Eveready Industries India Ltd(EVEREADY)

NSE: EVEREADYBSE: 531508

₹ 298.35-1.44%refreshed 26 Oct, 02:04 pm ISTMarket cap: ₹ 2,169 crNext results: 31 Oct 2026Website: www.evereadyindia.comUpdated: 24 Oct 2026

About

Eveready Industries India Ltd is India's No. 1 battery and flashlight maker, with a legacy of over 100 years and spontaneous brand recall above 85%. The company sells carbon zinc, alkaline and lithium batteries, LED lighting, flashlights and electrical accessories, reaching over 4.7 million retail outlets. It reported revenue of ₹1,455.4 crore in FY26 and holds approximately 52% of the Indian dry cell battery market by value.^[1][2][3][4]

Business segments

Batteries segment: revenue of ₹972 crore in FY26, up 9.3% YoY; accounts for approximately 67% of consolidated revenue and covers carbon zinc, alkaline and lithium formats.^[1][3][2]
Flashlights segment: revenue of ₹179.7 crore in FY26, up 3.1% YoY; includes battery-operated, rechargeable and hybrid models.^[1]
Lighting segment: delivered 8.1% revenue growth for full-year FY26 and 13.7% YoY growth in Q1 FY27; covers consumer and professional LED products.^[2][5]

Products and brands

Battery portfolio spans carbon zinc, alkaline, lithium, coin cells and rechargeable formats sold under the Eveready, Ultima, PowerCell, Shakti and Uniross brand names.^[1]
Flashlights and lighting products are sold under the Eveready and PowerCell brands; electrical accessories include mobile accessories, power banks and mosquito rackets.^[1]
In Q1 FY27, the company launched India's first portable rechargeable liquid mosquito vaporizer (patent-applied), a hybrid battery+rechargeable flashlight (SHOR), and the Xtrabright emergency LED bulb.^[5]
Ultima-brand lithium AA/AAA batteries (up to 15x life) and mobile accessories via e-commerce were launched in Q3 FY26.^[3]
Within mosquito swatter rackets, Eveready emerged as a leader in the urban organised market within two years of launch.^[1]

Manufacturing operations

Eveready operates six manufacturing facilities at Maddur (Karnataka), Matia (Assam), Lucknow (Uttar Pradesh), Haridwar (Uttarakhand), Kolkata (West Bengal), and Jammu.^[1]
The Jammu greenfield alkaline battery facility - India's only operating alkaline battery plant - has an installed capacity of 456 million units per annum and a peak annual capacity of approximately 360 million units; total investment ~₹200 crore.^[1][2]
Commercial production at the Jammu facility commenced on 29 May 2026, enabling white-label and export opportunities.^[5]
The DSIR-recognised and NABL-accredited R&D Centre is at Kolkata; the company filed its first patent applications during FY26, for a hybrid portable liquid vaporiser and a dual-energy hybrid torch.^[1]

Key operating numbers

Eveready sold over 1.3 billion dry cell batteries, over 37 million flashlights and over 16 million LED lights annually as of FY26.^[1]
Battery volumes for the first nine months of FY26 (9M FY26) were approximately 1 billion units, up 4% - 4.5% YoY.^[3]
Alkaline battery volume growth was ~48% in Q1 FY27; alkaline revenue was INR 32.1 crore in Q1 FY27.^[5]
Rechargeable flashlights delivered over 20% revenue growth in Q1 FY27, with revenue rising to INR 31.5 crore from INR 25.8 crore in Q1 FY26.^[5]
EBITDA margin was 15.1% in Q1 FY27 (+10 bps YoY) and 11.5% for full-year FY26 (+10 bps YoY).^[5][2]
Advertising and promotion spend was approximately 10% of revenue in FY26.^[2]

Market share by category

Carbon zinc (dry cell) battery market share was 58% in Q1 FY27, broadly flat; overall dry cell value share was 51.9% in Q3 FY26.^[5][3]
Alkaline battery market share expanded to 18% in Q1 FY27, up from single-digit levels three years ago and from 16.3% in Q2 FY26.^[5][6]
Rechargeable flashlights accounted for more than 50% of flashlight segment revenue in Q3 FY26.^[3]

Distribution and customers

Distribution reach covered 4.7 million retail outlets in Q3 FY26, up 3% YoY; approximately 1,000 distributors operate on the DMS platform and around 1,200 field sales personnel use the SFA application.^[3][1]
Electrical outlet channel reached 25,000 - 30,000 outlets in Q2 FY26, approximately double from a year earlier.^[6]
Digital channels (Q-commerce and e-commerce) delivered exponential growth in Q1 FY27.^[5]
Exports accounted for 1.76% of total turnover in FY26, with the company serving 9 international countries.^[1]

Expansion and capex

Jammu alkaline plant (456 million units installed capacity, ~₹200 crore investment) commenced commercial production 29 May 2026; management targets 25 - 30% utilisation in year 1 (FY27) and 40 - 50% by year 2.^[5][1][3]
The Jammu plant is expected to deliver at least 10% gross margin improvement over import-sourced alkaline once fully stabilised.^[5]
Electrical accessories (insulation tapes, wires, MCBs) are in an early scaling phase; management targets more than double the wire revenue in FY27 vs FY26, from a sub-2% market share base.^[5]

Recent developments

Noida Plot B1 leasehold transfer completed in Q4 FY26 for INR 116 crore; Plot B2 agreement signed with INR 44 crore advance received; total expected proceeds approximately INR 251 crore with the balance to close in FY27.^[2]
Net debt reduced by more than INR 100 crore in FY26 to INR 178 crore (post Jammu facility funding); management targets effectively debt-free status within 4 - 5 quarters from Q1 FY27.^[2][5]
BIS standard mark made mandatory for flashlights by January 2026, expected to increase compliance costs for unorganised importers (~70% of the market) and improve Eveready's competitive position.^[2]
Arbitration award received 1 October 2025 settled the Real Touch claim for INR 15 crore, removing the embargo on asset management and capital structure decisions.^[6]
160 workers separated across Noida (150) and Kolkata (10) plants in Q2 FY26 with a one-time ex-gratia of INR 22.7 crore; payback estimated at 4 - 5 years.^[6]

Market Cap

₹2,169 Cr

High / Low

₹390 / 260

Stock P/E

12.3

Price / Book

3.5

Book Value

₹86

EPS

₹23.6

No. of Shares

7.27 Cr

ROCE

17.5%

ROE

31.6%

OPM

9.4%

Debt / Equity

0.29

Sales

₹1,455 Cr

Net Profit

₹172 Cr

Promoter holding

43.6%

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