Stove Kraft Ltd

Stove Kraft

About the Company:

Stove Kraft Ltd is one of the Leading Brands for kitchen appliances in India and are one of the dominant players for pressure cookers and a market leader in the sale of free standing hobs and cooktops.

Company is engaged in the manufacture and retail of a wide and diverse suite of kitchen solutions under the Pigeon and Gilma brands

Company also proposes to commence manufacturing of kitchen solutions under the BLACK + DECKER brand, covering the entire range of value, semi-premium and premium kitchen solutions.

As of August 31, 2018, Company’s Pigeon branded products contributed 81.61% to their overall sales and for Fiscal 2018 and enjoy a leading position in the market for certain products such as free standing hobs, cooktops, non-stick cookware, LPG gas stoves and induction cooktops

Similarly, Company’s Gilma branded products contributed 4.74% of their overall sales, as of March 31, 2018 and BLACK + DECKER products contributed 0.88% of their overall sales as of March 31, 2018.

Company has presence in 23 states of India and 12 countries across the world.


Company’s Flagship Brands.

Pigeon and Gilma, have enjoyed a market presence of over 13 years and enjoy a high brand recall amongst customers for quality and value for money.

Under the Pigeon brand company manufactures and retails a wide and diverse range of affordable (value segment), quality products including, inter alia, cookware, cooking appliances and household utilities (including consumer lighting).

The Gilma brand which is targeted at the semi-premium segment,currently offers a wide range of products such as chimney, hobs and cooktops.


Partnership with BLACK + DECKER Brand:

Stove Kraft Ltd has entered the premium segment in 2016 pursuant to their exclusive BLACK + DECKER Brand Licensing Agreement with StanleyBlack & Decker, Inc.

The Black and Decker Corporation, enables Stove Kraft Ltd to exclusively retail, and provide post-sales services in relation to, a wide range of products such as  blenders and juicers, breakfast appliances, small cooking appliances and small domestic appliances in India under the BLACK + DECKER brand, up to December 31, 2027.


Products Sold by the Company:

Company’s Manufacturing Facilities:

As of August 31, 2018, Company manufactures 68.61% of Pigeon and Gilma branded products (in terms of number of units) at their well-equipped and backward integrated manufacturing facilities at Bengaluru (Karnataka) and Baddi (Himachal Pradesh).

As of March 31, 2018, the Bengaluru Facility had an installed annual production capacity of 15 million units, with the capability to manufacture products in the pressure cookers, non-stick cookware (roller coated and spray coated), LPG stoves, mixer grinders and induction cooktops categories.

The Baddi Facility (Himachal Pradesh), which is focused on LPG stoves, glass cooktop categories and has an installed capacity of 1.8 million units per 300 days.


Company’s Distribution Network:

Company has a dealer network comprising of over 26,000 retail outlets, which are driven through a sales force of 580 personnel.

In addition to independent third-party retail stores, company has also partnered with major Indian retailers for the sale of the products.

Company’s products are available in retail chains such as Metro Cash And Carry India Private Ltd. Company has also partnered with e-commerce retailers such as Flipkart India Private Ltd for the sale of Pigeon branded products on their portals.


Company’s Export Business:

Stove Kraft’s products are exported to 12 countries including UAE, Qatar, Bahrain, Kuwait, Iran, Tanzania, Uganda, Nepal, Philippines, Sri Lanka, the United Kingdom and the Netherlands.

Further, Stove Kraft also supplies their products to retail chains in the United States of America and also undertake original equipment manufacturing for retail chains in the United States of America and Mexico under their brands.


Major Players in the Kitchen Appliances Industry:

Major players currently operating in the Indian kitchen appliances market include TTK Prestige, Stove Kraft Limited, Gandhimathi Appliances Ltd, Hawkins, Bajaj Electricals, Preethi Industries Ltd., Glen, Faber, Kaff Appliances, Inalsa, IFB, Panasonic, and Phillips, etc.


Market Share of Cooking Stoves  (By Volume):



Objectives of the Issue:

  • Repayment/pre-payment, in full or part, of certain borrowings availed by the Company.
  • General Corporate Purposes.


