Eureka Forbes (543482) Q4 25/26 earnings summary

Executive summary

• Q4 FY26 revenue grew 11.6% year-on-year to INR 684 crore, driven by double-digit growth in water purifiers and strong momentum in emerging categories like robotics and air purifiers.

• FY26 revenue rose 11.3% to INR 2,710 crore, marking the second consecutive year of double-digit growth and the third year of double-digit product business growth.

• Adjusted EBITDA margin reached a record 13.2% in Q4 FY26, with net surplus at an all-time high of INR 443 crore.

• Service revenue and AMC bookings maintained double-digit growth, with improved customer experience and digitalization initiatives.

• Standalone and consolidated financial statements for the year and quarter ended March 31, 2026, were audited and approved by the Board on May 19, 2026.

Financial highlights

• Q4 FY26 revenue was INR 683.8 crore, up 11.6% YoY; adjusted EBITDA was INR 90.2 crore, up 13.1% YoY.

• FY26 adjusted EBITDA margin expanded 55 bps to 12.2%; adjusted EBITDA was INR 332 crore; gross margin for FY26 was 58.8%, up 46 bps YoY.

• Adjusted PBT pre-exceptional grew 18% to INR 278 crore; pre-exceptional PAT up 19% to INR 190 crore; reported PAT at INR 160 crore, impacted by the new Code on Wages.

• Free cash flow for FY26 was INR 237 crore, 148% of reported PAT, despite higher CapEx of INR 84 crore.

• Standalone revenue from operations for FY26 was ₹271,046.92 lakhs, up from ₹243,606.24 lakhs year-over-year.

Outlook and guidance

• Management aims to step up revenue growth in FY27 while at least holding margins, focusing on cost discipline and efficiency.

• Ambition to more than double revenue and triple EBITDA by FY30, targeting INR 5,400–5,600 crore revenue and ~15% EBITDA margin.

• Price increases of 6%-10% were implemented in April to offset input cost inflation, with ongoing monitoring of the inflationary environment.

• The company continues to monitor regulatory developments, especially regarding new Labour Codes, and will assess future accounting implications as guidance emerges.