Whirlpool of India Share price and Fundamental Analysis

Company History

Whirlpool of India Ltd., headquartered in Gurugram, is one of the leading manufacturers and marketers of major home appliances in the country. The company is primarily engaged in manufacturing and trading of Refrigerators, Washing Machines, Air Conditioners, Microwave Ovens and Small appliances and caters to both domestic and international markets. The company also provides services in the area of product development and procurement services to Whirlpool Corporation, USA and other group companies. Whirlpool of India is a subsidiary of Whirlpool Corporation, the world's leading major appliance manufacturer.

Whirlpool of India owns 3 state-of-the-art manufacturing facilities at Faridabad, Puducherry and Pune. Each of these manufacturing set-ups features an infrastructure that is witness of Whirlpool's commitment to providing its consumer with forward looking solutions.

Whirlpool of India Ltd. was incorporated in July 09, 1960 as Kelvinator of India Ltd. The Company was formed in collaboration with Kelvinator International Corporation, USA for the manufacture of refrigerators compressors and allied products. In the year 1974, they established a factory for the manufacture of electrical grade stampings in collaboration with Thermal Refrigeration Ltd, UK.

In the year 1975, the company established a modern tool room for the manufacture of tools dies jigs and fixtures. In the year 1976, they established a factory for the manufacture of electromechanical cash registers in collaboration with Gross Cash Registers Ltd, UK. Aravalli Svachalit Vahan Ltd, a sick unit at Alwar merged with the company with effect from May 26, 1982.

In the year 1985, the company entered into a collaboration agreement with White Consolidated Industries Inc, USA for the manufacture of washing machines. In the year 1986, they introduced a 300-litre 2-door refrigerator for the lower and middle class consumers. In addition, they introduced a single speed (VIP-1) and 3-speed kick-start (VIP-3) along with two new models of cash registers.

In the year 1993, the company entered into a tie-up with Whirlpool Corporation USA whereby Whirlpool contracted to purchase from White Consolidated Industries Inc, USA. Also, Expo Machinery Ltd, a wholly owned subsidiary merged with the company. In November 1995, the Whirlpool brand was launched along with a new 310-litre refrigerator.

In the year 1996, Whirlpool Washing Machines Ltd merged with the Kelvinator India Ltd and the company changed their name from Kelvinator of India Ltd to Whirlpool of India Ltd. The Pondicherry washer unit introduced a re-styled version of a fully Automatic Washing machine and a 3.5 Kg Twin-tub machine under the Whirlpool brand.

In the year 1997, the company signed an MoU with Intrinsic Automation System Pvt Ltd for the hiving off their electronic cash register division. They launched a venture consumer finance company in association with Apple Industries.

In the year 1998, the company launched range of state of the art non-CFC frost-free refrigerators. In September 1998, Whirlpool Financial India Pvt Ltd another group company of Whirlpool Corporation and a wholly owned subsidiary of Whirlpool Financial Mauritius Ltd merged with the company.

In the year 2000, the company expanded their product range by launching Airconditioners and Microwave Ovens for the first time. In the year 2001, they launched an indigenously developed Coffee Grinder, Bag Dryer and Voltage Stabilizer. In the year 2002, they launched Magic Cool series of Airconditioners, both Windows and Split type.

During the year 2003-04, the company won a major order for Manufacturing and Export of Portable Home Appliances for the US market under the prestigious 'KitchenAid' brand. The company converted a part of the Pondicherry facility into an Export Oriented Unit to maximize the benefits and promote further exports. In December 2003, they launched a new range of Fully Automatic Washing Machines.

In May 2004, the company launched new refrigerators in the 'ice magic frost-free range'. They entered into a distribution tie up with Faber India during the year. In April 2005, the company launched 'Genius' a direct cool refrigerator of 180 litres and premium range of window air-conditioners, namely 'MagicCool'. They also launched new Iceberg refrigerators during the year.

During the year 2005-06, the company opened four new call centres in B class towns & non-metro cities to facilitate easy consumer access. In addition, as a part of the process innovation initiative, 'Hotlines' were installed in key trade partners locations to provide direct link to the call centres and service partners.

During the year 2006-07, the company launched two new refrigerators, Whirlpool Delight in low capacity Frost Free and Fusion in high capacity Direct Cool. In April 2006, the company launched a Washing Machine - Splash, which is Fully Automatic Top Load. In September 2006, they launched Sparkle and Verve in the Semi Automatic Washing Machine segment and Sensation Classic in Fully Automatic Front Load. In addition, they launched a Microwave (Jet Chef) during the year.

During the year 2007-08, the company introduced Whirlpool Microwave Ovens with sixth sense technology. They also launched Power Inverters during the year. In July 2007, the company introduced a stylish and highly featured range of Built-In appliances, imported from Whirlpool Europe. In January 2008, they introduced Whirlpool Purafresh, a range of Water Purifiers throughout the country. The company was also awarded the NDTV Profit Business and Leadership Award 2008 for 'The Best Consumer Durables Company' as an industry leader.

In April-May 2008, the entire range in Direct Cool was refreshed with the re-launch of Genius and Fusion brands. In October 2008, the Direct Cool range was augmented with the launch of Fusion 180-litre, the first product in the entry level to have a frost control feature. In January 2009, they launched a completely new range of fully automatic top load and front load washing machines, including the high capacity models, under White Magic and Professional brands. The semi-automatic ranges were also augmented with a 'plastic cabinet' washing machines.

On 14 January 2010, Whirlpool of India announced aggressive plans for growth in the AC category as it launched a new range in India. The company has launched 30 new products in two sub-brands Mastermind Chrome and Mastermind Aviator. The new range with several unique and premium features is aimed at giving a boost to Whirlpool in the AC category.

