Alkaline battery share of battery segment
10%
+5pp YoY
Alkaline now accounts for 10% of battery sales, up from <10% a year ago.
EVEREADYINDIA
Other
22 Apr 2026
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.
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
Alkaline volume CAGR
>20%
>20% CAGR
Alkaline battery volumes growing at over 20% CAGR, driving premiumization.
Jammu plant first-year production target
100M units
N/A (new)
First-year production target of >100 million alkaline batteries from new Jammu plant.
Debt reduction in FY26
₹100+ crore
₹100+ crore reduction
Debt reduced by over ₹100 crore in FY26, with further reduction planned.
Management Guidance
EBITDA margin to hold around 11.5% in FY27
Management expects to maintain similar EBITDA margins as FY26 (11.5%) despite zinc cost headwinds, supported by pricing and cost controls.
marginsJammu plant to produce >100M units in first year
The new alkaline battery plant is expected to produce over 100 million units in its first year of operations, with commercial production starting in Q1 FY27.
growthAlkaline market share target of 20% by FY27 exit
Management targets exiting FY27 with 20% market share in alkaline batteries, up from ~16% currently.
growthFurther debt reduction in FY27 from land sale proceeds
Debt will be reduced further using ~₹250 crore proceeds from Noida land sales, with ~₹95 crore expected in FY27.
otherKey Risks
Sustained zinc price inflation
Zinc costs have risen steeply and may continue, pressuring margins if further pricing actions are delayed or not fully passed through.
high · management_commentaryGeopolitical tensions and crude oil volatility
West Asia crisis could lead to higher crude-linked inflation and supply chain disruptions, impacting input costs and demand.
medium · management_commentaryUrban demand recovery may falter
If geopolitical tensions persist beyond Q1, the nascent urban demand revival could reverse, affecting revenue growth.
medium · analyst_questionJammu plant ramp-up and payback risk
The plant's payback period is 5-6 years; slower ramp-up or lower-than-expected utilization could delay margin benefits.
medium · data_observationNotable Quotes
The very movement allows some amount of margin decompression to happen. And as the plant starts improving in its overall production and absorbs those overheads, the margins will continue to improve over the next few years.
Given the kind of cost pushes that we are seeing and especially the last month of cost ambiguity... If this ambiguity continues over this quarter as well, we may then need to look at the pricing again somewhere in quarter two.
We are currently holding about 16% market share and about a year back it was less than 10%. So we will continue to grow in that direction. My sense is sometime you know exit of next year we should be looking at exiting with 20% share.