EUREKAFORB

Eureka Forbes share price & financials

Price
₹458.2
Market cap
₹7.6k Cr
Sector
Consumer Durables
Calls analysed
6
Latest concall · Q4 FY26 · call held 20 May 2026

Eureka Forbes Q4 FY26

FY26 Revenue ₹2,710 cr +11%FY26 Adjusted EBITDA ₹332 cr +16%FY26 Adjusted EBITDA Margin 12.2% FY26 Reported PAT ₹160 cr

What went well

  • Revenue for Q4 FY26 grew 11.6% year-on-year to ₹684 crores, driven by double-digit growth in water purifiers and strong momentum in emerging categories.
  • Adjusted EBITDA margin for Q4 FY26 was 13.2%, marking the highest ever, reflecting strong business model strength.
  • FY26 revenue grew 11.3% to ₹2,710 crores, achieving double-digit growth for the second consecutive year.

What to watch

  • Input cost inflation intensified through the quarter, leading to a calibrated price increase of 6-7% in April (Q1 FY27).
  • The evolving geopolitical situation, currency pressure, and potential inflation impact on consumer demand pose an uncertain macro environment for FY27.
Read the full call →

What Eureka Forbes Limited does

Eureka Forbes designs, sells and services home health-and-hygiene appliances — water purifiers (Aquaguard), vacuum cleaners including robotic vacuums, air purifiers (Forbes), water softeners and replacement filters. It earns through an omni-channel model spanning a direct sales force, general trade, modern retail, e-commerce, D2C, B2B and Canteen Stores (CSD), plus an annuity-style after-market service business (AMC/service bookings, filter and consumable replacement) run through its own certified service-technician network rather than third-party repairers. It is a professionally managed, publicly listed company majority-owned by Advent International, having originated as a 1982 joint venture and later operated as a Shapoorji Pallonji group subsidiary.

Segments

  • Products
  • Service
Market position
Market leader in water purifiers and vacuum cleaners in India
Retail outlet presence
21,000+ outlets across 2,700+ towns
In-home service coverage
19,500+ pin codes
Customer database
14 million+ customers
Service technicians
8,000+
Frontline sales teams
4,500+
Founded 1982Headquarters Mumbai, Maharashtra, India Company website

Guidance record · Q4 FY26

what the last two calls moved 13 tracked 7 delivered 0 missed 6 open
  • Service Revenue Growth delivered said Q3 FY25 Promised: Expect service revenue to gain momentum in the periods ahead Q4 FY26: Fourth consecutive quarter of double-digit growth in AMC bookings. FY26 service charges grew 11.2%.
  • Non-cash ESOP Charges delivered said Q3 FY25 Promised: Stabilize at current levels (Rs. 5.7 crores per quarter / 23-25 crores annually) Q4 FY26: Not mentioned. The metric has stabilized as per the original promise.
  • Robotics Segment Volume Growth diluted said Q4 FY25 Promised: Expect rate to be in the same ballpark of between 75%, 80% to 100%, 110% in the next few years Q4 FY26: Delivered strong growth, now contributing 65-66% of the vacuum cleaner category. No specific YoY growth % provided.

All 13 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 15.3%, net profit up 41.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue673 598 613 608 773 +15%645 +8%684 +12%701 +15%
EBITDA72 59 78 61 96 +33%67 +14%85 +9%67 +10%
Net profit47 35 51 39 62 +32%9 −74%51 +0%55 +41%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −32.2% 1Y

₹400₹500₹600Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 14 Nov 2025Q3 FY26 — 5 Feb 2026Q4 FY26 — 20 May 2026

1Y: ₹581.6 on 10 Sept 2025 → ₹394.15. High ₹652.8 (1 Dec 2025), low ₹394.15 (11 Sept 2026).

How the price took the results

close before → close after

Q4 FY26
−3.6%
20 May
Q3 FY26
+1.2%
5 Feb
Q2 FY26
+1.6%
14 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 9.2% a year over 3 years, FY23 to FY26. Operating margin widened to 11.4%.

