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Eureka Forbes Margin Trend — Quarter by Quarter

Eureka Forbes's EBITDA margin moved from 10.0% in Q1 FY26 to 11.0% in Q3 FY26 across 3 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q3 FY2611.0%+57 bps
Q2 FY2613.0%+162 bps
Q1 FY2610.0%-46 bps

What management said about ebitda margin

G

Q3 FY26 · FY30 target: 2x revenue and 3x EBITDA

Long-term ambition to double revenue and triple EBITDA by FY30, reaffirmed with conviction despite Q3 aberration.

G

Q3 FY26 · Gross margins to remain rangebound

Management expects gross margins to stay within a band (historical ~59-61%), not sustain the 60.8% level, but remain resilient through multiple levers.

G

Q2 FY26 · Full-year margin expansion

Management aims for full-year EBITDA margin improvement, though possibly less than last year's ~120 bps due to growth investments.

G

Q1 FY26 · Full-year margin improvement in FY26

Management aims for EBITDA margin expansion on a full-year basis, driven by operating leverage and cost efficiencies, despite Q1 margin contraction.