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View Promises →Eureka Forbes Limited — Q3 FY26
Eureka Forbes reported Q3 FY26 revenue of ₹645.4 crore, up 8% YoY, with adjusted EBITDA margin expanding 57 bps to 11.3%.
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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.
यूरेका फोर्ब्स ने तीसरी तिमाही में 645.4 करोड़ रुपये का कारोबार किया, जो पिछले साल से 8% ज्यादा है। कंपनी का मुनाफा (EBITDA) 11.3% हो गया, जो पहले से थोड़ा बेहतर है। त्योहारों के बाद ऑनलाइन बिक्री धीमी पड़ी, खासकर एक प्लेटफॉर्म पर, जिससे दुकानों में ज्यादा माल बच गया। लेकिन ऑनलाइन को छोड़कर, पानी की मशीनों की बिक्री दोगुनी से ज्यादा बढ़ी। नए उत्पाद जैसे रोबोट, एयर प्यूरीफायर और वॉटर सॉफ्टनर की मांग तेज है—एयर प्यूरीफायर की बिक्री पिछले साल से तीन गुना बढ़ी। कंपनी को उम्मीद है कि चौथी तिमाही में बिक्री और मुनाफा और बढ़ेगा। लागत घटने और बिक्री के तरीके बदलने से कच्चे माल पर मुनाफा 60.8% हो गया। खतरा: अगर अर्थव्यवस्था कमजोर रही, तो ग्राहकों की मांग घट सकती है।
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Consumer demand slowdown may persist
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Read Transcript →Quarter Snapshot
Gross Margin
60.8%
+331bps YoY
Gross margin expanded significantly due to COGS program and favorable channel mix.
Air Purifier Growth
3x YoY
+200% YoY
Air purifier portfolio delivered breakout performance, driven by product range and awareness campaigns.
ANSP Spend Growth
23.3% YoY
+23.3% YoY
Advertising and sales promotion spend increased to drive category awareness across water, air, and robotics.
Robotics Share of Vacuum Cleaner Portfolio
~67%
N/A
Robotics now accounts for nearly two-thirds of the vacuum cleaner portfolio, indicating strong adoption.
What Changed vs Last Quarter
NEW
Q4 FY26 revenue growth to exceed YTD 11.1%
Management expects Q4 growth to be ahead of the 11.1% YTD growth, driven by normalization of inventory and return to double-digit trajectory.
NEW
FY30 target: 2x revenue and 3x EBITDA
Long-term ambition to double revenue and triple EBITDA by FY30, reaffirmed with conviction despite Q3 aberration.
NEW
Capex guidance of ₹60-70 crore for FY26
Capital expenditure for the year is expected to be in the range of ₹60-70 crore, with YTD capex at ~₹60 crore.
NEW
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.
DROPPED
Sustained double-digit revenue growth
Management expects continued double-digit growth in both products and service, driven by multiple growth engines.
DROPPED
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 AMC bookings growth to sustain
Service AMC bookings growth accelerated in Q2 and is expected to continue at double-digit rates.
NEW RISK
Consumer demand slowdown may persist
Post-festive slowdown and macro headwinds could continue to pressure demand, especially in water purifiers and e-commerce.
NEW RISK
E-commerce platform concentration risk
One major e-commerce platform experienced a sharp traffic decline, impacting sellout and inventory. Recovery is expected but not guaranteed.
NEW RISK
Increased competition in water purifiers
New entrants may intensify competition, though management claims market share gains. Aggressive pricing or marketing by rivals could pressure margins.
NEW RISK
Service revenue growth may not fully reflect bookings
Service charge growth of 9% lagged double-digit booking growth due to accounting mismatches and leakage, potentially masking underlying trends.
RISK GONE
Macro demand softness
Consumer sentiment remains mixed and challenging, which could pressure volume growth.
RISK GONE
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.
RISK GONE
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.
🤫 Topics management stopped discussing
Mentioned in Q1 FY26, Q2 FY26
Management aims for full-year EBITDA margin improvement, though possibly less than last year's ~120 bps due to growth investments.
Mentioned in Q1 FY26, Q2 FY26
Consumer sentiment remains mixed and challenging, which could pressure volume growth.
Mentioned in Q1 FY26, Q2 FY26
Management expects continued double-digit growth in both products and service, driven by multiple growth engines.
Fast read
Guidance and risk preview
Management expects Q4 growth to be ahead of the 11.1% YTD growth, driven by normalization of inventory and return to double-digit trajectory.
Post-festive slowdown and macro headwinds could continue to pressure demand, especially in water purifiers and e-commerce.
View Risks →