
Pigeon Kitchen Appliances Franchise
Pigeon exclusive store franchise: ₹17–25 L incl. ₹15 L refundable deposit, 15–30% commission, 600+ sq ft. 346 stores (Jun 2026).
About This Listing
Stove Kraft's own franchise pages contradict each other on returns and cost. Its franchise page claims 'Break-even 3 Months*', 'Investment Recovery Less than 6 months' and 'Annual ROI 30%'. A 30% yearly return would take about 40 months, not under 6, to recover the investment; recovering ₹17–25 L in six months would need ₹2.8–4.2 L of profit a month, close to an average store's entire monthly sales of ₹4.36 L (Q1 FY27). On cost, its FAQ says ₹17 L (₹15 L refundable deposit + ₹2 L franchise fee), its snapshot says '₹25 Lakhs (Capex + Deposit)', and a Pigeon store page calls it a 'Zero Capex Model'. On rent, the FAQ says FOFO franchisees cover all costs, while the same page lists 'Rent Sharing (FOFO)' and the store page promises a 50% rent contribution. These are the brand's own claims as published (Oct 2026); none of the returns figures could be verified. Get the agreement and real sales and commission statements from existing franchisees before paying.
Source: Stove Kraft's franchise page and a Pigeon store page (Oct 2026)
Pigeon Kitchen Appliances franchise at a glance (terms checked Oct 2026)
Investment
₹17 L - ₹25 L
incl. fee · In line with the category (typical ₹18 L–₹33.24 L, median ₹30 L, 7 verified brands)
Ongoing take
No royalty
Franchise fee
No franchise fee
Franchise fee: ₹2 L · Security deposit (funds company-owned store stock): ₹15 L — refundable
Payback
6–6 months
Brand's claim — doesn't add up · In line with the category (typical 6 mo–15 mo, median 9 mo, 4 verified brands)
- Outlet network shrank from 363 (Stores on its store locator, Oct 2026 (branchCount)) to 335 (Stores on its store locator, Jun 2026 (Wayback snapshot))
- The brand's ROI and payback claims contradict each other
- Legal or regulatory action on record — see Reputation & News
- Disputes with franchisees: None found (records checked Oct 2026)
- Outlets we could verify: 363 outlets on the brand's own store locator
- Outlet claim matches reality: Claims 346, locator lists 363
Outlets
363 verified
Brand claims 346
What we couldn't verify
- • Outlet closures
- • Franchisee satisfaction
- • Profit or loss
- • Revenue trend
Ask before you sign
- Speak to at least 3 franchisees who have run an outlet for 2+ years and see their actual monthly sales and profit — a franchisor making money doesn't mean its franchisees do.
- Ask for every upfront payment in writing — deposit, onboarding, equipment or stock — and which parts are refundable.
- Ask exactly how your margin or commission is calculated, when it's paid, and whether the brand can change it.
Franchise terms checked against Stove Kraft's official Pigeon franchise page on 10 Oct 2026. Figures marked * aren't published by the brand — they come from other published sources or our own estimate, and aren't verified.
Investment Breakdown
Per franchisorFixed fee; refund terms not stated. Same in COFO.
Stove Kraft says it is 100% refundable on exit. Same in COFO.
Includes ₹15 L refundable — money you get back when the agreement ends.
Model your own numbers in our calculator
Open the ROI calculator* Breakdown as published by Pigeon Kitchen Appliances.
Ways to Partner with Pigeon Kitchen Appliances
2 partner models published by the brand. Figures it doesn't publish are left blank.
FOFO (franchise-owned, franchise-operated)
- Investment
- ₹17 L – ₹25 L
- Space
- From 600 sq ft
- Fee
- ₹2 L
- Royalty / margin
- Higher end of the 15–30% commission on store sales; franchisee bears the costs incl. rent (a store page says Stove Kraft contributes 50% of rent)
- Territory
- Only Pigeon exclusive store in the locality (store page)
78 FOFO stores at end-Jun 2026.
COFO (company-owned, franchise-operated)
- Investment
- ₹17 L – ₹25 L
- Space
- From 600 sq ft
- Fee
- ₹2 L
- Royalty / margin
- Lower end of the 15–30% commission; Stove Kraft pays the rent, franchisee manages all other costs
- Territory
- —
88 COFO stores at end-Jun 2026.
Our Estimates
FranchiseChuno estimatePigeon Kitchen Appliances doesn't publish these, so here is our best read of the market and how we got there. They are our estimates, not the brand's figures — use them to plan, then confirm the real numbers in writing.
