Haier India revenue crosses $1 billion despite sluggish market

Kolkata: Haier Appliances India has crossed the $1-billion-revenue mark, highlighting the scale the Chinese-origin home appliance maker has built in India despite sluggish industry growth.

Haier India, jointly owned by China's Haier Group and Bharti-Warburg Pincus combine with a 49% stake each, reported sales of ₹9,974 crore for the fiscal year ended December 2025, up 21% from the previous year, according to its latest filings with the Registrar of Companies (RoC), sourced from business intelligence platform Tofler. Net profit rose 8% to ₹517 crore.

"We are continuing the high pace of growth even this year as well," Haier India chief executive Satish NS told ET. "Till August this year, we have already achieved 2024 full-year revenue and by this month itself we expect to cross the entire 2025 revenue." The company expects sales to cross ₹14,000 crore this year, he said. The industry last year grew in single digit as it battled cost hikes and rupee depreciation, which impacted revenue growth and profit margins of all major companies, including market leader LG Electronics India.


Read more: Haier aims to touch $2 bn revenue by 2027-end, to invest Rs 3,500 cr in 3-4 yrs

Haier became India's third-largest home appliance maker two years ago and has since widened its lead over Whirlpool India. Whirlpool India posted sales of ₹7,474 crore for the year ended March 2026.

Haier India had reported calendar 2024 sales of ₹8,236 crore, compared with Whirlpool India's ₹7,421 crore for the year ended March 2025. A year earlier, the two were neck-and-neck, with Whirlpool marginally ahead. The ownership change following the investment by Bharti and Warburg has reshaped Haier India's board, which had six Chinese expatriates. Satish NS has since then been elevated to CEO; Decheng Huang, who was MD, resigned from board in March. Two other Chinese expats, Zhenhu Shao and Sun Xinsan, stepped down, filings reveal.

Read more: Bharti Enterprises-Warburg to plug into Haier’s India arm

The board now includes corporate executives such as Ajai Puri, Pawan Kumar Goenka and Anish Kumar Saraf, managing director at Warburg Pincus India besides three Chinese expats. Under the deal announced last December, details of which are shared in the RoC filing, Haier Singapore Investment Holding now owns 49% in Haier India, Bharti Neo Ventures 25%, Indigo Cove Investments BV 24% and the company's Esop Trust 2%. The Esops have been granted to Satish NS and company secretary Somesh Agrawal as of the report filing date.

The filings also show that Haier India has become debt-free after repaying the entire external commercial borrowing from its Chinese shareholder, which had been used to fund expansion of its manufacturing plant in Greater Noida.

Industry executives said the move indicates preparations may have begun for a potential IPO. Satish declined to comment on an IPO, saying company is focused on strengthening its net worth, product portfolio, manufacturing and service infrastructure, while deploying significant capital for expansion.