Sell Whirlpool of India; target of Rs 930: ICICI Securities

ICICI Securities is bearish on Whirlpool of India has recommended sell rating on the stock with a target price of Rs 930 in its research report dated February 09, 2025.

Broker Research

February 13, 2025 / 22:26 IST

SELL

26 Aug, 2025 12:21

Volume

Todays L/H

ICICI Securities's research report on Whirlpool of India

Whirlpool India reported a strong set of numbers in Q3FY25 with healthy revenue growth of 11% coupled with market share gains. The company has been able to gain market shares in most key categories in Jul–Dec’24 YoY. Adjusting for e-waste regulation costs, it also reported EBITDA margin expansion YoY. However, with the parent planning to sell 31% stake in the company, and reducing its stake to 20%, we believe there is a possibility of multiple scenarios which may or may not be favourable for minority shareholders. As Whirlpool India has a strong net-cash balance sheet and also an established distribution network, we do not model any near-term business concerns. We shall closely track the key buyers (financial/strategic) when the parent sells its 31% stake.

Outlook

We model Whirlpool to report revenue and PAT CAGRs of 11% and 21.6%, respectively, over FY24–27E, and RoE to move upwards. Downgrade to SELL with a DCF-based revised target price of INR 930 (implied target P/E 28x FY27E EPS; earlier INR 2,075).

For all recommendations report, click here