Eveready Industries India LimitedConsumer GoodsEVEREADY
Q1 FY27 concall · earnings callEveready Industries India Limited
Eveready delivered its seventh consecutive quarter of revenue growth, driven by strong alkaline battery performance and the commencement of commercial production at its Jammu facility.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue | ₹407.7 Cr | 9% | |
| EBITDA | ₹61.5 Cr | — | |
| EBITDA Margin | 15.1% | — | |
| Profit After Tax | ₹37 Cr | 22.3% | |
| Alkaline Battery Volume Growth | close to 48% | — | |
| Alkaline Market Share | 18% | — | |
| Battery Segment Revenue Growth | 11.9% | — | |
| Flashlight Segment Revenue Growth | -6.7% | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹333.50 Cr+9.4% YoY-8% QoQ | ₹13.10 Cr+55.8% YoY-55.7% QoQ | ₹1.80+55.2% YoY-55.8% QoQ |
| Q2 FY25 | ₹362.61 Cr+9834.5% YoY+3.8% QoQ | ₹29.56 Cr+11724% YoY+0.7% QoQ | ₹4.07+16.3% YoY+0.7% QoQ |
| Q1 FY25 | ₹349.37 Cr-3.9% YoY+24.4% QoQ | ₹29.36 Cr+18.1% YoY+264.7% QoQ | ₹4.04+18.1% YoY+264% QoQ |
| Q4 FY24 | ₹280.90 Cr-1.8% YoY-7.9% QoQ | ₹8.05 CrTurned profitable YoY-4.3% QoQ | ₹1.11Turned positive YoY-4.3% QoQ |
| Q3 FY24 | ₹304.91 Cr-7.7% YoY+8253.7% QoQ | ₹8.41 Cr+54.6% YoY+3264% QoQ | ₹1.16+54.7% YoY-66.9% QoQ |
TL;DR
- Revenue grew 9% YoY to INR407.7 crores with a 15.1% EBITDA margin.
- Alkaline battery volumes grew close to 48% and market share reached 18%.
- Jammu plant started commercial production, expected to improve product gross margin by 10%.
- Flashlight revenue declined 6.7% due to delayed monsoon, but rechargeable flashlights grew over 20%.
- Lighting business grew 13.7%, benefiting from price stabilization.
- Company targets an exit alkaline market share of 25-30% in two years and aims to be debt-free in 4-5 quarters.
Said on the call
“These results reflect the strength of our business model and our continued focus on profitable growth.”
From the Q&A
| Topic | What management said |
|---|---|
| Market Share Gains | Market share gains are from the alkaline sector, where share is now around 18% and moving upwards; carbon zinc shares are broadly flat. |
| Jammu Plant Margins | Management expects a 10% increment in the gross margin of products from the Jammu plant once stabilized. |
| Cannibalization of Carbon Zinc by Alkaline | Management does not see immediate cannibalization, as growth is driven by new high-drain devices increasing overall power consumption per household. |
| Jammu Plant Strategy | The plant supports domestic alkaline demand growth and opens opportunities for white-label exports, being the only alkaline facility in India. |
| Margin Sustainability | Margins are from operational efficiencies and calibrated price actions; no one-offs. Another round of price increases may be needed if zinc inflation continues. |
| Competitor Plant Closure | Management declined to comment on speculation but stated that if any brand vacates, others would occupy the space. |
| Wires and MCBs Business | The company aims to more than double sales this financial year, targeting 1-2% market share; products are sourced, not manufactured. |
| GST Incentives for Jammu | No formal approval yet; the scheme offers a GST refund of 3x the eligible plant and machinery investment over 10 years. |
Guidance
- Targets an exit alkaline market share of 25% to 30% at the end of 2 years.
- Aims for the company to be debt-free in the next 4 to 5 quarters.
- Expects the lighting business to remain breakeven or better throughout the year.
- Anticipates another round of price increases may be necessary if zinc inflation persists.
- Plans to more than double sales in the wires and MCBs category this financial year.
Source
Summary written from the transcript filed by Eveready Industries India Limited for the call held on 10 Aug 2026; published 18 Aug 2026, 19:57 IST.
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