Target: ₹ 1,100

CMP: ₹ 1,232

FY25 Annual Report Analysis: Other Income to PBT is about 40 per cent in FY25. The Valuation Multiple (P/E) Based on Core Business Earnings, IE, Excluding Cash and Tax -Djusted Other Income, Stands at 71x on Fy25 earnings; The company gained market shares in bot washing machine and refrigerators in fy25, despite a highly competitive landscape.

It launched Several New Products Across Categories and also expanded its existing products; It not only implemented cost reduction initiatives but also adopted a modified pricing strategy to combat competition and adapt to regulatory changes; R&D Spends Rose from ₹ 35.8 Crore in FY24 to ₹ 79.10 Crore in Fy25. Ad-express, as a percenant of sales, grew from 0.8 per cent in fy24 to 1.1 per cent in fy25; Thereby, boosting the brand’s visibility. The company expanded its distribution network, with investment in the ‘Feet on Street’ Model to Penetrate Further in Smaller Towns.

We Model Whirlpool India to Report Revenue and Pat Cagrs of 12 per cent and 16.6 per cent, respectively, over fY25-27e. We maintain sell with a DCF-based target price of ₹ 1,100 (Implied Target P/E 29X FY27E EPS).

Key risks: Steep Increase in Commodity Pries; Increase in competitive pressures; And delay/failure of new products.

Published on September 26, 2025