Induction Cooktop Revenue Growth
89.4%
+89.4% YoY
Induction cooktops contributed 15.5% of Q4 revenue, with volume growth of 67.3% YoY.
STOVEKRAFT
Diversified
2026-05-??
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).
Financial stats pending filing verification
2-Minute Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
Small Appliances Volume Growth
97.7%
+97.7% YoY
Small appliances contributed 40.2% of Q4 revenue, but value growth was only 12.7% due to mix shift to lower ASP products.
EBO Store Count
329
+67 YoY
Exclusive brand outlets grew to 329 across 151 cities; target of 500 stores by 2027.
OEM Export Contribution
8.7%
+4.9pp QoQ
OEM exports rose from 3.8% in Q3 to 8.7% in Q4, supported by tariff relief and customer development.
Management Guidance
Revenue growth >15% in FY27
Management expects revenue growth upwards of 15% in FY27, driven by small appliances, export stabilization, and IKEA revenue.
Management guidance revenueEBITDA margin ≥11% in FY27
Management is confident of protecting 11% EBITDA margin and improving from there, with operating leverage as revenue scales.
Management guidance marginsIKEA revenue of ₹40-50 Cr in FY27, ramping to ₹200-250 Cr at full capacity
IKEA production starts Q1 FY27; three product lines will be operational by Q4 FY27, targeting full capacity revenue of ₹200-250 Cr.
Management guidance revenueCapex of ~₹40 Cr in FY27
Capex for FY27 is guided at around ₹40 Cr, primarily for maintenance and small assembly lines, with no major capacity expansion.
Management guidance capexKey Risks
Forex volatility and commodity inflation
Rupee depreciation and rising aluminium/steel prices could pressure margins if price hikes are delayed or not fully passed through.
high · management_commentaryInventory build-up due to metal price hedging
Management built inventory of aluminium and steel ahead of price increases, which could lead to write-downs if prices reverse.
medium · analyst_questionDependence on imported components for induction cooktops
33-40% of induction cooktop input (crystalline glass) is imported from China, exposing the company to supply chain disruptions and tariff risks.
medium · analyst_questionRetail store profitability ramp-up
New EBOs may take 12-18 months to reach breakeven; rapid expansion could temporarily dilute margins.
low · data_observationNotable 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.
Frequently Asked Questions
What was Stove Kraft's revenue in Q4 FY26?
Stove Kraft reported revenue of ₹415 Cr in Q4 FY26, representing a +32.4% change compared to the same quarter last year.
What guidance did Stove Kraft management give for FY27?
Revenue growth >15% in FY27: Management expects revenue growth upwards of 15% in FY27, driven by small appliances, export stabilization, and IKEA revenue. EBITDA margin ≥11% in FY27: Management is confident of protecting 11% EBITDA margin and improving from there, with operating leverage as revenue scales. IKEA revenue of ₹40-50 Cr in FY27, ramping to ₹200-250 Cr at full capacity: IKEA production starts Q1 FY27; three product lines will be operational by Q4 FY27, targeting full capacity revenue of ₹200-250 Cr. Capex of ~₹40 Cr in FY27: Capex for FY27 is guided at around ₹40 Cr, primarily for maintenance and small assembly lines, with no major capacity expansion.
What are the key risks for Stove Kraft in FY27?
Key risks include Forex volatility and commodity inflation — Rupee depreciation and rising aluminium/steel prices could pressure margins if price hikes are delayed or not fully passed through.; Inventory build-up due to metal price hedging — Management built inventory of aluminium and steel ahead of price increases, which could lead to write-downs if prices reverse.; Dependence on imported components for induction cooktops — 33-40% of induction cooktop input (crystalline glass) is imported from China, exposing the company to supply chain disruptions and tariff risks.; Retail store profitability ramp-up — New EBOs may take 12-18 months to reach breakeven; rapid expansion could temporarily dilute margins..
Did Stove Kraft meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Stove Kraft Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary with filing verification status shown on the financial stats.