This article first appeared on GuruFocus .
Release Date: February 12, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Whirlpool of India Ltd ( BOM:500238 ) has secured long-term brand and technology agreements with Whirlpool Corporation, ensuring access to current and future technologies.
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The company reported a healthy EBITDA growth of 47% year-over-year, driven by higher volumes and revenue.
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Whirlpool of India Ltd ( BOM:500238 ) has maintained a strong market position in the direct cool refrigerator segment, with shares well above 20%.
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The company has introduced several new products, including premium glass door refrigerators and advanced washing machines, which have been well-received in the market.
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Whirlpool of India Ltd ( BOM:500238 ) has shown improvement in gross margins, moving from 30.3% to 30.8% over nine months, indicating effective cost management.
Negative Points
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The company faces intense competition, particularly in the direct cool and top load washing machine segments, leading to challenges in market share growth.
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Whirlpool of India Ltd ( BOM:500238 ) reported a decline in reported PBT by 60% due to a one-time wage code provision.
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The market for refrigerators and washing machines has been weak, impacting overall sales growth.
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There is significant regulatory impact expected in 2026 due to changes in energy ratings for refrigerators and air conditioners, which may affect profitability.
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The company is navigating a transition period following Whirlpool Corporation's reduction in stake, which may lead to operational and strategic adjustments.
Q & A Highlights
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Q: With Whirlpool Corporation reducing its stake to 40%, how will this affect the incentivization for top management, and how does the board manage potential conflicts of interest with board members involved in private equity firms? A: As of November 28, 2025, all future ESOP plans for top leadership will be based solely on India performance. The board ensures no conflicts of interest by obtaining clear declarations from involved parties and excluding them from relevant discussions. (Respondent: Managing Director)
Q: Given the competitive pricing and promotions in the industry, do you see this intensity normalizing, and how will it affect market gains and margins? A: The market remains highly competitive with numerous brands entering. We will continue to monitor market dynamics and adjust our pricing strategies accordingly. Margins will be impacted by pricing and regulatory changes, particularly in 2026 due to new energy regulations. (Respondent: Managing Director)
Q: What is the impact of the new energy ratings coming in January on Whirlpool's pricing strategy? A: We have already started manufacturing products in compliance with the new energy ratings. We are monitoring the market before making any pricing decisions and will adjust dynamically as needed. (Respondent: Managing Director)
Q: With the corporation's stake reduced, will Whirlpool of India have more operational flexibility, and how does this affect the board's composition? A: The board remains the same, providing guidance and support. We have established a Strategic Oversight Committee to support the management team. The reduced stake allows us more flexibility to focus on the India business. (Respondent: Chairman of the Board)
Q: How does Whirlpool plan to address the commoditization of core categories like DC refrigerators and semi-automatic washing machines? A: We aim to de-commoditize these categories by offering differentiated products, such as aesthetically designed glass door refrigerators and unique technologies like auto defrost. This strategy will help maintain strong market share. (Respondent: Managing Director)
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
