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Eureka Forbes' UP GST Show Cause Notice Reduced from ₹273.40 Cr to ₹4.50 Cr
Eureka Forbes received a favorable Rectification Order under Section 161 of the UP GST Act for FY23, reducing its alleged tax liability from ₹273.40 crore to ₹4.50 crore. The initial demand represented a significant ~151% of TTM PAT (₹181 crore), whereas the rectified claim of ₹4.50 crore is immaterial at ~2.5% of TTM PAT. The company views even the revised demand as devoid of merits and plans to contest it within statutory timelines without expecting any operational impact.
Confidence: HIGH
What changedThe Uttar Pradesh GST authorities issued a rectification order reducing the company's disputed liability for FY23 by ~98.4%, down to ₹4.50 crore.
Why it mattersThe massive reduction eliminates a major potential tax overhang that exceeded the company's entire annual PAT (₹181 crore TTM), removing significant balance sheet uncertainty.
Original SCN amount: Rs. 273.40 CroreRectified liability amount: Rs. 4.50 CroreOriginal demand vs TTM PAT: ~151%Revised demand vs TTM PAT: ~2.5%
📅 Short termRemoves an immediate litigation overhang that threatened earnings; near-term market sentiment around this tax dispute is expected to improve.
📈 Long termLimited; operational fundamentals, direct-to-consumer expansion, and AMC service conversions remain the key structural drivers.
⚠ Risk flags
- Residual dispute of ₹4.50 crore still subject to appeal
Key Highlights
Alleged GST demand drastically revised down from ₹273.40 crore to ₹4.50 crore under Section 161
Revised exposure comprises tax of ₹3.19 crore, interest of ₹0.99 crore, and penalty of ₹0.32 crore
Earlier notice dated September 25, 2026, claimed ₹149.21 crore tax, ₹109.27 crore interest, and ₹14.92 crore penalty
Company intends to contest the remaining ₹4.50 crore claim comprehensively
👀 What to Watch
Track subsequent legal updates or appeals filed by the company against the residual ₹4.50 crore claim, as well as the Q2 FY27 earnings update.
Eureka Forbes Gets Rs 273.40 Cr GST Show Cause Notice from UP Tax Authority
Eureka Forbes has received a Show Cause Notice (SCN) from the State Tax Authority in Lucknow, Uttar Pradesh, alleging a total liability of Rs 273.40 crore for FY 2022-23. The demand includes tax liability of Rs 149.21 crore, interest of Rs 109.27 crore, and penalty of Rs 14.92 crore. The company stated that the demand appears erroneously computed based on pan-India financial figures rather than UP-specific transactions and intends to contest it comprehensively. The aggregate demand represents approximately 151% of Eureka Forbes' TTM net profit of Rs 181 crore and 9.8% of its TTM revenue.
Confidence: HIGH
What changedEureka Forbes received an SCN demanding Rs 273.40 crore in taxes, interest, and penalties from UP GST authorities.
Why it mattersThe demand equals ~151% of Eureka Forbes' TTM PAT (Rs 181 cr); if confirmed, it would pose a significant cash flow risk, although the company views it as devoid of merit.
Total aggregate demand: Rs. 273.40 CroreTax liability: Rs. 149.21 CroreInterest claimed: Rs. 109.27 CrorePenalty: Rs. 14.92 CroreDemand vs TTM PAT: ~151%Demand vs TTM Revenue: ~9.8%
📅 Short termLikely to create headline overhang on the stock as the disputed amount is substantial relative to annual earnings, pending filing of the company's reply.
📈 Long termLimited operational impact if successfully dismissed or rectified on appeal, given the pan-India accounting basis cited in the dispute.
⚠ Risk flags
- Adverse adjudication could require pre-deposits during appeals
- Substantial financial exposure exceeding 1.5x TTM PAT
Key Highlights
Total demand in the SCN aggregates to Rs 273.40 Crore for FY 2022-23.
Notice comprises Rs 149.21 Crore tax liability, Rs 109.27 Crore interest, and Rs 14.92 Crore penalty.
Company highlights the demand was computed using pan-India financials instead of UP-specific registration data.
Notice was received on September 25, 2026, from the Deputy Commissioner, State Tax, Sector-1, Lucknow.
👀 What to Watch
Track the company's formal response and the adjudicating authority's subsequent order or demand modification under the UP GST Act.
