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Revenue
₹414.5 Cr
verification pending
Revenue YoY
32.4%
reported change
EBITDA
₹39.5 Cr
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Stove Kraft delivered a strong Q4 FY26 with revenue of ₹414.5 Cr (+32.4% YoY) and EBITDA of ₹39.5 Cr (+33.9% YoY), driven by surging demand for induction cooktops (89.4% value growth) and small appliances (12.7% value growth, 97.7% volume growth). The induction cooktop segment contributed 15.5% of revenue, while small appliances contributed 40.2%. Management guided for >15% revenue growth in FY27, supported by IKEA revenue commencement (₹40-50 Cr in FY27, ramping to ₹200-250 Cr at full capacity), export recovery (8.7% of Q4 revenue, up from 3.8% in Q3), and retail expansion (329 EBOs, targeting 500 by 2027). EBITDA margin guidance is ≥11%, with gross margin improvement of ~100 bps annually. Key risk: forex volatility and commodity inflation could pressure margins if price hikes lag.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects revenue growth upwards of 15% in FY27, driven by small appliances, export stabilization, and IKEA revenue.
- Management is confident of protecting 11% EBITDA margin and improving from there, with operating leverage as revenue scales.
- IKEA production starts Q1 FY27; three product lines will be operational by Q4 FY27, targeting full capacity revenue of ₹200-250 Cr.
- Capex for FY27 is guided at around ₹40 Cr, primarily for maintenance and small assembly lines, with no major capacity expansion.
Risks flagged
- Rupee depreciation and rising aluminium/steel prices could pressure margins if price hikes are delayed or not fully passed through.
- Management built inventory of aluminium and steel ahead of price increases, which could lead to write-downs if prices reverse.
- 33-40% of induction cooktop input (crystalline glass) is imported from China, exposing the company to supply chain disruptions and tariff risks.
- New EBOs may take 12-18 months to reach breakeven; rapid expansion could temporarily dilute margins.
Key quotes
- We are very confident of a upwards of 15% growth this year.
- We are targeting to improve gross margin by 1% every year and we believe that within the 2-3 years we should hit a 42%.
- The capex is designed for 3,000. So the growth is from 800 to 3,000.
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