Eureka Forbes Q2 FY27 results: net profit up 17.8% to ₹74.10 crore, revenue up 15.1%

How did Eureka Forbes perform in Q2 FY27?

Consolidated revenue for Q2 FY27 was ₹888.47 crore, up ₹116.39 crore or 15.1% from ₹772.08 crore in Q2 FY26. EBITDA was ₹114.99 crore, up 17.7%, while the margin was 12.9%, 0.3 percentage points higher than 12.6%. Profit before tax was ₹99.12 crore, up 16.7%, and tax expense was ₹25.02 crore.

The company reported a net profit of ₹74.10 crore in Q2 FY27, against ₹62.92 crore in Q2 FY26, while basic EPS was ₹3.81. Against Q1 FY27, revenue increased 26.9% to ₹888.47 crore, EBITDA rose 65.7% to ₹114.99 crore and the margin rose 3.0 percentage points to 12.9%. Net profit rose 30.0% from ₹56.99 crore and EPS increased from ₹2.93.

On a standalone basis, the company reported revenue of ₹889.59 crore, up 15.0%, and profit after tax of ₹73.34 crore, compared with ₹61.59 crore in Q2 FY26. The same-day press release and presentation also used standalone figures and reported an adjusted EBITDA margin of 13.6%.

What changed in Eureka Forbes' costs and profit?

Total expenses increased by ₹102.59 crore, or 14.8%, from ₹693.09 crore in Q2 FY26 to ₹795.68 crore. Cost of materials was up ₹57.60 crore at ₹451.45 crore, employee cost was up ₹11.86 crore at ₹98.09 crore and other expenses were up ₹22.25 crore at ₹279.21 crore. Depreciation increased by ₹3.67 crore to ₹20.09 crore, while finance costs fell by ₹0.15 crore to ₹2.10 crore.

Other income rose by ₹0.35 crore to ₹6.33 crore, and the company recorded no exceptional item in Q2 FY27. Tax expense was ₹25.02 crore, up ₹2.97 crore from ₹22.05 crore in Q2 FY26. EBITDA increased by ₹17.33 crore to ₹114.99 crore, and the margin rose 0.3 percentage points to 12.9%.

Against Q1 FY27, total expenses rose ₹144.91 crore, led by a ₹123.11 crore increase in cost of materials and a ₹33.25 crore increase in other expenses. Other income fell ₹1.12 crore, tax rose ₹5.39 crore and there was no exceptional item in Q2 FY27, compared with a ₹19.54 crore exceptional-item gain in Q1 FY27.

How did the first half of FY27 go?

In H1 FY27, consolidated revenue was ₹1,588.87 crore, up ₹208.92 crore or 15.1% from ₹1,379.95 crore in H1 FY26. Total income rose 15.0% to ₹1,602.65 crore, while profit before tax increased by ₹38.69 crore or 28.2% to ₹175.73 crore.

H1 FY27 net profit was ₹131.08 crore, up ₹29.46 crore or 29.0% from ₹101.62 crore in H1 FY26. Basic EPS rose from ₹5.23 to ₹6.74, an increase of 28.9%.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹7,151.59 crore, against ₹6,735.09 crore at 31 March 2026, while total equity rose to ₹4,745.4 crore from ₹4,600.37 crore. Borrowings were ₹38.7 crore, whereas there were no borrowings at the previous balance-sheet date, and cash fell to ₹20.87 crore from ₹125.86 crore.

Inventories increased to ₹553.77 crore from ₹379.42 crore, trade receivables rose to ₹383.08 crore from ₹233.41 crore and trade payables increased to ₹353.65 crore from ₹231.22 crore. H1 FY27 operating cash flow was negative ₹117.7 crore, compared with negative ₹22.64 crore in H1 FY26; investing cash flow was negative ₹17.71 crore against negative ₹112.13 crore.

Financing cash flow for H1 FY27 was positive ₹30.42 crore, compared with positive ₹52.92 crore in H1 FY26. Capital expenditure was ₹27.6 crore, down from ₹45.67 crore in the earlier first half.

How has Eureka Forbes done over the last 8 quarters?

Revenue rose year on year in each of the last eight quarters and increased from ₹700.4 crore in Q1 FY27 to ₹888.47 crore in Q2 FY27. Q2 FY27 was the highest revenue quarter in the series, while Q3 FY25 was the lowest at ₹597.74 crore.

Profit after tax reached ₹74.10 crore in Q2 FY27, the highest point in the quarterly series, after falling to ₹9.98 crore in Q3 FY26. EBITDA margin was 12.9% in Q2 FY27, compared with its low of 9.9% in Q1 FY27. Profit after tax rose year on year in each of the last three quarters.

What else did the company announce?

On 2 November 2026, the board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, along with the statutory auditors’ limited review report. It also approved the reappointment of Homi Katgara as a Non-Executive, Independent Director for a second term of 5 consecutive years from 31 January 2027 to 30 January 2032, subject to shareholder approval.

The company filed a press release and investor presentation with the results. The same-day filings did not announce a dividend or a fund raise. The board meeting commenced at 12:27 PM IST and concluded at 01:20 PM IST.

What did Eureka Forbes' management say?

Management expects H2 FY27 revenue growth to accelerate further from H1 FY27’s 15.1%, while retaining its target for flat FY27 adjusted EBITDA margin year on year. It expects a transitionary margin impact in Q3 and recovery in Q4. A calibrated price increase of 3–4% is planned after Diwali, effective from mid-November.

Management said water-purifier growth remained in the high teens and exceeded 30% quarter on quarter, with continued market-share gains. Service revenue was broadly stable, while filter sales accelerated; management expects service revenue to revive as filter and AMC initiatives scale. Inventory and receivables are expected to unwind in H2, with a similar FY27 cash-generation seasonality to FY26.

Management identified commodity inflation, pricing and competition as risks. It said Q3 margins face a transition before mid-November pricing takes effect, while AMC price increases and broader inflation may delay the service-revenue recovery. The earnings-call document provided no specific analyst questions. Pratik Pota, Managing Director and CEO, said: “To summarize, I believe H1 FY27 represents an important inflection point in our journey. We have changed gears.”

How did Eureka Forbes shares react?

After the filing appeared, the stock was down 0.7% after five minutes, up 3.4% after 15 minutes and up 0.6% after 30 minutes. It closed the reaction day up 8.9% from the previous close of ₹313.20, compared with a 0.9% median move for the Household Appliances industry. By the next day’s close, the stock was up 10.1% from its pre-results close, versus a 1.7% industry median.

Eureka Forbes’ reaction-day move was 8.0 percentage points above the industry median. Earlier result-day moves were mixed: the stock was up 2.1% on 25 July 2026, down 0.8% on 19 May 2026 and down 8.2% on 4 February 2026. It was also up 9.1% on 16 May 2025.

How did other Household Appliances companies do?

Eleven Household Appliances companies that had filed for the quarter were compared with Eureka Forbes. Their median revenue growth was 18.2%, above Eureka Forbes’ 15.1% growth in the quarter, and seven of the 11 peers reported higher profit.

Among the other 11 companies, five grew revenue more slowly than Eureka Forbes and six grew faster than Eureka Forbes.