CRISIL Upgrades Eureka Forbes Corporate Credit Rating to CRISIL AA/Stable from CRISIL AA-/Positive
Eureka Forbes Limited announced that CRISIL Ratings has upgraded its Corporate Credit Rating to 'CRISIL AA/Stable' from 'CRISIL AA-/Positive'. The upgrade reflects strengthening business and financial risk profiles, backed by virtually debt-free balance sheet health. The company holds total debt of just Rs 29 Cr against a net worth of Rs 4,573 Cr, representing a D/E of 0.01. This rating improvement can further reduce cost of funding and affirms healthy operational cash generation.
Confidence: HIGH
What changedCRISIL Ratings upgraded Eureka Forbes' Corporate Credit Rating by one notch to CRISIL AA/Stable from CRISIL AA-/Positive.
Why it mattersA higher rating reinforces the company's financial discipline, reduces the cost of credit lines, and signals credit agency confidence in operating cash flows.
New Rating: CRISIL AA/StableOld Rating: CRISIL AA-/PositiveTotal Debt: Rs 29 CrDebt to Equity Ratio: 0.01
📅 Short termPositive sentiment impact as credit rating upgrades affirm balance sheet safety and operational stability.
📈 Long termEnhances financial flexibility and lowers interest expenses for working capital facilities as the business scales.
Key Highlights
CRISIL upgraded Corporate Credit Rating to CRISIL AA/Stable
Previous rating was CRISIL AA-/Positive
Company operates with minimal debt of Rs 29 Cr against Rs 4,573 Cr net worth (D/E: 0.01)
👀 What to Watch
Track whether lower borrowing costs and balance sheet strength translate into faster category rollouts or capex execution in upcoming quarterly results.
15.3% YoY Revenue Growth in Q1 FY27; Reported PAT Surges 43.9% to ₹55.4 Cr
Eureka Forbes reported its highest-ever revenue growth in its transformation journey, with Q1 FY27 revenue rising 15.3% YoY to ₹700.8 Cr. Reported PAT grew 43.9% YoY to ₹55.4 Cr, though this was significantly aided by a one-time pre-tax gain of ₹19.5 Cr from a gratuity reversal. Adjusted EBITDA margins contracted by 46 bps to 10.5% due to commodity inflation and increased advertising and sales promotion (A&SP) spends. The company maintains a strong balance sheet with a net cash position of ₹254 Cr and a net surplus of ₹425 Cr.
Confidence: HIGH
What changedThe company has shifted from moderate growth to its highest-ever quarterly revenue growth (15.3%) since its transformation began, led by volume recovery in core categories.
Why it mattersThe results validate the management's strategy of focusing on under-penetrated categories (Water Purifiers at 7%, Vacuum Cleaners at 2%) and capturing the high-margin service market from unorganized players.
Q1 FY27 Revenue: ₹700.8 CrYoY Revenue Growth: 15.3%Reported PAT: ₹55.4 CrOne-time Gratuity Gain: ₹19.5 CrAdjusted EBITDA Margin: 10.5%Net Cash: ₹254 Cr
📅 Short termThe strong top-line performance and volume growth are likely to be viewed positively by the market, despite the slight margin compression from inflation.
📈 Long termThe company is structurally pivoting towards a 'lifetime value' model, leveraging its massive installed base for recurring service revenue (33% of total revenue) in low-penetration markets.
⚠ Risk flags
- Commodity price inflation impacting gross margins
- Currency depreciation risks
- Competition from the unorganized local filter market
Key Highlights
Revenue grew 15.3% YoY to ₹700.8 Cr, driven by double-digit volume growth in Water Purifiers.
Reported PAT increased 43.9% YoY to ₹55.4 Cr, including a ₹19.5 Cr one-time gain from gratuity reversal.
Adjusted EBITDA margins moderated to 10.5% from 11.0% YoY, impacted by commodity inflation and currency depreciation.
Product business growth accelerated to high teens, while service bookings grew by 9.9%.
Company maintains a healthy ROCE of >350% (as per FY25 context) and net cash of ₹254 Cr.
👀 What to Watch
Monitor the sustainability of high-teens growth in the product segment and the impact of the new R&D center (expected Q3 FY26) on future margins. Watch for the effectiveness of the 'War on Waste' initiative in countering commodity price volatility.
