Whirlpool of India Ltd

Postal ballot resolutions and outcomes

• Special 1: Approve Whirlpool ESOP 2026 via trust route (employee stock options).
• Special 2: Approve grant of ESOPs to subsidiary employees; approved by requisite majority.
• Special 3: Approve ESOP Trust for acquisition of equity shares via secondary markets; approved.
• Special 4: Approve funding by the company to ESOP Trust; approved.
• Ordinary 5: Appoint Aditya Jain as Director (DIN 09752995); term not disclosed.
• Ordinary 6: Appoint Aditya Jain as Executive Director (DIN 09752995); term not disclosed; effective 21 July 2026.

Overview

• Main activity: manufacturing, trading, and distribution of consumer durables with after-sales service.
• Standalone BRSR scope covering three Whirlpool plants; offices/warehouses excluded.
• FY2025-26 turnover anchored in core appliances; ~96% from refrigerators, washers, and ACs.
• Product mix: refrigerators 52%, washing machines 29%, air conditioners 11%.
• Markets: 28 states and 7 union territories; exports to 11 countries.
• Assurance: BRSR Core disclosures reviewed by Adwin Advisory Services.

Key ESG Risks & Opportunities

• Climate risk acknowledged; company monitors metrics and pursues emissions reductions.
• Circular economy opportunity through design for sustainability to reduce resource use.
• Product stewardship and safety practices strengthen brand; proactive testing and rapid issue resolution.
• Waste management/EPR risk: evolving rules; disposal costs may rise; long-term compliance yields value.
• Responsible sourcing: 96% inputs sustainably sourced; SCoC audits and TPDD to mitigate supply risks.
• Inclusion and diversity: Empower program; improved female leadership and reduced attrition risk.
• Sustainable operations: energy, water, and waste KPIs drive resilience and profitability.

Governance & Policy Highlights

• MD and leadership oversee ESG strategy with regular reviews.
• Integrity Manual and Code of Conduct guide anti-bribery and whistleblower practices.
• ISO 9001, 14001, 45001 across plants; BIS certifications maintained.
• GST/state tax penalties disclosed; multiple notices, with appellate actions for recovery amounts.
• Independent assurance: Adwin provided reasonable assurance on BRSR Core.
• Policy linkage: suppliers and governance policies accessible on company site.
• RPT governance: supplier and related-party exposure monitored; due diligence via SCoC.

Social Responsibility & Workforce

• Total workforce: 11,047; permanent 1,524; others 9,523; total workers 5,563.
• Board female representation 14%; Key Management 25% female; Empower program for women.
• BeWell wellbeing program; Employee Assistance Program; broad training coverage.
• LTIFR: employees 0; workers 0.27; total injuries: 3 workers; 1 fatality.
• CSR focus on Water Project; 14,510 KL fresh water saved at Faridabad via dual piping.

Environmental Performance

• Total energy 181,984 GJ; renewable share ~19.5% (35,489 GJ); non-renewable 146,495 GJ.
• Water withdrawal 167,057 KL; consumption 163,548 KL; water intensity 0.0000022 per turnover.
• Scope 1: 1,782 tCO2e; Scope 2: 22,341 tCO2e; intensity 0.0000003 per turnover.
• Scope 3: 9,334,865 tCO2e; intensity 124.9 per INR million turnover.
• Waste generated 14,414 MT; 7,490 MT recycled; 6,836 MT reused; total disposed 88.2 MT.
• EPR achieved: 71,067 MT E-Waste and 5,857 MT Plastic Waste recycled; ZLD at Puducherry and Pune.
• Solar 320 kW added; biodiesel DG; battery forklifts at Pune; ISO/DfS upgrades.

Stakeholder Engagement & Complaints

• Stakeholders include employees, communities, suppliers, customers, distributors, regulators, shareholders.
• Engagement ongoing; board reviews feed feedback to management.
• FY2025-26 complaints: shareholders 12; investors 0; employees 8; customers 215,961; value chain 0; others 1; pending: customers 19,337.
• POSH complaints: 1 in FY25; 0 in prior year; Integrity Line and zero-retaliation policy in place.

Other Notable Metrics

• MSMEs direct inputs 17%; 86% inputs sourced within India.
• 96% suppliers assessed for environmental impacts; 96% for health and safety in value chain.
• Cybersecurity: ISMS; no data breaches; no penalties; privacy disclosures available.
• Affiliations to 7 trade associations; active public policy engagement; board reviews annually.
• Independent assurance: Adwin on BRSR Core; boundary limited to three plants.

AGM Details

• Date and time: 9 Sep 2026, 11:00 AM IST.
• Mode: VC/OAVM; deemed venue at registered office.
• Record date: 28 Aug 2026.
• Remote e-voting window: 5 Sep 2026 09:00 to 8 Sep 2026 17:00 IST.

Key Resolutions

• Adopt standalone financial statements for year ended 31 March 2026.
• Adopt consolidated financial statements for year ended 31 March 2026.
• Declare final dividend of ₹5 per equity share.
• Remuneration of Cost Auditors: ₹5,00,000 for FY 2026-27.

Voting results

• Voting results not disclosed in this filing.

Director changes

• Anil Berera to be re-appointed, retiring by rotation.

Financial Performance

• Standalone Q1 FY27 revenue INR 2,582 cr, up 11.4% YoY.
• Consolidated Q1 FY27 revenue INR 2,727 cr, up 12.1% YoY.
• Standalone EBITDA INR 120 cr, margin 4.6%.
• Consolidated EBITDA INR 139 cr, margin 5.1%.
• Elica revenue up 26%, Elica PBT up 22%.

Product and Innovation

• Record quarterly revenue; market-share gains across refrigerators and washers.
• Luxuriem four-door premium refrigerator launched; 654-liter, triple evaporator; Intelli Crisper AI.
• Luxuriem investment: INR 245 crores; made in India; Pune lines.
• Faridabad plant recorded record production; no stoppages despite supply constraints.
• Elica products won A' Design Awards Silver for Jade Marble and Protton.

Working Capital and Operations

• Net working capital remained negative; air-conditioner working capital recovered.
• Over eight quarters, five had negative net working capital.

Capex and Manufacturing

• Base ongoing capex around 100+ crores; run-rate capex guided.
• P4G program driving cost efficiency across lines.
• Capex not budget-constrained; capacity expansion, automation, and inorganic opportunities in 12-15 months.
• Luxuriem four-door started shipping from Pune; production line investments.

Q&A Highlights

• Whirlpool stake: 39.75% stake; remains arm's length.
• Board to finalize capacity, new products, automation, and inorganic opportunities within 12 months.
• Pricing changes monthly; balance volume, market share, and profitability.
• ESOP reform: 100% performance-vesting; 3-year cliff; possible zero LTI if ratings poor.
• Sale of services to Whirlpool continues till March '29 on cost-plus basis.
• Elica 100% owned by Whirlpool of India; no stake remaining.
• AC business: responsible growth; margins to improve gradually; avoid overstock.
• July–September expected challenging; refrigerators and AC worst quarter; costs and forex high.

Meeting Details

• Board meeting scheduled for August 5, 2026.

Key Agenda Items

• Consider and approve unaudited standalone and consolidated financial results for quarter ended June 30, 2026.

Other Notes

• Trading window closed from July 1, 2026 until forty eighty hours after results declaration.

Senior Management Changes

• Appointment: Abhish Jain, CA with ~12 years FP&A, appointed Head FP&A; reports to ED/CFO; effective 27 July 2026.
• Role change: Charu Aggarwal moves from FP&A to Head Commercial Finance; reports to ED/CFO; effective 27 July 2026.