Whirlpool India Q4 FY26 Results (NSE: WHIRLPOOL)
Signal: Margin pressure
The read
Q4FY26 marks the second consecutive quarter of margin contraction (OPM -300bps YoY), reversing the expansion seen in early FY26. Revenue growth (+8.8% YoY) decelerated from Q3's +4.0% but was insufficient to offset cost pressures — other expenses (selling/distribution/admin) surged 21% YoY, squeezing EBITDA. Full-year PAT of ₹370 Cr (-9.8% YoY) reflected a structurally weaker earnings profile. The recommended final dividend of ₹5/share offers a ~0.6% yield.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,181 Cr | 8.8% | 22.9% |
| EBIT | ₹131 Cr | -30.7% | |
| Net profit | ₹80 Cr | -32.8% | |
| EPS | ₹6.32 | -32.8% | |
| EBIT margin | 6% |
P&L walk
Revenue grew 8.8% YoY but OPM compressed 300bps to 6%, driven by a 210bps increase in other expenses as % of revenue (from 18.9% to 21.0%). EBITDA margin pressure flowed through to PAT, which fell 32.8% YoY. The sequential improvement from Q3 (revenue +22.9%) is seasonal but margin failed to recover.
Segments
Single operating segment — 'Household Appliances & Others' — drives all revenue and segment results; no cross-segment or subsidiary drag.
Key positives
- Full-year revenue reached ₹8,733 Cr (+8.9% YoY), the highest on record in this data series.
- Q4 revenue sequentially improved 22.9% QoQ, driven by seasonal demand (summer-related appliance purchases).
- Net debt-to-equity remains negligible at 0.02 (from Company Fundamentals), indicating a conservative capital structure.
Key concerns
- OPM contracted 300bps YoY to 6% — the sharpest margin compression in the last 12 quarters — due to a 210bps rise in other expenses as % of revenue.
- PAT declined 32.8% YoY, the fourth consecutive quarter of YoY PAT decline (Q1-Q4FY26 all negative).
- Full-year PAT fell 9.8% despite 8.9% revenue growth, confirming cost/input pressure is structural, not seasonal.
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