Eveready Inds. Q1 FY27 Earnings Call — Analysis (NSE: EVEREADY)
Eveready Q1 FY27 delivered revenue of ₹407.7 Cr (+9% YoY) and PAT of ₹37 Cr (+22.3% YoY) while the Jammu alkaline battery facility commenced commercial production.
Result quality: stable — Steady quarter. Management sentiment: neutral.
The take
Q1FY27 Revenue ₹407.7 Cr ( +9% YoY ) .
Results
Revenue ₹407.7 Cr +9% YoY; EBITDA ₹61.5 Cr at 15.1% margin; PAT ₹37 Cr +22.3% YoY.
Financial highlights
| Metric | Value | Change | Basis |
|---|---|---|---|
| Revenue | ₹407.7 Cr | +9% | yoy · Q1FY27 |
| EBITDA | ₹61.5 Cr | none · Q1FY27 · EBITDA margin 15.1% | |
| EBITDA margin | 15.1% | none · Q1FY27 | |
| Profit after tax | ₹37 Cr | +22.3% | yoy · Q1FY27 |
| Battery segment revenue growth | +11.9% | +11.9% | yoy · Q1FY27 |
| Alkaline battery volume growth | ~48% | +~48% | yoy · Q1FY27 · close to 48% volume growth |
| Alkaline market share | 18% | point_in_time · Q1FY27 · within alkaline sector | |
| Flashlight segment revenue | -6.7% | -6.7% | yoy · Q1FY27 |
| Rechargeable flashlight revenue growth | >20% | +>20% | yoy · Q1FY27 |
| Lighting segment revenue growth | +13.7% | +13.7% | yoy · Q1FY27 |
| Gross debt | ₹165 Cr | point_in_time · Q1FY27 · as on Q1 FY27 call date | |
| Jammu plant and machinery investment | ₹90 Cr - ₹95 Cr | point_in_time · FY27 · eligible plant and machinery for NCSS incentive |
Guidance
Management guided to 25-30% alkaline market share exit in two years, at least 10% gross margin uplift from Jammu once stabilised, and like-to-like debt-free in 4-5 quarters.
Key themes
Alkaline premiumization and Jammu localization
Operational commentary
- Jammu alkaline battery facility commenced commercial production on 29 May 2026; positioned as the only alkaline manufacturing facility in India, with expected operating leverage, supply chain resilience, and white-label/export optionality. Plant and machinery investment is around ₹90-95 Cr.
- Alkaline battery strategy remains the key growth driver: volume growth close to 48% YoY, market share expanded to 18% in the alkaline sector, and management expects continued premiumization. Carbon zinc volumes remained stable with calibrated pricing protecting profitability.
- Lighting business grew 13.7% YoY after price erosion showed signs of stabilization after 18-20 months. Higher-margin emergency LED bulbs and electrical accessories gained traction, and the lighting segment broke even in Q1 FY27.
- Flashlight segment declined 6.7% YoY due to delayed monsoon and softer conventional battery-operated flashlight demand. Rechargeable flashlights grew over 20% YoY, partially offsetting structural decline.
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