Shares of TTK Prestige, Gandhi Mathi Appliances (Butterfly Gandhimathi), and Stovecraft surged by as much as 15% on Wednesday, March 11, due to a critical shortage of LPG amid conflicts in the Middle East. The supply of commercial LPG to hotels and restaurants has stopped in cities such as Mumbai, Bengaluru, and Chennai, resulting in a significant increase in the demand for induction stoves (with sales rising between 60-300%), according to reports.
Market analysts suggest that if there are ongoing LPG supply challenges, consumers might briefly transition to using induction or electric cooking appliances, which could positively impact businesses such as TTK Prestige, Stove Kraft, and Gandhimathi Appliances.
Even a brief increase in demand for induction cookers, hot plates, and electric devices can translate into a boost in sales activity.
Minor interruptions in fuel supply will lead to consumer demand shifts towards electric appliances.
Darshan Rathod, COO, Multify, said that the sudden rally came after reports of a possible gas supply shortage, which created expectations of higher demand for alternative cooking appliances.
These companies manufacture products such as pressure cookers, induction stoves, and other kitchen appliances used in households. When concerns arise about gas availability, the market often assumes that consumers may temporarily shift toward electric cooking options like induction cooktops. Because of this expectation, investors quickly move into stocks that could benefit from such a shift, according to Rathod.
“However, it is important to understand that this type of rally is largely driven by sentiment and short-term news. A gas supply disruption can create temporary demand, but the long-term growth of these companies still depends on factors like consumer spending, product innovation, and strong distribution networks,” explained Rathod.
As per reports, India uses approximately 31.3 million tonnes of LPG each year. Around 87% of this consumption occurs in the domestic sector, specifically in household kitchens, while the remaining portion is utilized by commercial venues such as hotels and restaurants.
Out of the total demand, around 62% is fulfilled through imports. The attack by the US and Israel on Iran, along with Tehran’s response, has led to the closure of the Strait of Hormuz—the passage through which India received 85-90% of its LPG imports from nations like Saudi Arabia, as per reports.
Key Players
TTK Prestige, Gandhi Mathi Appliances (Butterfly Gandhimathi), and Stovecraft Limited are major participants in India’s kitchen appliances sector, providing a diverse selection of products such as pressure cookers, cookware, LPG stoves, mixer grinders, and induction cooktops.
TTK Prestige obtains approximately 35% of its revenue from pressure cookers and around 17–18% from both cookware and gas stoves, while induction cooktops account for nearly 10–12%, featuring popular models like the i-Control and Royale series. For FY25, the company reported revenues of ₹2,894 crore and aims to reach ₹5,000 crore by FY27, driven by increasing demand for kitchen appliances due to higher LPG prices.
Gandhi Mathi Appliances, recognized for its Butterfly brand, maintains a significant presence in South India, which generates approximately 77% of its revenue, bolstered by a distribution network consisting of over 500 distributors and 25,000 outlets, with nearly 85% of production occurring in-house.
On the other hand, Stovecraft has experienced substantial growth in its induction cooktop segment—accounting for almost 49% of its revenue, alongside chimneys and hobs—driven by a trend towards premium products and collaborations with global retailers like IKEA, while its small appliances segment also shows strong growth. Both companies are capitalizing on the increasing urbanization, enhancements in premium kitchens, and the rising adoption of energy-efficient cooking solutions.
Technical Views
Ruchit Jain, Head – Equity Technical Research, Wealth Management, Motilal Oswal, said that TTK Prestige, Gandhimathi, Stove Kraft shares have seen a sharp pullback move today post the recent correction. However, the overall trend remains bearish as the lower top lower bottom has not negated yet.
According to Anshul Jain, Head of Research at Lakshmishree, compared to Gandhimathi and Stove Kraft, TTK Prestige currently offers the cleaner breakout structure and superior momentum profile.
“TTK Prestige Limited, Gandhimathi Appliances Limited, and Stove Kraft Limited, the technical structure clearly favours TTK Prestige. The stock is showing the strongest relative strength both against peers and the broader market. A key differentiator is the extraordinary volume expansion, with participation surging nearly 1,526 percent above the 50-day average, signaling strong institutional interest rather than speculative activity. Price acceptance after the volume spike suggests demand is absorbing supply effectively,” said Jain.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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