Eureka Forbes Limited (EUREKAFORB)
₹347.35 +1.53% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Eureka Forbes' revenue was ₹700 Cr (+15.2% year on year, +2.4% on the previous quarter), and net profit ₹57.0 Cr (+47.3% year on year); the operating margin was 9.9%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹700 | +15.2% | +2.4% |
| Operating profit | ₹69.4 | +12.8% | -19.3% |
| Net profit | ₹57.0 | +47.3% | +11.7% |
| EPS (₹) | 2.93 | +47.2% | +11.0% |
| Operating margin | 9.9% | — | — |
EUREKAFORB delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 62.8% of the EUREKAFORB shares traded on NSE were taken to delivery, against the stock's own 20-session average of 56.22%. The price rose 1.53% on that unusually high delivery, the pattern the delivery dashboard labels accumulation.
Delivery in the last 5 sessions: 58.0% · 54.6% · 52.2% · 61.2% · 62.8%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Eureka Forbes Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from Registrar and Share Transfer Agent MUFG Intime India confirms that all share certificates received for dematerialisation during the quarter were processed and cancelled within prescribed timelines. This is a purely standard regulatory compliance filing with no operational or financial impact.
- Compliance certificate submitted for the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited on October 03, 2026
- Confirms dematerialised securities were confirmed to depositories and listed on exchanges within prescribed timelines
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.
- 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
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.
- 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.
Promoter entity Lunolux Limited and its parent Lunolux Midco Limited submitted a disclosure under Regulation 31(1) of SEBI SAST Regulations regarding the encumbrance of shares. Lunolux Midco pledged 100% of its shares in Lunolux Limited, which directly holds 121,041,730 shares (62.55% stake) in Eureka Forbes Limited. The creation of encumbrance was effective May 7, 2024, in favour of CSCGlobal Capital Markets (Singapore) Pte. Ltd. as security agent for Barclays Bank. Borrowed amounts were reported to be utilized to refinance an existing facility obtained by Lunolux.
- Promoter Lunolux Limited holds 121,041,730 equity shares representing 62.55% of Eureka Forbes
- 100% of shares of Lunolux Limited held by Lunolux Midco Limited are pledged
- Encumbrance creation date cited as May 7, 2024
- Encumbrance created in favour of CSCGlobal Capital Markets (Singapore) Pte. Ltd. for Barclays Bank
- Proceeds utilized for repayment of an existing facility obtained by Lunolux
Eureka Forbes Limited disclosed that SES ESG Research Pvt. Ltd., a SEBI-registered ESG rating provider, has assigned an ESG rating of 63.4 to the company for FY 2025-26. The evaluation was conducted independently relying solely on authentic public domain information. This is an informational disclosure required under SEBI regulations with no direct bearing on revenue, profits, or operations.
- SES ESG Research assigned an ESG rating of 63.4 to Eureka Forbes
- Rating applies to Financial Year 2025-26
- Assessment conducted independently using public domain sources under SEBI circular dated January 30, 2026
Crisil ESG Ratings & Analytics has upgraded Eureka Forbes' ESG rating category from 'Adequate' to 'Strong' based on FY26 disclosures. The company's Crisil ESG score increased to 62 from 58 in the previous fiscal year. Additionally, CRISIL assigned a fresh Crisil Core ESG score of 71. While non-financial, this upgrade reflects improved governance and sustainability compliance for the Rs 7,857 crore market cap company.
- CRISIL ESG score upgraded to 62 from 58 in the previous fiscal year
- Assigned a fresh Crisil Core ESG score of 71
- Overall rating category upgraded from 'Adequate' to 'Strong'
- Rating based on publicly disclosed information for fiscal year 2026
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.
- 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)
Eureka Forbes Limited has informed the exchanges that it will participate in the UBS India Summit 2026 in Mumbai on September 10, 2026. The meeting will be held physically in a group format with several institutional investors. As a routine investor interaction disclosure under Regulation 30, no unpublished price sensitive information is expected to be shared.
- Participation scheduled for September 10, 2026
- Event: UBS India Summit 2026 in Mumbai
- Meeting format: Physical – Group interaction
- Filing submitted under Regulation 30 of SEBI LODR Regulations
Eureka Forbes Limited has allotted 80,000 equity shares of face value Rs 10 each on September 03, 2026, pursuant to the exercise of options under its Employee Stock Option Plan 2022. The options were exercised at a price of Rs 210 per share (including a premium of Rs 200 per share). Following the allotment, the company's paid-up share capital increased marginally from Rs 193.56 crore to Rs 193.64 crore. The dilution from this allotment is minimal at approximately 0.04% of total outstanding shares.
- Allotment of 80,000 equity shares of face value Rs 10 each under ESOP 2022
- Exercise price fixed at Rs 210 per share, comprising Rs 200 share premium
- Total outstanding equity shares increased from 19,35,56,816 to 19,36,36,816
- Paid-up share capital increased from Rs 1,93,55,68,160 to Rs 1,93,63,68,160
Eureka Forbes Limited has allotted 50,000 equity shares of face value Rs. 10 each on September 02, 2026, pursuant to the exercise of options under its ESOP 2022 scheme. The exercise price per share was Rs. 210, including a premium of Rs. 200 per share. Following this allotment, the company's paid-up equity share capital increased from Rs. 1,93,50,68,160 to Rs. 1,93,55,68,160, comprising 19,35,56,816 equity shares. The equity base dilution is negligible at approximately 0.026%.
