Stove Kraft Limited — Investor Meet, 05-02-2026: Analysts/Institutional Investor Meet/Con. Call Updates

Stove Kraft's Q3 revenue dipped 6.4% YoY to ₹378.4 Cr, mainly due to weak exports (3.5% of Q3 sales). Gross margins improved to 39.4%, with management targeting 1% YoY improvement. Domestic business is robust, contributing 96% to Q3 revenue, with Pigeon brand growing 9.3% YTD. Strong volume growth seen in small appliances (+38%) and pressure cookers (+9%). The company is expanding its 313-store network and launching new products. Exports face tariff uncertainty, but IKEA business is set to boost revenue from FY27. Management is confident in double-digit domestic growth, continued efficiency, and reducing cash debt to near zero by year-end.