New Delhi: Whirlpool India Limited has secured long-term strategic continuity through a 30-year exclusive brand licence agreement with Whirlpool Corporation, alongside a technology access pact and transitional services arrangement extending till March 2029, even as the US parent has reduced its stake and ceased to be a majority shareholder.
The agreements, disclosed during the company’s Q3 FY26 analyst call, are aimed at ensuring uninterrupted access to brand, technology and operational systems during the transition phase.
Under the arrangement, Whirlpool India will retain exclusive rights to the Whirlpool brand in its territory for three decades, with renewal options thereafter. It has also secured a 10-year technology licence covering current and future innovations in core categories such as refrigerators and washing machines, with flexibility to renew category-wise beyond that period. A transitional services agreement will allow continued access to shared systems and services until FY29, giving the India entity time to recalibrate its operating model.
Financially, the company delivered a resilient performance in the third quarter despite weak industry demand and intense pricing competition. Standalone revenue rose 3.2% year-on-year to ₹1,624 crore, while EBITDA jumped 47% to ₹65 crore. EBITDA margin expanded 120 basis points to 4%, supported by cost rationalisation and premiumisation initiatives. Profit before tax, before exceptional items, grew 32% to ₹48 crore, although reported PBT declined due to a one-time wage code provision.
On a consolidated basis, which includes the Elica kitchen appliances business, revenue increased 4% to ₹1,774 crore in Q3, with EBITDA at ₹91 crore, up 31% year-on-year. For the nine months ended December 2025, consolidated revenue stood at ₹5,853 crore, marginally down 1% due to a weak summer season that affected cooling product demand. However, gross margins improved to 30.8%, reflecting sustained gains from its Productivity for Growth (P4G) programme.
Management said competitive intensity remained high, particularly in direct-cool refrigerators and top-load washing machines, where pricing pressures and capacity-led discounting by new entrants have intensified. However, Whirlpool maintained overall volume share by focusing on differentiated offerings such as auto-defrost technology in direct-cool refrigerators, glass-door designs, and premium innovations in washing machines. Front-load washers and air conditioners saw strong growth off a lower base.
The Elica business continued to post healthy single-digit revenue growth with strong double-digit margins. The company indicated it may consider investing more aggressively in this underpenetrated kitchen appliances segment, even if that results in some moderation in margins, to accelerate scale over the medium term.
Looking ahead, management flagged FY27 as structurally challenging due to the full impact of new BEE energy rating norms in refrigerators and air conditioners, potential regulatory cost pressures, and transition-related financial adjustments. While refraining from specific margin guidance, the company expressed confidence in driving high single-digit to early double-digit revenue growth over a five-year horizon, supported by innovation, execution discipline and portfolio expansion.
With a strong balance sheet and healthy working capital discipline — including negative net working capital in multiple recent quarters — the board is also evaluating capital allocation options, including growth investments and potential shareholder returns, as Whirlpool India charts its course as a more independent entity in an increasingly competitive consumer durables market.