15.3% Revenue Growth in Q1 FY27; Reported PAT Surges 43.9% YoY
Eureka Forbes reported a strong start to FY27 with its highest-ever quarterly revenue growth of 15.3% YoY, reaching Rs 700.8 Cr. While reported PAT grew 43.9% to Rs 55.4 Cr, this was significantly aided by a one-time pre-tax gain of Rs 19.5 Cr from a gratuity reversal; adjusted PBT grew more moderately at 7.2%. Adjusted EBITDA margins contracted by 46 bps to 10.5% due to commodity inflation and increased advertising spend. The company maintains a robust balance sheet with Rs 254 Cr in net cash and a standalone ROCE exceeding 350%.
Confidence: HIGH
What changedEureka Forbes has accelerated its top-line growth to 15.3% YoY, a significant step up from previous quarters, while managing a one-time accounting gain that boosted reported profits.
Why it mattersThe results validate the management's transformation strategy focusing on volume growth and emerging categories like Robotics, though margin pressure from inflation remains a tactical challenge.
Q1 Revenue: Rs 700.8 CrRevenue vs TTM Revenue: 25.8%Reported PAT Growth: 43.9%Adjusted EBITDA Margin: 10.5%Net Cash: Rs 254 CrOne-time Gratuity Gain: Rs 19.5 Cr
📅 Short termThe strong revenue and volume growth are likely to be viewed positively by the market, though the margin contraction and reliance on one-off gains for PAT growth may temper the reaction.
📈 Long termThe company is successfully pivoting towards a high-growth, high-ROCE model by leveraging its massive Aquaguard installed base for recurring service revenue and expanding into under-penetrated categories.
⚠ Risk flags
- Commodity price inflation impacting gross margins
- High advertising and sales promotion (A&SP) costs
- Reliance on one-time gains for bottom-line outperformance
Key Highlights
Revenue grew 15.3% YoY to Rs 700.8 Cr, accounting for approximately 25.8% of TTM revenue.
Reported PAT increased 43.9% YoY to Rs 55.4 Cr, though this includes a Rs 19.5 Cr one-time gratuity reversal gain.
Adjusted EBITDA margins compressed by 46 bps YoY to 10.5% due to commodity inflation and higher A&SP spends.
Product business growth accelerated to high teens, led by double-digit volume growth in Water Purifiers.
Net cash position improved to Rs 254 Cr with a standalone ROCE reported at >350%.
👀 What to Watch
Investors should monitor the sustainability of double-digit volume growth in the water purifier segment and the company's ability to recover gross margins (currently 58.4%) as commodity pressures persist.
Eureka Forbes Q1 FY27 PAT Jumps 47% to ₹56.99 Cr; Revenue Up 15% YoY
Eureka Forbes reported a 15.3% YoY growth in consolidated revenue to ₹700.77 Cr for Q1 FY27. Consolidated PAT rose 47.3% YoY to ₹56.99 Cr, though this was significantly bolstered by a one-time exceptional gain of ₹19.54 Cr from a gratuity expense reversal. Excluding this exceptional item, Profit Before Tax (PBT) grew by a more modest 6.2% YoY to ₹54.90 Cr. The company continues to invest in talent, recording a ₹6.66 Cr non-cash charge for ESOPs during the quarter.
Confidence: HIGH
What changedThe company delivered double-digit revenue growth and a significant bottom-line beat, primarily driven by a regulatory-linked accounting reversal in gratuity obligations.
Why it mattersThe results demonstrate steady top-line momentum in low-penetration categories like water purifiers (6-7% penetration), though the disparity between revenue and core profit growth suggests rising operating costs or competitive pricing pressure.
Consolidated Revenue (Q1 FY27): ₹700.77 CrConsolidated PAT (Q1 FY27): ₹56.99 CrExceptional Gain (Gratuity Reversal): ₹19.54 CrRevenue Growth (YoY): 15.3%Core PBT Growth (Excl. Exceptionals): 6.2%ESOP Charge: ₹6.66 Cr
📅 Short termThe stock may see a positive reaction to the strong headline PAT and revenue growth, although the market will likely adjust for the one-time nature of the exceptional gain.
📈 Long termThe long-term thesis depends on the company's ability to capture the out-of-warranty service market and successfully scale new categories like Robotics and Water Softeners.
