Stove Kraft Q3FY26 Revenue Down 6.4% to ₹378.4 Cr; 9MFY26 Revenue Up 4.9%
Stove Kraft Limited reported Q3FY26 revenue of ₹378.4 crore, a 6.4% decrease year-on-year. For 9MFY26, revenue grew 4.9% to ₹1,192.9 crore. EBITDA increased 4.5% to ₹126.7 crore for 9MFY26. The company expanded its retail network to 313 stores, with a target of 500 exclusive stores by CY 2027.
The Q3 revenue decline and sequential drop indicate some pressure on the company's top line. While 9MFY26 shows growth and the retail expansion is positive, the mixed financial results and challenging market environment suggest a moderate impact on investor sentiment.
The company reported a year-on-year revenue decline in Q3FY26, although 9MFY26 revenue showed growth. EBITDA also saw a slight increase for the nine-month period. The expansion of retail stores is a positive indicator, but the overall financial performance in the quarter was muted.
Stove Kraft Limited announced its unaudited financial results for the quarter ended December 31, 2025. For the third quarter of fiscal year 2026 (Q3FY26), the company reported revenues of ₹378.4 crore, a decrease of 6.4% compared to ₹404.1 crore in the same period last year (Q3 FY25). Sequentially, revenues declined by 20.2% from ₹474.4 crore in Q2 FY26.
For the nine-month period ended December 31, 2025 (9MFY26), revenues stood at ₹1,192.9 crore, marking a 4.9% year-on-year growth. Gross profit for 9MFY26 increased by 7.1% to ₹462.4 crore, with gross margins improving to 38.8%. EBITDA for the nine months was ₹126.7 crore, up 4.5% year-on-year. However, Profit After Tax (PAT) for 9MFY26 saw a slight decline of 3.0% to ₹35.9 crore.
Commenting on the performance, Managing Director Mr. Rajendra Gandhi stated, “Despite a challenging market environment and muted demand, the Company delivered resilient performance during the quarter, supported by a strong focus on execution and operational efficiency.” He highlighted that the flagship brand Pigeon recorded a 9.7% CAGR YTD growth, reinforcing its pan-India presence. Working capital days were reduced to 43 days. In Q3, extraordinary expenses of ₹1.9 crore and ₹1.24 crore were incurred due to Forex volatility and the implementation of the Labour Code, respectively.
The company also provided an update on its exclusive retail channel. Stove Kraft aims to establish 500 standalone Exclusive Pigeon Stores by CY 2027. In Q3, it expanded its retail network by adding 17 new stores, bringing the total footprint to 313 outlets across 21 states and 138 cities.
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