India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>Whirlpool India renewed its Brand and Technology License Agreements with its US parent, granting exclusive brand and tech rights in India and neighboring countries until 2054.</li>
<li>The revised agreements clarify long-term royalty, technical fee, and service markups, which together represent recurring outflows that materially impact earnings quality.</li>
<li>While Whirlpool India secures continuity and exclusive IP access, its profit pool remains structurally capped by parent-level economics, making earnings trajectory highly sensitive to royalty and transfer pricing governance.</li>
</ul>


Whirlpool India renewed its Brand and Technology License Agreements with its US parent, granting exclusive brand and tech rights in India and neighboring countries until 2054.
The revised agreements clarify long-term royalty, technical fee, and service markups, which together represent recurring outflows that materially impact earnings quality.
While Whirlpool India secures continuity and exclusive IP access, its profit pool remains structurally capped by parent-level economics, making earnings trajectory highly sensitive to royalty and transfer pricing governance.


Securing the Franchise: Whirlpool India’s Long-Term Tech & Brand Deal De-Risks Growth

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Whirlpool India reported a strong set of numbers in Q3FY25 with healthy revenue growth of 11% coupled with market share gains.</li><li>The company has been able to gain market shares in most key categories in Jul–Dec’24 YoY.</li><li>Adjusting for e-waste regulation costs, it also reported EBITDA margin expansion YoY.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Whirlpool India reported a strong set of numbers in Q3FY25 with healthy revenue growth of 11% coupled with market share gains.The company has been able to gain market shares in most key categories in Jul–Dec’24 YoY.Adjusting for e-waste regulation costs, it also reported EBITDA margin expansion YoY.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Whirlpool of India - Strong Q3FY25 Performance; Parent to Reduce Stake to 20%

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Whirlpool of India / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/whirlpool-corp" target="_blank" data-smartkarma-citation="entities:1538:1" rel="noopener">Whirlpool Corp (WHR US)</a> is looking to raise about INR 46bn (US$530m) from selling a stake of about 31% in Whirlpool of India Limited (WHIRL).</li>
<li>In an announcement released on Jan 30, 2025, the firm mentioned its ultimate parent’s intention to sell down its interest in WHIRL from 51% to 20% by mid-to-late 2025.</li>
<li>In this note, we talk about the past deal performance and other deal dynamics.</li>
</ul>



Whirlpool Corp (WHR US) is looking to raise about INR 46bn (US$530m) from selling a stake of about 31% in Whirlpool of India Limited (WHIRL).
In an announcement released on Jan 30, 2025, the firm mentioned its ultimate parent’s intention to sell down its interest in WHIRL from 51% to 20% by mid-to-late 2025.
In this note, we talk about the past deal performance and other deal dynamics.


Whirlpool of India OFS Early Look - Another Large Selldown by Parent

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/whirlpool-corp" target="_blank" data-smartkarma-citation="entities:1538:1" rel="noopener">Whirlpool Corp (WHR US)</a> plans to sell a 31% stake in <a href="https://www.smartkarma.com/entities/whirlpool-of-india-ltd" target="_blank" data-smartkarma-citation="entities:7270:1" rel="noopener">Whirlpool of India (WHIRL IN)</a> reducing ownership to 20% by 2025, triggering a 20% decline due to valuation concerns.</li>
<li>The implied sale valuation is lower than market expectations, raising concerns about growth, profitability, and stock overvaluation, while the parent company capitalizes on an asset arbitrage opportunity.</li>
<li>Short-Term stock pressure due to stake sale overhang, declining profitability, and reduced parent control, but potential long-term re-rating if operational performance improves.</li>
</ul>



Whirlpool Corp (WHR US) plans to sell a 31% stake in Whirlpool of India (WHIRL IN) reducing ownership to 20% by 2025, triggering a 20% decline due to valuation concerns.
The implied sale valuation is lower than market expectations, raising concerns about growth, profitability, and stock overvaluation, while the parent company capitalizes on an asset arbitrage opportunity.
Short-Term stock pressure due to stake sale overhang, declining profitability, and reduced parent control, but potential long-term re-rating if operational performance improves.


Whirlpool Corporation’s Big Exit: What’s Behind the Stake Reduction?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Kioxia Holdings  / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, busy season remains on in full swing going into the year end.</li>
<li>On the placements front, there were a few large deals across the region.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, busy season remains on in full swing going into the year end.
On the placements front, there were a few large deals across the region.


ECM Weekly (1 December 2025)-Kioxia, Airtel, Nippon, Toyoda Gosei, SBI Shinsei, NS Group, Super Bank

India

Whirlpool of India Ltd. manufactures appliances.  The Company produces refrigerators, washing machines, air conditioners, microwave ovens, water purifiers, built-in appliances and other products.

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Whirlpool of India (WHIRL IN)

Securing the Franchise: Whirlpool India’s Long-Term Tech & Brand Deal De-Risks Growth

Whirlpool India secures exclusive brand and tech rights until 2054, but earnings quality and profit pool are impacted by royalty and transfer...

Sudarshan Bhandari

Whirlpool of India - Strong Q3FY25 Performance; Parent to Reduce Stake to 20%

Whirlpool India reported a strong set of numbers in Q3FY25 with healthy revenue growth of 11% coupled with market share gains.

ICICI Securities Limited

Whirlpool of India OFS Early Look - Another Large Selldown by Parent

Whirlpool Corporation is looking to raise about INR 46bn (US$530m) from selling a 31% stake in Whirlpool of India Ltd. In this note, we talk about...

Akshat Shah

Whirlpool Corporation’s Big Exit: What’s Behind the Stake Reduction?

Whirlpool Corp plans to sell stake in Whirlpool of India, triggering a 20% decline on valuation concerns. Short-term pressure expected, but...

Nimish Maheshwari

ECM Weekly (1 December 2025)-Kioxia, Airtel, Nippon, Toyoda Gosei, SBI Shinsei, NS Group, Super Bank

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Securing the Franchise: Whirlpool India’s Long-Term Tech & Brand Deal De-Risks Growth

​Whirlpool India secures exclusive brand and tech rights until 2054, but earnings quality and profit pool are impacted by royalty and transfer...

Sudarshan Bhandari

Whirlpool of India - Strong Q3FY25 Performance; Parent to Reduce Stake to 20%

Whirlpool India reported a strong set of numbers in Q3FY25 with healthy revenue growth of 11% coupled with market share gains.

ICICI Securities Limited

Whirlpool of India OFS Early Look - Another Large Selldown by Parent

Whirlpool Corporation is looking to raise about INR 46bn (US$530m) from selling a 31% stake in Whirlpool of India Ltd. In this note, we talk about...

Akshat Shah

Whirlpool Corporation’s Big Exit: What’s Behind the Stake Reduction?

​Whirlpool Corp plans to sell stake in Whirlpool of India, triggering a 20% decline on valuation concerns. Short-term pressure expected, but...

Nimish Maheshwari

ECM Weekly (1 December 2025)-Kioxia, Airtel, Nippon, Toyoda Gosei, SBI Shinsei, NS Group, Super Bank

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Whirlpool India secures exclusive brand and tech rights until 2054, but earnings quality and profit pool are impacted by royalty and transfer...

Whirlpool Corp plans to sell stake in Whirlpool of India, triggering a 20% decline on valuation concerns. Short-term pressure expected, but...