On 3 February 2010, Whirlpool of India announced its association with country's biggest sporting event IPL Season 3 as the official sponsor and the 'cooling partner' of the Kings XI Punjab team. On 21 April 2010, Whirlpool of India launched six new models of convection Microwave Ovens (MWOs) as a part of its Jet Chef and Family Chef Collection.

On 12 November 2010, Whirlpool of India launched a range of new semi automatic washers- 'Whirlpool ACE Washstation'. Whirlpool Ace is a thoughtfully designed iconic product that blends both form and functionality redefining the Indian semi-automatic washing machine segment. On 24 May 2011, Whirlpool of India launched 22 new variants of Protton World Series Refrigerator.

On 22 March 2012, Whirlpool of India announced aggressive growth plans for the Indian market as it unveiled its new products across 6 categories - Refrigerators, Washing Machines, Air Conditioners, Microwave, Water Purifiers and Built-in kitchen appliances - in the presence of its brand ambassador Kajol. The new portfolio expands Whirlpool's presence across multiple categories, and the launch of products in premium and super premium price segments is an indicator of the opportunity it sees in emerging India.

On 10 April 2013, Whirlpool of India introduced Masterpiece refrigerator in direct cool segment that assures enduring performance and extra-ordinary functionality at competitive price. Unlike other refrigerators, this product has the best ratio between freezer and refrigerator for vegetarians. On 16 September 2013, Whirlpool of India launched India's first French Door Bottom Mount refrigerator.

On 14 November 2014, Whirlpool of India announced the opening of its first exclusive Built-in showroom called as 'Whirlpool Haute Kitchen' in Jaipur, Rajasthan. This is the first Built-in Store in India by Whirlpool. It brings the best of European styling and functionality offering a complete range of Built-in products from Built-in Hobs, Built-in Hoods, Built-in Coffee Machine, Built-in Oven, Built-In Microwave Oven, Built-in Refrigerator, Built-in Water Purifier, Built-in Steam Oven and Built-in Dishwasher.

On 5 July 2016, Whirlpool of India introduced its all new NeoFresh range of double door refrigerators with innovative 6th Sense Intellifresh technology. The 6th Sense Intellifresh technology along with 3 intellisensors forms an intelligent operating system that senses the internal load and external temperature to automatically adjust the temperature inside for long lasting freshness.

On 10 November 2016, Whirlpool's premium kitchen appliances brand 'KitchenAid' announced its entry in Major Domestic Appliance (MDA) segment in India. 'KitchenAid- Full kitchen resource brand is worldwide known for providing passionate gourmet solutions to culinary experts since 100 years. The new products introduced in MDA category include Chef Touch- Sous Vide cooking system, dishwasher, Domino hobs and Fridge Freezer.

On 11 April 2018, Whirlpool of India introduced advanced range of dishwashers. This range of European Dishwashers is best suited for the Indian environment. The entire dishwasher range optimizes the use of resources, guaranteeing low water consumption and high energy efficiency.

The Board of Directors of Whirlpool of India at its meeting held on 1 June 2018 approved a proposal to enter into a strategic joint venture with Elica and acquire 49% equity in Elica PB India Pvt Ltd. As part of the Joint Venture, Elica PB India will manufacture and distribute cooking and built-in appliances under the Whirlpool brand in India. Elica PB India is a subsidiary of Elica SpA Italy and has been operating in India since 2010.

Elica India is engaged in the business of manufacturing and trading of variety of kitchen equipment such as hobs, kitchen hoods, ovens, dishwashers etc.

On 10 September 2018, Whirlpool of India announced that it has completed the acquisition of 49% of the issued and paid up share capital of Elica PB India Private Limited. With this transaction, Whirlpool of India will hold 49% shareholding in Elica PB India Private Limited.

During year 2018-19, the Company invested Rs. 590 crores in capex projects like enhancing capacity at Faridabad & Puducherry factory and modernization of Double Door Frost Free line at Pune factory.

During year 2019-20, the Company launched the widest range of 5 Star range of Semi-Automatic and Top Load Washing Machines to provide an incomparable wash experience. It introduced a new range of Single Door refrigerators, IceMagic Pro. It also introduced a range of Oven Toaster Grillers aimed at consumers seeking convenient and fast options of cooking crunchy, tasty and juicy treats at home. Apart from these, it introduced a new range of Front Load washers, Air Conditioners, Chest Freezers, Microwave-ovens, etc across the SAARC markets. It launched a new state of the art CRM Magicare NXT' powered by SAP C4C.

During year 2020-21, the Company launched the next generation range of 3D Cool Inverter Air Conditioners. It also launched Stainwash Pro and Bloomwash Pro series of washing machines with In-built heaters. It launched a new range of the All-in-One Convection Microwave. It expanded its manufacturing footprint by developing a facility for semi-automatic washers at its Faridabad factory.

The Company, during the financial year 2021-22, acquired additional equity shares of 38.25% in Elica PB Whirlpool Kitchen Appliances Private Limited (formerly known as Elica PB India Private Limited) and now holds 87.25% stake in Elica India. With this additional investment by the Company, Elica PB India became the subsidiary of the Company with effect from 29th September, 2021.

During the year 2022-23, the Company set up at Puducherry a new production line for manufacturing front load washing machines having an annual capacity of 400,000 units. It launched the XpertCare range by venturing into the premium Front Load washing machines category; launched a new range of Stainwash; top load fully-automatic washing machines; launched the all-new Hydrowash semi-automatic washing machine range with 3D Wave Technology; in In refrigerators, it launched the Intellifresh Pro range of frost-free refrigerators.