Inflame Appliances Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Inflame Appliances Ltd filed with BSE on 05 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Inflame Appliances reported FY26 revenue growth of about 41-42% with EBITDA growth of approximately 55%, though demand softened sharply in Q4 due to geopolitical disruption in the Gulf region and input cost pressure from rupee depreciation. Management said chimney production rose to about 270,000 units from 195,000 units, with the Hyderabad plant growing 31% and Panchkula growing 42%. The company also disclosed a new 34%-owned associate, Tricoree Machmatrix, set up to manufacture BLDC motors and later electronics and IoT-enabled products in India.
Numbers mentioned
Revenue growth: 41%, 42% (FY26)
p. 3
“We have had a growth of about 41%, 42% and EBITDA growth of about 55% in the previous year”
Amit Kaushik, page 3 of the filed PDF · View the filing
EBITDA growth: 55% (FY26)
p. 3
“We have had a growth of about 41%, 42% and EBITDA growth of about 55% in the previous year”
Amit Kaushik, page 3 of the filed PDF · View the filing
Earnings per share growth: 85% (FY26)
p. 3
“The earning per share has also grown by about 85%.”
Amit Kaushik, page 3 of the filed PDF · View the filing
Chimney production: 270,000 units (FY26)
p. 3
“we produced about 270,000 numbers against 195,000 numbers in the previous year, which was up 38% last year”
Amit Kaushik, page 3 of the filed PDF · View the filing
Hyderabad plant growth: 31% (FY26)
p. 3
“Hyderabad has registered about 31% growth and Panchkula about 42% growth.”
Amit Kaushik, page 3 of the filed PDF · View the filing
Panchkula plant growth: 42% (FY26)
p. 3
“Hyderabad has registered about 31% growth and Panchkula about 42% growth.”
Amit Kaushik, page 3 of the filed PDF · View the filing
Panchkula CapEx: INR10 crore (FY26)
p. 3
“Panchkula, we were doing a CapEx expansion of about INR10 crore in which 50,000 square feet of new”
Amit Kaushik, page 3 of the filed PDF · View the filing
Inflame stake in Tricoree Machmatrix: 34%
p. 4
“We have also incorporated another associate company by the name of Tricoree Machmatrix Private Limited. Inflame has a 34% stake in it.”
Amit Kaushik, page 4 of the filed PDF · View the filing
Q4 expected vs actual revenue: expected INR55-60 crore, actual INR35-37 crore (Q4 FY26)
p. 17
“We were expecting the last quarter to be like INR55 crores, INR60 crores, but it was like INR35 crores, INR36 crores, INR37 crores maybe.”
Amit Kaushik, page 17 of the filed PDF · View the filing
Complaint ratio: less than 1.5%
p. 19
“our complaint ratio from the market is less than 1.5%.”
Amit Kaushik, page 19 of the filed PDF · View the filing
BLDC share of production: 60%
p. 8
“And our 60% of production has gone to BLDC now.”
Amit Kaushik, page 8 of the filed PDF · View the filing
Flamecraft sheet metal stake: 51%
p. 12
“There, 51% of sheet metal is held by Inflame.”
Amit Kaushik, page 12 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Chimney production volume — 4 lakh chimneys · FY27
stated firmly by Amit Kaushik
p. 10
“Yes, sir. We are targeting 4 lakh chimneys this year.”
Amit Kaushik, page 10 of the filed PDF · View the filing
Revenue growth — 45%, 50% growth · FY27
stated firmly by Amit Kaushik
p. 4
“And this year, we are targeting a growth of another 45%, 50% in terms of number of chimneys and total revenues.”
Amit Kaushik, page 4 of the filed PDF · View the filing
Revenue — INR400 crores plus · FY28
stated firmly by Amit Kaushik
p. 10
“So, we will be targeting INR400 crores plus in '28, for sure.”
Amit Kaushik, page 10 of the filed PDF · View the filing
Revenue — INR500 crores · FY28-FY29
stated as an aspiration by Amit Kaushik
p. 10
“I feel that in '28 and '29, we should go for a revenue of INR500 crores, sir.”
Amit Kaushik, page 10 of the filed PDF · View the filing
Chimney revenue share — 60%, 65%
stated as an aspiration by Amit Kaushik
p. 7
“Sir, I cannot say current year, but going forward, chimneys will contribute about 60%, 65% only.”
Amit Kaushik, page 7 of the filed PDF · View the filing
BLDC share of chimneys — 80% · end of this financial year
stated as an aspiration by Amit Kaushik
p. 17
“I said a while ago that by the end of this financial year, our BLDC, share of BLDC chimneys would go up to about 80%.”
Amit Kaushik, page 17 of the filed PDF · View the filing
Hobs BIS implementation — finalized · September
stated conditionally by Amit Kaushik
p. 20
“Sir, hobs' BIS has been postponed twice. This year, sir, it will hopefully be finalized in September.”
Amit Kaushik, page 20 of the filed PDF · View the filing
Panchkula new capacity floors — second and third floors operational · 15th of August and 30th of September
stated firmly by Amit Kaushik
p. 16
“second part should be available to us by 15th of August and third part by probably 30th of September.”
Amit Kaushik, page 16 of the filed PDF · View the filing
Promoter stake increase — after Diwali
stated conditionally by Amit Kaushik
p. 20
“We will consider doing it, sir. But right now, in the short run, the possibility is less. But probably after Diwali, we might think of it.”
