Whirlpool margin falls to 2.13% as costs outpace revenue decline
Consolidated net profit growth was -75.62% QoQ, while other income made up 168.63% of pre-tax profit.
Filed 09 Nov 2026, 16:50 IST · after market close · Whirlpool of India Ltd (WHIRLPOOL)
Key takeaways
- Consolidated operating margin narrowed by 2.97 percentage points QoQ to 2.13% as expenses fell 29.15% against a 31.31% revenue decline.
- Net profit fell 75.62% QoQ to Rs 25.08 cr, while other income amounted to 168.63% of pre-tax profit.
- Whirlpool India's 2.13% operating margin was 9.26 percentage points below the 11.39% median for 290 Consumer Discretionary peers.
Price around the results
Q2FY27 earnings absorb a sharp sequential revenue decline
On a consolidated basis, revenue fell 31.31% QoQ, but expenses fell only 29.15%, so operating profit dropped 71.32% and operating margin narrowed by 2.97 percentage points to 2.13%. Net profit fell 75.62% to Rs 25.08 cr and EPS declined 75.59% to Rs 1.98, showing that the weaker operating performance flowed through to earnings.
Cost intensity widened while other income lifted reported profit
Expenses declined more slowly than revenue, which explains the margin compression despite lower absolute costs. Interest expense fell 35.61%, but the tax rate increased by 1.03 percentage points to 26.88%. Other income was 168.63% of pre-tax profit, making reported profit quality a key feature of the quarter.
Margin trails the Consumer Discretionary peer set
Whirlpool India's 2.13% operating margin was 9.26 percentage points below the 11.39% median among 290 Consumer Discretionary companies that reported the quarter. The company ranked 40th from the bottom on this measure, placing its sequential margin decline in a weak sector-relative position.
Results were filed after market close
The company filed its consolidated Q2FY27 results after market close on 09 Nov 2026 at 16:50 IST. The market response is therefore not included in this readout.
Q2FY27 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹1,873 cr | ₹2,727 cr | -31.31% |
| Other income | ₹58 cr | ₹69 cr | -16.04% |
| Expenses | ₹1,833 cr | ₹2,588 cr | -29.15% |
| Operating profit | ₹40 cr | ₹139 cr | -71.32% |
| Operating margin (%) | 2.13% | 5.10% | — |
| Interest | ₹10 cr | ₹15 cr | -35.61% |
| Depreciation | ₹54 cr | ₹54 cr | -1.01% |
| Profit before tax | ₹34 cr | ₹139 cr | -75.28% |
| Tax | ₹9 cr | ₹36 cr | -74.30% |
| Net profit | ₹25 cr | ₹103 cr | -75.62% |
| EPS (₹) | ₹1.98 | ₹8.11 | -75.59% |
Operating margin of 2.13% compares with a Consumer Discretionary sector median of 11.39% across 290 peers that have reported Q2FY27.
What to watch
- Whether operating margin recovers from 2.13% after the 2.97-percentage-point QoQ decline.
- Whether expenses fall faster than revenue, reversing the Q2 gap of 29.15% versus 31.31%.
- Whether other income remains above pre-tax profit, after accounting for 168.63% of Q2 pre-tax profit.