Shares of Stove Kraft Limited surged 9.42%, jumping ₹51.35 to trade at ₹596.30 by 9:20 AM on March 12 — flagged as a top gainer on NSE — as an unexpected supply crisis in India’s LPG market triggered a real-world scramble for electric cooking alternatives, sending consumers and commercial kitchens rushing to buy induction cooktops that are now reportedly selling out across the country.
The previous close was ₹544.95. The stock has traded between ₹453.15 and ₹820 over the past year, and Thursday’s move suggests a sharp sentiment reversal after months of underperformance from its 52-week high.
The Reason: LPG Is Running Short. Induction Cooktops Are Running Out.
The catalyst is neither a quarterly result nor a brokerage upgrade. It is a supply chain crisis unfolding in real time on India’s kitchen counters.
The West Asia conflict — specifically Iran’s actions disrupting Persian Gulf shipping lanes and the effective closure of the Strait of Hormuz — has created an acute LPG supply crunch in India. CLSA warned in a note Thursday that LPG is the most vulnerable energy product in India’s import chain, with alternate supply unlikely to arrive before end-April. That means a potential 3–4 week window of genuine gas shortages affecting households, restaurants, hotels, and commercial kitchens.
And when gas becomes uncertain, people buy induction cooktops.
Reports from multiple cities indicate that induction cooktops, electric rice cookers, and hot plates are selling out at retail outlets as consumers and restaurant owners seek immediate electric cooking alternatives. The out-of-stock situation is not anecdotal — it is broad enough that investors have noticed and are positioning ahead of what could be a significant near-term demand surge for kitchen appliance manufacturers.
Stove Kraft, which owns the Pigeon and Gilma brands, sits directly in the path of that demand wave. Induction cooktops are a core product in its small appliance portfolio, and Pigeon is one of the most recognised mass-market induction brands in India — exactly the price point households reach for in an emergency purchase.
Butterfly Gandhimathi Also Surging
Stove Kraft is not the only beneficiary. Butterfly Gandhimathi Appliances — part of the Crompton group and a major kitchen appliance brand with a strong induction cooktop range — is seeing similar buying interest. Butterfly’s product portfolio of mixer grinders, induction cooktops, electric kettles and pressure cookers positions it identically to Stove Kraft for this demand shift.
Both companies have built significant distribution networks in South India — a region where LPG dependence in commercial kitchens is particularly high and where the induction cooktop market was already growing before this crisis accelerated adoption.
The Bigger Picture: A Temporary Shock With Potentially Lasting Consequences
The LPG shortage driving today’s stock move may prove temporary — alternate supplies could begin arriving by late April, and a conflict resolution would normalise gas flows faster. But the investment thesis being priced in Thursday goes beyond the immediate shortage.
Every consumer who buys an induction cooktop this week because their LPG supply became unreliable is a consumer who may not go back. Commercial kitchens that install electric cooking infrastructure during a shortage rarely rip it out when gas returns. The Iran conflict, whatever its duration, is functioning as a forced adoption event for electric cooking technology in India — compressing what might have been years of gradual market shift into weeks.
That structural argument is what separates a one-day trading spike from a genuine re-rating story. The market is beginning to price the possibility that this is the latter.
The Irony in the Numbers
Stove Kraft’s name quite literally includes the word “stove” — built on a business that began with gas stoves and LPG-dependent cooking. The fact that a gas supply crisis is now its biggest near-term stock catalyst, by driving demand for its electric product line, is one of the more striking market ironies of the current crisis.
Pigeon induction cooktops selling out because Iran shut the Strait of Hormuz is not a sentence anyone predicted writing this year. And yet here we are.
Stove Kraft (STOVEKRAFT, NSE): ₹596.30, +9.42%, +₹51.35 | Previous Close: ₹544.95 | Day Range: ₹565.90–₹598.00 | 52-Week Range: ₹453.15–₹820.00 | Market Cap: ₹19.57B | P/E: 52.53 | As of 9:20 AM IST, March 12, 2026.
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