Eveready Industries India Ltd (EVEREADY)

Capital Goods · Dry cells · NSE · Updated 2 September 2026

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

₹326.1 ↓ 27.36% (1Y)

🎯 Key Takeaways

Eveready Industries India Ltd is in a strategic growth phase, transitioning from a mature consumer durables player to a focused, high-margin battery and lighting solutions company with expanding manufacturing capacity and market share ambitions in premium segments..
Revenue grew 24.6% QoQ to ₹408 in Q1FY27.
⚠️ Commodity inflation continues to pose margin pressure, as explicitly flagged in filings despite current stability in EBITDA margin.

Market Cap

₹2,370

P/E Ratio

13.3

P/B Ratio

3.81

ROE

28.6%

ROCE

24.7%

Debt/Equity

0.29

Div Yield

0.77%

Promoter

43.6%

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📖 The Story

Eveready Industries India Ltd is in a strategic growth phase, transitioning from a mature consumer durables player to a focused, high-margin battery and lighting solutions company with expanding manufacturing capacity and market share ambitions in premium segments.

📰 What's Happening

In Q1 FY27 (June 2026), Eveready reported consolidated revenue of ₹407.7 crores, up 9% YoY, driven by robust 48% volume growth in alkaline batteries and the commencement of commercial operations at its new Jammu manufacturing facility on May 29, 2026. PAT rose 22.3% YoY to ₹37.0 crores, with EBITDA margin stable at 15.1%. Management highlighted GST incentives (₹90-95 crores capex with 3x refund) for the Jammu plant and plans to leverage it for white-label exports. The company achieved break-even in the lighting segment and is targeting over 20% CAGR in alkaline battery demand, aiming for 50%+ portfolio contribution and 25-30% market share in alkaline batteries by end-2028 from the current 18%. Revenue trends show sequential improvement from ₹327 crores in Q4 FY26 to ₹408 crores in Q1 FY27, with OPM expanding from 5.8% to 13.2%, indicating operational leverage and margin recovery.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	387	367	327	408
Operating Profit	42	26	19	54
OPM %	10.8%	7.1%	5.8%	13.2%
Net Profit	-8	7	142	37
EPS	₹-1.09	₹1.02	₹19.50	₹5.09

The company is demonstrating accelerating growth momentum, with revenue expanding from ₹327 crores in Q4 FY26 to ₹408 crores in Q1 FY27 while OPM improved from 5.8% to 13.2%, reflecting strong operating leverage and successful margin management amid commodity inflation. PAT growth outpaced revenue growth (22.3% vs 9%), driven by volume-led expansion in high-margin alkaline batteries and operational efficiencies. The sequential recovery in profitability, coupled with the ramp-up of the Jammu plant and targeted capacity expansion, suggests a deliberate scaling of core profitable segments rather than one-off gains, supporting a sustainable growth trajectory.

🔮 Management Outlook & What's Next

Management explicitly targets over 20% CAGR in alkaline battery demand, aims for the alkaline category to contribute over 50% of the portfolio, and targets 25-30% market share in alkaline batteries by end-2028 from the current 18%. It also targets 2-3x growth in the wires/cables segment and debt-free status within 4-5 quarters. Additionally, it seeks GST approval for ₹90-95 crores of capex at the Jammu plant to unlock a 3x refund, facilitating white-label export expansion domestically and internationally. Management emphasizes margin expansion potential from scale and is focused on product portfolio diversification and export-led growth to sustain momentum.

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

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	36	36	36	36
Reserves	401	425	436	587
Borrowings	285	312	357	179
Total Liabilities	1,079	1,088	1,161	1,214
Fixed Assets	306	299	298	276
Investments	8	8	8	0
Total Assets	1,079	1,088	1,161	1,214

The balance sheet shows a stable capital structure with total assets growing from ₹1,088 crores in March 2025 to ₹1,214 crores in March 2026, while equity remains flat at ₹36 crores and reserves increasing from ₹425 to ₹587 crores. Borrowings rose from ₹312 crores to ₹357 crores, indicating active capital deployment, likely for the Jammu plant expansion. However, the company is on a clear path to debt-free status within 4-5 quarters, as highlighted in management commentary, suggesting disciplined leverage management despite current borrowings.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2026
Operating	+83
Investing	+63
Financing	-146
Net Cash Flow	+1

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	43.2%	43.2%	43.2%	43.6%
FII	5.2%	5.0%	5.3%	5.4%
DII	2.7%	2.8%	2.8%	2.8%
Public	21.9%	22.2%	22.0%	21.2%
# Shareholders	65,371	64,571	62,473	62,890

Promoter holding remains stable at 43.2-43.6% over the last four quarters, indicating confidence in long-term strategy. FII holding has slightly increased from 5.05% in Q3 FY26 to 5.44% in Q1 FY27, while DII rose from 2.75% to 2.84%, suggesting gradual institutional accumulation. The number of public shareholders has marginally declined from 65,371 to 62,890, which may reflect consolidation but not significant exit pressure. Overall, institutional interest is modestly increasing without destabilizing promoter commitment.

⚖️ Peer Comparison — Dry cells

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
EVEREADY	2,370	13.3	24.7%	28.6%	0.29
NIPPOBATRY	247	—	-5.7%	-5.9%	0.12
LAKHNNATNL	196	45.6	6.2%	4.0%	0.00
ATCENERGY	—	—	—	—	0.34

🔗 Peer Stock Analyses

NIPPOBATRY LAKHNNATNL ATCENERGY

⚠️ Risk Factors

1. Commodity inflation continues to pose margin pressure, as explicitly flagged in filings despite current stability in EBITDA margin. 2. The flashlight segment declined 6.7% in Q1 FY27 due to monsoon delays, indicating vulnerability to macro-linked demand shocks in non-core segments. 3. The Jammu plant's ₹90-95 crores capex refund depends on GST approval, introducing regulatory execution risk to cost optimization and export ambitions. 4. Despite targets, achieving 25-30% market share in alkaline batteries by 2028 in a competitive market with entrenched players remains a significant strategic challenge.

📋 Recent Filings

🧠 Analyst's Read

Eveready is executing a clear turnaround narrative centered on scaling high-margin alkaline battery operations, leveraging new capacity, and pursuing export-led growth, with improving operational efficiency evident in OPM expansion. However, near-term risks from commodity inflation and execution risks around GST incentives and market share gains in a competitive landscape require close monitoring. The path to debt-free status and sustained margin expansion will be critical inflection points for investor confidence.

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 2026-09-02.

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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