Amit Kaushik, page 20 of the filed PDF · View the filing
New product lines readiness — ready to produce any number of built-in ovens, dishwashers, microwaves · April 2027
stated as an aspiration by Amit Kaushik
p. 24
“So, in March, we can stand up and say that from 2027-April onwards, we are ready to give any number of these products.”
Amit Kaushik, page 24 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management attributed the shortfall to weak industry demand and geopolitical factors affecting major buyers.
Answered by Amit Kaushik
Asked by Nishant Joshi: Why did chimney production fall short of expectations in H2 despite prior forecasts of 30,000-32,000 units per month?
p. 5
“Yeah, it was entirely related to the industry. There was a fear in the market. The demand was softened quite a lot.”
Amit Kaushik, page 5 of the filed PDF · View the filing
Management said margins rise automatically with topline growth since manpower costs are largely fixed.
Answered by Amit Kaushik
Asked by Bala Murali Krishna: How will margins shape up as other products ramp up beyond chimneys?
p. 7
“Sir, I have always, be of this view that once your top line goes up, the margins automatically goes up, sir.”
Amit Kaushik, page 7 of the filed PDF · View the filing
Management said raw material price increases and weak market demand from Gulf-region disruption caused the slowdown.
Answered by Amit Kaushik
Asked by Achuth Pabbath: Why did Q4 chimney volumes and revenue growth slow to 20% and 11% respectively?
p. 13
“So, Q4 was under a lot of pressure because of price increase in various components and the weakening of INR visà-vis dollar.”
Amit Kaushik, page 13 of the filed PDF · View the filing
Management said pass-through is not complete and the company instead relies on efficiency gains, supplier changes, and material substitution.
Answered by Amit Kaushik
Asked by Achuth Pabbath: Is the company able to fully pass on raw material price increases to customers?
p. 14
“It is not 100%, sir. If I tell you the truth, sir, it is not 100%.”
Amit Kaushik, page 14 of the filed PDF · View the filing
Management said Hyderabad is intentionally focused on premium, value-added products rather than capacity utilization, while Panchkula handles mass production.
Answered by Amit Kaushik
Asked by Bala Murali Krishna: When will Hyderabad plant utilization improve to match Panchkula levels?
p. 15
“We are not really looking to optimize from the capacity utilization point of view from Hyderabad.”
Amit Kaushik, page 15 of the filed PDF · View the filing
Management said pressure exists but will be mitigated through efficiency improvements, an upcoming AI-based inspection system, and turnover growth.
Answered by Amit Kaushik
Asked by Bijal Shah: Will margin pressure from raw material costs continue into H1 results?
p. 21
“Sir, there is already pressure on the margin, but I have told you that the pressure on the margin is not clear only by that.”
Amit Kaushik, page 21 of the filed PDF · View the filing
Management said inventory is high because many components, including for hobs, refrigerators, and built-in ovens, are still imported from China as SKD/CKD.
Answered by Amit Kaushik
Asked by Lalit Bansal (via moderator): Why is inventory so high on the books?
p. 20
“Sir, inventories are higher because a lot of products have gone, are coming from China now.”
Amit Kaushik, page 20 of the filed PDF · View the filing
Management/moderator said the company does not yet meet paid-up capital and net worth criteria required for listing on the main board.
Answered by Moderator
Asked by Achuth Pabbath: Why has the company not migrated from SME to the main board?
p. 16
“there are two criteria we are not meeting right now. One is the paid-up capital of minimum INR10 crores and the net worth of at least INR75 crores.”
Moderator, page 16 of the filed PDF · View the filing
Risks flagged
Rupee depreciation and geopolitical developments increased raw material and input costs
p. 4
“The key highlights were that as to the industry witnessed input cost pressure due to rupee depreciation, geopolitical developments and higher raw material prices, which impacted our overall cost structures.”
Amit Kaushik, page 4 of the filed PDF · View the filing
Heavy dependency on China for electronics, PCBs, switches and BLDC motor imports amid currency and price volatility
p. 4
“So, we believe that keeping very high inventories and depending upon China under such volatile situation, wherein geopolitical issues are actually creating a lot of price fluctuation, and the same cannot be passed on every now and then to the customers.”
Amit Kaushik, page 4 of the filed PDF · View the filing
Weak Q4 demand attributed to Gulf region disruption affecting major customers
p. 17
“I think the biggest reason could be what I can understand is the situation in Gulf.”
Amit Kaushik, page 17 of the filed PDF · View the filing
Inability to fully pass on raw material cost increases to customers
p. 14
“It is not 100%, sir. If I tell you the truth, sir, it is not 100%.”
Amit Kaushik, page 14 of the filed PDF · View the filing
Gas supply disruption for factory operations for about three weeks
p. 13
“But there was a period of about three weeks when we had a lot of issues in gas procurement also, sir.”
Amit Kaushik, page 13 of the filed PDF · View the filing
Possible future BIS regulation on motors could increase import cost pressure
p. 4
“We also feel that the imports of electronic parts such as PCB and switches might come under a lot of pressure because not only because of rupee depreciation, but Yuan RMB has also appreciated considerably in last three, four months”
Amit Kaushik, page 4 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.