EUREKAFORB
Micro CapEureka Forbes Limited
Consumer
Eureka Forbes Limited is India’s leading health and hygiene brand with over four decades of existence. It is a multi-product, omni-channel organization, offering water purification, vacuum cleaning, and air purification products through direct, retail, e-commerce, institutional, and service networks across India.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 32/100margin compression · Rev +12% YoY · PAT +4% YoY · +6% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹684 Cr | +11.6% | +6.0% |
| EBITDA | ₹86 Cr | +11.7% | +24.6% |
| Operating margin | 13.0% | +0 bps | +200 bps |
| PAT | ₹51 Cr | +4.1% | +410.0% |
| PAT margin | 7.5% | -53 bps | +591 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 revenue grew 11.6% YoY, with Adjusted EBITDA margin at a record 13.2%. FY26 saw 11.3% revenue growth, 55bps EBITDA margin expansion to 12.2%, and PAT (pre-exceptional) up 19.3%, driven by Water Purifiers and Emerging Categories.
EUREKAFORB delivered robust Q4 and FY26 results, with double-digit revenue growth and consistent margin expansion. Strategic investments in growth engines and service transformation are yielding results, strengthening the balance sheet despite a challenging macro environment. Management's focus on sustained profitable growth appears on track.
Water Purifiers
Delivered double-digit growth in Q4 FY26 and identified as a key growth engine for FY26.
Robotics
Continued its break-out performance, on the back of omni-channel growth, achieving 3x growth in FY26 over FY24.
Emerging Categories (Softeners & Air Purifiers)
Delivered strong growth in Q4 and FY26; Air Purifiers revenue scaled to 4x YoY in Q4 FY26 on a low base.
Service Business
Momentum continues with double-digit growth in service bookings during Q4 FY26.
Capex Investments
FY26 Capex at Rs. 84 Cr, representing a 53% YoY increase, accelerating investments for structural long-term growth.
Urbanization
By 2036, 40% of Indians are projected to live in towns and cities, up from 31% in 2011.
Growing Incomes
The middle class is the fastest growing segment of the population, projected to reach 1 Billion by 2047.
Health & Hygiene Awareness
Increasing importance given to health & hygiene; increased frequency of cleaning homes post-Covid.
Piped Water Access
Piped water access increased from 16.8% of households in 2019 to 77.2% in 2024.
Input Cost Inflation
Recent West Asia crisis led to significant increase in input costs.
Fuel Price Pressures
Increase in fuel prices is expected to create further cost pressures.
Consumer Sentiment
Inflationary headwinds may impact consumer sentiment.
Macroeconomic Volatility
The company operates in an uncertain and challenging external environment.
Competitive Intensity & Pricing
Risks include competitive intensity and the pricing environment in the market.
Input Cost & Currency Fluctuations
Changes in input costs, commodity prices, and currency rates can affect profitability.
Regulatory & Taxation Changes
Significant changes in government regulations and taxation pose risks.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing annual growth trends and margin expansion, especially for a consumer business. QoQ comparison provides insight into sequential momentum and the impact of recent strategic initiatives and market conditions.
Revenue Growth (Q4 FY26)
11.6% YoY, led by double-digit growth in Water Purifiers and strong growth in Emerging Categories.
Revenue Growth (FY26)
11.3% YoY, marking the second consecutive year of double-digit growth.
Gross Margin (FY26)
Increased by 46 bps to 58.8% and continued to remain resilient.
Adj. EBITDA Margin (Q4 FY26)
Expanded 17bps YoY to 13.2%; highest ever quarterly margin.
FY26 Performance
Management closed FY26 with a strong quarter and solid full-year performance despite a challenging external environment.
Quality of Growth
Growth was broad-based across categories, channels, and geographies, with improved customer experience.
Future Focus
Will remain sharply focused on driving growth through sustained investments and sharper execution, and on driving profitability by aggressively reducing inefficiencies and improving productivity.
Confidence in Outlook
Confident that the company will continue to deliver sustained, profitable growth ahead with a strong foundation and strategy.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue Growth | 11.3% (FY26) | Sustained double-digit growth across categories and channels, indicating continued market penetration and share gains. |
| Adj. EBITDA Margin | 12.2% (FY26) | Continued margin expansion despite growth investments and potential input cost pressures. |
| Net Surplus | Rs 443.3 Cr (FY26) | Further strengthening of the balance sheet and consistent robust cash generation. |
| Emerging Categories Growth | Robotics 3x (FY26 over FY24), Air Purifiers 4x YoY (Q4 FY26) | Momentum in new product categories and successful new launches to diversify revenue streams. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
42NeutralSMA20 -13.8% / mo · near 52W low
Technical chart
EUREKAFORBweekly · 3Y-26.9%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 37.
- SMA20 falling (~16.1% over last month) — short-term momentum negative.
- RSI(14) at 37 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 34% off 52W high · 9% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 33.5%.
- Growth contributes 19/25 to the score.
Main drags
- Promoter pledge is 53.7%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 11/30; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 57th percentile of the scored universe and 56th percentile within Consumer. Main check: financial discipline is weak at 40/100.
Healthy Trust Lite: Promoter holding is 62.6%. Key concern: Promoters have pledged 53.7% of holding.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Consumer: 56th pctile, median 67 · Micro: 40th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 62.6%.
- ▸FCF yield is positive at 0.6%.
- ▸5 years of positive FCF.
- ▸Debt/equity is 0.01.
Trust risks
- ▸Promoters have pledged 53.7% of holding.
- ▸ROCE is low at 5.9%.
- ▸ROE is low at 4.3%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 43.80
- P/B
- 1.83
- EV/EBITDA
- 22.12
- Market Cap
- 8420.00Cr
Profitability
- ROE
- 4.27%
- ROCE
- 5.90%
- ROA
- 2.42%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 222.00%
- EPS 5Y
- 161.00%
- Revenue 3Y
- 9.00%
- EPS 3Y
- 65.00%
Balance Sheet
- Debt/Equity
- 0.01
- Interest Coverage
- 39.13×
- Altman Z
- 4.08
- Book Value
- 238.00
Cash Flow
- FCF Yield
- 0.62%
- FCF Positive Y
- 5/5
- OCF
- 250.00 Cr
- EPS TTM
- 8.41
Shareholding
- Promoter Hold
- 62.56%
- Promoter Pledge
- 53.70%
- Momentum 52W
- 26%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.