Stove Kraft Ltd Company Summary

Stove Kraft Ltd Summary

Stove Kraft Limited was incorporated as Stove Kraft Private Limited on June 28, 1999 at Bengaluru, Karnataka, India as a Private Limited Company and commenced its business on June 28, 1999. Subsequently, the status was converted into a Public Company and the Company name was changed from Stove Kraft Private Limited to Stove Kraft Limited on August 13, 2018. The Company was founded by its Promoter, Rajendra Gandhi, a first generation entrepreneur with over 21 years of experience in the kitchen appliances industry. The Company is engaged in the business of manufacture of pressure cookers, LPG stoves, non-stick cookware and trading of other kitchen and electrical appliances under the brand names Pigeon and Gilma. The Company also possesses a licensing agreement with Stanley Black & Decker on certain categories of appliances.The Company has a separate distribution network for each of its Pigeon, Gilma and BLACK + DECKER brands. Further, there is a separate distribution network for the Pigeon LED products. The Company has entered into commercial arrangements with retail chains such as Metro Cash And Carry India Private Limited for the sale of its Pigeon branded products from several of their retail outlets in India. Further, It has also entered into agreements with e-commerce platforms such as Flipkart India Private Limited for the sale of its products on their portals. Outside of India, the company exports its products which are manufactured by it to retail chains in the United States of America and Mexico.The Company has expanded its distribution reach to over 82,767 outlets, which is facilitated by its distribution network consisting of 9 C&F (Clearing and Forwarding) agents and over 600 distributors. It also has 12 distributors for export products. The Company has built a separate distribution network for Pigeon, Gilma, Black+Decker and Pigeon LED. The Companys Gilma brand products are sold through exclusively branded outlets owned and operated by franchisees. The Company commenced the manufacture of Pigeon LED products in Bengaluru and inner lid cookers in Baddi in 2019.The Baddi facility, operational since FY 2004-05, has an annual installed capacity of 2.80 Mn units per annum as of FY 2019-20. The Company commenced production of handy chopper, thermometer, and PCB for LED bulbs and batten in 2020, it automated the Roller Coating Unit with robots installed at pressing and grooving section which increased productivity, lower wastages & ZERO accidents. In February 2021, the Company made an IPO of 1,07,17,532 Equity Shares which includes a Fresh Issue of 24,67,532 Equity Shares and an Offer for Sale by the selling shareholders of 82,50,000 Equity Shares of the Company.The Company launched air fryers in August, 2022; launched ORB Mixer Grinder - 750W model in FY 2022-23. In September 2023, it commenced the operations for a new flask line. The Company expanded to 171 retail stores across India in 2023-24. In November 2023, the Company commissioned newly constructed Warehouse on 2.75 acres of Land (1.20 Lacs sq ft) adjacent to their Registered Office and Factory. It also commissioned 4 MWp of Solar Power Plant on roof top of newly built Unit 3 at a cost of Rs. 13.88 Crore in 2024.