Franchisee's monthly profit at average store sales
₹10,000–60,000 a month*
Average sales of ₹4.36 L a month (Q1 FY27) at the stated 15–30% commission gives ₹65,000–1.31 L gross. Less two staff (about ₹35,000–45,000 together), power and sundries (about ₹10,000) and, in FOFO, the franchisee's share of rent (assumed ₹15,000–30,000 for 600 sq ft outside metros). COFO at 15% with no rent lands near the low end; FOFO at 30% near the high end. Mature stores selling ₹5 L+ do better. Rough guide only — check with existing franchisees.
Unit-economics model · Oct 2026
Unit Economics
Brand's own figuresHow Pigeon Kitchen Appliances says an outlet's numbers work. These are illustrations, not guarantees — check them against existing franchisees before you sign.
All Pigeon stores
- Average sales per storeCompany figure for Q1 FY27 across COCO, COFO and FOFO stores (investor presentation).
- 4,36,000 INR
Stores older than 2 years
- Monthly sales of mature storesMD on the May 2026 earnings call: a majority of stores past 2 years of operation exceed ₹5 L.
- 5,00,000 INR
COFO / FOFO
- Franchisee commission on salesDepends on COFO vs FOFO arrangement (MD, May 2026 earnings call).
- 15 – 30 %
What Pigeon Kitchen Appliances Says You Can Earn
Claims don't add upPigeon Kitchen Appliances's own claim — no evidence given. These are not FranchiseChuno's estimates or a promise of earnings; ask existing franchisees what they actually make.
- Annual return on investmentYearly profit as a share of the total investment.
- 30%
- PaybackMonths until cumulative profit equals what you invested.
- 6 months
- Operating break-evenMonths until monthly profit turns positive — not the same as getting your money back.
- 3 months
Stove Kraft's franchise page states 'Break-even 3 Months*', 'Annual ROI 30%' and 'Investment Recovery Less than 6 months'. These don't agree with each other: a 30% annual ROI implies about 40 months to recover the investment, not under 6. No sample size, period or basis is given.
Reputation & News
4 red flags to checkWhat the press, courts and real franchisees or customers have said about Pigeon Kitchen Appliances — summarised by us, with every source linked.
- Legal / regulatory· Jul 2026
Havells files IP suit against Stove Kraft (Jul 2026)
The Delhi High Court registered Havells India's suit against Stove Kraft over a geyser design on 30 Jul 2026. On 4 Aug 2026 Stove Kraft said it had stopped making the geyser to that design and proposed settlement terms; if no settlement is reached the court will hear Havells' injunction plea. Pending.
Source: Delhi High Court via Indian Kanoon - Legal / regulatory· Jun 2026
Atomberg fan-design suit: injunction refused, appeal pending (2025–26)
Atomberg sued Stove Kraft in 2025 alleging a Stove Kraft fan copied its registered design; a court receiver seized fans under a Jul 2025 order. In Apr 2026 the Bombay High Court found no prima facie infringement and refused an injunction, but stayed its own order; Atomberg's appeal is pending and the stay continued as of Jun 2026.
Source: Bombay High Court via Indian Kanoon - Customer view· Oct 2026★ 1.3/5 · 102 ratings
PissedConsumer: 1.3/5 from 102 reviews
Customer reviews of Stovekraft/Pigeon on PissedConsumer average 1.3 out of 5, with complaints about product quality and after-sales service.
