Stove Kraft Limited — PPTs, 31-01-2026: Investor Presentation

**Business Performance:** Stove Kraft reported Q3 FY26 revenue of INR 378.4 Cr, a 6.4% YoY decline, with PAT at INR 4.1 Cr, a 65.8% drop. This was significantly impacted by one-time gratuity provisions and forex losses totaling INR 3.14 Cr. For the nine-month period (9MFY26), revenue increased 4.9% YoY to INR 1192.9 Cr, while PAT saw a marginal 3.0% dip to INR 35.9 Cr. Gross margin improved by 188 bps to 39.4% in Q3. The flagship Pigeon brand recorded a strong 9.7% 3-year CAGR growth, despite sluggish export business.

**Growth Drivers or Strategy:** The company made significant strides in debt reduction, bringing it down to INR 80.6 Cr. It continues to expand its retail presence, adding 17 new Pigeon stores in Q3, totaling 313 stores across 130 cities. The strategy focuses on enhancing brand appeal, digital initiatives, and improving working capital efficiency, with inventory days reduced to 137.

**Recent Developments:** Key developments include the substantial debt reduction and the aggressive expansion of the exclusive Pigeon retail channel.

**Key Financial Metrics:** Q3 FY26 Revenue: INR 378.4 Cr (-6.4% YoY); PAT: INR 4.1 Cr (-65.8% YoY). 9MFY26 Revenue: INR 1192.9 Cr (+4.9% YoY); PAT: INR 35.9 Cr (-3.0% YoY). Gross margin improved to 39.4% in Q3.

**Management Commentary / Outlook:** Management is focused on leveraging improved gross margins and efficient working capital. The company is well-positioned to capitalize on India's consumer durables market, which is projected to grow at an ~11% CAGR, driven by urbanization and digitization trends, with continued retail expansion being a core growth priority.