Stove Kraft Ltd — Q4 FY26

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.