- Allotted 50,000 equity shares of Rs. 10 face value under ESOP 2022
- Shares issued at an exercise price of Rs. 210 per share (including Rs. 200 premium)
- Paid-up share capital increased from Rs. 1,93,50,68,160 to Rs. 1,93,55,68,160
- Total number of issued shares expanded to 19,35,56,816
Eureka Forbes Limited has informed the stock exchanges that it will be meeting several institutional investors on August 27, 2026. The meetings are scheduled to take place physically in Mumbai across both group and one-on-one formats. This is a standard regulatory intimation pursuant to Regulation 30 of SEBI LODR Regulations.
- Institutional investor meet scheduled for August 27, 2026
- Format includes both group and one-on-one physical interactions
- Meeting location set in Mumbai
Eureka Forbes Limited successfully concluded its 17th Annual General Meeting on August 19, 2026, conducted via Video Conferencing with 54 members attending. Key items considered included the adoption of standalone and consolidated financial statements for FY26 (revenue of ₹2,709.34 Cr and PAT of ₹162.60 Cr) and the re-appointment of Director Sahil Dalal. In addition, ordinary resolution for ratification of remuneration payable to the Cost Auditor for FY27 was placed for voting. The scrutinizer's voting results have been submitted to the exchanges.
- 17th AGM held on August 19, 2026, with 54 members attending via VC/OAVM
- Adoption of Audited Standalone and Consolidated Financial Statements for the financial year ended March 31, 2026
- Considered re-appointment of Mr. Sahil Dalal (DIN: 07350808) retiring by rotation
- Ratification of remuneration payable to Cost Auditor for the FY ending March 31, 2027
- Remote e-voting was conducted from August 16 to August 18, 2026, with an additional 15-minute window post-AGM
Eureka Forbes Limited conducted its 17th Annual General Meeting (AGM) on August 19, 2026, via video conferencing with 54 members in attendance. Shareholders considered three ordinary resolutions, including the adoption of FY26 standalone and consolidated financial statements, the re-appointment of director Mr. Sahil Dalal retiring by rotation, and ratification of the cost auditor's remuneration for FY27. Remote e-voting took place from August 16 to August 18, 2026, and meeting e-voting concluded at 1:10 PM IST. Detailed voting outcomes and scrutiniser results will be declared separately.
- 17th AGM successfully concluded on August 19, 2026, with 54 members in attendance
- Three ordinary resolutions presented covering FY26 financial statements, director re-appointment, and cost auditor remuneration
- Remote e-voting was open from August 16, 2026 (09:00 AM IST) to August 18, 2026 (05:00 PM IST)
- Auditor's report contained no qualifications, observations, or adverse remarks
Eureka Forbes submitted the transcript of its Q1 FY27 earnings conference call. Revenue grew 15.3% YoY to ₹701 crore, driven by late-teens growth in the product business and market share gains in water purifiers. Adjusted EBITDA rose 10.5% YoY to ₹74 crore with margins at 10.5% (down 46 bps YoY), while reported PAT grew 44% YoY to ₹55 crore, aided by a one-off gratuity reversal of ₹19.5 crore (pre-exceptional PAT up 6.1% to ₹41 crore). The company maintained a net cash surplus of ₹425 crore and reiterated its long-term target of doubling revenue scale by FY30 (17-18% CAGR).
- Q1 FY27 revenue rose 15.3% YoY to ₹701 crore on double-digit volume growth in water purifiers.
- Reported PAT stood at ₹55 crore (up 44% YoY), supported by a one-off ₹19.5 crore gratuity expense reversal; adjusted PAT rose 6.1% to ₹41 crore.
- Adjusted EBITDA margin contracted 46 bps YoY to 10.5% (₹74 crore) due to a 131 bps drop in gross margin to 58.4%.
- Net cash surplus stood at ₹425 crore at the end of the quarter.
- Management reiterated its ambition to achieve a 2x revenue scale by FY30 (17%-18% CAGR).
Eureka Forbes has made the audio recording of its Q1 FY27 analyst and investor conference call available following the session on August 13, 2026. This routine disclosure allows investors to access management's detailed commentary on the company's TTM revenue of Rs 2,709 Cr and its 11.6% operating margin. The discussion likely covered the company's strategy to capture the 33% of revenue derived from service AMCs and its expansion into low-penetration categories like Robotics. Investors can use this to gauge progress on the 'War on Waste' initiative and the upcoming R&D center commissioning.
- Audio recording of the conference call held on August 13, 2026, is now publicly accessible via the company website.
- The call focused on Q1 FY27 performance and the company's 12% expected growth rate strategy.
- Management continues to focus on the high-margin service annuity which contributes 33% of total revenue.
- The company is targeting low-penetration categories such as Water Purifiers, which currently sit at only 6-7% penetration.
- A new R&D center remains on track for commissioning by Q3 FY26 to support product innovation.
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.
Third Party Dependencies
The company is dependent on vendors for components, though it is actively renegotiating contracts to institutionalize COGS savings.
Technology Obsolescence Risk
The company is mitigating technology risks by investing in a new R&D center and expanding into Robotics to stay ahead of consumer trends.
Credit & Counterparty Risk
Debtors increased in Q2 FY26 due to seasonality, but the company maintains a strong balance sheet with a net surplus of INR 284 Cr.
