Eveready FY26: Jammu Plant Commissioned as Revenue Climbs 8.2%

Eveready Industries India Ltd announced an 8.2% rise in revenue for fiscal year 2026, while holding its EBITDA margins steady at 11.5%. A key development was the commissioning of its new manufacturing facility in Jammu, which is India's sole operational alkaline battery plant, boosting the company's domestic production.

Key Financials and Operations
The company posted consolidated revenue from operations of ₹1455.4 crore for FY26, an 8.2% increase from FY25's ₹1344.5 crore. The EBITDA margin for FY26 was maintained at 11.5%, a slight improvement from 11.4% in FY25. Profit After Tax for FY26 stood at ₹171.5 crore, which included exceptional gains, compared to ₹82.4 crore in FY25.
The Jammu plant, a significant investment that was part of a planned INR 200 crore outlay, is now operational. In parallel, Eveready reduced its debt by over INR 100 crore during the fiscal year. This debt reduction was partly supported by the sale of its Noida Plot B1 for ₹116 crore, with total proceeds from the Noida plot sales (B1 & B2) anticipated to reach ₹251.55 crore.

Strategic Importance and Growth
The commissioning of the Jammu plant represents a significant step towards greater domestic manufacturing of alkaline batteries, potentially lessening import dependence. Eveready is targeting a 20% market share in the alkaline segment. This expansion, coupled with the debt reduction, enhances the company's financial flexibility and positions it for future growth.

Turnaround and Product Focus
Eveready has been undergoing a turnaround following the Burman family's acquisition of a controlling stake. The strategy has focused on operational efficiency and expanding its range of premium products, including lithium batteries and advanced flashlights.

Market Challenges
Despite growth, Eveready faces pressures from rising zinc prices, a key input for batteries. Currency fluctuations also add to costs, as the Rupee hovers around INR 94-95 against the dollar, impacting import expenses. Geopolitical events, such as the situation in West Asia, could further disrupt supply chains and influence crude oil prices, potentially affecting costs.

Competitive Landscape
Eveready operates in a competitive battery market alongside companies such as Exide Industries, Amara Raja Energy & Mobility, Indo-National (Nippo), and Panasonic Energy India. For context, Exide Industries reported FY22 revenue of ₹15,200 crore, significantly larger than Eveready's FY25 revenue of ₹1455.4 crore. Amara Raja Batteries had ₹6,800 crore in FY22 revenue.

Investor Outlook
Investors will be watching the performance ramp-up of the new Jammu facility and its profitability. Key areas to track include ongoing debt reduction, the ability to maintain margins amid rising input costs, and market share growth in the alkaline segment. The success of Eveready's premium product strategy will also be a focus.