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Eveready Proposes ESOP 2026 Plan for 21.81 Lakh Shares; Seeks Shareholder Approval
Eveready Industries India Limited has issued a postal ballot notice to seek shareholder approval for the introduction of the 'ESOP 2026' scheme. The plan involves the issuance of up to 21,81,000 equity shares of ₹5 each to eligible employees and directors to align interests and retain talent. Additionally, the company is seeking to amend its Articles of Association to enable these share-based benefits and revise the remuneration of its Executive Director and CFO, Mr. Bibek Agarwala, to include stock options starting April 2026. The e-voting period for these resolutions is set from February 17 to March 18, 2026.
Key Highlights
Proposed issuance of up to 21,81,000 equity shares under the new ESOP 2026 plan
Amendment of Articles of Association (Article 11A) to legally enable share-based employee benefits
Revision of CFO Bibek Agarwala's remuneration to include stock options for his tenure until August 2029
Each option granted under the scheme is convertible into one equity share of face value ₹5
Remote e-voting for shareholders to commence on February 17 and conclude on March 18, 2026
💼 Action for Investors
Investors should view the ESOP plan as a positive step toward management retention, though they should account for the minor equity dilution of approximately 3%. No immediate action is required except for participating in the postal ballot voting.
Eveready Q3 FY26: Revenue Grows 10.1%, EBITDA Up 13% Amid 72% Alkaline Volume Surge
Eveready Industries reported its fifth consecutive quarter of revenue growth, with Q3 FY26 revenue increasing 10.1% and EBITDA rising 13% YoY. The performance was anchored by the battery segment, which grew 11.1%, while the alkaline portfolio surged by 72% YoY. Despite a 150 bps dip in gross margins due to rising zinc and dollar costs, net debt was reduced to INR 317 crores. The company is also divesting non-core land in Noida to further deleverage the balance sheet and improve financial flexibility.
Key Highlights
Revenue and EBITDA grew by 10.1% and 13% respectively, marking the 5th straight quarter of growth.
Alkaline battery volumes grew by 72% YoY, with volume share reaching nearly 19% in December 2025.
Net debt reduced to INR 317 crores despite a capital investment of INR 167 crores in the new Jammu facility.
The company maintains a dominant 51.9% overall value share in the battery market and 58.3% in zinc batteries.
Divestment of Noida land parcel approved to prioritize further debt reduction and financial flexibility.
💼 Action for Investors
Investors should take confidence in the strong growth of the high-margin alkaline segment and the management's focus on debt reduction through asset divestment. Monitor the commissioning of the Jammu facility by FY26-end, which is expected to improve alkaline segment margins by 10%.
Eveready to Sell Noida Leasehold Rights for ₹251.55 Crore
Eveready Industries India Limited has entered into a definitive agreement to sell its leasehold rights for land and structures in Noida, Uttar Pradesh, for a total consideration of ₹251.55 crore. The asset being disposed of contributed approximately ₹15.10 crore to the company's revenue, representing only about 1% of its annual turnover. The transaction is expected to be completed by September 30, 2026, subject to requisite approvals. This move signifies a major monetization of underutilized assets, providing a significant cash infusion relative to the unit's operational contribution.
Key Highlights
Sale of leasehold land and structures in Noida for a total consideration of ₹251.55 crore
The unit contributed only ₹15.10 crore (approx. 1%) to the company's annual turnover in the last fiscal year
Transaction expected to be completed by September 30, 2026
Buyers are NewGen Enterprise LLP and Gupta Infra Property Solutions LLP, with no promoter group affiliation
The deal is a non-related party transaction conducted at arm's length
💼 Action for Investors
Investors should monitor the company's utilization of these proceeds, as the cash inflow could significantly strengthen the balance sheet or fund expansion. This asset monetization is a positive step toward optimizing the company's capital structure.
Eveready Q3 FY26 Revenue Up 10.1% to ₹367.2 Cr; Alkaline Segment Grows 71%
Eveready Industries reported a steady 10.1% YoY revenue growth in Q3 FY26, reaching ₹367.2 crore, driven by strong performance in Batteries and Lighting. EBITDA grew by 13% to ₹33.3 crore, although PAT was suppressed to ₹7.5 crore due to a ₹9.4 crore exceptional item related to new labor code obligations. The company maintains a dominant 52% market share in the dry cell category, with the high-growth alkaline segment now contributing 10% of battery revenue. Strategic initiatives including the Noida land divestment and the upcoming Jammu greenfield facility are expected to further strengthen the balance sheet and production capacity.
Key Highlights
Consolidated Revenue increased 10.1% YoY to ₹367.2 crore, while EBITDA margins improved to 9.1%.
Alkaline battery revenue surged 71% YoY to ₹25.7 crore, reflecting a successful shift toward premium products.
Maintained a leading 52% market share in the dry cell battery segment despite competitive pressures.
