StoveKraft Limited Reports Steady Q2 FY26 Performance; Anticipates Strong Demand Revival in Coming Quarters

VMPL
Bengaluru (Karnataka) [India], November 3: StoveKraft Limited (BSE: 543260 | NSE: STOVEKRAFT), India's leading kitchen and home appliances company and the force behind popular brands such as Pigeon, Gilma, and BLACK+DECKER, continued its growth momentum in Q2 FY26 -- delivering a steady performance backed by innovation, efficiency, and resilient consumer demand.
The company recorded a net profit of ₹21.4 crore on revenues of ₹474.4 crore, registering year-on-year growth of 27.8% on PAT and underscoring operational leverage. Sales grew by 13.4% during the quarter, supported by healthy demand across core product categories despite GST disruption during Qtr end and expanding retail reach. EBITDA improved to ₹56.8 crore with an improvement on 30 basis points, and Earnings Per Share (EPS) rose to ₹9.60 for half year ended FY26.
Speaking on the company's performance, Mr. Rajendra Gandhi, Managing Director, Stovekraft said, "Q2 FY26 marks a period of consolidation and steady performance amidst evolving macro-economic factors. While the delay in GST implementation temporarily affected buying patterns, the structural growth drivers for small appliances remain robust. We anticipate stronger traction in the coming quarters, aided by improving consumer sentiment, festive tailwinds, and supportive policy measures."
"Our focus continues to be on operational excellence, product innovation, and deepening our distribution footprint across India. The government's push for domestic manufacturing aligns perfectly with StoveKraft's vision of 'Make in India for the World'."
Macroeconomic and Policy Landscape
The broader consumption ecosystem in India is poised for renewed momentum, supported by a series of government initiatives and improving consumer sentiment.
1. GST Rationalisation
The recent GST reduction on select product categories is expected to drive a more favourable demand cycle over the next couple of months. While the market adjusts to the revised structure, StoveKraft anticipates that this measure will unlock deferred purchases and translate into a sharper uptick in sales during the festive season and subsequent quarters.
2. Structural Drivers of Small-Appliance Growth
The demand for small appliances continues to surge, driven by urbanisation, enhanced electrification across rural India, and demographic expansion of the working-age population. These factors are structurally strengthening the category's long-term growth trajectory.
3. Government Push for Domestic Manufacturing
The mandatory BIS compliance norms have accelerated the industry's shift toward building indigenous manufacturing ecosystems, reducing dependence on imports. StoveKraft believes this regulatory emphasis will elevate quality standards while creating opportunities for local capacity expansion and supply-chain efficiency.
4. Wider Policy Reforms Boosting Consumption
Key government initiatives--such as Direct Benefit Transfer (DBT) schemes, household electrification, digitalisation, and agriculture-productivity improvements--combined with a favourable monsoon, are collectively uplifting rural and semi-urban purchasing power. These factors are translating into improved sentiment and demand across consumer durables and allied segments.
Outlook
With the combined effect of fiscal stimuli, improved rural liquidity, urban consumption recovery, and structural tailwinds, StoveKraft expects demand acceleration across categories in the second half of FY26. The company remains committed to sustainable, quality-driven growth through continuous investment in manufacturing, design innovation, and customer engagement.
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