NSE: EVEREADY · BSE: 531508
EVEREADY INDS. IND. LTD.
Manufactures and sells dry cell batteries, flashlights and lighting products to Indian retail consumers. Per the FY26 BRSR, batteries account for 65% of turnover, lighting 23% and flashlights 12%. Within batteries, carbon zinc is the core range; an alkaline sub-segment is now about 10% of the battery business and growing at over 20% volume CAGR. A new ₹200 crore alkaline battery plant at Jammu was commissioned in April–May 2026, described by management as India's only operating alkaline plant, with first-year production targeted at over 100 million units and peak capacity of 360 million units per year, replacing imported alkaline with domestic production. The company has been expanding into adjacencies such as mosquito racquets and power banks (the latter launched via e-commerce), and exited its older Noida manufacturing base, using roughly ₹251 crore from sale of the two Noida plots to cut debt by over ₹100 crore in FY26. Materials form the biggest cost line at 37% of revenue, with zinc a key input — management flagged steep, sustained zinc cost pressure through H2 FY26 and took pricing actions in both carbon zinc and alkaline to partly offset it. FY26 revenue stood at ₹1,455.39 crore with an EBITDA margin of about 14.8%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Dry cell batteries (65%), Lighting (23%), Flashlights (12%). Branded, asset-heavy FMCG in batteries, flashlights and lighting with adjacency expansion into mosquito racquets and power banks.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,207 | 1,328 | 1,314 | 1,345 | 1,455 |
| EBITDA (ex other income) | 121 | 110 | 140 | 152 | 212 |
| margin % | 10.0 | 8.3 | 10.7 | 11.3 | 14.6 |
| Owners' profit | 46 | 28 | 67 | 82 | 172 |
| EPS, as reported (₹) | 6.39 | 3.80 | 9.18 | 11.34 | 23.60 |
| ROE % · ROCE % | 16.0 · 19.4 | 8.6 · 16.5 | 17.3 · 20.2 | 17.9 · 19.2 | 27.5 · 23.9 |
| Debt / equity (x) | 1.28 | 1.17 | 0.74 | 0.63 | 0.29 |
| Cash from operations | 134 | 37 | 154 | 130 | 83 |
| Capex | (12) | (24) | (34) | (96) | (95) |
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 | 363 | 334 | 299 | 374 | 387 | 367 | 327 | 408 |
| Profit before tax | 35 | 16 | 12 | 36 | (0) | 12 | 119 | 51 |
| Net profit | 30 | 13 | 10 | 30 | (8) | 7 | 142 | 37 |
| EPS (₹) | 4.07 | 1.80 | 1.43 | 4.16 | (1.09) | 1.02 | 19.50 | 5.09 |
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. % |
|---|---|---|---|---|---|---|---|---|
| JYOTHY LABS LIMITED | 6,419 | 17.3 | 3.13 | 11.5 | 18.1 | 22.4 | 10.7 | 18.5 |
| EVEREADY INDS. IND. LTD. ◆ | 2,217 | 12.4 | 3.56 | 11.1 | 27.5 | 21.4 | 3.1 | 15.1 |
| HIGH ENERGY BATTERIES (INDIA) | 487 | 31.7 | 4.37 | — | 13.8 | 18.0 | — | 37.3 |
| INDO-NATIONAL LIMITED | 226 | — | 0.73 | — | (8.7) | (7.8) | (3.2) | 0.9 |
| PANASONIC ENERGY INDIA COMPANY | 174 | 49.9 | 1.69 | — | 3.4 | 5.2 | — | 5.9 |
| PEE CEE COSMA SOPE LTD. | 117 | 14.2 | 2.08 | 8.7 | 14.8 | 19.7 | — | 4.0 |
| YUVRAAJ HYGIENE PRODUCTS LTD. | 71 | 15.6 | 15.80 | — | 74.0 | 21.6 | — | 16.1 |
| AMBICA AGAR & AROMAINDLTD | 38 | 11.2 | 0.34 | — | 3.1 | 2.4 | — | 20.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 12.4 | 16.5 | 2 of 8 | 86% |
| P/B | 3.6 | 2.6 | 8 of 10 | 22% |
| ROCE | 21.4 | 11.6 | 3 of 10 | 78% |
| ROE | 27.5 | 8.6 | 2 of 10 | 89% |
| Debt / Equity | 0.3 | 0.1 | 7 of 10 | 33% |
| EBITDA margin | 15.1 | 10.5 | 5 of 10 | 56% |
| Revenue growth | 9.0 | 7.1 | 5 of 10 | 56% |
| Profit growth | 22.3 | 34.8 | 6 of 10 | 44% |
| Market cap | 2217 | 145 | 2 of 10 | 89% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Eveready to discuss Q2 and H1 FY27 results on November 2 | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Board to approve September 2026 quarter and half-year results | results | low | — | — |
| 15 Oct 2026 · Special Window for Re-lodgement of Physical Share Transfers | compliance | minimal | — | — |
| 6 Oct 2026 · Quarterly compliance certificate under SEBI Regulation 74(5) for Sep 2026 | compliance | minimal | — | — |
| 25 Sept 2026 · Trading window closure ahead of Q2/H1 FY26 results | compliance | minimal | — | — |
| 16 Sept 2026 · Eveready to attend Anand Rathi G-200 Summit 2026 on Sep 22 | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Eveready Industries to meet institutional investors and analysts on Sept 7-8 | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Eveready Industries to meet institutional investors on Sep 7 and 8 | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Times Horizon acquires 0.42% stake via BCCL demerger scheme | ownership changes | low | — | — |
| 1 Sept 2026 · Internal group restructuring: THPL acquires 0.42% stake in Eveready from BCCL | ownership changes | low | — | — |
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.