Whirlpool of India Ltd is one of the leading manufacturers and marketers of major home appliances in the country. Promoted by Whirlpool Corporation, USA, the company is a leading global kitchen and laundry appliances manufacturer. Its brand portfolio includes Whirlpool, KitchenAid, Maytag, Consum, Brastemp, and Amana. In 2023, it reported sales of approximately $19 billion and operates 55 manufacturing and technology research centers. After touching high of 2,440 the stock is down almost 60% at 1,060 levels and looks to bounce back to 1,330 levels and beyond due to following inputs. • Whirlpool India gained market share in refrigerators and washers. • Management reiterated that HSD EBITDA margin is a long-term goal. • WHIRL continued to register strong market share gains across segments in Q3FY25. • Parent company stated that the 30% stake sale will increase flexibility for India entity. • Company continues to strive for profit growth ahead of top-line in the near term. • Commentary on royalty rates and margin expansion disappointed. • We expect earnings per share (EPS) to grow by 22.5% in FY26E and by 18.1% in FY27E.

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