Inflame Appliances Limited (INFLAME) share price
₹223.80 on BSE as of 2026-10-07. -5.13% on the day. market cap ₹168 Cr. P/E 29.0. 52-week range ₹207.30 to ₹343.25. Consumer Durables.
Inflame Appliances FY26: Sales Cross ₹150 Cr for the First Time, and Q4 Arrives With a Cold Front
At a glance
Inflame Appliances makes kitchen chimneys, the hood above a stove that pulls smoke and grease out of the room. It does not sell them under its own name. Its customers are appliance brands rather than households, and it has chased scale since 2018.
Sales in the year to March 2026 came to ₹151.97 crore, past ₹150 crore for the first time. That is about 43% above the ₹106.18 crore of the year before. Net profit moved from ₹3.13 crore to ₹5.80 crore. Earnings per share, the profit spread across every share in issue, came in at ₹7.74.
Raw materials cost ₹110.54 crore against that ₹151.97 crore of sales. Roughly 73 paise in every rupee of sales left the building before any other expense was counted. Borrowings stood at ₹52.54 crore, against a net worth of ₹61.82 crore. Net worth is what the owners are left with once every debt has been subtracted.
The three months to March 2026 were soft, by management's own account. The company also makes sheet-metal kitchen components, again for other companies' labels.
The market pays about ₹29 for every ₹1 of yearly profit. For the wider industry set that figure sits nearer ₹36.
Introduction
Inflame Appliances was incorporated in 2017, though its working life began earlier, making gas stoves and stove parts.
It sits in an unglamorous corner of consumer durables, because it sells to other companies rather than to shoppers. It makes electrical chimneys and sheet-metal kitchen components for brands that put their own names on the box. Its customers include Hindware, Sunflame, Kaff and Havells. Flipkart is on the list as well.
The arrangement is known as OEM or ODM work: the factory designs and builds, the brand sells. On that model the company competes on price and reliability against a Chinese importer, not on being loved in a showroom.
The year to March 2026 brought as much movement at the desk as on the shop floor. Amit Kaushik resigned as chief financial officer in September 2025. Company secretary Zalak Shah left with effect from January 2026. Whole-time director Ashwani Kumar Goel resigned in April 2026. On that same day the board brought Amit Kaushik back as additional director and chief executive.
The board approved the audited results for the year on 28 May 2026. The auditor, Gandhi Minocha & Co, gave an unmodified opinion, which means it found nothing it needed to flag.
Alongside the changes in people, the company announced a capacity expansion at Panchkula. It also incorporated an associate, Tricoree Machmatrix, in which it holds 34%. That venture is aimed at electronics and embedded systems, the small computers built into a finished product.
Business model
Picture a chimney over an Indian stove: the hood, the motor, the glass and the switch. That single object is about 90% to 95% of the company's revenue, built for somebody else's brand. The company describes itself as one of India's largest outsourced manufacturers of kitchen range hoods. It is, in effect, the ghostwriter of the Indian kitchen chimney.
The remaining 5% to 10% comes from hobs, cooktops and gas stoves.
The pitch to brands is import substitution. About 1.6 million chimneys a year were historically brought in from abroad. The company's proposition is that the same work can be done in India, without the freight bill or the customs friction. Its Panchkula plant covers 45,000 square feet, with another 18,000 under construction. A second plant sits in Hyderabad.
It claims roughly 90% of the production process happens in-house. That covers glass toughening, cutting on computer-controlled machines, and powder coating. The more of the chimney it builds itself, the harder it becomes for a rival to undercut on price.
Management has lined up built-in ovens, dishwashers, wine coolers and built-in refrigerators as the next categories. Management puts the average selling price of those products far above a chimney's. The arithmetic is plain enough: hoods alone do not add up to the revenue above ₹400 crore that the plan works towards.
For now the built-in refrigerator is a slide rather than a production line. The revenue of the year to March 2026 came from chimneys, and management says as much.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Inflame Appliances Limited.
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