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Whirlpool India Q3: Full Elica buyout and new board director
UMBAI: Keeping things cool is Whirlpool of India’s speciality, but their latest board meeting suggests they are turning up the heat on the competition. In a marathon session lasting from 10:30 AM to 04:30 PM on 6 February 2026, the white goods behemoth decided to stir the pot by finalising a major acquisition and welcoming a seasoned finance veteran to the table.
Whirlpool has officially decided to go all in on its cooking and built-in business. The board approved the acquisition of the remaining 3.18 per cent stake in its subsidiary, Elica PB Whirlpool Kitchen Appliances Private Limited, for a cash consideration of approximately Rs 59 crore.
This move effectively turns the subsidiary into a 100 per cent wholly owned venture, with the deal expected to close by March 2026. Elica, which was incorporated in April 2010, is no small fry; it reported a turnover of Rs 499 crore for the year ending March 2025.
The company is also adding a dash of experience to its leadership. Anil Berera, a heavyweight with over 40 years of finance and corporate governance experience, has been appointed as an independent director.
Berera’s term will run from 1 March 2026 until 30 November 2029, pending shareholder approval. With a background that includes stints at PricewaterhouseCoopers and Gillette, he is expected to provide steady hands as the company navigates the current economic climate.
On the financial front, the results for the quarter ended 31 December 2025 were a mixed bag of rising revenues and exceptional hurdles:
Standalone revenue: Climbed to Rs 162,413 lakh this quarter, up from Rs 156,495 lakh in the same period the previous year.
Consolidated revenue: Reached Rs 177,384 lakh for the quarter.
Net profit: The standalone profit for the quarter stood at Rs 1,345 lakh, a dip from Rs 2,678 lakh recorded in the previous year’s corresponding quarter.
Exceptional items: Profits were hit by a significant provision of Rs 3,884 lakh at a consolidated level (Rs 3,341 lakh standalone) due to the implementation of new Government of India labour codes.
Total comprehensive income: Reached Rs 1,513 lakh for the standalone quarter.
Despite these one-off costs, the company continues to see growth in its core Home Appliances segment. The board also noted a previous silver lining: an insurance claim of Rs 991 lakh received earlier in the year following a fire at their Delhi warehouse in March 2024.
While the numbers show a slight chill in immediate profits due to regulatory shifts, Whirlpool’s total control of Elica and the addition of Berera suggest they are prepping the oven for a very busy 2026.
Brands
Reserve Bank of India cancels Paytm Payments Bank licence
Central bank cites compliance failures; curbs tighten as wind-up looms
MUMBAI: India’s banking watchdog delivered its sharpest blow yet to Paytm Payments Bank, cancelling its licence and effectively ending its ability to operate as a bank under the law.
The Reserve Bank of India said the entity can no longer conduct banking business under the Banking Regulation Act, citing concerns that its affairs were not being run in the interest of depositors or the public and that it had failed to meet licence conditions.
The move escalates a crackdown that has been building for months. The bank had already been barred from onboarding new customers since March 11, 2022, and later faced restrictions on deposits, credit and wallet top-ups. In January 2024, the central bank ordered it to stop accepting fresh deposits, pointing to persistent non-compliance, including lapses in customer due diligence, use of funds and technology systems.
Operationally, the bank is now on a tight leash. It may process withdrawals of existing deposits and facilitate loan referrals through banking correspondents, but it cannot take fresh deposits.
The central bank said it would apply to the high court to wind up the bank.
Paytm sought to ringfence the fallout. In a regulatory filing, it said the licence cancellation applies to Paytm Payments Bank Limited, a separate entity, and should not be attributed to One 97 Communications. It added that there is no exposure or material business arrangement with the bank and that it operates independently, without Paytm’s board or management involvement.
“As informed earlier, Paytm (One 97 Communications Limited) and its services, which have been operating without interruption, will continue to operate uninterrupted. These include the Paytm app, Paytm UPI, Paytm Gold and all other services offered by its subsidiaries and associated companies,” the company said.
The distinction may reassure users of the app ecosystem, but the regulator’s verdict is unequivocal. After years of warnings, caps and curbs, the payments bank experiment at Paytm is being shut down—decisively, and with little room left to manoeuvre.
