Whirlpool of India shares up 5% as Jefferies says Q3 results in-line — Should you buy

Shares of Whirlpool of India Ltd. gained over 5% on Monday, February 9, after its third quarter earnings and as brokerage firm Jefferies projected a 20% upside on the stock from its previous close.

Jefferies has a "hold" recommendation on Whirlpool of India, with a target price of ₹1,030 per share.

The company's third quarter earnings before interest, tax, depreciation and amortisation (EBITDA) was in-line with the analyst's estimates, but its reported profit after tax (RPAT) — which declined 40% from the previous year — missed estimates due to an exception loss of ₹3.88 crore, in view of the new labour code.

Jefferies said the company's consolidated sales increased 4% from the previous year and were driven by share gains in the washers and air-conditioners segments.

Its operating margin of 5.1% improved by 100 basis points from the previous year.

However, its refrigerators segment was muted due to soft demand and competition, Jefferies said.

The company's EBITDA was up 31% from the previous year.

The parent company Whirlpool Corp sold 11% stake in Whirlpool of India in November 2025 and could retain 40% for the time being, Jefferies said.

Whirlpool of India said the third quarter was a historic period for the firm. It mentioned that it declared the securing of its future in mid-October 2025, with a long-term deal signed with Whirlpool Corporation that ensured multi-decadal rights to usage of the Whirlpool brand. It also included long-term licensing agreements and over three years of a transitional services agreement.

The company said all of this will allow it the interim systems stability needed to drive forward strongly in the future.

Of the 13 analysts that have coverage on the stock, seven have a 'buy' rating, four have a 'hold' rating and two have a 'sell' rating on it.

Shares of Whirlpool of India gained 5.1% to hit an intraday high of ₹898 apiece on Monday. The stock was up 4.5% at ₹893.2 apiece around 11.15 am. It has declined 16.2% in the past year.

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