Year endingFY23FY24FY25FY26
Revenue₹2.1k Cr₹2.2k Cr₹2.4k Cr₹2.7k Cr
Operating profit₹131 Cr₹192 Cr₹264 Cr₹309 Cr
Operating margin6.3%8.8%10.8%11.4%
Interest₹19 Cr₹10 Cr₹6 Cr₹8 Cr
Depreciation₹55 Cr₹53 Cr₹58 Cr₹69 Cr
Net profit₹17 Cr₹91 Cr₹164 Cr₹161 Cr
Net margin0.8%4.2%6.7%5.9%
Cash from operations₹171 Cr₹195 Cr₹226 Cr₹242 Cr
Free cash flow₹160 Cr₹169 Cr₹170 Cr₹157 Cr
ROCE2.0%3.0%5.0%6.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹5 Cr₹193 Cr₹193 Cr₹193 Cr₹193 Cr₹193 Cr
Reserves₹-5 Cr₹3.9k Cr₹3.9k Cr₹4.0k Cr₹4.3k Cr₹4.4k Cr
Borrowings₹2 Cr₹253 Cr₹139 Cr₹39 Cr₹91 Cr₹29 Cr
Other liabilities₹5 Cr₹1.8k Cr₹1.8k Cr₹1.9k Cr₹2.2k Cr₹2.1k Cr
Total liabilities₹7 Cr₹6.1k Cr₹6.0k Cr₹6.1k Cr₹6.8k Cr₹6.7k Cr
Fixed assets₹0 Cr₹5.5k Cr₹5.5k Cr₹5.5k Cr₹5.5k Cr₹5.5k Cr
Capital work in progress₹0 Cr₹0 Cr₹2 Cr₹1 Cr₹4 Cr₹7 Cr
Investments₹0 Cr₹87 Cr₹101 Cr₹80 Cr₹86 Cr₹88 Cr
Other assets₹7 Cr₹550 Cr₹451 Cr₹582 Cr₹1.2k Cr₹1.1k Cr
Total assets₹7 Cr₹6.1k Cr₹6.0k Cr₹6.1k Cr₹6.8k Cr₹6.7k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs trimmed −0.76 pp while the public added +0.66 pp. The shareholder count grew 19% to 35,406.

Promoters
62.5%
FIIs
13.2%
DIIs
6.7%
Government
0.6%
Public
16.9%

Since Jun 2025

  • FIIs −0.76 pp
  • Public +0.66 pp
  • DIIs +0.35 pp

How it drifted, 12 quarters

Over this window promoters fell from 72.6% to 62.5% — −10.0 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 72.6%, FIIs 10.6%, DIIs 3.5%, Government 0.9%, Public 12.5%.Dec '23: Promoters 72.6%, FIIs 10.8%, DIIs 4.0%, Government 0.9%, Public 11.8%.Mar '24: Promoters 62.6%, FIIs 16.0%, DIIs 5.6%, Government 0.9%, Public 14.9%.Jun '24: Promoters 62.6%, FIIs 13.2%, DIIs 6.3%, Government 0.9%, Public 17.1%.Sep '24: Promoters 62.6%, FIIs 12.6%, DIIs 6.7%, Government 0.9%, Public 17.3%.Dec '24: Promoters 62.6%, FIIs 12.6%, DIIs 6.6%, Government 0.9%, Public 17.4%.Mar '25: Promoters 62.6%, FIIs 12.5%, DIIs 7.0%, Government 0.9%, Public 17.0%.Jun '25: Promoters 62.6%, FIIs 14.0%, DIIs 6.3%, Government 0.9%, Public 16.2%.Sep '25: Promoters 62.6%, FIIs 13.7%, DIIs 6.4%, Government 0.9%, Public 16.5%.Dec '25: Promoters 62.6%, FIIs 13.9%, DIIs 6.5%, Government 0.9%, Public 16.3%.Mar '26: Promoters 62.6%, FIIs 13.7%, DIIs 6.2%, Government 0.9%, Public 16.8%.Jun '26: Promoters 62.5%, FIIs 13.2%, DIIs 6.7%, Government 0.6%, Public 16.9%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Eureka Forbes Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Lunolux Limited 62.55%unchanged
Hill Fort India Fund Lp FPI fund2.06%unchanged
Goldman Sachs Funds - Goldman Sachs India Equity Portfolio Global fund house1.76%unchanged
Pari Washington India Master Fund, Ltd FPI fund1.52%unchanged
Investor Education And Protection Fund Authority Ministry Of Corporate Affairs 1.26%unchanged
Whiteoak Capital Flexi Cap Fund Mutual fund1.18%+0.14 pp

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Attractive

To justify its price of ₹394, this stock must grow earnings at 29% every year for 7 years. Our analysis caps realistic growth at ~109%. At that growth it is worth ₹10041 — upside of 2448%.

Growth the price implies
28.5% a year
for 7 years, fading to 4%
It has actually compounded at
110.2% a year
net profit, FY23–FY26 · EPS 108.9%
The gap
-0.8 pp
2448% downside if it only repeats history
Price today ₹394.15 Value at the reference growth ₹10,041.2

Change the assumptions yourself →

All earnings calls (6)

Read the Q4 FY26 call →

Learn to analyse Eureka Forbes Limited

Guides on how to read this kind of business and the numbers that matter.