Whirlpool (WHIRL)'s 2QFY22 revenue came in flat YoY and was 11% below our estimate. The two-year revenue CAGR stood at 7%, weaker v/s peers. While demand improved in the mid and premium segments, it was impacted by supply-side volatility. Flat revenue growth implies negative volume growth, likely in entry-level segments. This poses a risk to consumption demand and makes 3QFY22 a key test for the same. While the gross margin contracted 460bps YoY, EBITDA margin compression stood at 330bps. Thus, EBITDA stood 29% below our estimate, with margins...