1. At a Glance – The Battery That Refuses to Die
Eveready Industries India Ltd is that company your torch remembers even if your portfolio doesn’t. Founded in 1934, this Kolkata-based corporate veteran has survived independence, liberalisation, LED disruption, Chinese dumping, promoter exits, promoter re-entries, and at least three different meanings of the word “Eveready.” As of Q3 FY26, the company reported ₹367.2 Cr in revenue, EBITDA of ₹33.3 Cr, and PAT of ₹7.5 Cr, which is neither disastrous nor heroic—just very… Eveready.
At a market cap of ₹2,477 Cr and a stock price of ~₹341, the company trades at a P/E of ~32.8x on trailing earnings. ROE sits at a respectable ~19.5%, ROCE at ~17%, and debt at ₹357 Cr, giving it a debt-to-equity of ~0.75. Sales growth over five years? A sleepy ~2% CAGR. Profit growth? Slightly better, but still waking up after lunch.
So what’s the hook? A legacy brand with 50%+ battery market share, 70%+ organised flashlight dominance, promoter drama worthy of a Netflix mini-series, and a business that refuses to collapse even when growth refuses to show up. Curious yet? You should be.
2. Introduction – The Art of Surviving Without Sprinting
Eveready is not a growth stock. It is not a turnaround story. It is not a disruption darling. It is, instead, a case study in corporate survival. For nearly a century, this company has done one thing consistently: sell batteries and torches to India, regardless of who is ruling the country or the stock market.
The last decade, however, has not been kind. Battery usage has shifted from zinc-carbon to alkaline and rechargeable formats. Flashlights are now bundled free with power banks. LEDs are cheaper, Chinese imports are aggressive, and margins are constantly under pressure. Eveready’s response? Incremental change, brand leverage, and financial jugaad where required.
FY21 was a particularly spicy year, with ₹489 Cr of inter-corporate deposits to promoter group entities being provided for, plus ₹68 Cr of interest written off. Promoter holding collapsed from ~23% to under 5%, only to later rise again after the Burman family (of Dabur fame) entered the scene via open offer.
So now we have a legacy FMCG-electrical hybrid, with improving governance optics, stable cash flows, modest profitability, and valuation that assumes a future better than its past. Is that optimism justified—or is this just brand nostalgia wearing a P/E multiple? Let’s dig in.
3.
Business Model – WTF Do They Even Do?
At its core, Eveready sells portable power and light. Not cloud batteries. Not AI-powered torches. Just good old cells and bulbs.
Revenue Mix (FY21 snapshot, because batteries age slowly):
- Batteries: ~64%
- Flashlights & Lanterns: ~14%
- Lighting & Electricals: ~18%
- Small Home Appliances: ~4%
- Tea & Confectionery: Historically present, now exited (RIP Jollies nostalgia)
The crown jewel remains dry-cell batteries, where Eveready commands over 50% market share. This is a brutal, low-margin, high-volume business where brand recall matters more than innovation. And Eveready still enjoys ~65% top-of-mind recall, which is basically marketing nirvana.
Manufacturing spans Kolkata, Noida, Haridwar, Lucknow, Goalpara, and Maddur, with capacity to produce ~2.25 billion batteries annually. Distribution is where the real moat lies: 4 million+ outlets, 38 distribution centres, and an army of dealers who ensure your TV remote never dies in silence.
The business model is boring, repetitive, and resilient. Which begs the question: in a world obsessed with growth, is boring the new brave?
4. Financials Overview – The Quarterly Reality Check
Quarterly Comparison Table (₹ Cr)
| Metric | Latest Qtr (Dec FY26) | YoY Qtr (Dec FY25) | Prev Qtr (Sep FY26) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 367.24 | 333.50 | 386.78 | ~10.1% | -5.0% |
| EBITDA | 32.99 | 29.22 | 49.10 | ~12.9% | -32.8% |
| PAT | 7.45 | 13.10 | -7.91 | -43.1% | NA |
| EPS (₹) | 1.02 | 1.80 | -1.09 | -43.3% | NA |
Yes, the QoQ numbers look ugly because Q2 FY26 had a loss, courtesy of abnormal other income and tax spikes. Annualising EPS using Q3 rules would be irresponsible here, so we stick to trailing logic.
The takeaway? Operations are stable, margins fluctuate, and profits are at the mercy of costs, taxes, and “other income adventures.” This is not a smooth earnings
