💰 Financial Performance

Revenue Growth by Segment

Revenue growth was 8.9% YoY in FY2025, a significant recovery from 1.8% in FY2024. Manufacturing of Metal Products (Pressure Cookers and Cookware) accounts for 81% of turnover, while Wholesale Trading accounts for 16%.

Geographic Revenue Split

The domestic market is the primary driver, contributing 93.3% to 94% of total sales. Exports account for approximately 6% to 6.7% of turnover, serving 29 international countries as of FY2025.

Profitability Margins

Operating profit margins declined to 13.9% in FY2025 from 14.7% in FY2024, primarily due to rising raw material costs and the absence of price hikes during that fiscal year. Margins previously improved from 12.5% in FY2022 to 13.5% in FY2023.

EBITDA Margin

Operating profit margin stood at 13.9% in FY2025. Core profitability is vulnerable to raw material price volatility, particularly aluminium, which caused the 80 bps margin compression YoY.

Capital Expenditure

Not explicitly disclosed in INR Cr, but the company maintains a net debt-free status with limited working capital requirements and stable dividend payouts that limit net worth expansion.

Credit Rating & Borrowing

Ratings reaffirmed at [ICRA]AA- (Stable). Fixed deposit programme enhanced to INR 110.08 Cr from INR 94.51 Cr. The company is net debt-free with a gearing of 0.1 times as of March 31, 2025.

⚙️ Operational Drivers

Raw Materials

Aluminium and Stainless Steel are the primary raw materials. Aluminium prices are specifically cited as a major driver of margin volatility, causing a decline in operating margins to 13.9% in FY2025.

Key Suppliers

Sourced from ISO-compliant suppliers; specific company names are not disclosed.

Capacity Expansion

Operates 3 factories: Thane (Maharashtra), Hoshiarpur (Punjab), and Jaunpur (Uttar Pradesh). While specific MTPA capacity is not listed, the company has 26 stainless-steel and 92 aluminium pressure cooker models.

Raw Material Costs

Raw material costs led to a margin decline from 14.7% to 13.9% in FY2025. Procurement strategy includes sourcing from ISO-compliant vendors and recycling aluminium scrap to manage costs.

Manufacturing Efficiency

Capacity utilization is not specified, but the company produces a wide range of 118 pressure cooker models and has successfully diversified into pressure die-cast and cast-iron cookware.

Logistics & Distribution

Distribution is handled through an extensive network of 9,588 dealers as of March 31, 2025, ensuring wide reach across urban and rural India.

📈 Strategic Growth

Expected Growth Rate

8.9%

Growth Strategy

Growth will be driven by price increases implemented in April-May 2025, product diversification into the electric kettle segment (Futura Kettle), and strengthening rural demand following a better monsoon. The company is also expanding its cookware range with Tri-Ply stainless steel and cast-iron products.

Products & Services

Pressure cookers (Hawkins Classic, Futura, Miss Mary), Cookware (Hard anodised, non-stick, Tri-Ply stainless steel, die-cast aluminium, cast iron), and Electric Kettles (Futura Kettle).

Brand Portfolio

Hawkins, Futura, Miss Mary.

New Products/Services

Entered the kitchen electricals segment in FY2025 with the Futura Kettle; also added Tri-Ply stainless steel frying pans and pressure die-cast aluminium cookware.

Market Expansion

Serves 28 states and 8 Union Territories in India and 29 international countries. Focus is on deepening rural penetration and scaling the new electric kettle category.

Market Share & Ranking

Positioned as one of the leading players in the Indian pressure cooker industry; specific market share % not disclosed.

🌍 External Factors

Industry Trends

The kitchenware segment has faced volume stagnancy for three fiscals due to inflationary pressure. The industry is shifting toward product diversification into kitchen electricals and premium cookware like Tri-Ply and cast iron.

Competitive Landscape

Intense competition from leading national branded players, regional players, and the unorganized sector.

Competitive Moat

Durable advantages include a strong brand franchise established in 1959, a massive distribution network of 9,588 dealers, and a net debt-free balance sheet with superior RoCE of 43-45%.

Macro Economic Sensitivity

Highly sensitive to inflation, which impacts consumer purchasing power, and the rural economy, which is dependent on monsoon performance.

Consumer Behavior

Inflation has shifted consumer behavior toward range-bound spending, though brand loyalty remains high for established names like Hawkins.

Geopolitical Risks

Exposure to 29 international countries; however, 94% of revenue is domestic, mitigating global trade barrier impacts.

⚖️ Regulatory & Governance

Industry Regulations

Pressure cookers and cookware must comply with BIS certifications and carry the ISI mark where applicable.

Environmental Compliance

Compliant with pollution control norms; ensures e-waste and hazardous waste disposal through authorized agencies. All three factories are compliant with air pollution control requirements.

Legal Contingencies

As of the reporting period, there were 33 customer complaints (1 pending) and 16 employee/worker complaints (7 pending). No major High Court or Supreme Court case values were disclosed.

⚠️ Risk Analysis

Key Uncertainties

Volatility in raw material prices (Aluminium/Steel) and potential demand contraction due to sustained high inflation are the primary risks.

Geographic Concentration Risk

High geographic concentration in India, which accounts for 93.3% to 94% of total sales.

Third Party Dependencies

Dependent on ISO-compliant suppliers for raw materials and a network of 9,588 dealers for sales.

Technology Obsolescence Risk

The company is mitigating technology risks by diversifying from traditional cookers into the electric kettle and premium cookware segments.

Credit & Counterparty Risk

Strong counterparty profile with a net debt-free status and healthy cash generation from operations (RoCE of 43.0% in FY2025).