NSE: EUREKAFORB · BSE: 543482
EUREKA FORBES LIMITED
Sells water purifiers, vacuum cleaners, air purifiers and water softeners to Indian households, with water purifiers as the legacy category and the broader portfolio positioned as a multi-category health and hygiene range. Vacuum cleaners have shifted towards robotic models, which now make up 65-66% of that category; management is guiding for robotics revenue of more than ₹1,000 crore by FY30. Air purifiers grew 2.7x in FY26, and filters and aftermarket spares have been set up as a new growth vector with a refreshed distribution system and an influencer campaign that generated over 1 billion views. Recurring service revenue comes from annual maintenance contracts (AMC) on the installed base, with double-digit AMC booking growth for four consecutive quarters and a 2-hour service slot promise being rolled out alongside 4-hour turnaround pilots. Q4 FY26 revenue reached ₹684 crore (+11.6% YoY) and adjusted EBITDA margin hit a record 13.2% in the quarter. The largest cost line is materials and components at 40.8% of revenue (FY26); a 6-7% price increase was implemented in April 2026 to counter input cost inflation. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Water purifiers, Vacuum cleaners including robotics, Air purifiers, Water softeners, Filters and aftermarket spares, Service and AMC. Multi-category consumer durables with a recurring AMC service tail; repositioning from a one-category water purifier business to a broader health and hygiene portfolio.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 382 | 2,085 | 2,189 | 2,437 | 2,709 |
| EBITDA (ex other income) | 18 | 105 | 183 | 270 | 273 |
| margin % | 4.8 | 5.0 | 8.4 | 11.1 | 10.1 |
| Owners' profit | 3 | 27 | 96 | 164 | 163 |
| EPS, as reported (₹) | 0.72 | 1.37 | 4.94 | 8.46 | 8.36 |
| ROE % · ROCE % | 0.1 · 0.2 | 0.6 · 1.2 | 2.3 · 2.7 | 3.7 · 4.2 | 3.5 · 4.0 |
| Debt / equity (x) | 0.06 | 0.03 | 0.01 | 0.01 | 0.00 |
| Cash from operations | 37 | 181 | 194 | 246 | 250 |
| Capex | (5) | 0 | (28) | (60) | (88) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 673 | 598 | 613 | 608 | 772 | 645 | 684 | 700 |
| Profit before tax | 64 | 47 | 66 | 52 | 85 | 14 | 69 | 77 |
| Net profit | 48 | 35 | 49 | 39 | 63 | 10 | 51 | 57 |
| EPS (₹) | 2.47 | 1.81 | 2.56 | 1.99 | 3.23 | 0.52 | 2.62 | 2.93 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LG ELECTRONICS INDIA LTD | 1,14,787 | 62.9 | 14.97 | — | 22.0 | 27.2 | — | 13.8 |
| VOLTAS LTD | 33,490 | 74.6 | 5.23 | 39.3 | 5.8 | 9.9 | 13.8 | 7.6 |
| BLUE STAR LIMITED | 32,855 | 64.5 | 9.57 | 34.7 | 15.4 | 18.9 | 23.8 | 6.1 |
| AMBER ENTERPRISES (I) LTD | 21,873 | 227.3 | 3.77 | 23.6 | 3.9 | 5.3 | 32.1 | 6.1 |
| CROMPT GREA CON ELEC LTD | 13,161 | — | 3.83 | 95.3 | (6.7) | (2.1) | 11.0 | 11.0 |
| V-GUARD IND LTD. | 11,534 | 31.7 | 4.86 | 21.8 | 13.0 | 15.5 | 17.0 | 11.2 |
| WHIRLPOOL OF INDIA LTD | 10,555 | 42.1 | 2.54 | 15.3 | 7.1 | 8.1 | 6.4 | 7.6 |
| TTK PRESTIGE LTD | 7,280 | 37.7 | 3.69 | 23.1 | 7.9 | 10.2 | 6.3 | 13.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 34.5 | 42.1 | 7 of 19 | 67% |
| P/B | 1.4 | 4.4 | 2 of 23 | 96% |
| ROCE | 3.9 | 9.4 | 18 of 24 | 26% |
| ROE | 3.5 | 7.1 | 18 of 23 | 23% |
| Debt / Equity | 0.0 | 0.0 | 1 of 23 | 73% |
| EBITDA margin | 13.8 | 7.6 | 5 of 23 | 82% |
| Revenue growth | 15.2 | 15.4 | 12 of 22 | 48% |
| Profit growth | 47.3 | 38.1 | 9 of 21 | 60% |
| Market cap | 6212 | 3722 | 9 of 24 | 65% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Eureka Forbes schedules Q2 FY27 earnings call for November 3, 2026 | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 12 Oct 2026 · Eureka Forbes files quarterly dematerialisation certificate with exchanges | compliance | minimal | — | — |
| 5 Oct 2026 · Eureka Forbes allots 25,000 shares under ESOP 2022 | capital market events | low | — | — |
| 5 Oct 2026 · Allotment of 25,000 shares under Eureka Forbes ESOP 2022 | capital market events | low | — | — |
| 1 Oct 2026 · UP GST demand slashed from Rs. 273 Cr to Rs. 4.5 Cr | regulatory legal | high | — | — |
| 28 Sept 2026 · Eureka Forbes gets GST show cause notice for Rs 273.40 crore demand | regulatory legal | high | — | — |
| 28 Sept 2026 · Trading window closure for Q2 and H1 FY26 results | compliance | minimal | — | — |
| 24 Sept 2026 · Lunolux pledges additional 5.90% Eureka Forbes shares; total encumbered hits 62.55% | ownership changes | medium | — | — |
| 24 Sept 2026 · Lunolux pledges additional 5.90% of Eureka Forbes; total pledged now 62.55% | ownership changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.