Whirlpool of India Limited (WHIRLPOOL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+41.6%

₹1,169.94

vs ₹826.00 price

Levered DCF

₹1,864.33

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	34.11×	37.02×	73.13×	76.19×	35.23×	80.3×	47.07×	46.62×
P/B	2.41×	3.36×	4.3×	4.74×	5.94×	9.88×	9×	8.9×
P/S	1.25×	1.68×	2.32×	2.5×	3.22×	4.79×	3.85×	3.54×
EV / EBITDA	14.99×	19.67×	33.64×	38.51×	38.13×	48.08×	32.26×	27.98×
Gross margin	20.1%	33.5%	32.5%	30.7%	33.4%	35.8%	38.4%	36.9%
Operating margin	3.4%	20.1%	19.2%	17.9%	22.3%	21.1%	24.2%	24.0%
Net margin	3.7%	4.5%	3.2%	3.3%	9.1%	6.0%	8.2%	7.6%
Current ratio	2.03×	2.13×	2.28×	2.04×	2.04×	2.09×	2.09×	1.8×
Debt / equity	0.09×	0.07×	0.06×	0.03×	0.04×	0.02×	0.01×	0×
Interest coverage	5.98×	82.02×	109.09×	147.59×	253.94×	244.92×	543.83×	1,003.95×
Dividend yield	0.6%	0.5%	0.4%	0.4%	0.3%	0.2%	0.3%	0.3%
Payout ratio	21.6%	17.7%	29.2%	29.0%	11.2%	18.0%	15.6%	12.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	7.1%	9.1%	5.9%	6.2%	16.9%	12.3%	19.1%	19.1%
Return on invested capital	4.1%	25.2%	21.7%	22.0%	30.5%	29.4%	38.2%	36.0%
Return on assets	4.0%	5.3%	3.5%	3.7%	10.0%	7.0%	11.2%	11.0%
Free cash flow yield	1.8%	3.4%	3.4%	0.5%	-0.4%	1.5%	0.3%	1.1%
Earnings yield	2.9%	2.7%	1.4%	1.3%	2.8%	1.2%	2.1%	2.1%
Enterprise value	₹97.6B	₹110.2B	₹138.7B	₹151.2B	₹184.8B	₹262.4B	₹218.2B	₹180.5B
Net debt / EBITDA	-0.39×	-4.06×	-4.85×	-3.99×	-3.05×	-3.68×	-1.86×	-1.63×
Cash conversion cycle (days)	13	-2	4	13	18	-10	-1	-7