Stove Kraft, the company behind kitchen products brands Pigeon and Gilma, is planning to accelerate its retail expansion through franchisee-operated stores, with a sharper focus on North and West India.
The company plans to establish around 100 stores every year, while continuing to expand its presence across general trade, modern retail, e-commerce and quick commerce.
Stove Kraft Managing Director Rajendra Gandhi said in the company’s Annual Report 2026 that the objective is to remain accessible across the different ways consumers discover, compare and purchase products.
The company closed FY2025-26 with 329 Pigeon Exclusive Brand Outlets across 22 states and 151 cities and towns, adding 67 stores during the year. Its own retail network contributed 7.5% of revenue during FY2025-26.
According to Gandhi, the exclusive outlets provide consumers with a wider representation of the Pigeon portfolio while helping the company improve product visibility, gather direct consumer insights and strengthen its presence in markets where the complete product range may not be displayed through general trade or modern retail.
Manufacturing remains a key growth lever
Stove Kraft said manufacturing will remain central to its operating strategy, following investments in backward integration, product development and capacity creation.
The investments have strengthened the company’s control over cost, quality, product availability and time-to-market, with benefits becoming visible during FY2025-26.
The company increased production of backward-integrated kettles and cast-iron cookware and commenced in-house manufacturing of kitchen chimneys.
Stove Kraft also expects its manufacturing capabilities to support the growing adoption of electric cooking across urban households, organised retail and digital channels.
Induction cooktops recorded 23.9% value growth and 11.7% volume growth during FY2025-26, with growth accelerating in the fourth quarter.
The company is strengthening its manufacturing capabilities at Bengaluru and Baddi to cater to rising demand.
It has also expanded its electric cooking portfolio into professional kitchens with the launch of the Pigeon Egnite 3500 Heavy-Duty Infrared Cooktop, marking its entry into the HoReCa segment.
Portfolio moves towards higher-value products
Stove Kraft is expanding its cookware portfolio into higher-value and specialised formats, including cast-iron, tri-ply, ceramic-coated and stainless-steel cookware.
The company is also using small appliances and household solutions to broaden its participation in everyday consumer categories.
With its major investment cycle substantially complete, Stove Kraft said the capacity created across its manufacturing facilities provides headroom for a considerably larger business without requiring a proportionate increase in capital expenditure.
Improving capacity utilisation is expected to become an important driver of operating leverage, returns and cash generation in the coming years.
IKEA partnership strengthens exports opportunity
Stove Kraft also sees international markets as an emerging growth opportunity, with its partnership with IKEA playing a key role.
The company has invested approximately ₹58 crore in dedicated tooling, machinery and supporting infrastructure for the programme.
Stove Kraft has been awarded three product lines, with production and revenue recognition expected to begin progressively during FY2026-27.
The partnership is expected to strengthen the company’s manufacturing credentials, provide exposure to global quality standards and create a platform for the longer-term development of its exports business.
Focus on disciplined growth
Stove Kraft enters FY2026-27 with a stronger financial and operating foundation, according to Gandhi.
The company’s focus will be on converting its manufacturing capabilities, retail expansion and investments into sustained growth, stronger returns and deeper consumer engagement.
At the same time, Stove Kraft plans to maintain discipline on working capital, cash flow and balance-sheet strength as it scales its business.
The planned expansion of franchisee-operated stores, particularly across North and West India, is expected to complement the company’s existing omnichannel distribution network and strengthen the reach of Pigeon and Gilma across consumer markets.