⚠ Risk flags
- Core profitability growth is significantly lower than revenue growth
- Reliance on one-time exceptional gains for PAT outperformance
- Seasonality risks typically impacting Q2 margins
Key Highlights
Consolidated Revenue from operations increased 15.3% YoY to ₹700.77 Cr from ₹607.74 Cr.
Consolidated PAT reached ₹56.99 Cr, up from ₹38.70 Cr in the corresponding quarter last year.
Exceptional gain of ₹19.54 Cr recognized due to a reversal of gratuity provisions following a scheme amendment.
Employee benefit expenses include a ₹6.66 Cr charge related to equity-settled share-based payments (ESOPs).
Consolidated Basic EPS improved to ₹2.93 for the quarter compared to ₹1.99 in Q1 FY26.
👀 What to Watch
Investors should monitor if the 15% revenue growth can be sustained without the aid of one-time gains, and watch for margin improvements from the 'War on Waste' initiative as core PBT growth (6.2%) currently lags top-line growth.
Eureka Forbes Q4 FY26: Revenue Up 11.6% YoY; Record 13.2% Adj. EBITDA Margin
Eureka Forbes reported a healthy Q4 FY26 with standalone revenue increasing 11.6% YoY to Rs 683.8 crore, driven by double-digit growth in water purifiers and service bookings. The company achieved its highest-ever quarterly Adjusted EBITDA margin of 13.2%, marking the third consecutive year of margin expansion. For the full year FY26, revenue grew 11.3% to Rs 2,710 crore, while Net Surplus reached an all-time high of Rs 443.3 crore. Management has outlined a long-term ambition to double revenue and triple EBITDA by FY30, supported by a 10% price hike implemented in April 2026.
Key Highlights
Q4 FY26 revenue grew 11.6% YoY to Rs 683.8 Cr, led by strong performance in Water Purifiers and Emerging Categories.
Adjusted EBITDA margin expanded by 17 bps YoY to a record 13.2% in Q4, with FY26 margin at 12.2%.
Net Surplus reached a lifetime high of Rs 443.3 Cr, significantly strengthening the balance sheet.
Management implemented a calibrated price hike of up to 10% effective April 1, 2026, to offset inflationary pressures.
The company set a target to reach Rs 5,400-5,600 Cr revenue and ~15% EBITDA margin by FY30.
👀 What to Watch
The stock remains a strong play on the premiumization of the Indian home appliance sector given its structural margin improvements and debt-free status. Investors should monitor if the 10% price hike impacts demand volumes in the upcoming quarters.
Eureka Forbes Q4 FY26 Revenue Up 11.6% YoY; Highest Ever Adj. EBITDA Margin at 13.2%
Eureka Forbes reported a strong Q4 FY26 with standalone revenue growing 11.6% YoY to ₹683.8 Cr, driven by double-digit growth in water purifiers and service bookings. The company achieved its highest-ever quarterly adjusted EBITDA margin of 13.2%, marking the third consecutive year of margin expansion. For the full year FY26, revenue reached ₹2,710 Cr with a record net surplus of ₹443.3 Cr. Management has set an ambitious FY30 target to more than double revenue and triple EBITDA from current levels.
Key Highlights
Q4 Revenue grew 11.6% YoY to ₹683.8 Cr, while FY26 revenue increased 11.3% to ₹2,710 Cr.
Adjusted EBITDA margin expanded to a record 13.2% in Q4; FY26 Adjusted EBITDA grew 16.4% YoY to ₹331.9 Cr.
Full-year PAT (pre-exceptional) grew 19.3% to ₹190.2 Cr, supported by resilient gross margins of 58.8%.
Net Surplus reached an all-time high of ₹443.3 Cr, providing a strong balance sheet for future growth.
Implemented a calibrated price hike of up to 10% effective April 1, 2026, to mitigate rising input and fuel costs.
👀 What to Watch
The company's consistent margin expansion and record cash surplus indicate strong operational efficiency and structural progress. Investors should view the ambitious FY30 growth targets and the successful turnaround of the service business as positive long-term indicators.
