The Bengaluru based kitchen appliances maker brand ‘Stove Kraft’,which is famous for its in-house entity Pigeon brand of products is expected to witness a sale per store to double over the next couple of years. The Managing director of Stove Kraft, Rajendra Gandhi, mentioned that, each of the store makes currently earns an average of 3.92 lakhs in terms of sales.

The company told that, many of their stores are brand new, and as they will spend more time in business and become mature their amount of sales will improve. The company is eyeing on to add 25-30 new stores every quarter during April-March 2024-25.

In the last quarter of the financial year 2024, the company opened 31 new stores. Stove Kraft currently has 171 stores in eight states and 50 cities in India, including Uttar Pradesh. The company started to invest heavily over the last three and a half years and spent nearly 400 crore on new projects.

The significant investment with existing capacities is expected to help achieve revenue of around 2,000 - 2,500 crore. The revenue of Stove Kraft in the month of January to March increased by 17% to 325 crore. The amount of money before tax, depreciation, and amortization and the margins were 7%, and it made a profit of around 3 crore, compared to a loss of 6 crore the previous year.

Throughout the last five years the company has grown at a compound annual growth rate of 19%, according to Gandhi. During the last year, the growth value of the company was 6%, but in terms of volume, it was 19%.

The company declared that it has bagged the prestigious Global Award for Retail Excellence, Stove Kraft Ltd., a modern cookware and lighting solutions player with 1,000+ products under its belt, said in the race to the podium, it faced intense competition from prominent brands. Stovekraft, however, emerged triumphant, securing the coveted title of 'Retailer of the Year' in the Kitchen Appliances category in an exclusive event organized by Asia Retail Congress in Mumbai recently.

Commenting on the success of the brand,Mr. Rajendra Gandhi, Managing Director, Stove Kraft Ltd., said, "We are thrilled at expanding the reach of our range of kitchen essentials closer to consumers across cities in both metro and non-metro areas. Through this effort, our focus is to create numerous job opportunities, support local talent, and contribute to the overall economic growth. At the same time, winning the Global Excellence Award 'for Retailer of the Year' is a testament to our relentless dedication to delivering exceptional products and services to our valued customers."

The sales of the stores are stabilized and they are expected to grow at the same pace by introducing new range of products and adding new channels of sales. Gandhi believes that, there are a lot of scopes for improvement and it will increase and these improvements would will surely affect their EBITDA margins, which they aim to bring back to 11%.

The Centre for Monitoring the Indian Economy (CMIE) expressed that, the overall unemployment rate in India is 7.95 percent as of July 2023. As businesses expand, they act as catalysts for employment, providing new opportunities to individuals across regions. As the nation is heading towards empowering women in the workforce, Stovekraft has been consistent with initiatives to provide skill development to women and make them an important part of the company's workforce. Currently, 80% of Stovekraft's workforce is women.Stovekraft had earlier rolled out an exclusive franchisee opportunity for women with zero capex investment which is helping the women to be self-sufficient. This initiative received a good response and more than 500 women entrepreneurs applied for the opportunity.

The company has expanded its presence and situated in Karnataka, Tamil Nadu, Andhra Pradesh, Telangana, Kerala and New Delhi. The brand recently expanded in the North Indian market, with currently 4 stores in New Delhi. Next they are planning to step into the West Indian market with continuous innovation, ensuring cutting-edge and reliable kitchen solutions to its valued customers.