Bathware Revenue Growth
14%
+14% YoY
Bathware segment grew 14% YoY in Q3, driven by premiumization and market share gains.
HINDWAREHOMEINNOVATION
Other
10 Feb 2026
Hindware Home Innovation Ltd — Q3 FY26
Hindware Home Innovation reported a solid Q3 FY26 with consolidated revenue of ₹640 crore (+8% YoY) and EBITDA of ₹52 crore (+38% YoY), driven by strong performance in bathware (14% revenue growth) and consumer appliances (21% growth).
✓ Verified against BSE filing
2-Min Summary
Hindware Home Innovation reported a solid Q3 FY26 with consolidated revenue of ₹640 crore (+8% YoY) and EBITDA of ₹52 crore (+38% YoY), driven by strong performance in bathware (14% revenue growth) and consumer appliances (21% growth). EBITDA margin expanded 210 bps YoY to 8.1%, aided by premiumization and cost controls. The pipes business faced headwinds from resin price volatility but expects recovery with the new Rudrapur plant now operational. Management guided for 15-20% CAGR in kitchen appliances and 12-15% volume growth in pipes. Key risks include sustained raw material inflation and competitive pressures in the pipes segment.
Key Numbers
Consumer Appliances Revenue
₹81 Cr
+21% YoY
Consumer appliances revenue grew 21% YoY, led by kitchen appliances focus.
Pipes Volume Growth (Jan)
30%
+30% YoY
January 2026 saw 30% volume growth in pipes, indicating restocking and demand recovery.
Premium Product Share (Bathware)
40%
Flat
Premium products constituted 40% of bathware Q3 revenue, supporting margin improvement.
Management Guidance
Kitchen Appliances CAGR of 15-20%
Management expects 15-20% CAGR in kitchen appliances over the next 2-3 years, driven by focused strategy.
growthConsumer Appliances Revenue Milestone of ₹650-700 Cr by FY31
Targeting revenue of ₹650-700 crore by FY31, with operating leverage driving margin expansion.
revenuePipes Volume Growth of 12-15%
Guidance of 12-15% volume growth in pipes business going forward, supported by Rudrapur plant.
growthBathware EBITDA Margin Improvement of 3-4% over 18-24 Months
Targeting 3-4% improvement in bathware EBITDA margin over the next 18-24 months via mix and cost initiatives.
marginsKey Risks
Resin Price Volatility in Pipes
Sharp fluctuations in resin prices impacted pipes realizations and volumes; stabilization is recent but not guaranteed.
high · management_commentaryRaw Material Inflation in Bathware
Global commodity inflation, especially brass prices, necessitated price hikes; further increases could pressure demand.
medium · management_commentaryDelayed Rudrapur Plant Ramp-Up
The Rudrapur plant started commercial production only in late January; ramp-up over three quarters may face execution risks.
medium · analyst_questionCompetitive Pressure in Pipes
Competitors with multiple plants have an advantage; Hindware's single Hyderabad plant limited north India presence until Rudrapur.
medium · analyst_questionNotable Quotes
We are targeting a revenue milestone of about 650 to 700 crores by FY31 and as we drive the top line up we expect significant operating leverage to drive margin expansion.
We are seeing both the things happening parallelly looks very positive.
We are the first in the industry to offer it not just in Hindi and English but consumers can actually interact with us in nine Indian languages now.