Eureka Forbes Approves FY26 Results; Chief Growth Officer to Lead E-commerce & D2C
Eureka Forbes Limited approved its audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, with statutory auditors issuing an unmodified opinion. The company has appointed PricewaterhouseCoopers (PwC) Services LLP as the Internal Auditor and J. Chandra & Associates as the Cost Auditor for FY 2026-27. In a strategic management move, Chief Growth Officer Anurag Kumar has been assigned additional responsibility for the E-commerce and D2C (Direct-to-Consumer) segments. The board meeting was held on May 19, 2026, and concluded within an hour.
Key Highlights
Approved audited standalone and consolidated financial results for the fiscal year ended March 31, 2026.
Statutory auditors (Deloitte) issued an unmodified opinion on the financial statements.
Appointed PricewaterhouseCoopers (PwC) Services LLP as Internal Auditor for FY 2026-27.
Chief Growth Officer Anurag Kumar given additional charge of E-commerce and D2C effective May 19, 2026.
Appointed M/s. J. Chandra & Associates as Cost Auditor for the 2026-27 fiscal year.
👀 What to Watch
Investors should monitor how the consolidation of E-commerce under the Chief Growth Officer impacts digital sales efficiency. Review the detailed financial statements for specific revenue and margin trends for FY26.
Eureka Forbes Appoints PwC as Internal Auditor; Announces FY26 Audited Results
Eureka Forbes has approved its audited financial results for the quarter and fiscal year ended March 31, 2026, with statutory auditor Deloitte issuing an unmodified opinion. The company has appointed PricewaterhouseCoopers Services LLP as the Internal Auditor and M/s. J. Chandra & Associates as the Cost Auditor for FY 2026-27. Furthermore, Chief Growth Officer Anurag Kumar has been assigned additional responsibilities for the E-commerce and D2C verticals. These moves indicate a focus on strengthening internal governance and consolidating digital growth leadership.
Key Highlights
Board approved audited standalone and consolidated financial results for the fiscal year ended March 31, 2026.
Statutory auditors Deloitte Haskins & Sells LLP issued an unmodified opinion on the financial statements.
PricewaterhouseCoopers Services LLP appointed as Internal Auditor for the 2026-27 financial year.
Chief Growth Officer Anurag Kumar to lead E-commerce and D2C segments effective May 19, 2026.
👀 What to Watch
Investors should review the full financial statements for operational performance trends and monitor the impact of the leadership change on D2C growth. The appointment of a Big 4 firm for internal audit is a positive signal for corporate governance.
Eureka Forbes Approves FY26 Audited Results; Appoints PwC as Internal Auditor
Eureka Forbes Limited has approved its audited financial results for the quarter and fiscal year ended March 31, 2026, with statutory auditors issuing an unmodified opinion. The board has appointed PricewaterhouseCoopers (PwC) Services LLP as the Internal Auditor for FY 2026-27 to strengthen governance. Additionally, M/s. J. Chandra & Associates was appointed as the Cost Auditor. The company also expanded the role of Chief Growth Officer Anurag Kumar to include E-commerce and D2C responsibilities.
Key Highlights
Approved audited standalone and consolidated financial results for the fiscal year ended March 31, 2026.
Statutory auditors (Deloitte) issued an unmodified opinion on the financial results.
Appointed PricewaterhouseCoopers (PwC) Services LLP as Internal Auditor for FY 2026-27.
Appointed M/s. J. Chandra & Associates as Cost Auditor for the 2026-27 financial year.
Expanded Chief Growth Officer Anurag Kumar's portfolio to include E-commerce and D2C segments.
👀 What to Watch
Investors should review the detailed financial statements for operational performance trends. The appointment of a Big Four firm for internal audit is a positive governance signal.
Eureka Forbes Approves FY26 Audited Results and Appoints PwC as Internal Auditor
Eureka Forbes Limited has approved its audited standalone and consolidated financial results for the quarter and fiscal year ended March 31, 2026. The statutory auditors, Deloitte Haskins & Sells LLP, have issued an unmodified opinion on these results, ensuring financial transparency. In a move to strengthen governance, the company appointed PricewaterhouseCoopers (PwC) as Internal Auditor for FY 2026-27. Additionally, the company is intensifying its digital focus by assigning the E-commerce and D2C portfolios to the Chief Growth Officer.
Key Highlights
Board approved audited financial results for Q4 and the full year ended March 31, 2026.
Statutory auditors issued an unmodified opinion on both standalone and consolidated financial statements.
PricewaterhouseCoopers (PwC) Services LLP appointed as Internal Auditor for the financial year 2026-27.
