margin-negative: Q1FY27 revenue accelerated to +12.1% YoY from +8.8% in Q4FY26, yet EBITDA margin contracted 140bps to 7.6% after Q4FY26's 300bps contraction, making input-cost and regulatory-cost absorption the key thesis issue despite pricing, premiumisation and market-share gains.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹272.68 Cr | +12.1% | N/A |
| EBIT | ₹15.35 Cr | N/A | |
| Net profit | ₹10.29 Cr | -29.5% | |
| EPS | ₹8.11 | N/A | |
| EBIT margin | 7.6% |
P&L walk
Revenue increased 12.1% YoY on market-share gains, industry volume growth, price increases and premiumisation, but gross margin contracted 250bps to 20.4% and EBITDA margin fell 140bps to 7.6% as input costs and regulatory-related costs rose faster than sales; PAT declined 29.5% to ₹102.88 Cr.
Segments
Refrigerators and washers drove the topline, growing 10.4% and 14.0% YoY respectively, while the air-conditioner segment slipped into a ₹24 million loss from a ₹14 million profit and dragged segment profitability.
Key positives
- Revenue grew 12.1% YoY to ₹2726.75 Cr, accelerating from +8.8% YoY in Q4FY26.
- Management attributed growth to market-share gains in refrigerators and washers, industry volume growth, price increases and premiumisation.
- Cooktop revenue grew 17.1% YoY to ₹240.2 million, while washer revenue grew 14.0% YoY to ₹936.9 million.
- Elica India delivered 26% revenue growth and 22% PBT growth, supporting consolidated performance.
- Price increases and P4G productivity initiatives partly mitigated the 250bps gross-margin compression.
Key concerns
- Gross margin compressed 250bps YoY to 20.4% as input costs rose to 79.6% of revenue from 77.1%.
- EBITDA margin fell 140bps YoY to 7.6%, extending the margin contraction seen in Q4FY26.
- PAT declined 29.5% YoY to ₹102.88 Cr despite 12.1% revenue growth, showing incomplete cost pass-through.
- The air-conditioner segment moved from a ₹14 million profit to a ₹24 million loss.
- Finance costs increased 28.1% YoY, materially faster than revenue.
Earnings quality: includes non-operating other income
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