Eureka Forbes Ltd(EUREKAFORB)

NSE: EUREKAFORBBSE: 543482

₹ 311.3-1.80%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 6,028 crNext results: 2 Nov 2026Website: www.eurekaforbes.comUpdated: 24 Oct 2026

About

Eureka Forbes Limited is an Indian household appliances company that sells water purifiers, vacuum cleaners (including robotic), air purifiers, water softeners, and aftermarket filters and services, mainly under its flagship Aquaguard brand. It reported FY26 revenue of Rs 2,709.06 Cr. It is the category leader in electric water purifiers in India, where only 7% of households own one.^[1][2]

Business segments

The company reports a single segment, health and hygiene products and services. In FY25, India revenue was Rs 2,435.98 Cr and revenue from outside India was Rs 0.93 Cr.^[3]
The products business (water purifiers, vacuum cleaners, air purifiers, water softeners) grew in the early teens for the third year in a row in FY26 and makes up most of revenue.^[1]
Service revenue (AMC subscriptions and aftermarket filters) grew 2.7% YoY in Q1 FY27. AMC price increases of 3-12% made that quarter led some customers to delay renewals.^[4]
Total revenue was Rs. 700.8 Cr in Q1 FY27, up 15.3% YoY from Rs. 607.7 Cr.^[4]

Products and brands

Aquaguard covers the full water purifier range. Its Nanopore filter removes 200+ contaminants, including arsenic, lead and uranium, as verified by IIT Madras.^[5]
In Q1 FY27 the company launched Glow 4X and Ritz Pro 4X, the first water purifiers in India with a four-year filter life, on e-commerce at ~Rs. 22,000 and Rs. 25,000.^[4]
The company uses its patented Auto Mineral Guard technology, which lets users set mineral levels from a smartphone, and Water Quality Indicator technology, which shows water quality in real time.^[5]
Its robotic vacuum cleaners are priced from Rs. 15,000 to Rs. 1 lakh. Premium models include the Forbes SmartClean Auto Bin and the Fully Automatic Cleaning Station.^[4]
The Aquaguard Arctic Blaze, launched in Q3 FY26 at Rs. 79,999, is the highest-priced water purifier in the category.^[6]

Operations and manufacturing

The company has two manufacturing plants, in Dehradun and Bengaluru, and a dedicated R&D centre in Bengaluru that was commissioned in Q2 FY26.^[5]
Robotic vacuum cleaners and air purifiers are made by contract manufacturing partners, including Dixon for robotics.^[5]
Productivity improved 17% in FY26 through a Kaizen-led continuous improvement programme and automation such as cobots at packing stations.^[5]
The plants hold ISO 45001:2018, ISO 14001:2015, ISO 9001:2015, BIS IS 14724:1999, ISO 16240:2023 and GC Mark Green Company certifications.^[5]

Key operating numbers

The water purifier category grew in the high teens YoY in Q1 FY27 on double-digit volume growth, and Eureka Forbes grew faster than the category, gaining market share.^[4]
In FY25 the company put its addressable market at Rs 23,000 crore, growing at a 13% CAGR. Penetration was 6% for water purifiers, 2% for vacuum cleaners and under 1% for air purifiers.^[3]
Robotic models made up 65-66% of vacuum cleaner sales in Q4 FY26, up from ~60% in Q2 FY26.^[1]
Air purifier sales grew 2.7x in FY26 and 4x YoY in Q4 FY26, from a low base.^[1]
Gross margin was 58.4% in Q1 FY27, down 131 bps YoY because of higher commodity costs and adverse currency movements. It was 58.8% for FY26.^[4][1]
Advertising and sales promotion (A&SP) spend was 10.8% of revenue in FY26, up 10 bps vs FY25, and grew 21.4% YoY in Q1 FY27.^[1]

Customers and distribution

The service network covers 19,500+ pin codes, with 9,000+ technicians handling about 7,00,000 customer touchpoints a month.^[5]
Sales channels include a frontline direct sales team of 5,500+, modern trade, general trade, D2C, e-commerce, CSD and B2B.^[5]
The D2C digital platform had nearly 2.5 million monthly active users in Q1 FY27, and nearly two-thirds of AMC sales were completed through digital channels.^[4]
As of Q1 FY27, fewer than 1% of existing customers owned products in more than one category.^[4]

Capex and expansion

Capex rose to Rs. 84 Cr in FY26 from Rs. 55 Cr in FY25, going to product innovation, digitisation and the new R&D centre.^[1]
In FY25 the company guided to capex of Rs 50-60 Cr a year.^[3]
Assembly of robotic vacuum cleaners is moving from imported SKD kits to domestic manufacturing led by Dixon, ahead of the BIS quality control order deadline in September 2026.^[1]
The company targets FY30 revenue of Rs. 5,400-5,600 Cr, against an FY25 base of Rs. 2,436 Cr, and Adj. EBITDA of Rs. 800-850 Cr.^[7]
The company targets Rs. 1,000 Cr of robotics revenue by FY30.^[4]

Recent developments

In April 2026 the company raised prices by 6-7% on average across categories to offset higher input costs. It was the first price increase in about four years.^[1]
Filter aftermarket push in Q1 FY27: the range was cut from 65+ SKUs to 5 universal filters, a new open-market distributor network was set up and an influencer campaign was launched.^[4]
As of Q3 FY26, CARE upgraded its rating to AA; Stable, and CRISIL revised its AA- outlook to Positive from Stable.^[6]
In Q3 FY26 the company booked a one-time pre-tax exceptional charge of Rs. 40.4 Cr from implementing the new Labour Codes.^[6]

Market Cap

₹6,028 Cr

High / Low

₹669 / 300

Stock P/E

33.3

Price / Book

1.3

Book Value

₹238

EPS

₹8.4

No. of Shares

19.35 Cr

ROCE

5.9%

ROE

3.6%

OPM

9.8%

Debt / Equity

0.00

Sales

₹2,709 Cr

Net Profit

₹163 Cr

Promoter holding

62.5%

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