Chief Growth Officer Anurag Kumar given additional responsibility for E-commerce and D2C segments effective May 19, 2026.
M/s. J. Chandra & Associates appointed as Cost Auditor for the financial year 2026-27.
👀 What to Watch
Investors should examine the detailed financial tables for revenue and margin performance once the full report is disseminated. The consolidation of digital channels under the Chief Growth Officer indicates a strategic push towards higher-margin D2C sales.
Eureka Forbes Q3 FY26 Revenue Up 8% to ₹645.4 Cr; Targets 2x Revenue by FY30
Eureka Forbes reported an 8% YoY revenue growth to ₹645.4 crores in Q3 FY26, despite a macro-driven slowdown in the water purifier segment post-festive season. Adjusted EBITDA margins expanded by 57 bps to 11.3%, supported by a significant 331 bps improvement in gross margins to 60.8%. The company recorded a one-time exceptional charge of ₹40.4 crores related to new labor codes, but remains optimistic with a long-term goal to double revenue and triple EBITDA by FY30. Emerging categories like Air Purifiers grew 3x, and AMC bookings saw double-digit growth for the third consecutive quarter.
Key Highlights
Revenue grew 8% YoY to ₹645.4 crores, while YTD growth stands at 11.1% reaching ₹2,026.6 crores.
Adjusted EBITDA margin expanded by 57 bps to 11.3% despite a 23.3% increase in A&SP spends.
Gross margins improved by 331 bps YoY to 60.8% driven by institutionalized COGS optimization programs.
Air Purifier business grew 3x YoY, and emerging categories like Robotics and Softeners sustained strong momentum.
Management outlined a long-term ambition to achieve 2x revenue and 3x EBITDA by FY30.
👀 What to Watch
Investors should focus on the company's ability to maintain gross margins above 60% while scaling emerging categories. The temporary inventory buildup in e-commerce is expected to normalize in Q4, making it a key quarter to watch for growth recovery.
Eureka Forbes Q3 FY26: Revenue Up 8% to Rs 645 Cr, Adj. EBITDA Margin Expands to 11.3%
Eureka Forbes reported a resilient Q3 FY26 with revenue growing 8% YoY to Rs 645.4 Cr, despite a slowdown in the water purifier segment due to high channel inventory. Adjusted EBITDA margins expanded by 57 bps to 11.3%, supported by strong gross margins of 60.8% and a turnaround in the service business. While reported PAT was hit by a one-time Rs 40.4 Cr charge for new Labour Codes, adjusted PAT grew 11.9% to Rs 39.0 Cr. The company's growth was bolstered by a 3x surge in Air Purifier sales and continued momentum in Robotics.
Key Highlights
Revenue from operations grew 8.0% YoY to Rs 645.4 Cr, led by Robotics and Air Purifiers.
Adjusted EBITDA increased 13.7% YoY to Rs 73.2 Cr with margins expanding 57 bps to 11.3%.
Air Purifier segment witnessed breakout growth, scaling 3x YoY due to high demand.
Service business saw the third consecutive quarter of double-digit AMC booking growth.
Net surplus reached a record Rs 300 Cr, with a credit rating upgrade to CARE AA (Stable).
👀 What to Watch
Investors should focus on the operational turnaround and margin expansion rather than the one-time exceptional loss related to labor codes. The strong growth in non-water categories like Robotics and Air Purifiers provides a diversified growth cushion against seasonal water purifier slowdowns.
Eureka Forbes Q3 Revenue Up 8% to Rs 645 Cr; Adj. EBITDA Margins Expand to 11.3%
Eureka Forbes reported a resilient Q3 FY26 with revenue growth of 8% YoY to Rs 645.4 Cr, driven by a 3x surge in Air Purifiers and strong momentum in Robotics. While the core Water Purifier segment faced headwinds from high channel inventory, the company expanded its Adjusted EBITDA margin by 57 bps to 11.3% through gross margin improvements. Profitability was significantly impacted by a one-time exceptional charge of Rs 40.4 Cr related to the implementation of new Labour Codes, though PAT before this item grew 11.9% YoY to Rs 39.0 Cr. The company maintains a strong balance sheet with a record net surplus of Rs 300 Cr and a credit rating upgrade to CARE AA.
