IFBIND
Micro CapIFB Industries Limited
Consumer
IFB Industries Limited is an Indian consumer durables company manufacturing and selling home appliances like washing machines, air conditioners, microwave ovens, dishwashers, and refrigerators. It also has an industrial solutions division for laundry and dishwashing equipment.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is supportive, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 90/100Rev +12% YoY · PAT +126% YoY · margin expansion · +6% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,498 Cr | +12.3% | +6.0% |
| EBITDA | ₹79 Cr | +41.1% | +6.8% |
| Operating margin | 5.0% | +100 bps | +0 bps |
| PAT | ₹43 Cr | +126.3% | +79.2% |
| PAT margin | 2.9% | +145 bps | +117 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 revenue grew 11% YoY with all divisions showing double-digit growth. PBDIT increased 16% YoY, and PAT surged 51% YoY. YTD FY26 revenue grew 10% YoY, but PBDIT growth was muted at 3% due to higher operating expenses.
The company delivered strong Q4 performance across key metrics, driven by premiumization and strategic product launches. While YTD PBDIT margin saw some compression, management is actively addressing this through cost optimization and SKU rationalization. The robust net cash position provides financial flexibility.
Premiumization in Washers
The premium front load washing machine industry continues to witness positive momentum. IFB's AiDOS platform reinforces leadership in advanced fabric care and supports premium portfolio growth.
Washer Dryer Category Expansion
The Washer Dryer category continues to witness premiumization trends with industry volumes growing by ~30% YoY. IFB strengthens its premium portfolio through Laundrimagic®.
Dishwasher Market Penetration
The industry expanded by 15% in Q4, while IFB delivered a growth of 42%, reflecting strong execution and market penetration, leading to market share gain.
Commercial Appliances '3X3' Vision
We have embarked on a three-year Vision – '3 X 3'. The objective is to reach a 3X Revenue Growth in three years for Commercial Appliances.
Premium Front Load Washer Demand
The premium front load washing machine industry continues to witness positive momentum, driven by increasing consumer preference for larger capacity and feature-rich solutions.
Dishwasher Industry Growth
The industry expanded by 15% in Q4, reflecting rising consumer preference for convenience-led solutions.
Microwave Oven as Gas Alternative
In Q4, we capitalized on the temporary gas shortage by positioning microwave ovens as a reliable alternative for preparing meals.
Muted Consumer Durables Demand
The consumer durables industry faced muted demand and margin compression due to sharp increases in raw material costs and INR depreciation during FY26.
AC Industry Headwinds
The air conditioner industry faced headwinds due to early monsoon in Q1 FY26, transition to revised star-labeling norms in Q4, and risk of supply chain issues.
Intensified Competitive Pricing
Despite seasonal softness and intensified competitive pricing, IFB sustained its performance by reinforcing its value proposition.
Microwave Oven Market Decline
The microwave oven market declined by 5% in Q4 compared to LY Q4, with solo, convection, and grill segments showing a decline.
Raw Material Costs & Currency Depreciation
The consumer durables industry faced margin compression due to sharp increases in raw material costs and INR depreciation during FY26.
Supply Chain Disruptions
The air conditioner industry faced risk of supply chain issues arising from geopolitical tensions in the Middle East.
Competitive Pricing Pressure
The Home Appliances division faced intensified competitive pricing, requiring IFB to reinforce its value proposition.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The investor presentation explicitly provides Q4 FY26 vs Q4 FY25 and FY26 vs FY25 comparisons. For a consumer durables business, YoY comparison is more relevant to account for seasonality and long-term market trends.
Q4 Revenue Growth
Revenue growth for the quarter stood at 11%. All divisions recorded double-digit growth over corresponding quarter of previous year.
YTD Revenue Growth
Revenue growth for the year stood at 10%, with overall performance impacted by subdued growth in the first quarter.
Q4 PBDIT Margin
PBDIT margin improved marginally to 5.54% from 5.29% in Q4 FY25.
YTD PBDIT Margin
PBDIT % on revenue for the year was 6.10% as against 6.52% in previous year.
Strategic Focus Areas
Cost optimization remained a top priority. Initiatives to expand channel coverage, sharpen product mix, and strengthen profitability across segments continue to progress.
SKU Portfolio Rationalization
In H1 of FY27, we shall rationalise our SKU portfolio from 58 to 25 SKUs for front load washers. Top Load SKUs will reduce from 37 to 24 in Q1 FY27. AC SKUs will reduce from 41 to 16 in Q2 FY27.
Net Cash Position & Cash Conservation
The Company maintained cash and cash equivalents of ₹357.27 crores, resulting in a net cash position of ₹344.50 crores. No prepayments are made to conserve cash for future strategic requirements.
AC Price Increase
The AC price has been increased by 8%-10% to improve price positioning and absorb commodity/forex price increases.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Inverter AC Market Share | Not explicitly stated, but management aspires to achieve 7%. | Progress towards achieving 7% market share in the inverter AC segment. |
| Premium Front Load Washer Launches | AiDOS platform driving growth. | Launch of 13Kg and 14Kg front load washers by September and December respectively. |
| SKU Rationalization Impact | Initiatives planned for H1 FY27 (washers) and Q2 FY27 (ACs). | Improved operational efficiency and inventory management post SKU rationalization across categories. |
| Commercial Appliances Revenue Growth | Industrial Dishwashers grew 13%, Industrial Laundry grew 28% in Q4. | Progress towards the '3X3' Vision of 3X revenue growth in three years for Commercial Appliances. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
43NeutralSMA20 -11.1% / mo
Technical chart
IFBINDweekly · 3Y-23.0%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 56.
- SMA20 falling (~12.5% over last month) — short-term momentum negative.
- RSI(14) at 56 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 36% off 52W high · 46% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 53.6%.
- Balance sheet contributes 12/15 to the score.
Main drags
- Valuation is weaker at 14/30; verify the latest quarterly trend.
- Quality is weaker at 12/20; verify the latest quarterly trend.
- Growth is weaker at 16/25; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 93rd percentile of the scored universe and 94th percentile within Consumer. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 75%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 94th pctile, median 67 · Micro: 89th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 75%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.7%.
- ▸7 years of positive FCF.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 32.70
- P/B
- 5.04
- EV/EBITDA
- 11.82
- Market Cap
- 5033.00Cr
Profitability
- ROE
- 16.80%
- ROCE
- 20.30%
- ROA
- 5.80%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 15.00%
- EPS 5Y
- 19.00%
- Revenue 3Y
- 10.00%
- EPS 3Y
- 47.50%
Balance Sheet
- Debt/Equity
- 0.16
- Interest Coverage
- 15.10×
- Altman Z
- 5.39
- Book Value
- 246.00
Cash Flow
- FCF Yield
- 2.92%
- FCF Positive Y
- 8/5
- OCF
- 299.00 Cr
- EPS TTM
- 35.43
Shareholding
- Promoter Hold
- 74.96%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 31%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.