Eveready Industries India Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Eveready Industries India Ltd filed with BSE on 05 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Eveready Industries reported FY26 revenue growth of 8.2% and EBITDA growth of 8.9%, with full-year EBITDA margin at 11.5% despite elevated zinc and commodity cost pressures. The battery segment grew 9.3% for the year, led by alkaline, while the company commissioned its Jammu alkaline battery manufacturing facility, inaugurated on 22nd April 2026. Management also discussed debt reduction of over INR100 crores during the year and the sale of leasehold rights at its Noida plant.
Numbers mentioned
Revenue growth: 8.2% (FY26)
p. 4
“For FY '26, we delivered a revenue growth of 8.2%, along with EBITDA growth of 8.9%.”
Anirban Banerjee, page 4 of the filed PDF · View the filing
EBITDA growth: 8.9% (FY26)
p. 4
“For FY '26, we delivered a revenue growth of 8.2%, along with EBITDA growth of 8.9%.”
Anirban Banerjee, page 4 of the filed PDF · View the filing
EBITDA margin: 11.5% (FY26)
p. 4
“On a full-year basis, EBITDA margin stood at 11.5% reflecting disciplined cost management, improved product mix and pricing interventions despite elevated commodity cost pressures.”
Anirban Banerjee, page 4 of the filed PDF · View the filing
Battery segment growth: 9.3% (FY26)
p. 4
“The battery segment delivered growth of 9.3% in FY '26, supported by strong demand across both alkaline and carbon zinc categories.”
Anirban Banerjee, page 4 of the filed PDF · View the filing
Alkaline share of battery business: nearly 10% (FY26)
p. 4
“Our alkaline portfolio continued to perform exceptionally well, with alkaline now accounting for nearly 10% of our battery business and continuing to deliver healthy volume growth.”
Anirban Banerjee, page 4 of the filed PDF · View the filing
Flashlight segment growth: 3% (FY26)
p. 4
“In flashlight segment, we delivered 3% growth for the full year.”
Anirban Banerjee, page 4 of the filed PDF · View the filing
Lighting business growth: around 8.1% (FY26)
p. 4
“The lighting business delivered growth of around 8.1% during FY '26, supported by good volume growth across consumer lighting categories.”
Anirban Banerjee, page 4 of the filed PDF · View the filing
Jammu facility investment: approximately INR200 crores
p. 4
“With an investment of approximately INR200 crores, the facility has a peak capacity of up to 360 million alkaline batteries annually with a phased ramp-up planned over the coming years.”
Anirban Banerjee, page 4 of the filed PDF · View the filing
Jammu facility peak capacity: 360 million alkaline batteries annually
p. 4
“With an investment of approximately INR200 crores, the facility has a peak capacity of up to 360 million alkaline batteries annually with a phased ramp-up planned over the coming years.”
Anirban Banerjee, page 4 of the filed PDF · View the filing
Debt reduction: more than INR100 crores (FY26)
p. 5
“Debt reduction remains a clear priority, having reduced debt by more than INR100 crores in the current fiscal year.”
Anirban Banerjee, page 5 of the filed PDF · View the filing
Alkaline battery market share: about 16%
p. 11
“We are currently holding about 16% market share.”
Anirban Banerjee, page 11 of the filed PDF · View the filing
Noida Plot B1/B2 total sale proceeds: INR251 crores
p. 13
“Total INR251 crores. So this is around INR116 crores, another is around INR136 crores.”
Bibek Agarwala, page 13 of the filed PDF · View the filing
Noida Plot B1 sale proceeds: around INR116 crores
p. 13
“With respect to this plant, the sale proceeds is around INR116 crores, that plot which we have sold.”
Bibek Agarwala, page 13 of the filed PDF · View the filing
Advance received for Plot B2: INR44 crores
p. 14
“So we have already received INR44 crores advance for the plot 2.”
Bibek Agarwala, page 14 of the filed PDF · View the filing
A&P spend as % of sales: about 10%
p. 15
“We've been holding on to about 10% A&P and that will go through even in the new financial year.”
