Eveready Industries India Ltd — Q4 FY26

Eveready Industries reported FY26 revenue growth of 8.2% and EBITDA growth of 8.9%, with EBITDA margin at 11.5% despite significant zinc cost inflation. The battery segment grew 9.3%, driven by alkaline volumes growing >20% CAGR, now 10% of battery sales. The Jammu alkaline battery plant was commissioned (peak capacity 360M units), with first-year production target >100M units, expected to improve margins as it replaces imports. Management guided for stable EBITDA margins around 11.5% in FY27 despite continued zinc headwinds, supported by pricing actions and cost controls. Debt was reduced by >₹100 crore, with further reduction expected from Noida land sale proceeds (~₹250 crore). Key risk: sustained zinc price inflation could pressure margins if further pricing actions are delayed.