Source: PissedConsumer - Legal / regulatory· Apr 2019
Franchisee arbitration against Stovekraft under a 2011 franchise agreement (2015–19)
A Belagavi franchisee asked the Karnataka High Court to appoint an arbitrator for disputes under its 2011 franchisee agreement with Stovekraft; the court appointed a former judge in Apr 2019. The dispute's details and outcome are not public, and it predates the Pigeon exclusive-store programme.
Source: Karnataka High Court via Indian Kanoon
Show 4 moreShow fewer
- In the news· Oct 2025
Stovekraft targets 500 stores by Apr 2027 (ET Retail, Oct 2025)
Stove Kraft said it had crossed 300 exclusive stores and planned 500 by Apr 2027 through a franchise-led, rent-sharing model, expecting standalone outlets to reach 15–20% of revenue within two years.
Source: ET Retail - Customer view· Oct 2026★ 4.9/5 · 1,148 ratings
Store ratings shown on its locator: 4.7–5.0
The first 24 stores on Stove Kraft's own locator show review averages of 4.7–5.0 (e.g. Visakhapatnam Madhavdara 4.9 from 1,148 reviews). Shown by the brand; source of the reviews not stated.
Source: Pigeon store locator (the brand's own site) - employee_opinion· Oct 2026★ 3.9/5 · 519 ratings
Employee rating 3.9/5 on AmbitionBox (519 reviews)
519 employee reviews average 3.9 out of 5.
Source: AmbitionBox - In the news· Dec 2025
ICRA upgrades Stove Kraft to A (Stable) / A1 (Dec 2025)
ICRA raised the long-term rating from A- (Positive) to A (Stable) and the short-term rating from A2 to A1, communicated on 18 Dec 2025.
Source: ScanX (company disclosure)
Key Terms at Pigeon Kitchen Appliances
The clauses that shape day-to-day running and your exit — read these before the fee.
- Exit
- The security deposit is described as 100% refundable on exit.
- Stock & returns
- All store inventory belongs to Stove Kraft and is funded by the franchisee's deposit (MD, May 2026 earnings call).
- Who pays for what
- COFO: the company pays rent and the franchisee manages all other costs. FOFO: the FAQ says the franchisee covers all costs and receives a higher margin to offset rent — but the same franchise page lists 'Rent Sharing (FOFO)' under ongoing support and 'Rental Model: Rent-sharing', and a Pigeon store page promises a 50% rent contribution in FOFO.
- Territory
- A Pigeon store page promises 'Exclusive Territory Rights' — the only Pigeon Exclusive Store in your locality; no radius is defined.
- Pricing
- Stove Kraft says stores keep price parity between online and offline channels.
- Other terms
- No lock-in period; franchisees may open more stores after 3 months of successful operations.
- Other terms
- Stove Kraft expects a hands-on franchisee and a minimum of two staff (one store manager, one sales promoter).
Legal & Contract Summary
Key contract terms at a glance — read before you sign.
Agreement Type
Franchisee-Owned, Franchisee-Operated
Contract Duration
—Renewal Available
—Territory Exclusivity
—Non-Compete Clause
—Exit Clause
—Who Can Apply for Pigeon Kitchen Appliances
Conditions the brand sets for partners, and the licences the business needs.
- Age and experience: 18+ with basic retail knowledgeRequired
- Store: 600+ sq ft; own or leased property (form asks)Required
- Staff: Minimum 2 (1 store manager, 1 sales promoter)Required
- Documents: Application and financial documentsRequired
About the Brand
Brand USP
A listed appliance maker's own Pigeon store chain, where the franchisee runs the store on company-owned stock for a 15–30% commission.
Why invest in Pigeon Kitchen Appliances?
