• Induction revenue contribution: Induction cooktops are projected to expand from a 15% share of Q4 revenue to 25%–30% of total revenue as demand surges and new products are introduced.
• Manufacturing capacity expansion: Driven by high LPG prices and a push toward electric cooking, demand for induction cooktops is exceeding supply, prompting the company to continually enhance manufacturing capacity.
• Pricing and EBITDA: Stove Kraft passed on raw material inflation in Q1 under its cost-plus model to remain margin-neutral, and management expects to deliver an EBITDA margin above 11% in FY27.
• Retail network expansion: The company remains on track to add approximately 25 Pigeon stores per quarter (around 100 stores annually), while prioritizing the transition of company-operated stores to franchisee-operated models.