Financial Performance Overview

Stove Kraft Limited reported unaudited financial results for Q2 FY27 ended 30th September 2026, showing robust growth across key metrics.

Quarterly Performance (Q2 FY27 vs Q2 FY26):

  • Revenue from Operations: ₹584.7 crores, up 23.2% YoY (from ₹474.4 crores)
  • Gross Profit: ₹231.7 crores, up 26.8% YoY (from ₹182.8 crores)
  • Gross Profit Margin: 39.6% (vs 38.5% in Q2 FY26)
  • EBITDA: ₹75.3 crores, up 32.7% YoY (from ₹56.8 crores)
  • EBITDA Margin: 12.9% (vs 12.0% in Q2 FY26)
  • PAT: ₹29.0 crores, up 35.7% YoY (from ₹21.4 crores)
  • PAT Margin: 5.0% (vs 4.5% in Q2 FY26)

Quarterly Performance (Q2 FY27 vs Q1 FY27):

  • Revenue growth of 21.7% QoQ (from ₹480.6 crores)
  • Gross Profit growth of 21.7% QoQ (from ₹190.4 crores)
  • EBITDA growth of 40.1% QoQ (from ₹53.8 crores)
  • PAT growth of 69.9% QoQ (from ₹17.1 crores)

Half-Yearly Performance (H1 FY27 vs H1 FY26):

  • Revenue: ₹1065.2 crores, up 30.8% YoY (from ₹814.5 crores)
  • Gross Profit: ₹422.1 crores, up 34.8% YoY (from ₹313.1 crores)
  • Gross Profit Margin: 39.6% (vs 38.4% in H1 FY26)
  • EBITDA: ₹129.1 crores, up 39.7% YoY (from ₹92.4 crores)
  • EBITDA Margin: 12.1% (vs 11.3% in H1 FY26)
  • PAT: ₹46.0 crores, up 44.8% YoY (from ₹31.8 crores)
  • PAT Margin: 4.3% (vs 3.9% in H1 FY26)

Product Category Performance

Q2 FY27 growth across product categories (Year-over-Year):

  • Induction Cooktops: 108.0% growth
  • Cooker (Pressure Cookers): 46.8% growth
  • Small Appliance: 9.1% growth
  • Non Stick Cookware: -1.6% decline
  • Gas Cooktops: -6.4% decline

Channel-Wise Performance

Revenue breakup by channel for Q2 FY27:

  • General Trade (GT): 31.8%
  • Modern Retail (MR): 12.4%
  • E-commerce (ECOM): 38.2%
  • Own Retail: 7.2%
  • OEM: 8.1%

Distribution Expansion

Pigeon Brand Expansion:

  • Expanded into 9 new cities this quarter
  • 360 stores operational across 22 states and 172 cities of India
  • Added 16 new stores in Q2 FY27
  • 198 stores under franchisee model
  • Pressure cooker & Small appliances contributing 30% of revenue
  • Cooktop, Hob & Chimney contributing 20% of revenue
  • 15% repeat purchase rate
  • Average sale per store: ₹4.47 lakhs

Gilma Brand Relaunch:

  • Relaunched as premium brand in Southern markets
  • 17 stores operational across 3 states and 10 cities of India
  • All stores opened under franchisee model in Q2
  • Chimney contributing 66% of revenue, Hob contributing 27%
  • 600-830 units sold
  • Average sale per store: ₹4.64 lakhs per month

Management Commentary

Mr. Rajendra Gandhi, Managing Director, commented: "Despite a challenging operating environment marked by inflationary pressures and geopolitical disruptions, we delivered robust revenue growth of 23.2% YoY in Q2 FY27, supported by strong demand across key product categories. Our integrated backend manufacturing capabilities and continued focus on operational efficiencies enabled us to improve EBITDA margins to 12.9%, while PAT grew by 35.7% YoY with PAT Margin of 5%."

He further added: "Pigeon continues to drive our growth momentum, supported by its strong value positioning and expanding retail footprint. Alongside this, the relaunch of GILMA as a premium brand marks an important step towards strengthening our presence in the premium segment. Our E-commerce and General Trade channels continued to perform well, complemented by healthy growth in Modern Retail and expansion of our own retail network."

Outlook

"Looking ahead, we remain confident of sustaining our growth momentum through product efficiencies, working capital optimization and disciplined capital allocation will continue to support profitable growth, margin improvement and long-term value creation."

Company Background

Stove Kraft Limited is a kitchen solutions and emerging home solutions brand, operating under Pigeon and Gilma brands with over 25 years of market presence. The company has backward integrated manufacturing facilities at Bengaluru (Karnataka) and Baddi (Himachal Pradesh).