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EUREKAFORB - Eureka Forbes

📊 NSE: EUREKAFORB 🏢 Domestic Appliances 📅 Last Updated: 12/13/2025 21:59

📢 Recent Corporate Announcements

Eureka Forbes to Participate in Investor Conferences on Feb 25-26, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 20 Feb 2026, 03:32 PM

Eureka Forbes Limited has announced its participation in two major institutional investor conferences scheduled for late February 2026. The company will attend the 'Chasing Growth 2026' event organized by Kotak Institutional Equities on February 25, followed by the 'IIFL 17th Entrepreneurial India Conference' on February 26. Both events will be held physically in Mumbai and will include group and one-on-one meetings with institutional investors.

Participation in Kotak Institutional Equities' 'Chasing Growth 2026' on February 25, 2026
Attendance at IIFL's 17th Entrepreneurial India Conference on February 26, 2026
Meetings scheduled in physical format in Mumbai involving both group and one-on-one interactions
Disclosure submitted under Regulation 30 of SEBI Listing Regulations

💡 This is a routine disclosure of investor engagement. Investors should watch for any investor presentations or management commentary that may be uploaded to the exchanges following these meetings.

Eureka Forbes Q3 FY26 Revenue Up 8% to ₹645.4 Cr; Targets 2x Revenue by FY30

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 11 Feb 2026, 07:54 PM

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.

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.

💡 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 Releases Q3 FY26 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 05 Feb 2026, 04:12 PM

Eureka Forbes Limited has officially released the audio recording of its conference call with analysts and institutional investors held on February 05, 2026. The call focused on the company's performance for the third quarter of the financial year 2025-26. This disclosure is a mandatory regulatory requirement under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The recording is accessible via the company's investor relations portal for public review.

Audio recording of the Q3 FY26 earnings call is now available for public access
The conference call was conducted on February 05, 2026, following quarterly results
Compliance filing under Regulation 30 of SEBI LODR Regulations
Recording link is hosted on the official Eureka Forbes website for transparency

💡 Investors should listen to the audio recording to understand management's perspective on Q3 performance and future growth guidance. No immediate portfolio changes are necessary based on this procedural filing.

Eureka Forbes Q3 FY26: Revenue Up 8% to Rs 645 Cr, Adj. EBITDA Margin Expands to 11.3%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 04 Feb 2026, 12:50 PM

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.

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).

💡 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%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 04 Feb 2026, 12:43 PM

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.

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).

💡 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

🔵 WATCH ⭐ 8/10

EARNINGS 📅 04 Feb 2026, 12:20 PM

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.

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.

💡 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 Submits Quarterly SEBI Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Jan 2026, 07:27 PM

Eureka Forbes Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations for the quarter ended December 31, 2025. The certificate, issued by MUFG Intime India Private Limited, confirms that all securities received for dematerialization were processed and listed on the stock exchanges. It further verifies that the original security certificates were mutilated and cancelled as per regulatory requirements. This is a standard administrative filing ensuring the integrity of the company's share registry.

Compliance certificate submitted for the quarter ending December 31, 2025
Issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited
Confirms dematerialization requests were handled within prescribed SEBI timelines
Verification that security certificates were mutilated and cancelled after processing

💡 No action is required from investors as this is a routine regulatory filing with no impact on the company's financial performance or operations.

Eureka Forbes Receives Interim Relief from MP High Court in ₹16.22 Crore GST Dispute

🟡 NEUTRAL ⭐ 6/10

LEGAL 📅 08 Jan 2026, 08:50 PM

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.

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.

💡 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

🟢 POSITIVE ⭐ 6/10

OTHER 📅 18 Dec 2025, 07:09 PM

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.

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

💡 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.

Eureka Forbes to Close Trading Window from Jan 1, 2026 for Q3 FY26 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 18 Dec 2025, 02:52 PM

Eureka Forbes Limited has announced the closure of its trading window starting January 01, 2026, in compliance with SEBI Insider Trading regulations. This closure is ahead of the declaration of the Unaudited Standalone and Consolidated Financial Results for the quarter ending December 31, 2025. The window will remain closed for all designated persons and will reopen 48 hours after the results are officially disclosed to the stock exchanges. The specific date for the board meeting to approve these results has not yet been determined and will be announced later.

Trading window closure effective from January 01, 2026, for the quarter ending December 31, 2025.
Restriction applies to all Designated Persons under the Company’s Code for Prevention of Insider Trading.
The window will reopen 48 hours after the announcement of the Q3 FY26 financial results.
Board meeting date for result approval to be intimated separately in due course.

💡 This is a routine regulatory filing with no immediate impact on stock fundamentals. Investors should monitor for the upcoming board meeting date announcement to prepare for the Q3 FY26 earnings release.

Eureka Forbes to Attend Non-Deal Roadshow in Mumbai on December 10, 2025

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 06 Dec 2025, 04:47 PM

Eureka Forbes Limited has informed the exchanges about its participation in a Non-Deal Roadshow scheduled for December 10, 2025. The event is organized by HDFC Securities and will take place in Mumbai. The interaction format is specified as physical one-to-one meetings with institutional investors and analysts. This is a routine disclosure under Regulation 30 of the SEBI Listing Regulations to maintain transparency with the investor community.

Meeting scheduled for December 10, 2025, in Mumbai.
Organized by HDFC Securities as a Non-Deal Roadshow.
Format involves physical one-to-one interactions with institutional investors.
Disclosure made in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

💡 No immediate action is required as this is a routine investor engagement. Investors should monitor for any subsequent investor presentations or transcripts that may provide updated business outlooks.

