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Swing Capital

Stove Kraft Ltd

NSE: STOVEKRAFT BSE: 543260

StoveKraft Ltd was incorporated in 1999 by Mr. Rajendra Gandhi. [1] It manufactures a wide range of kitchen solutions under Pigeon (value), Gilma (semi-premium) brands and acts as an exclusive partner for kitchen appliances of the BLACK + DECKER (premium) brand. The products comprise cookware and cooking appliances, while the home solutions consist of various household utilities, including the recently introduced LED bulbs, oxymeters, etc. [2]

₹544
52W: ₹446 — ₹814
PE 42.9 · Book ₹152 · +258% vs book
Market Cap₹1,800 Cr
Stock P/E42.9Price to Earnings
ROCE11.3%Return on Capital
ROE8.61%Return on Equity
Div. Yield0.55%Face Value ₹10

Strengths

  • +Company has reduced debt.
  • +Company has been maintaining a healthy dividend payout of 25.9%
  • +Debtor days have improved from 32.8 to 26.1 days.

Weaknesses

  • −Stock is trading at 3.59 times its book value
  • −Company has a low return on equity of 8.55% over last 3 years.
  • −Company's cost of borrowing seems high

Shareholding Pattern

Promoters55.79%
FIIs0.81%
DIIs7.97%
Public35.45%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters55.88%55.88%55.88%55.84%▼0.055.84%55.8%▼0.055.79%▼0.055.79%
FIIs0.92%1.53%▲0.61.68%▲0.11.21%▼0.51.2%▼0.00.95%▼0.30.87%▼0.10.81%▼0.1
DIIs4.69%5.48%▲0.85.41%▼0.17.03%▲1.67.77%▲0.77.9%▲0.18.34%▲0.47.97%▼0.4
Public38.5%37.11%▼1.437.04%▼0.135.95%▼1.135.2%▼0.835.36%▲0.235%▼0.435.45%▲0.5

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales361.59325.23314.45418.31404.06312.99340.11474.42378.37414.52
Expenses331.49300.43282.78369.29363.52283.53304.49417.65344.09375.06
Operating Profit30.124.831.6749.0240.5429.4635.6256.7734.2839.46
OPM %8.32%7.63%10.07%11.72%10.03%9.41%10.47%11.97%9.06%9.52%
Net Profit6.762.668.216.7212.141.4510.4321.364.156.05
EPS ₹2.050.82.485.063.670.443.156.451.251.83

AI Insights

Revenue Trend

Mar 2026 revenue at ₹1,607Cr, up 11% YoY. OPM at 10%.

Debt Position

Borrowings at ₹62Cr. Debt-to-equity ratio: 0.13x. Healthy balance sheet.

Capex Cycle

CWIP at ₹15Cr (3% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 7.97% (+6.82pp change). FIIs: 0.81% (-0.17pp change). Promoters hold 55.79%.

Margin & Efficiency

ROCE improving from 2% (Mar 2015) to 11% (Mar 2026). Working capital days: -10.

Valuation

PE 42.9x with 11.3% ROCE. Price is 258% above book value of ₹152. Dividend yield: 0.55%.

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