Pigeon Kitchen Appliances by the Numbers
As stated by the brand346 in 23 states and 160 cities
Pigeon exclusive stores · Jun 2026
Brand claim₹4.36 L a month (Q1 FY27)
Average sales per store · Jun 2026
Brand claim8.7% (Q1 FY27); retail revenue up 86.3% year on year
Own retail share of company revenue · Jun 2026
Brand claim55–56% in Q1 FY27, up from 43% a year earlier
Franchise-operated share of retail sales · Jun 2026
Brand claim500 standalone Pigeon stores by end-2027 (Aug 2026 earnings call; Apr 2027 in Oct 2025 press)
Store target · Aug 2026
Brand claimPigeon Kitchen Appliances Outlet Network
| Year | Opened | Closed | Transferred | Net |
|---|---|---|---|---|
| New stores added under the franchise model in Q1 FY27 | 17 | — | — | — |
By format · Sep 2025
- COCO stores, end-Sep 2025 (Q2 FY26)201
- COCO stores, end-Dec 2025 (Q3 FY26)186
- COCO stores, end-Mar 2026 (Q4 FY26)182
- COCO stores, end-Jun 2026 (Q1 FY27)180
- COFO stores, end-Jun 2026 (Q1 FY27)88
- COFO stores, end-Mar 2026 (Q4 FY26)79
- FOFO stores, end-Jun 2026 (Q1 FY27)78
- COFO stores, end-Dec 2025 (Q3 FY26)75
- FOFO stores, end-Mar 2026 (Q4 FY26)68
- COFO stores, end-Sep 2025 (Q2 FY26)62
- FOFO stores, end-Dec 2025 (Q3 FY26)52
- FOFO stores, end-Sep 2025 (Q2 FY26)33
Outlet count over time
- Oct 2026363
Stores on its store locator, Oct 2026 (branchCount) · pigeonstores.stovekraft.com
- Jun 2026335
Stores on its store locator, Jun 2026 (Wayback snapshot) · pigeonstores.stovekraft.com
Cities with Outlets
Show all 45 citiesHide the city list
Company Financials
Parent / group levelThese figures are for Stove Kraft Limited, not this brand alone — separate from what a single franchise outlet earns.
Revenue (FY26)
₹1607.42 Cr
Net profit (FY26)
₹41.99 Cr
Employees (Aug 2025)
4,791
A profitable franchisor doesn't mean profitable franchisees. These are the company's numbers, not an outlet's. A franchisor can grow on fees and supplies while outlets struggle — talk to existing franchisees and see their accounts before you decide.
Company Health Check
What Pigeon Kitchen Appliances's franchisor company has filed with the registrar and the courts — the checks a lawyer would run before you sign.
- Status with the registrar
- Active
- Annual filings
- Up to date
- Last AGM
- 26 Sep 2025
- Late payments to small suppliers
- 172
- Paid-up capital
- ₹33.11 Cr
- Auditor
- Price Waterhouse Chartered Accountants LLP
- Brand trademark
- Used under consent terms (Dec 2007 and Dec 2008) with Japan's Pigeon Corporation, as recorded by the Madras High Court; in Dec 2025 the court ordered the Trade Marks Registry to advertise Stove Kraft's Class 20 'Pigeon' application. Civil suits over the 'Pigeon' name with a Chennai firm (Sree Mukesh Marketing / Pigeon Industries) were pending in Bengaluru in 2023, and trademark rectification petitions between Stove Kraft and Sree Mukesh Marketing were set for a joint trial in the Madras High Court in Apr 2026.
Source: MCA filings via Tracxn; Stove Kraft FY26 audited results; Indian Kanoon (checked Oct 2026)
Full company recordsFinancials year by year, registered details, leadership and timelineShowHide
Pigeon Kitchen Appliances Financials Over Time
Figures for the parent company, from filed or reported accounts.
Source: Stove Kraft audited results (whole company)
A profitable franchisor doesn't mean profitable franchisees. These are the company's numbers, not an outlet's. A franchisor can grow on fees and supplies while outlets struggle — talk to existing franchisees and see their accounts before you decide.
Company Profile
The legal entity behind the brand, its leadership, and its official channels.
- Registered name
- Stove Kraft Limited
- Company type
- Public Limited Company (listed)
- CIN
- L29301KA1999PLC025387
- Incorporated
- 28 Jun 1999
- Headquarters
- Harohalli, Ramanagara district (near Bengaluru), Karnataka
Leadership
- RRajendra GandhiManaging Director and founder, Stove Kraft Ltd
Social presence
Company details source: MCA records via Tracxn; Stove Kraft stock-exchange filings
Pigeon Kitchen Appliances Timeline
Jun 1999
Stove Kraft incorporated
Pigeon has been sold since 1999 (store page).
