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View Promises →Eureka Forbes Limited — Q2 FY26
Eureka Forbes delivered a strong Q2 FY26 with revenue of ₹773 crore (+14.9% YoY) and adjusted EBITDA crossing ₹100 crore for the first time, with margin expanding 162 bps to 13.1%.
bullish
high
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Eureka Forbes delivered a strong Q2 FY26 with revenue of ₹773 crore (+14.9% YoY) and adjusted EBITDA crossing ₹100 crore for the first time, with margin expanding 162 bps to 13.1%. Growth was broad-based: product business (water, cleaning/robotics) grew high-teens, while service AMC bookings accelerated. The 2-year filter life water purifiers drove category expansion, with 70% of buyers being first-time entrants. Robotics now contributes ~60% of vacuum cleaner sales. Management expects sustained double-digit growth and margin expansion, though consumer demand remains challenging. Key risk: macro demand softness could pressure near-term volumes.
यूरेका फोर्ब्स ने Q2 FY26 में मजबूत प्रदर्शन किया। कंपनी की कमाई ₹773 करोड़ रही, जो पिछले साल से 14.9% ज्यादा है। पहली बार एडजस्टेड EBITDA ₹100 करोड़ पार हुआ और मुनाफा मार्जिन 13.1% हो गया। पानी और सफाई के उत्पादों की बिक्री तेजी से बढ़ी। 2 साल तक चलने वाले फिल्टर वाले पानी प्यूरीफायर ने नए ग्राहकों को आकर्षित किया - 70% खरीदार पहली बार हैं। रोबोटिक वैक्यूम क्लीनर की बिक्री भी बढ़ रही है। कंपनी को आगे भी अच्छी बढ़त की उम्मीद है, लेकिन बाजार में मांग कमजोर हो सकती है, जिससे बिक्री पर दबाव पड़ सकता है।
Promises0 met · 2 missedRisks3 trackedTranscriptfull text
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Risk Intelligence
Macro demand softness
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Read Transcript →Quarter Snapshot
Robotics share of VC sales
60%
+8pp YoY
Robotics now accounts for nearly 60% of vacuum cleaner sales, up from 52% last year.
First-time buyers for 2-year filter purifiers
70%
N/A
70% of buyers of the new 2-year filter life purifiers are first-time category entrants.
Monthly active app users
1.5M
N/A
The Eureka Forbes app now has over 1.5 million monthly active users.
Gross margin
56.5%
+25bps YoY
Gross margins remained rangebound at 56.5%, up 25 bps YoY despite seasonal product mix shifts.
What Changed vs Last Quarter
NEW
Service AMC bookings growth to sustain
Service AMC bookings growth accelerated in Q2 and is expected to continue at double-digit rates.
UPDATED
Sustained double-digit revenue growth
Management expects continued double-digit growth in both products and service, driven by multiple growth engines.
UPDATED
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.
DROPPED
Service revenue impact from Q4 FY26
The reflection of strong service bookings in reported revenue will become meaningful from Q4 FY26, as amortization catches up.
DROPPED
Continued growth investments in innovation and marketing
Advertising and promotion spends will remain elevated to drive category creation, innovation awareness, and service visibility.
NEW RISK
Tenancy-related service edge cases
An analyst raised the issue of tenant-related service failures (e.g., address changes). Management acknowledged pilots were susceptible to gaming and are reworking the solution.
NEW RISK
Working capital volatility
H1 cash flow was impacted by working capital deployment due to seasonal billing and GST transition; unwinding expected in H2 but may not fully materialize.
RISK GONE
Increased competitive activity
Multiple new entrants and scaled-up competitors in water purifiers could pressure pricing and market share, though management claims share held steady.
RISK GONE
Service revenue lag and cost front-loading
Service revenue recognition lags behind cost booking, creating near-term margin drag; sustained double-digit booking growth is needed to normalize margins.
RISK GONE
Dependence on unorganized market conversion
A large portion of the installed base uses unorganized services; converting them to genuine AMCs requires sustained awareness and distribution investment.
Fast read
Guidance and risk preview
Management expects continued double-digit growth in both products and service, driven by multiple growth engines.
Consumer sentiment remains mixed and challenging, which could pressure volume growth.
View Risks →