Management Team:

  1. Mr. Rajendra Gandhi (Designation: Managing Director)
  2. Ms. Neha Gandhi (Designation: Executive Director)


Positives for the Company:

One stop shop for Kitchen & Home solutions:

Since inception in the year 1999, company has grown from a single brand small LPG stove manufacturing company to become one of India’s leading manufacturers of kitchen appliances.

Stove Kraft’s kitchen solutions comprise of cookware and cooking appliances across brands, and their home solutions comprise various household utilities, including consumer lighting, which not only enables them to be a one stop shop for kitchen and home solutions, but also offer products at different pricing points.


Focus on LED Consumer Lighting Business:

Owing to the increasing government initiatives to boost LED adoption and growing awareness regarding lower power consumption of LED lighting products, the LED lighting market is expected to grow significantly in India.

Stove Kraft Ltd seeks to capture this growing demand for LED lighting products with our range of consumer lighting products including bulbs, battens, downlight and panels.


Make in India Initiative:

To put more thrust on ‘Make in India’ drive, the government has increased the basic custom duty on some key electronic items, which includes LED lamps, one of the product segments catered to essentially by Kitchen appliances manufacturing companies like Stove Kraft Limited.


Pradhan Mantri Ujjwala Yojana (PMUY):

Under this scheme the Indian Government initially made a target to provide 5 Crore LPG connections to under privileged women.

Cooktop gas oven manufacturers, like Stove Kraft Limited, perceive this increase in LPG users as an opportunity to grow their market size since increase in LPG users will directly garner more number of gas stove/cooktop users in the country.

Stove Kraft has Partnered with Gas Companies:

Company has partnered with oil and gas companies such as Indian Oil, HPCL and BPCL, as a co-branding initiative and provides cooktops with new gas connection for any of these oil and Gas companies.

‘Pradhan Mantri Ujjwala Yojana’, has helped Stove Kraft Limited. to increase volume sales and also spread its reach into the country’s interiors.


Financials of the Company: (Consolidated)

(in Crores) FY 14 FY 15 FY 16 FY 17 FY 18
Revenue 514.9 506.48 524.79 517.95 534.58
Net Profit (-30.4) (-12.25) (-43.9) (-19.24) (-12.76)


Valuation of Peer Group Companies:

Company Name Face Value EPS PE Ratio RoNW NAV
Stove Kraft Ltd 10 (6.74) TBA (94.53) (7.14)
TTK Prestige 10 227.46 28 25.8% 882.75
Hawkins Cookers 10 92.06 32 44.3% 207.69
Butterfly Gandhimathi Appliances 10 2.82 94 2.7% 100.79

(Also Read Our Past SME IPO Review: Inflame Appliances Ltd a SME Multibagger Stock )


IPO Details:

Details Info
Issue Opens on Will be Updated
Issue Closes on:. Will be Updated
Issue Price Will be Updated
Face Value Will be Updated
Minimum Lot Will be Updated
Minimum Investment Will be Updated
Issue Constitutes Will be Updated
Issue Size Will be Updated
Market Cap Will be Updated
Listing at NSE & BSE
Equity Shares Offered Will be Updated
Equity Shares Prior Will be Updated
Equity Shares after the issue Will be Updated


Important Dates:

Finalization of Basis of Allotment Will be Updated
Initiation of Refunds Will be Updated
Credit of Equity Shares: Will be Updated
Listing Date: Will be Updated


Subscription Details: (Will be Updated)

(Subscription-Category-Wise (no. of times) Till time : 00:00) Shares Offered Day-1 Day-2 Day-3


IPO Valuation Parameters:

Earnings Per Share (EPS) Price To Earnings ratio (PE) Return on Net Worth (RoNW) Net Asset Value (NAV)
(6.74) Will be Updated (7.14%) (94.53)


Check IPO Allotment Status:

Karvy Website (Click on the below Link)


Company Contact Info:
Stove Kraft Limited
81/1, Medamarana Halli Village
Harohalli Hobli, Kanakapura Taluk
Ramanagar District 562 112
Karnataka, India
Tel: +91 80 2801 6222


IPO Registrar Info:
Karvy Computershare Private Limited
Karvy Selenium, Tower B
Plot 31-32, Gachibowli
Financial District, Nanakramguda
Hyderabad 500 032
Tel: +91 40 6716 2222
E-mail: stovekraft.ipo@karvy.comm