## **Table of Contents** 1. [LPG Crisis Drives Induction Cooktop Demand Surge](#anchor1) 2. [India's LPG Consumption and Import Dependency](#anchor2) 3. [Stock Market Winners: Kitchen Appliance Manufacturers](#anchor3) 4. [Company-wise Analysis and Revenue Composition](#anchor4) 5. [Management Commentary on Market Opportunities](#anchor5) 6. [Investment Implications and Market Outlook](#anchor6) --- <h2 id="anchor1">LPG Crisis Drives Induction Cooktop Demand Surge</h2> The ongoing **cooking gas shortage** in India has triggered an unprecedented surge in induction cooktop sales across major cities, creating significant opportunities for kitchen appliance manufacturers. The crisis, stemming from West Asia conflicts that have disrupted LPG supply chains through the Strait of Hormuz, has forced Indian consumers to seek alternative cooking solutions. According to recent market data, **induction cooktop sales** have witnessed extraordinary growth, with Amazon India reporting a **20X surge** in demand within 24 hours compared to regular days. Similarly, Flipkart observed sales volumes tripling over the last 3-4 days. Stovekraft, which manufactures the Pigeon brand, reported a **four-fold spike** in average weekly sales of induction cooktops through e-commerce channels. ### **Retail Market Response** Physical retailers have experienced equally dramatic increases. Viveks, a Tamil Nadu-based home appliances retail chain, saw induction cooktop sales jump from one unit per store daily to **10-15 units** across key stores. In Kolkata's major electrical markets like Chandni Market and Ezra Street, retailers reported sales jumping from 40-45 induction cookers daily to **120-130 units** across 86 outlets. The **cooking gas shortage** has also driven demand for complementary electric appliances, including electric cookers, kettles, and hot plates, as consumers prepare for potential extended LPG supply disruptions. <h2 id="anchor2">India's LPG Consumption and Import Dependency</h2> India's vulnerability to **cooking gas shortage** becomes evident when examining the country's LPG consumption patterns and import dependency. The nation consumes approximately **31.3 million tonnes** of LPG annually, with 87% utilized in the domestic sector for household kitchens and the remaining 13% in commercial establishments. ### **Import Dependency Statistics** | **Consumption Metric** | **Volume/Percentage** | |------------------------|----------------------| | Total Annual LPG Consumption | 31.3 million tonnes | | Domestic Sector Usage | 87% | | Commercial Sector Usage | 13% | | Import Dependency | 62% | | Domestic Production | 38% | The **cooking gas shortage** crisis is particularly acute because India imports **62% of its total LPG requirement**, with 85-90% of these imports traditionally coming through the Strait of Hormuz from countries like Saudi Arabia, Qatar, and UAE. The recent closure of this critical shipping route has severely impacted supply chains. <h2 id="anchor3">Stock Market Winners: Kitchen Appliance Manufacturers</h2> The **cooking gas shortage** has created immediate winners in the stock market, with shares of kitchen appliance manufacturers experiencing significant gains. Leading **induction cooktop** manufacturers have seen their stock prices surge as investors anticipate sustained demand growth. ### **Stock Performance During Crisis** | **Company** | **Current Price** | **Daily Change** | **Weekly Performance** | |-------------|-------------------|------------------|----------------------| | [TTK Prestige](isin#INE690A01028) | ₹535.45 | +10.52% | +6.84% | | [Butterfly Gandhimathi](isin#INE295F01017) | ₹694.50 | +14.80% | +15.51% | | [Stove Kraft](isin#INE00IN01015) | ₹544.95 | +12.06% | +9.96% | | [Borosil](isin#INE02PY01013) | ₹259.50 | +2.47% | +13.41% | | [Bajaj Electricals](isin#INE193E01025) | ₹380.15 | +0.81% | +5.23% | | [Hawkins Cookers](isin#INE979B01015) | ₹7,561 | +1.05% | +4.18% | **TTK Prestige** emerged as the biggest beneficiary, with its stock surging over 10% in a single day, reflecting investor confidence in the company's strong **induction cooktop** portfolio. [Butterfly Gandhimathi Appliances](isin#INE295F01017) and [Stove Kraft](isin#INE00IN01015) also witnessed double-digit gains, capitalizing on their market leadership positions in kitchen appliances. The **cooking gas shortage** has particularly benefited companies with diversified product portfolios that include electric cooking alternatives, positioning them to capture the shift in consumer preferences during the crisis. <h2 id="anchor4">Company-wise Analysis and Revenue Composition</h2> ### **Stove Kraft Limited - Market Leader in Induction Cooktops** [Stove Kraft](isin#INE00IN01015) stands out as the **market leader in induction cooktops** by absolute numbers, with strong backward integration including in-house glass processing capabilities. The