Anirban Banerjee, page 15 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
EBITDA margin — around 11.5% · FY27
stated conditionally by Anirban Banerjee
p. 6
“But given that we delivered 11.5% with all the headwinds of last year, my sense is that we should be able to hold around the same region.”
Anirban Banerjee, page 6 of the filed PDF · View the filing
Jammu plant production in first year — more than 100 million units · first year of operations
stated firmly by Anirban Banerjee
p. 4
“We expect production of more than 100 million units in the first year of operations.”
Anirban Banerjee, page 4 of the filed PDF · View the filing
Jammu plant payback period — 5 to 6 years · medium term
stated as an aspiration by Anirban Banerjee
p. 7
“So our sense is that from a breakeven point of view, I think between 5 to 6 years should be an ideal breakeven point for this plant going forward.”
Anirban Banerjee, page 7 of the filed PDF · View the filing
Debt reduction — FY27
stated as an aspiration by Bibek Agarwala
p. 7
“But if you ask us our aspiration, we continue the journey of further debt reduction in FY '27.”
Bibek Agarwala, page 7 of the filed PDF · View the filing
Alkaline battery saliency within battery category — 20% to 25% · 3 years from now
stated as an aspiration by Anirban Banerjee
p. 8
“My sense is anywhere between 20% to 25% towards alkaline and 75% of zinc will be how the category will reposition itself.”
Anirban Banerjee, page 8 of the filed PDF · View the filing
Alkaline battery market share — 20% share
stated as an aspiration by Anirban Banerjee
p. 11
“My sense is; we should be looking at exiting with 20% share.”
Anirban Banerjee, page 11 of the filed PDF · View the filing
Pricing action in batteries — quarter 2
stated conditionally by Anirban Banerjee
p. 12
“If this ambiguity continues over this quarter as well, we may then need to look at the pricing again somewhere in quarter 2.”
Anirban Banerjee, page 12 of the filed PDF · View the filing
A&P spend as % of sales — about 10% · new financial year
stated firmly by Anirban Banerjee
p. 15
“We've been holding on to about 10% A&P and that will go through even in the new financial year.”
Anirban Banerjee, page 15 of the filed PDF · View the filing
Debt reduction from Plot B2 proceeds — around INR90-odd crores · current year
stated firmly by Bibek Agarwala
p. 14
“So balance around INR90-odd crores money we will definitely get in the current year when the transition gets executed.”
Bibek Agarwala, page 14 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said they hedge forex and secure zinc procurement, and take pricing actions, and will continue monitoring closely.
Answered by Bibek Agarwala
Asked by Saket Kapoor: How is the company prepared for rupee depreciation and high crude prices, and what is the EBITDA margin trajectory expected?
p. 6
“So if there are challenges, we will take a calibrated call in future as well. But at this point of time, we are very closely monitoring the delivery on the part of either on the Forex part or in the zinc prices.”
Bibek Agarwala, page 6 of the filed PDF · View the filing
Management distinguished operational breakeven, expected in year one, from payback of the investment, expected in 5-6 years.
Answered by Bibek Agarwala
Asked by Saket Kapoor: What is the expected contribution and breakeven timeline for the Jammu facility?
p. 7
“But operational breakeven, if you see in 100-plus million of alkaline and plus, as you know, along with that, we have also put up a carbon zinc plant.”
Bibek Agarwala, page 7 of the filed PDF · View the filing
Management expects some cannibalization but sees this as a natural evolution driven by premiumization and new devices requiring alkaline batteries.
Answered by Anirban Banerjee
Asked by Bhargav Buddhadev: Will alkaline cannibalize carbon zinc battery sales, and how will the mix evolve over the next few years?
p. 8
“But as we stand today over the last, say, 3 to 4 years, today, the saliency of the alkaline battery is close to about 15%, while the carbon zinc is at 85%.”
Anirban Banerjee, page 8 of the filed PDF · View the filing
Management confirmed the transition will occur in FY27, subject to utilization of carryforward business losses.
