Eureka Forbes Ltd (EUREKAFORB)

Consumer Durables · Consumer Durables · NSE · Updated 16 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹393.95 ↓ 31.98% (1Y)

🎯 Key Takeaways

Eureka Forbes is in a growth phase driven by product innovation and digital transformation, with management explicitly prioritizing scaling its D2C health and hygiene strategy. Despite margin pressure from inflation and marketing investments, the company delivered record revenue and PAT growth in Q1 FY27, supported by strong demand in emerging categories like air and robotics purifiers.
Revenue grew 2.4% QoQ to ₹700 in Q1FY27.
⚠️ Margin compression from sustained commodity inflation and rising A&SP spends threatens profitability sustainability despite PAT growth.

Market Cap

₹7,623

P/E Ratio

42.4

P/B Ratio

1.66

ROE

3.9%

ROCE

5.5%

Debt/Equity

0.00

Promoter

62.5%

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📖 The Story

Eureka Forbes is in a growth phase driven by product innovation and digital transformation, with management explicitly prioritizing scaling its D2C health and hygiene strategy. Despite margin pressure from inflation and marketing investments, the company delivered record revenue and PAT growth in Q1 FY27, supported by strong demand in emerging categories like air and robotics purifiers. The business is transitioning from a mature consumer durables profile toward a higher-growth health-tech enabled model, though profitability sustainability remains under watch.

📰 What's Happening

In Q1 FY27, Eureka Forbes reported record revenue of Rs 700.8 crores (+15.3% YoY) and PAT of Rs 55.4 crores (+43.9% YoY), aided by a one-time gratuity reversal gain. Adjusted EBITDA margin moderated to 10.5% due to commodity inflation and higher A&SP spends, though adjusted EBITDA rose 10.5% YoY to Rs 73.9 crores. Management highlighted momentum in emerging categories (air purifiers, robotics) and launched a multimedia campaign to boost Aquaguard adoption. At the August 19, 2026 AGM, all resolutions — including financial statements and director reappointments — were passed with over 99% approval via e-voting. The board also approved unaudited Q1 FY27 results showing standalone PAT of Rs 5,543.63 lakhs and consolidated Rs 5,698.74 lakhs, with exceptional gains from labour code adjustments. Shareholder participation shifted to digital-only mode for the AGM, reflecting modernization of governance practices.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	772	645	684	700
Operating Profit	81	51	66	51
OPM %	10.5%	8.0%	9.6%	7.2%
Net Profit	63	10	51	57
EPS	₹3.23	₹0.52	₹2.62	₹2.93

Revenue has accelerated from Rs 645 crores in Dec 2025 to Rs 700.8 crores in Jun 2026, with YoY growth consistently above 15%, indicating strong demand recovery and successful product launches. Profitability trends show PAT growth outpacing revenue (43.9% YoY vs 15.3%), driven by non-recurring gains and operational efficiency, though this masks underlying margin pressure — adjusted EBITDA margin declined to 10.5% from prior levels due to inflation and marketing investments. EPS rose to Rs 2.93 in Jun 2026 from Rs 2.62 in Mar 2026, but remains volatile due to exceptional items. The company is reinvesting gains into growth initiatives, particularly in D2C channels and emerging categories, signaling a strategic shift toward scalable, high-margin health-tech offerings despite near-term profitability headwinds.

🔮 Management Outlook & What's Next

Management has emphasized stepping up growth and unlocking the next phase of its transformation journey, focusing on scaling the D2C health and hygiene strategy. In the latest filing, they expressed confidence in sustaining growth despite uncertain external conditions, citing strong momentum in emerging categories like air purifiers and robotics. However, no specific revenue, margin, or capex targets were disclosed beyond the strategic push. The absence of quantitative guidance suggests a focus on execution rather than forecasting, with emphasis on brand adoption and digital engagement as levers for future growth.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	193	193	193	193
Reserves	4,125	4,215	4,327	4,406
Borrowings	79	26	91	0
Total Liabilities	6,332	6,338	6,787	6,735
Fixed Assets	309	312	333	5,519
Investments	57	59	61	63
Total Assets	6,332	6,338	6,787	6,735

The balance sheet shows a strong equity base of Rs 193 crores and growing reserves (Rs 4,406 crores as of Mar 2026), with near-zero net borrowings (Rs 91 crores as of Mar 2026), indicating a conservative capital structure and no aggressive leverage. Total assets have remained stable around Rs 6,700+ crores, suggesting asset-light operations or minimal new capex. There is no evidence of large-scale divestment or debt reduction, but also no major investments disclosed. The company is funding growth through internal cash flows and retained earnings, with reserves absorbing most of the profit buildup. This financial profile supports strategic flexibility, including potential future investments or shareholder returns, though none have been signaled yet.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025
Operating	+246
Investing	-168
Financing	-43
Net Cash Flow	+34

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	62.6%	62.6%	62.6%	62.5%
FII	13.7%	13.9%	13.7%	13.3%
DII	6.4%	6.5%	6.2%	6.7%
Public	11.9%	11.3%	11.6%	11.8%
# Shareholders	31,459	34,159	35,383	35,406

Promoter holding remains stable at 62.55% over the last four quarters, indicating no dilution or stake sales. FII ownership has slightly declined from 13.87% in Q3FY26 to 13.25% in Q1FY27, while DII rose from 6.38% to 6.7%, suggesting mixed institutional interest. The growing number of public shareholders (35,406 in Q1FY27) reflects retail engagement, but the lack of promoter selling or significant institutional accumulation implies limited conviction from large investors. No pledging or exit signals are evident, but the stagnant promoter stake and modest FII interest may reflect caution amid margin pressures and sector headwinds.

⚖️ Peer Comparison — Consumer Durables

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
LGEINDIA	1.11 L Cr	60.6	33.0%	23.8%	0.00
DIXON	80,603	38.4	52.5%	44.5%	0.10
HAVELLS	68,229	41.8	22.9%	17.3%	0.00
VOLTAS	37,863	84.3	9.9%	6.9%	0.15
BLUESTARCO	30,571	60.0	18.7%	15.0%	0.18
AMBER	24,647	256.2	12.6%	5.4%	0.85
KAYNES	22,725	65.7	16.7%	12.2%	0.31
PGEL	14,965	72.7	10.3%	6.6%	0.16
CROMPTON	14,552	—	-0.7%	-7.2%	0.00
AVALON	14,440	108.0	26.3%	21.9%	0.23

🔗 Peer Stock Analyses

LGEINDIA DIXON HAVELLS VOLTAS BLUESTARCO

⚠️ Risk Factors

1. Margin compression from sustained commodity inflation and rising A&SP spends threatens profitability sustainability despite PAT growth. 2. Reliance on one-time gains (e.g., gratuity reversal, labour code adjustments) to boost PAT raises concerns about recurring earnings quality. 3. High concentration in water purifiers exposes the company to regulatory and competitive risks in a saturated market, with emerging categories still contributing marginally. 4. Low free cash flow generation (OCF of Rs 246 crores in Mar 2025, but ICF of -Rs 168 crores) suggests working capital or investment outflows that may constrain reinvestment capacity if profitability weakens.

📋 Recent Filings

🧠 Analyst's Read

Eureka Forbes is transitioning from a traditional consumer durables player to a health-tech enabled growth story, supported by strong top-line momentum and digital transformation. While profitability faces near-term pressure, the company's strategic focus on D2C channels and emerging categories offers upside potential. Investors should monitor margin recovery, recurring earnings quality, and execution of the transformation roadmap — particularly adoption trends in air and robotics purifiers — as key near-term catalysts.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-16.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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