The call ran from 3:59 PM to 5:02 PM IST (1 h 3 min).

Key takeaways

Q2 revenue rose 23.2% to ₹585 Cr and EBITDA margin reached 12.9% (+90bps), led by festive demand and induction cookware. Exports lagged, and borrowings rose on inventory build-up and China capex.

Guidance and delivery
Management target	Revenue 20.0%

Highlights
Revenue growth	Q2 +23.2% YoY; induction cookware (+108%) a sharp, event-driven boost.
Margins	EBITDA 12.9%, +90bps YoY; seasonal peak, 0.5–1pt lower in Q1/Q4.
Order book	Exports claimed strong order book; no figures disclosed.
Demand visibility	Festive-season dependent; management claims stable long-term demand, no hard numbers.
Management confidence	Overly optimistic; confident tone, deflects export shortfall and margin questions.

Growth

Revenue +23.2%, EBITDA +32.7%, PAT +35.7%. Induction cookware +108% is a sharp, partly event-driven spike.

Outlook

Near-term ~20% revenue growth claimed. 500 combined stores by FY28. 12–15% EBITDA margin ambition. Capex under ₹50 Cr, excluding land and China.

Risks

Other expenses rising sharply. Exports underperformed on product transitions. Borrowings up on inventory and China capex.

Last quarter's promises, checked

Delivered

Gross margin +≥1pt YoY → +120bps (= BEAT)
PAT growth > revenue → PAT +35.7% vs rev +23.2% (= BEAT)
Induction ~2x YoY → +108% (= BEAT)

Partly delivered

EBITDA margin +≥1pt YoY → +90bps to 12.9% (= PARTIAL)
Q2 growth as strong as Q1 (+41.3%) → +23.2% (= PARTIAL)

Missed

Exports ~15% of revenue → lagged, share undisclosed (= MISS)
Other expenses normalise → rising sharply (= MISS)
500 standalone Pigeon outlets by YE2027 → 360 Pigeon stores; now 500 combined by FY28 (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 5 Nov 2026, 6:04 PM IST. Open it on ALFA Filings ›