SourceDec 2007
Consent terms with Pigeon Corporation on use of the 'Pigeon' mark
Further terms Dec 2008 (as recorded by the Madras High Court).
SourceJun 2022
First Pigeon exclusive store opens
Oct 2025
Crosses 300 stores; targets 500 by Apr 2027
SourceJun 2026
346 stores, 166 run by franchisees
Dec 2027Announced plan
Target: 500 standalone Pigeon exclusive stores
Stated on the Aug 2026 earnings call as 'by the year end 2027'; ET Retail (Oct 2025) had reported Apr 2027.
FranchiseChuno Analysis
Our analysis of verified dataHow Pigeon Kitchen Appliances looks once the numbers are checked side by side.
- •Investment below the Retail Stores medianMidpoint ₹21 L vs a category median of ₹30 L across brands on FranchiseChuno.
- ✓The franchisor company is profitableIts latest filed accounts show a net profit. That's the franchisor's money, not yours: a profitable franchisor doesn't mean its franchisees make money. Check real outlet numbers before you invest.
- ✓Brand operating for 27 yearsFounded in 1999. The brand doesn't state when franchising began.
- ✓Outlet claim matches its store locator363 outlets on its own store locator (Oct 2026), in line with the 346 it claims.
- !4 red flags in the news or public discussionSee Reputation & News below, and ask the brand to address each one.
Data completeness
82%
- ✓ Terms checked against the brand's own page
- ✓ Published investment (not an estimate)
- ✓ Franchise fee
- ○ Royalty
- ✓ ROI or payback claim
- ○ Agreement term
- ✓ Training details
- ✓ Outlet cities verified
- ✓ Company financials
- ✓ Legal entity
- ✓ News & public opinion checked
Ask Before You Sign
Questions tailored to what Pigeon Kitchen Appliances does and doesn't publish.
- 1Speak to at least 3 franchisees who have run an outlet for 2+ years and see their actual monthly sales and profit — a franchisor making money doesn't mean its franchisees do.
- 2Ask for every upfront payment in writing — deposit, onboarding, equipment or stock — and which parts are refundable.
- 3Ask exactly how your margin or commission is calculated, when it's paid, and whether the brand can change it.
- 4Ask for the agreement term, renewal fee and exit or transfer terms.
- 5Ask whether you get an exclusive territory, and how large it is.
- 6Ask the brand to respond to each red flag listed under Reputation & News.
- 7Have a lawyer review the franchise agreement before paying anything.
- 8Visit 2–3 existing outlets and speak to their owners without the brand present.
Running the outletSpace, staff, launch steps, training, support and who does whatShowHide
Operations Required
What you'll need on the ground to run this franchise day-to-day.
Area Required
600 sq ft
Staff Needed
2 people
Setup Time
—
Owner Involvement
—
Best Locations
Not published
Business Type
Not published
Training & Support
What the brand provides to help you launch and run your franchise.
Operations Manual
Step-by-step playbook for running the outlet
Supply Chain Support
Vendor sourcing, inventory & logistics
Technology / POS
Billing, inventory, and management software
Marketing Support
National & local marketing campaigns
Launch Support
Pre-opening setup and grand-opening assistance
Ongoing Field Support
Regular visits and operational coaching
Training Programme
Ongoing Support
What Pigeon Kitchen Appliances franchisees say
We haven't yet heard from enough Pigeon Kitchen Appliances franchisees to show anything. We publish totals once 3 or more people who run an outlet have answered and we've called each one to check.
I run a Pigeon Kitchen Appliances outlet — share how it wentFrequently Asked Questions
What is the total investment for a Pigeon Kitchen Appliances franchise?
What return does Pigeon Kitchen Appliances say a franchise makes?
How long does Pigeon Kitchen Appliances say it takes to recover the investment?
When does a Pigeon Kitchen Appliances outlet break even?
What training does Pigeon Kitchen Appliances provide?
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