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Revenue
Pending
verification pending
Revenue YoY
10.1%
reported change
EBITDA
Pending
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Eveready delivered its fifth consecutive quarter of revenue growth, with revenue up 10.1% YoY and EBITDA up 13% YoY, driven by the batteries segment which grew 11.1%. Alkaline battery volumes surged ~72%, and overall battery value share held at 51.9%. The company is investing in a new Jammu alkaline facility (capacity 350M units) expected to improve alkaline margins by ~10% via backward integration. Management guided for continued growth momentum, with price increases in premium portfolios to offset zinc and dollar volatility. Near-term risks include sustained commodity cost pressures and potential need for further price hikes in economy segments.
Colored figures show movement against the previous available record.
Guidance to track
- The Jammu alkaline battery facility will begin commercial production by end of FY26, targeting 25-30% utilization in the first year, ramping to 40-50% by year two.
- In-house manufacturing of alkaline batteries is expected to improve operating margins by approximately 10% compared to imported alternatives.
- Board approved divestment of non-core land parcel at NOA with a minimum price of ₹250 Cr, expected to close within the next six months.
- Calibrated price increases taken in premium battery portfolios (zinc and alkaline) at end of Q3; full impact expected in Q4 and next fiscal. Further hikes possible if zinc remains elevated.
Risks flagged
- Elevated zinc prices and USD strength continue to pressure input costs; management may need further price increases in economy segments, potentially impacting volumes.
- GST-linked incentive for Jammu plant is pending government approval; registration under the national incentive scheme has not been received, creating potential upside risk to margins if not granted.
- Battery-operated flashlight category showed moderation due to category maturity; rechargeable segment growth may be impacted if BIS implementation does not materialize as expected.
- Despite ESOP and land sale, net debt remains at ₹317 Cr; analyst suggested potential equity issuance, which management did not rule out, could dilute existing shareholders.
Key quotes
- The quarter played out in a mixed but gradually stabilizing demand environment.
- The alkaline batteries in India will be at par with the zinc premium batteries in India.
- We are poised with a full momentum to grow and to deliver premiumizations and that premiumization could help us to get the margin.
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