Annual Report 2025-26

19 August 2026 BSE Limited National Stock Exchange of India Ltd. Phiroze Jeejeebhoy Towers, Exchange Plaza, Plot no. C/1, G Block, Dalal Street, Bandra-Kurla Complex Mumbai- 400 001 Bandra (E), Mumbai - 400 051 Scrip Code: 543260 NSE Symbol: STOVEKRAFT Dear Sir / Madam, Sub: Annual Report for FY2025-26 and Notice of 27th Annual General Meeting Pursuant to Regulation 34(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find the enclosed Annual Report for FY2025-26 of the Company inter alia containing Notice of 27th Annual General Meeting to be held on Friday, 11 September 2026 at 11:00 am. Soft copy of Annual Report is available on the website of the Company at www.stovekraft.com/investors and is being sent to the members of the Company whose email addresses are registered with Depositories / RTA. This is for your information and record please. Thanking you, Yours faithfully For Stove Kraft Limited Shrinivas P Harapanahalli Company Secretary & Compliance Officer S I M P L I F Y I N G L I V E S . S C A L I N G V A L U E . Through Everyday Innovation. 2025- ANNUAL REPORT Contents Corporate Overview Scaling Value. Simplifying Lives. Through Everyday Innovation. 02 The Stove Kraft Investment Case 04 About Stove Kraft Limited 06 Geographic Presence 08 Our Brands 09 Managing Director’s Letter 16 Opportunities 19 Marketing 21 Strategic Partnership with IKEA 23 Performance Overview 24 Environmental Stewardship 26 Corporate Social Responsibility 28 Board of Directors 29 Corporate Information 31 Forward-looking statement Statutory Certain statements in the Integrated Annual Report of Stove Kraft Limited for 2025-26 constitute ‘forward-looking statements’, which involve known and unknown risks and opportunities, Reports other uncertainties, and important factors that could turn out to be materially different following the publication of actual results. These forward-looking statements speak only as of the date of this document. The Company undertakes no obligation to publicly update or release any revisions to these forward-looking statements Management Discussion and Analysis 32 to reflect events or circumstances after the date Board’s Report 41 of this document, or to reflect the occurrence of anticipated events. We have tried, wherever Report on Corporate Governance 62 possible, to identify such statements by using words such as ‘estimates’, ‘expects’, ‘projects’, Business Responsibility and ‘intends’, ‘plans’, ‘believes’ and words of similar Sustainability Report 74 substance in connection with any discussion of future performance. We cannot guarantee that these forward-looking statements will be realized, although we believe we have been prudent in our assumptions. Financial Statements Independent Auditor’s Report 120 Balance Sheet 132 Statement of Profit and Loss 133 Statement of Cash Flows 134 Statement of Changes in Equity 136 Notes to Financial Statements 137 NOTICE 27th Annual General Meeting 197 Annual Report 2025-26 Scaling Value. Simplifying Lives. Through Everyday Innovation. At Stove Kraft, we believe that the most meaningful innovations are rarely the loudest. They are the ones that become a seamless part of everyday life–making cooking easier, homes more efficient, and daily routines a little more convenient. They solve practical problems with thoughtful design, dependable quality and accessible pricing, improving millions of everyday experiences without demanding attention. This philosophy has shaped our journey from the very beginning. It continues to guide every decision we make–from the products we create and the technologies we adopt to the way we manufacture, distribute and serve our consumers. Because innovation, to us, is not defined by complexity. It is measured by the value it creates for households and the trust it earns over time. FY 2025–26 marked another important step in this journey. As consumer preferences continued to evolve, we responded by strengthening our presence across emerging categories, accelerating our electric cooking portfolio, expanding into new household and commercial applications, and bringing our brands closer to consumers through a rapidly growing retail footprint and a strong omnichannel presence. Every expansion reflected a singular purpose: to make thoughtfully designed products more accessible to more people. 02-31 32-119 120-196 Corporate Overview Statutory Reports Financial Statements Behind this growth was an equally deliberate effort to build a stronger, more resilient business. Our integrated manufacturing ecosystem enhanced quality, agility and cost competitiveness. Improved cash generation, disciplined working capital management and a healthier balance sheet strengthened our ability to invest with confidence–in innovation, brands, capacity and consumer reach. Each operational improvement created a stronger platform for sustainable, profitable growth. As we continue to expand our scale, we remain equally focussed on expanding the value we create–for consumers seeking trusted everyday solutions, for channel partners growing alongside us, and for shareholders benefiting from a business built on operational excellence and disciplined execution. This is the essence of our journey. Scaling value by building a stronger, more efficient and future-ready enterprise. Simplifying lives by making everyday innovation more accessible to millions of households. Together, these ambitions are shaping the next chapter of Stove Kraft’s growth–where every innovation serves a purpose, every investment creates lasting value, and every step forward brings us closer to becoming India’s most trusted kitchen and home solutions company. Annual Report 2025-26 THE STOVE KRAFT INVESTMENT CASE A Stronger Stove Kraft Takes Shape Operational highlights FY 2025-26 HEADROOM ALREADY IN PLACE MULTIPLE ROUTES TO MARKET Backward-integrated manufacturing platform Stove Kraft’s reach now extends across supports scale, quality control and faster product established trade channels, digital platforms and development without being dependent on third its growing exclusive retail network party suppliers and OEMs 70 million units 14% Integrated manufacturing capability E-commerce 18 member In-house R&D team Retail PIGEON CONTINUES TO SCALE The brand continued to deepen its relevance across everyday cooking and kitchen Modern Retail appliance categories ` 1,379 crore (11.6% Three-year CAGR) OEM Exports Pigeon sales A RETAIL NETWORK GAINING SCALE The Pigeon retail network brings the complete portfolio closer to consumers across India 329 stores Across 22 states and 151 cities and towns with a target to add up to 100 stores every year 02-31 32-119 120-196 Corporate Overview Statutory Reports Financial Statements Financial highlights FY 2025-26 MORE WAYS TO GROW LESS CAPITAL TIED UP IN OPERATIONS Growth was supported by a wider category mix Lower inventory and receivable days, supported and multiple routes to the consumer by higher payable days, released capital for the business. ` 1,607.4 crore 23 days (↑ 10.9% YoY) (Improved from 64 days YoY) Revenue Working-capital cycle MORE CONTROL BEHIND GROWTH Gross profit grew faster than revenue, A BALANCE SHEET WITH GREATER supported by manufacturing integration and an HEADROOM evolving product mix Debt reduction has lowered financial risk and created greater room to fund growth from a position of strength. 38.7% ` 27.1 crore (↑ 60 bps) Gross margin (Down from ` 176.8 crore YoY) Refer MDA for details CASH GENERATION NEARLY DOUBLED Improved working-capital management translated operating performance into substantially stronger cash flows. ` 258 crore (Improved from ` 130 crore YoY) Cash flow from operations Annual Report 2025-26 ABOUT STOVE KRAFT LIMITED Everyday Excellence, Built at Scale Stove Kraft Limited is an Indian consumer products company focussed on making everyday life easier across the kitchen and home. Through Pigeon, Gilma and the licensed BLACK+DEC [Showing first 8,000 characters — download PDF for full document]