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💰 Financial Performance

Revenue Growth by Segment

The company achieved a total revenue of INR 2,436 Cr in FY25, representing a 12.0% growth for the continuing business. Revenue contribution by segment in FY25 was: Electric Water Purifiers at 44%, Service (including AMC, filters, and spares) at 33%, Vacuum Cleaners at 14%, and Others (Non-electric purifiers, Air, Softeners, B2B) at 9%. H1 FY26 revenue reached INR 1,381 Cr, a growth of 12.7% YoY.

Geographic Revenue Split

Not disclosed in available documents; however, the company operates primarily in India with its registered office in Mumbai and a nationwide service network for its Aquaguard brand.

Profitability Margins

Gross margins remained range-bound at 56.5% in Q2 FY26, up 25 bps YoY, despite product growth outpacing service growth. Reported PAT for H1 FY26 was INR 100.1 Cr, growing 28.9% YoY. Q2 FY26 PAT grew 32% YoY. FY25 Free Cash Flow (FCF) was INR 214 Cr, representing 131% of PAT.

EBITDA Margin

Adjusted EBITDA margin improved to 11.7% in FY25 from 10.3% in FY24. In Q2 FY26, Adjusted EBITDA crossed INR 100 Cr with a margin of 13.1%, an expansion of 162 bps YoY. H1 FY26 Adjusted EBITDA was INR 168.5 Cr, a 20% YoY growth with margins up 70 bps.

Capital Expenditure

The company maintains high capital efficiency with a Free Cash Flow to Capex ratio of 3.9x in FY25. Specific planned INR Cr for future capex is not disclosed, but a new R&D center is under development for commissioning by Q3 FY26.

Credit Rating & Borrowing

CARE Ratings upgraded the long-term bank facilities and issuer rating to CARE AA; Stable in November 2025, up from CARE AA-; Stable in December 2024. This reflects sustained improvement in scale and profitability. The company moved from a net debt position in FY23 to a net surplus of INR 284 Cr in FY25.

⚙️ Operational Drivers

Raw Materials

Specific raw material names like plastic resins or specialized membranes are not listed, but 'Filters and Spares' are identified as critical components for the service segment (33% of revenue) and a key monetization lever for the out-of-warranty customer base.

Key Suppliers

Not disclosed in available documents; however, management mentioned ongoing vendor renegotiations and institutionalized efficiency benefits on the COGS side to maintain gross margins.

Capacity Expansion

Current capacity in units is not specified, but the company is scaling up with '2x launch' and Robotics investments. A new R&D center is scheduled for commissioning by Q3 FY26 to support product innovation.

Raw Material Costs

COGS savings are driven by a 'War on Waste' program and vendor renegotiations. Gross margins are managed through a healthy product/service mix, keeping them range-bound at approximately 56.5% despite inflationary pressures.

Manufacturing Efficiency

The company reported a Return on Capital Employed (ROCE) of >350% in FY25, indicating extremely high capital and manufacturing efficiency. Operating leverage is driving margin expansion as Opex (ex-A&SP) dropped from 43.9% of revenue in FY23 to 36.0% in FY25.

📈 Strategic Growth

Expected Growth Rate

12%

Growth Strategy

Growth will be achieved by tapping into the large base of out-of-warranty Aquaguard customers for filter replacements, which was previously lost to the local market. The company is also expanding into new categories like Robotics and softeners, increasing A&SP spend (up 25% in FY25) to 10.7% of revenue, and leveraging a new R&D center for faster product launches.

Products & Services

Electric Water Purifiers, Vacuum Cleaners, Air Purifiers, Water Softeners, B2B Water Products, and Service AMCs/Filter replacements.

Brand Portfolio

Aquaguard, Eureka Forbes, EuroChamps (internal talent branding).

New Products/Services

New R&D-led launches and Robotics investments are expected to scale up in FY26. Service revenue from non-AMC customers for filter replacement is a newly targeted growth vector.

Market Expansion

The company is targeting low-penetration categories: Water Purifiers (6-7% penetration), Vacuum Cleaners (<2%), and others (<1%), projecting strong growth over the next 5 years.

Market Share & Ranking

Not disclosed in available documents, though it claims a 'large base' of Aquaguard customers and industry-leading capital efficiency.

Strategic Alliances

The company was acquired by Advent International Corporation, which has driven the transformation journey since FY22.

🌍 External Factors

Industry Trends

The industry is seeing a shift from pure product sales to 'lifetime value' models focusing on recurring service and filter revenue. Categories like water purifiers are projected to grow strongly due to low current penetration (6-7%).

Competitive Landscape

Competitors include organized water purifier brands and a significant unorganized local market for filters and spare parts.

Competitive Moat

The primary moat is the massive installed base of Aquaguard customers and a specialized direct-to-consumer service network. This creates a high-margin annuity stream (33% of revenue) that is difficult for new entrants to replicate at scale.

Macro Economic Sensitivity

The business is sensitive to consumer discretionary spending and urban penetration rates, as its core categories currently have low penetration (under 10%).

Consumer Behavior

There is an increasing trend toward health and hygiene products, and a shift toward professional AMC services over local technicians for water purifier maintenance.

⚖️ Regulatory & Governance

Industry Regulations

Operations comply with the Companies Act, 2013, specifically sections 134, 135 (CSR), and 136 regarding financial disclosures and internal financial controls.

Legal Contingencies

The company reported a net loss of INR 56.46 Lakhs for a non-material subsidiary (Electrical & Electronic Appliances Spare Parts) for the year ended March 31, 2025. No major pending litigation values were disclosed in the provided text.

⚠️ Risk Analysis

Key Uncertainties

The success of the 'filter playbook' to recapture the out-of-warranty market from local players is a key uncertainty. Additionally, the amortization of AMC revenue vs. upfront cost recording can create short-term margin volatility.