Answered by Bibek Agarwala
Asked by Vipul Shah: Will the company transition to the 22% tax regime under Section 115BAA in FY27?
p. 9
“No. So your understanding is right. For the FY '27, we'll be transitioning to the new regime.”
Bibek Agarwala, page 9 of the filed PDF · View the filing
Management said they could not commit and the payment continues for now.
Answered by Bibek Agarwala
Asked by Vipul Shah: Will the payment to the non-executive director stop given his new role at another promoter company?
p. 10
“So I can't commit at this point of time. At this point of time, the payment is going on.”
Bibek Agarwala, page 10 of the filed PDF · View the filing
Management said lighting growth looks sustainable, and urban demand could be affected if geopolitical issues persist beyond Q1.
Answered by Anirban Banerjee
Asked by Manoj Rajani: Is the double-digit lighting growth sustainable, and will urban demand revival be affected by geopolitical tensions?
p. 10
“Currently, the trends for the last couple of months has been some amount of urban revival. If the situation carries on more than quarter 1, then we could see challenges.”
Anirban Banerjee, page 10 of the filed PDF · View the filing
Management said an incentive scheme exists but approval is still pending.
Answered by Bibek Agarwala
Asked by Bharat Sheth: Is there a tax incentive for the Jammu plant?
p. 11
“So there is the incentive, but as of now, our plant has not yet got any approval under the incentive scheme.”
Bibek Agarwala, page 11 of the filed PDF · View the filing
Management said the plant will serve domestic production initially with future potential for white-labelling exports.
Answered by Anirban Banerjee
Asked by Mahindra A: What products and markets will the Jammu facility target, including international markets?
p. 11
“From a futuristic point of view, it will be a great option to explore white labelling of alkaline batteries for various markets across the world.”
Anirban Banerjee, page 11 of the filed PDF · View the filing
Management said further pricing action may be needed in Q2 if cost ambiguity continues.
Answered by Anirban Banerjee
Asked by Vipin Mehra: Are further price hikes planned in coming quarters?
p. 12
“If this ambiguity continues over this quarter as well, we may then need to look at the pricing again somewhere in quarter 2.”
Anirban Banerjee, page 12 of the filed PDF · View the filing
Management clarified the total combined proceeds from both plots would be INR251 crores.
Answered by Bibek Agarwala
Asked by Saket Kapoor: What is the sale proceeds figure from the Noida land transactions and how does it reconcile with the earlier INR250 crore figure?
p. 13
“Total INR251 crores. So this is around INR116 crores, another is around INR136 crores.”
Bibek Agarwala, page 13 of the filed PDF · View the filing
Risks flagged
West Asia crisis creating crude-linked inflation and supply chain disruption risk
p. 3
“The ongoing West Asia crisis remains a key monitorable, but with risks of higher crude-linked inflation and supply chain disruption.”
Anirban Banerjee, page 3 of the filed PDF · View the filing
Sustained increase in zinc prices creating cost pressure across the industry
p. 3
“The commodity costs intensified during the second half of the year, with zinc prices witnessing a steep and sustained increase.”
Anirban Banerjee, page 3 of the filed PDF · View the filing
Expectation that cost pressure trend continues into future quarters
p. 3
“We expect this trend to continue into the next quarters as well.”
Anirban Banerjee, page 3 of the filed PDF · View the filing
Rupee volatility against the dollar affecting cost base
p. 6
“Now with respect to FY '27, dollar has already shown a journey of INR94, INR95.”
Bibek Agarwala, page 6 of the filed PDF · View the filing
Urban demand revival could be impacted by prolonged geopolitical tensions
p. 10
“If the situation carries on more than quarter 1, then we could see challenges.”
Anirban Banerjee, page 10 of the filed PDF · View the filing
Cannibalization of carbon zinc battery sales as alkaline segment grows
p. 8
“Now, in a fundamentally high saliency of alkaline, there will be some amount of cannibalistic position on the zinc batteries.”
Anirban Banerjee, page 8 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.