Whirlpool of India's profit falls on sluggish demand for refrigerators

LG Electronics India

04/11/2025 15:04

Nov 4 (Reuters) - Home appliance maker Whirlpool of India's WHIR.NS second-quarter profit fell 20.55%, hurt by declining sales in the refrigerator segment amid competitive pricing and promotions.

The Indian unit of U.S.-listed Whirpool Corp WHR.N reported a profit of 413.3 million rupees ($4.70 million) in the three-month period ended September 30, down from 520.2 million rupees last year.

The company's second-quarter revenue fell 3.85% to 16.47 billion rupees.

For further highlights on earnings, click here.

KEY CONTEXT

India remains underpenetrated when it comes to the household appliance market, with only 18% of households owning a washing machine and less than 40% a refrigerator, according to a 2019-21 health survey by the government.

The Indian government's sweeping goods and services (GST) tax cuts went into effect on September 22. Analysts expect demand to rebound in the upcoming festive quarter, with the tax cuts boosting the sector.

Whirlpool competes with LG Electronics India LGEL.NS, Havells India HVEL.NS and Voltas VOLT.NS.

Earlier this year, parent Whirlpool Corp said it would reduce its stake in Whirlpool of India to about 20% from 51% as it aims to pay off a major chunk of its debt amid a rejig of its global assets.

PEER COMPARISON

Valuation (next 12 months)
Estimates (next 12 months)
Analysts' sentiment
RIC
PE
EV/EBITDA
Price/Sales
Revenue growth (%)
Profit growth (%)
Mean rating*
# of analysts
Stock to price target**
Div yield (%)
Whirlpool of India Ltd
WHIR.NS
35.67
20.73
1.95
10.33
22.16
Buy
11
0.91
0.36
Voltas Ltd
VOLT.NS
46.64
36.12
2.61
11.00
22.36
Hold
35
0.99
0.51
Havells India Ltd
HVEL.NS
51.23
.
3.68
11.79
18.14
Buy
25
0.89
-

JULY-SEPTEMBER STOCK PERFORMANCE

-- All data from LSEG

-- $1 = 87.8950 Indian rupees

Whirlpool Q2FY26 https://fingfx.thomsonreuters.com/gfx/mkt/jnvwkellovw/Screenshot%202025-11-04%20163315.png

 (Reporting by Mridula Kumar; Editing by Harikrishnan Nair and Sherry Jacob-Phillips)

 ((Mridula.Kumar@thomsonreuters.com;))