Wonderchef posts 421 Cr revenue and Rs 4 Cr profit in FY25

Wonderchef, the premium kitchenware and home appliances brand co-founded by Ravi Saxena and Chef Sanjeev Kapoor, delivered a stable financial performance in FY25 with improved profitability.

Wonderchef’s operating revenue increased 11% to Rs 421 crore in FY25, up from Rs 378 crore in FY24, as per its financial statements filed with the Registrar of Companies (RoC). 

Wonderchef offers a wide range of kitchen and home appliances, including non-stick cookware, pans, chimneys, flasks, bakers, and more, through its omnichannel, e-commerce platforms, and quick commerce. The sale of products was the sole source of revenue for the company.

The company earned an additional Rs 2 crore from interest income which pushed its total income to Rs 423 crore in FY25, compared to Rs 381 crore in FY24.

For the kitchen and home appliances seller, the cost of procurement of appliances naturally becomes the largest cost center forming 68% of its overall cost. To the tune of scale, this cost increased by 11.5% to Rs 281 crore in FY25 from Rs 252 crore in FY24.

Employee benefits increased to Rs 35 crore, while transportation and contract manpower costs stood at Rs 17 crore and Rs 10.6 crore, respectively. Advertisement expenditure grew 35% to Rs 23 crore. Overall, total expenses rose 11% to Rs 415 crore in FY25 from Rs 375 crore in FY24. For a more detailed expense breakdown, refer to TheKredible.

With the company’s revenue growing steadily, its profit spiked to Rs 4.4 crore in FY25 from Rs 1.5 crore in FY24. Its ROCE and EBITDA margin improved to 4.78% and 2.02% respectively.

On a unit basis, its expense-to-revenue ratio remained at Rs 0.99, unchanged from FY24. On the balance sheet side, Wonderchef held Rs 23 crore in cash and bank balances, down from Rs 33 crore a year earlier, while current assets stood at Rs 229 crore in the same period.

According to TheKredible, Wonderchef has raised a total of $50 million of funding to date, with Sixth Sense Ventures and Amicus Capital Partners as its lead investors. The co-founders, Sanjeev Kapoor and Ravi Saxena, together own 19.5% of the company.

Wonderchef is preparing to make its public market debut with a targeted valuation of around Rs 1,800 crore. The IPO is expected to be largely an offer for sale, giving existing investors a chance to exit, though the final issue size remains unclear. The IPO was originally anticipated for late 2025, but may now be pushed to 2026.

While the numbers look good, it is difficult to see Wonderchef scaling significantly from these levels, considering the competition in the segment and the business model. An outsourced manufacturing model that counts on design and brand to make a dent, even as margins are constrained by a hyper-competitive market. We believe the firm would have made for a good acquisition candidate, than an IPO which is likely to disappoint in the long term if priced too aggressively, something is far more likely in a receptive IPO market right now. In fact, we would argue that the froth in the IPO market has helped push many otherwise normal firms to try and turn the narrative into a fast growing, profitable entity, that lasts only till about the IPO. We sincerely hope Wonderchef is not cooking up the same recipe for investors.