Across Indian households, the kitchen is rapidly evolving from a purely functional space into a reflection of modern lifestyles, convenience, and aspiration. As consumers increasingly upgrade from basic cooking essentials to smarter and more efficient solutions, Stovekraft Limited is well positioned to benefit from this structural shift in demand.
Over the years, the company has transitioned from being primarily a cookware manufacturer to a diversified kitchen solutions provider with presence across multiple categories, price points, and channels. This evolution has allowed Stovekraft to align its portfolio with changing consumption patterns, particularly in urban and semi-urban markets where discretionary spending on home and kitchen upgrades continues to rise.
The company’s flagship brand, Pigeon, remains the primary growth engine. With a wide portfolio that includes pressure cookers, cookware, gas stoves, induction cooktops, mixer grinders, and small domestic appliances, Pigeon addresses everyday cooking needs while steadily expanding into higher-value categories. This breadth, combined with strong distribution, has supported consistent volume-led growth across both offline retail and e-commerce channels.
This category expansion has translated into steady revenue momentum over recent years. The company had earlier guided for revenue growth of over 15%, reflecting confidence in underlying demand and product traction. While external cost pressures have moderated margin expansion in the short term, Stovekraft remains on track to close the year with reasonable revenue growth, supported by sustained domestic consumption and a steady cadence of new product launches.
Commenting on the company’s growth strategy, Rajendra Gandhi, Managing Director, Stovekraft Limited, said, “We remain focused on our long-term growth roadmap, targeting steady revenue growth over the next four to five years. A strong pipeline of new product launches will support this trajectory and help us build sustained momentum across categories.”
Alongside product-led growth, retail expansion is emerging as a key structural lever. Stovekraft has outlined a roadmap to scale its exclusive brand outlet (EBO) network to 500 stores by FY27. The rollout is progressing steadily through franchise-led expansion and real estate partnerships, strengthening brand visibility, improving consumer engagement, and enabling better control over merchandising and product mix.
On the profitability front, the company continues to focus on operating discipline. While earlier guidance had indicated EBITDA margins above 11%, recent cost pressures have moderated near-term expansion. That said, EBITDA margins are expected to remain close to the 11% level, supported by operating leverage from scale, improving mix, and manufacturing efficiencies as volumes grow.
Complementing its mass-market strength is Stovekraft’s presence in premium and aspirational categories. Through Gilma, the company caters to the growing demand for modular kitchens, offering built-in hobs, chimneys, and integrated appliances for contemporary homes. Its association with BLACK + DECKER (under license in India) further strengthens participation in premium appliance segments, allowing Stovekraft to address a wider spectrum of consumer preferences and price points.
Exports continue to play a steady role in the company’s overall business mix.
Historically, exports have contributed around 12% of revenues, and the company has now returned to the 11%–12% contribution range. Management expects exports to grow further from here, supported by stabilising global demand and deeper engagement with international retail partners.
The international business is being developed with a long-term perspective, focused on geographic diversification and strengthening institutional relationships. Collaboration with IKEA is part of this approach, enabling Stovekraft to integrate into established global retail ecosystems while expanding its reach across markets.
As Indian kitchens continue to modernise and consumers increasingly seek convenience-driven solutions, the company’s expanding product ecosystem and retail footprint provide a strong foundation for sustained growth.