Exceptional charges of ₹9.4 crore for employee benefit obligations impacted the quarterly net profit.
Board approved the divestment of Noida land to reduce debt and optimize the manufacturing footprint.
💼 Action for Investors
Investors should look past the one-time exceptional labor costs and focus on the robust 71% growth in the premium alkaline segment. The company's debt reduction via land sale and the nearing completion of the Jammu plant are positive long-term catalysts.
Eveready Q3 FY26 Revenue Up 10.1% to ₹367.2 Cr; Alkaline Battery Segment Grows 72%
Eveready Industries reported its fifth consecutive quarter of growth, with Q3 FY26 revenue rising 10.1% YoY to INR 367.2 crore and EBITDA increasing 13% to INR 33.3 crore. Profit after tax (PAT) stood at INR 7.5 crore, impacted by a one-time exceptional charge of INR 9.4 crore for new labor code implementation. The battery segment remains a strong anchor, with Alkaline batteries growing 72% and reaching a 19% market share milestone. The company is focused on debt reduction through the divestment of its Noida land parcel and the completion of a new manufacturing facility in Jammu.
Key Highlights
Consolidated revenue grew 10.1% YoY to INR 367.2 crore, marking the 5th straight quarter of growth.
EBITDA increased by 13.0% to INR 33.3 crore, while PAT was INR 7.5 crore after a INR 9.4 crore one-time charge.
Alkaline battery segment recorded 72% growth, helping the company reach a 19% market share in that category.
Net debt stands at INR 317 crore, with plans to deleverage via the sale of a Noida land parcel.
New Jammu manufacturing facility involving INR 167 crore Capex is on track for completion by end of FY26.
💼 Action for Investors
Investors should focus on the robust growth in the high-margin Alkaline segment and the company's efforts to deleverage through asset sales. Monitor the commissioning of the Jammu facility as it will be a key driver for future capacity and margins.
Eveready Q3 PAT Drops 43.6% to ₹7.36 Cr on Exceptional Items; Board OKs ESOP and Noida Land Sale
Eveready Industries reported a 10.1% YoY increase in revenue to ₹366.97 crore for Q3 FY26, driven by its consumer goods segment. However, Net Profit (PAT) declined significantly to ₹7.36 crore from ₹13.05 crore in the previous year, primarily due to a ₹9.38 crore exceptional charge related to new Labour Code compliance. The company also announced strategic moves including the introduction of an ESOP 2026 plan and the sale of leasehold land rights in Noida to streamline assets. A significant contingent liability of ₹171.55 crore regarding a CCI penalty remains a key overhang as it is currently stayed by NCLAT without a full provision.
Key Highlights
Revenue from operations increased 10.1% YoY to ₹366.97 crore for the quarter ended December 31, 2025.
Net Profit (PAT) fell to ₹7.36 crore vs ₹13.05 crore YoY, impacted by a ₹9.38 crore exceptional item for employee benefit obligations.
Finance costs saw a healthy reduction of 27.9% YoY, dropping to ₹4.75 crore from ₹6.59 crore.
Board approved the sale of leasehold land rights and structures located in Noida, Uttar Pradesh, subject to regulatory approvals.
The company is contesting a ₹171.55 crore CCI penalty; 10% has been deposited with NCLAT, but no provision has been made in the books.
💼 Action for Investors
Investors should watch for the cash inflow from the Noida land sale and its impact on debt reduction. While operational revenue is growing, the legal overhang of the CCI penalty and the impact of one-time exceptional costs on margins require a cautious outlook.
Eveready Industries: Postal Ballot for Director Appointments & Board Size Increase
Eveready Industries India Limited is seeking shareholder approval via postal ballot for several key resolutions. These include the appointment of Mr. Aditya Chand Burman as a Non-Executive Director, and the re-appointments of Mr. Sourav Bhagat and Mr. Sunil Sikka as Non-Executive Independent Directors for a second term of 3 years each, effective January 28, 2026 and April 21, 2026 respectively. The company is also proposing to increase the maximum number of directors on the board. E-voting will be available from December 14, 2025, to January 12, 2026.
Key Highlights
Appointment of Mr. Aditya Chand Burman (DIN: 00042277) as Non-Executive Director.
Re-appointment of Mr. Sourav Bhagat (DIN: 09040237) as Non-Executive Independent Director for 3 years from January 28, 2026.
Re-appointment of Mr. Sunil Sikka (DIN: 08063385) as Non-Executive Independent Director for 3 years from April 21, 2026.
Increase the maximum number of Directors on the Board to sixteen.
Remote e-Voting period begins on December 14, 2025 at 9.00 A.M. and ends on January 12, 2026 at 5.00 P.M.
💼 Action for Investors
Shareholders should review the postal ballot notice and explanatory statement carefully, and cast their votes before the January 12, 2026 deadline. Monitor the board composition and governance changes following these appointments.