Key Highlights
Revenue from operations increased 8.0% YoY to Rs 645.4 Cr, with Air Purifier sales growing 3x YoY.
Adjusted EBITDA grew 13.7% YoY to Rs 73.2 Cr, with margins expanding 57 bps to 11.3%.
Reported PAT fell 74.2% YoY to Rs 9.0 Cr due to a one-time Rs 40.4 Cr exceptional charge for new Labour Codes.
Service business achieved its third consecutive quarter of double-digit AMC booking growth.
Net surplus reached a record high of Rs 300 Cr, and credit rating was upgraded to CARE AA (Stable).
👀 What to Watch
Investors should look past the one-time accounting charge for labour codes and focus on the strong operational performance and margin expansion. The successful scaling of Robotics and Air Purifiers demonstrates a healthy diversification of growth drivers beyond the core water business.
Eureka Forbes Q3 Revenue Up 8% YoY; PAT Impacted by ₹40.4 Cr One-time Labour Code Provision
Eureka Forbes reported a steady 8% YoY growth in revenue from operations to ₹645.4 crore for Q3 FY26. However, Net Profit (PAT) saw a significant decline to ₹9.0 crore compared to ₹34.8 crore in the previous year, primarily due to a one-time exceptional charge of ₹40.4 crore related to the new Labour Codes. Excluding this exceptional item, the operational Profit Before Tax grew by 12.5% YoY to ₹52.8 crore, reflecting improved underlying business performance.
Key Highlights
Revenue from operations grew 8% YoY to ₹645.4 crore, though it declined sequentially from ₹773.4 crore in Q2.
Profit Before Exceptional Items and Tax increased 12.5% YoY to ₹52.8 crore, showing operational resilience.
A one-time exceptional expense of ₹40.4 crore was recognized for incremental retiral benefits under new Labour Codes.
9M FY26 revenue reached ₹2,026.6 crore, marking an 11% growth over the corresponding period last year.
Employee benefit expenses for the nine-month period include a non-cash ESOP charge of ₹17.1 crore.
👀 What to Watch
Investors should focus on the 12.5% growth in operational profit rather than the headline PAT, which was distorted by a non-recurring regulatory provision. The underlying revenue growth remains healthy, making the current dip a potential point to monitor for long-term recovery.
Eureka Forbes Receives Interim Relief from MP High Court in ₹16.22 Crore GST Dispute
Eureka Forbes Limited has obtained an interim stay from the Madhya Pradesh High Court regarding a tax demand of ₹16.22 crore plus penalties. The demand, issued by the CGST & Central Excise Bhopal, relates to alleged excess Input Tax Credit and short payment of taxes for the period FY 2018-19 to FY 2022-23. The court has ordered that no coercive action be taken against the company, provided they deposit 10% of the tax demand. The company is currently in the process of depositing this amount and does not expect a material impact on operations at this stage.
Key Highlights
Madhya Pradesh High Court stays coercive action against a ₹16.22 crore GST demand.
Dispute involves alleged excess Input Tax Credit and short tax payments from FY 2018-19 to FY 2022-23.
Company is required to deposit 10% of the tax demand (approximately ₹1.62 crore) to maintain the stay.
Management states no material impact on financials or operations is currently anticipated.
👀 What to Watch
Investors should monitor the final outcome of the writ petition as the ₹16.22 crore liability remains a contingent risk, though the interim stay is a procedural positive.
CRISIL Revises Eureka Forbes Outlook to Positive; Reaffirms 'AA-' Rating
CRISIL Ratings has revised the outlook for Eureka Forbes Limited from 'Stable' to 'Positive', signaling a potential for a credit rating upgrade in the near future. The agency also reaffirmed the company's Corporate Credit Rating at 'CRISIL AA-'. This revision suggests an improvement in the company's financial profile and creditworthiness. A positive outlook typically indicates that the company's operational performance and debt-servicing capabilities are strengthening.
Key Highlights
CRISIL Ratings revised the outlook to 'Positive' from 'Stable'
Corporate Credit Rating reaffirmed at 'CRISIL AA-'
Intimation issued under Regulation 30 of SEBI Listing Regulations
Reflects improved financial stability and credit profile for the company
👀 What to Watch
Investors should view this as a positive signal regarding the company's balance sheet strength. Monitor for a formal rating upgrade in the coming quarters which could lower future borrowing costs.
