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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹645 Cr
verified against source
Revenue YoY
8%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Eureka Forbes reported Q3 FY26 revenue of ₹645.4 crore, up 8% YoY, with adjusted EBITDA margin expanding 57 bps to 11.3%. Growth was impacted by a post-festive slowdown in e-commerce, particularly on one platform, leading to elevated channel inventory. Excluding e-commerce, water purifier sellout grew double digits. Emerging categories (robotics, air purifiers, softeners) sustained strong momentum, with air purifiers growing 3x YoY. Management expects Q4 growth to exceed the YTD 11.1% and reaffirmed the FY30 target of 2x revenue and 3x EBITDA. Gross margins improved 331 bps to 60.8% driven by cost optimization and channel mix. Risk: consumer demand weakness could persist if macro headwinds continue.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects Q4 growth to be ahead of the 11.1% YTD growth, driven by normalization of inventory and return to double-digit trajectory.
- Long-term ambition to double revenue and triple EBITDA by FY30, reaffirmed with conviction despite Q3 aberration.
- Capital expenditure for the year is expected to be in the range of ₹60-70 crore, with YTD capex at ~₹60 crore.
- Management expects gross margins to stay within a band (historical ~59-61%), not sustain the 60.8% level, but remain resilient through multiple levers.
Risks flagged
- Post-festive slowdown and macro headwinds could continue to pressure demand, especially in water purifiers and e-commerce.
- One major e-commerce platform experienced a sharp traffic decline, impacting sellout and inventory. Recovery is expected but not guaranteed.
- New entrants may intensify competition, though management claims market share gains. Aggressive pricing or marketing by rivals could pressure margins.
- Service charge growth of 9% lagged double-digit booking growth due to accounting mismatches and leakage, potentially masking underlying trends.
Key quotes
- We have clearly transitioned from being a single category product business to a business which now has multiple and meaningful levers of growth.
- It is our firm conviction that the growth slowdown in the quarter was a one-off aberration which came on account of very temporary channel specific issues.
- We will keep our gross margins at a rangebound level. We do not expect to keep our gross margins at a level of 61% that you would have seen in this quarter.
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