Stove Kraft Q3 Results: Revenue down, Profit **65%** gira! Investors ke liye kya hai khabar?

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AuthorIshaan Verma|Published at:
Stove Kraft Q3 Results: Revenue down, Profit **65%** gira! Investors ke liye kya hai khabar?
Overview

Stove Kraft ke liye Q3 FY26 numbers thode down hain. Company ka revenue **6.4%** gir kar **₹378.4 Crore** ho gaya hai. Aur Profit After Tax (PAT) toh seedha **65.8%** chhat kar **₹4.1 Crore** par aa gaya hai. Lekin ek achhi khabar ye hai ki gross margins sudhre hain aur company ne apna debt bhi kam kiya hai.

📉 Aage kya hua details mein?

Numbers Ka Khel:
Is quarter mein Stove Kraft Limited ke results mix hain. Revenue ₹378.4 Crore raha, jo pichhle saal se 6.4% kam hai. Saath mahino (9MFY26) ki baat karein toh revenue 4.9% badh kar ₹1,192.9 Crore ho gaya hai.

Profitability thodi alag picture dikha rahi hai. Q3 FY26 mein gross profit ₹149.2 Crore tha, jo pichhle saal se 1.7% kam hai, par gross margins 39.4% tak pahunch gaye, jo pehle 37.6% the. Aur 9MFY26 mein gross profit 7.1% badh kar ₹462.4 Crore raha, margins bhi 38.8% ho gaye.

EBITDA Q3 FY26 mein ₹34.3 Crore tha, 15.4% kam YoY, aur EBITDA margins 9.1% tak gir gaye. 9MFY26 mein EBITDA 4.5% badh kar ₹126.7 Crore raha, margins 10.7% par stable hain.

Sabse bada jhatka Profit After Tax (PAT) mein laga, jo Q3 FY26 mein 65.8% gir kar sirf ₹4.1 Crore reh gaya. Iska reason hai kuch one-off kharche jaise gratuity provision ke ₹1.24 Crore aur forex loss se ₹1.90 Crore, matlab total ₹3.14 Crore ka extra bojh. 9MFY26 mein PAT 3.0% kam ho kar ₹35.9 Crore ho gaya.

Quality Factor:
Achhi baat ye hai ki gross margins lagatar badh rahe hain, jo cost control ya pricing power dikhata hai. Lekin Q3 mein EBITDA margins kam hone se operating expenses zyada lag rahe hain. PAT mein jo badi girawat dikhi, woh mostly in one-off cheezon ki wajah se hai, haan forex loss currency fluctuations ka risk dikhata hai. Sabse solid update ye hai ki company ne is quarter mein ₹80.6 Crore ka debt kam kar diya hai, Sales & Lease Back se bhi madad mili. Inventory days bhi 137 days ho gaye, matlab inventory manage karna behtar ho raha hai.

Company Kya Kehti Hai?
Management ne maana hai ki market mein demand abhi slow chal rahi hai, Q3 mein domestic demand aur export dono mein tezi nahi thi. Par unko long term mein India ke consumer durables market se umeed hai, jahan FY29 tak ~11% CAGR ka target hai, urbanization aur digitization ki wajah se yeh badhega.

🚩 Risks Aur Aage Ka View

Nazdeeki Khatre:
Sabse bada risk hai ki ye sluggish demand aur export ki situation aise hi bani rahi toh revenue par pressure reh sakta hai. Currency rates ka upar neeche hona bhi profit ko affect kar sakta hai. Multiple brands aur retail expansion ko bhi carefully dekhna hoga.

Future Ki Soch:
Investors yahi dekhenge ki company current demand problems ko kaise handle karti hai aur apne 313 Pigeon stores ka fayda utha kar market share kaise badhati hai. Long term outlook toh achha hai, par short term mein consumer spending par sab depend karega. Revenue growth, EBITDA margin aur multi-brand strategy ka success dekhna hoga. ROCE 12.3% aur ROE 7.5% (9MFY26) se lagta hai ki capital efficiency mein sudhar ki jagah hai.

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