company reported consolidated revenue of ₹378.4 crores for Q3 FY26, with **induction cooktop** sales contributing approximately 20% of annual revenue. **Key Revenue Metrics:** - Cooktops contribute ~20% of annual revenue - Small domestic appliances grew 38.7% YoY - Domestic business represents 96% of Q3 revenue - Gross margin improved to 39.4% in Q3 FY26 The **cooking gas shortage** positions Stove Kraft advantageously, as the company has complete cost, quality, and supply chain control over its **induction cooktop** manufacturing through backward integration. ### **TTK Prestige - Diversified Kitchen Appliances Portfolio** [TTK Prestige](isin#INE690A01028) operates across multiple kitchen appliance categories, with **induction cooktops** representing ₹273 crores in FY25 revenue, constituting 8% of total turnover. The company's Q3 FY26 performance showed strong growth across categories: | **Category** | **Q3 FY26 Revenue** | **YoY Growth** | **Revenue Share** | |--------------|---------------------|----------------|-------------------| | Appliances | ₹342.6 crores | +2.7% | 46.8% | | Cookers | ₹220.8 crores | +14.8% | 30.2% | | Cookware | ₹135.2 crores | +25.3% | 18.5% | The **cooking gas shortage** benefits TTK Prestige's diversified portfolio, particularly its appliances segment which includes **induction cooktops** and other electric cooking solutions. ### **Borosil - Health-Conscious Kitchen Solutions** [Borosil](isin#INE02PY01013) has positioned itself to benefit from the **cooking gas shortage** through its focus on health-conscious, eco-friendly kitchen solutions. The company's non-glassware segment, which includes small home appliances and cookware, generated ₹348.7 crores in 9M FY26. The company's appliances and cookware categories have grown at **3x faster than industry** rates, with supply chain localization progressing from 50% to 60%, targeting 85% by the end of the coming year. <h2 id="anchor5">Management Commentary on Market Opportunities</h2> ### **Strategic Positioning During Crisis** Management teams across **induction cooktop** manufacturers have expressed optimism about the sustained demand shift triggered by the **cooking gas shortage**. Stove Kraft's management highlighted their strategic advantage through complete backward integration, enabling them to maintain supply chain control during the crisis. **Rajendra Gandhi, Managing Director of Stove Kraft**, noted that the company has seen a **four times spike** in average weekly sales of **induction cooktops** in e-commerce channels, with the company currently manufacturing around 2 lakh units of induction cooktops. ### **Channel Strategy Adaptations** Several companies have adapted their channel strategies to capitalize on the **cooking gas shortage** opportunity. Stove Kraft strategically exited the co-branded oil company channel, which previously contributed 60-70% of cooktop business, focusing on higher-margin channels. **Borosil's management** emphasized the structural trend toward healthier, eco-friendly kitchens, with their glassware segment growing 21% in 9M FY26, reflecting growing demand driven by health consciousness and the current **cooking gas shortage**. ### **Product Innovation Focus** Companies are accelerating product launches to meet the surge in demand. **Hawkins Cookers** launched 58 new products during FY 2024-25, including their first electrical kitchen product - the Smart Electronic Kettle. TTK Prestige introduced new ranges including Light Weight Cast Iron cookware and Infrared Cooktop PIRC 3.0. <h2 id="anchor6">Investment Implications and Market Outlook</h2> The **cooking gas shortage** has created both immediate and long-term investment opportunities in the kitchen appliances sector. The crisis has accelerated the adoption of electric cooking solutions, potentially creating a permanent shift in consumer behavior beyond the current supply disruption. ### **Market Size and Growth Potential** The domestic appliances market, including **induction cooktops**, represents a ₹8,155 crore opportunity growing at 8.5% annually. The current crisis could accelerate this growth significantly, with companies like Borosil already witnessing appliances and cookware growing at 3x industry rates. The **cooking gas shortage** has highlighted India's energy security vulnerabilities while creating opportunities for domestic kitchen appliance manufacturers. Companies with strong manufacturing capabilities, diversified product portfolios, and established distribution networks are best positioned to capitalize on this structural shift in cooking preferences. The government's directive to increase LPG production by 10% may provide temporary relief, but the crisis has demonstrated the need for alternative cooking solutions, potentially sustaining demand for **induction cooktops** and electric kitchen appliances beyond the immediate crisis period.