Q2 FY27 results analysis · November 09, 2026
Whirlpool of India Q2 FY27 Results Analysis: PAT Plunges 39%, Record Revenue Rises 13.7%
−39.3%PAT year on year, Rs. 25.08 Cr
Source: Quarterly results filing (BSE)
Quick summary
Whirlpool of India Ltd's Q2 FY27 numbers came in soft, with revenue of Rs. 1,873.12 Cr (+13.70% YoY) and PAT growth of -39.30% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details
| Results date | November 09, 2026 |
|---|---|
| Revenue (Q2) | Rs. 1,873.12 Cr (+13.70% YoY) |
| PAT (Q2) | Rs. 25.08 Cr (-39.30% YoY) |
| EBITDA margin | 2.13% (-138 bps YoY) |
| EPS (Q2) | Rs. 1.98 (-39.30% YoY) |
Quarter Snapshot
Whirlpool of India delivered record consolidated revenue of Rs.1,873.12 Cr (+13.7% YoY) but at the weakest profitability in the visible trend — EBITDA* margin of 2.13% and PAT down 39.3% YoY on a 435 bps gross-margin compression from raw-material cost inflation. Offsets include the Elica subsidiary now contributing 74% of consolidated PAT (+30.3% YoY), 3.37x cash conversion, and a debt-free balance sheet with Rs.2,927.56 Cr cash. Management's FY27 'modest profit growth' framing is off track, with H2 requiring ~+39% YoY PBT growth to match FY26.
Q2 FY27 Expectations vs Results
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue | "the read is double-digit growth extending, in line with Q1 FY27's +12.1% consolidated print" against a −5.1% base | Consolidated +13.7%, standalone +13.9% | Played out |
| Margins | "margins below the prior-year level"; compression YoY | EBITDA\ margin 2.13% vs 3.51% YoY; GM −435 bps YoY | Played out |
| Sequential direction | direction vs Q1's 5.1% "hinging on whether the net under-recovery narrows" | GM +177 bps QoQ but EBITDA\ margin −297 bps QoQ (inventory build of Rs.123.79 Cr) | Partially |
| Cost complex | Brent averaged elevated through the window; EPR unresolved | Raw +33.1% vs revenue +13.7% — consistent | Played out |
| Volume vs price mix | "the thing to test on the call" | No volume data in the filing | Not observable |
| Elica 20%+ question | whether it gets answered | Implied Elica revenue +11.6% / PAT +30.3%; call answer not in filing | Partially |
| CWIP capitalization | "confirmation of the Rs.203.16 Cr CWIP capitalization" | Rs.193.09 Cr capitalized; CWIP Rs.10.07 Cr | Played out |
| Promoter transaction / e-waste quantification | updates sought | Neither addressed in the filing — remains open for the call | Not observable |
Read our full results preview.
Management Guidance vs Delivery
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| FY27 profitability "will grow modestly" | Q4 FY26 earnings call | H1 consolidated PBT before exceptional items Rs.173.05 Cr, −29.1% YoY; PAT −31.9% | Off Track |
| Capitalize ~Rs.200 Cr premium-refrigerator CWIP "next quarter" | Q4 FY26 earnings call | Rs.193.09 Cr capitalized in H1; CWIP now Rs.10.07 Cr | Met |
| Ongoing capex ~Rs.100+ Cr | Q4 FY26 / Q1 FY27 calls | H1 capex Rs.73.37 Cr | On Track |
| Base-business revenue "early double-digit… over a five-year period" | Q3 FY26 / Q4 FY26 calls | Q2 consolidated revenue +13.7%; H1 +12.8% | On Track |
| Base-business "high single-digit margin… likely" (long run) | Q4 FY26 call | EBITDA\ margin 2.13% (company definition) — far below band | Off Track |
| "Price increases were not sufficient… a net under-recovery" but April/May hikes carry full impact in Jul–Sep (Q1 FY27 call) | Gross margin recovered +177 bps QoQ to 31.89% but remains −435 bps YoY; EBITDA\ margin fell to 2.13% — pass-through landed partially; under-recovery persists | Partially confirmed | |
| Elica to deliver "always strong double-digit growth" (management commentary, recurring) | Implied Elica revenue +11.6%, implied PAT +30.3% — growth, if borderline double-digit on revenue | Confirmed | |
| Fixed costs as % of revenue have not increased (Q1 FY27 call) | Employee + other expenses 29.8% of revenue vs 32.7% a year ago; other expenses flat YoY — the decline is gross-margin-led | Confirmed | |
| 2026-27 "a year of transition… will incur transition costs impacting the P&L" (management framing in notes) | No quantified transition cost disclosed in the filing | Too early |
Key Investment Insights
Key Positives
- Consolidated revenue grew 13.7% YoY to Rs.1,873.12 Cr; standalone +13.9% to Rs.1,711.24 Cr
- Implied Elica subsidiary PAT grew 30.3% YoY to Rs.18.56 Cr, contributing 74% of consolidated PAT-to-owners vs 34.4% a year ago
- H1 operating cash flow of Rs.430.59 Cr was 3.37x H1 PAT; FCF of Rs.357.22 Cr vs Rs.65.21 Cr in H1 FY26
- Gross margin recovered 177 bps QoQ to 31.89% as April/May price increases carried full impact
- Rs.193.09 Cr of premium-refrigerator CWIP capitalized in H1, meeting the Q4 FY26 call commitment
- Balance sheet carries Rs.2,927.56 Cr of cash and bank balances with zero borrowings; operating net working capital at −Rs.211.96 Cr
- Employee + other expenses fell to 29.8% of revenue from 32.7% a year ago, with other expenses flat YoY
Risk Factors
- Consolidated PAT to owners fell 39.3% YoY to Rs.25.08 Cr (−27.5% normalized); standalone PAT fell 75.9% to Rs.6.52 Cr
- EBITDA* margin fell to 2.13% (−138 bps YoY, −297 bps QoQ), the weakest in the visible trend
- Gross margin compressed 435 bps YoY to 31.89% as raw material consumption rose 33.1% vs revenue +13.7%
- Management's FY27 'modest profitability growth' framing is off track; H2 would need ~+39% YoY PBT growth to match FY26
- Unquantified e-waste/EPR and energy-rating regulatory upcharge sits embedded in reported costs
- Inventory build of Rs.123.79 Cr in the quarter (vs Rs.20.98 Cr build a year ago) depressed reported margins
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