Analysis: Inflame Applian.

BSE:541083 Market cap: ₹178 cr

Growth thesis

Inflame Appliances manufactures kitchen appliances (chimneys, hobs, built-in ovens, refrigerators) through Panchkula and Hyderabad plants, with backward integration into BLDC motors via 34%-owned Tricoree Machmatrix. Growth hinges on 45-50% chimney production expansion (4 lakh units in FY27), new product lines (built-in appliances, exchange chimneys), and India-local component manufacturing reducing China dependency. Revenue targets INR400+ crores in FY28 and INR500 crores in FY29, driven by 15-20% output gains from AI-based quality control and Hyderabad plant automation. Key execution risks include BIS certification delays for hobs (critical for hob revenue) and Tricoree’s 1.5-2 year timeline to fully replace imported BLDC motors.

Why is Inflame Applian. stock rising?

  • Targeting 50% growth in chimneys and total revenues for FY27.
  • Expanding Panchkula capacity by 12,000-15,000 chimneys through new 50,000 sq ft facility, one floor already ready.
  • Incorporated associate company Tricoree Machmatrix (34% stake) to manufacture BLDC motors, electronics, and IoT-enabled products, reducing China dependency.
  • Phasing out BLDC motor and PCB imports from China over the next two years via joint venture manufacturing in India.
  • Targeting INR400+ crore revenue in FY28 and INR500 crore in FY28-29.

Research report

companyname: Inflame Appliances Limited ticker: 541083 sector: Kitchen Appliances Manufacturing Inflame Appliances Limited manufactures kitchen appliances as an OEM and ODM supplier to major Indian consumer brands. The company produces kitchen chimneys (hoods), gas hobs, LPG stoves, and increasingly built-in appliances like ovens, wine coolers, refrigerators, dishwashers, and microwaves. It does not sell under its own brand - every product rolls off the line carrying a customer's label. The co...

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Catalysts

capex, margin expansion

Growth guidance

FY28 revenue guided at INR400+ crores driven by new capacity ramp-up and product diversification; FY27 chimney production target of 4 lakh units

Guidance upgraded
RS rating: 10 Stage: Stage 4

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