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IFB Industries is a home grown white appliances company with a dominant position in front loading washing machines. It is also present in Dishwashers, Microwave Ovens and ACs. Given low penetration levels for such appliances, the long term prospects are excellent. IFB is well placed with good success in new product introductions and distribution. Recent global pandemic and lockdown has made consumers realize the importance of home appliances. Post lifting of lockdown, the demand for company’s products has been extremely strong but margins are under pressure due to spike in raw material prices. We have an over weight rating given good runway for growth and excellent execution by management

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