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1. At a Glance
Eveready Industries India sells dry-cell batteries, flashlights and lighting products across the Indian market.
Revenue for the three months to June 2026 was ₹407.71 crore, up 9.0 per cent. Revenue in the same three months a year earlier was ₹374.14 crore. Operating profit was ₹61.21 crore, against ₹53.68 crore. Net profit came to ₹36.97 crore, against ₹30.23 crore a year earlier. Earnings per share were ₹5.09, against ₹4.16. The filing mentions twice in the same table that this figure is not annualised.
Management described the quarter as the seventh consecutive one of year-on-year revenue growth. A company that has sold the same cylindrical object since 1934 counts its streaks carefully.
Commercial production began at the Jammu alkaline battery plant on 29 May 2026. The site has installed capacity of 456 million battery units a year. Battery revenue grew 11.9 per cent in the quarter, to ₹267.6 crore. Lighting and electricals grew 13.7 per cent, to ₹87.5 crore. Flashlights fell 6.7 per cent to ₹63.0 crore, which management attributes to soft demand and a delayed monsoon. This is the rare business where rain arriving late shows up in a segment table.
Other income for the quarter was ₹0.26 crore, against ₹103.34 crore in the previous quarter. The chief executive says zinc, the main raw material, sits near 3,500 dollars a ton, against under 3,000 dollars a year earlier.
The Competition Commission of India, the competition regulator, has levied a penalty of ₹171.55 crore. It is stayed, with no money set aside against it, and a hearing falls in the last week of September.
2. Introduction
Eveready Industries India Limited was incorporated in 1934 and has sold portable electricity ever since. The company is older than the Republic it sells into. Its older tagline, Give Me Red, was known to people who could name no other battery brand. In 2023 it became Give Me Power, Give Me Red, alongside a new infinity logo. The same rebrand brought the Ultima alkaline range, and added words to the old line rather than replacing them.
The controlling shareholder is the Burman family, the promoters of the consumer goods company Dabur. On 28 February 2022 they announced an open offer for a 26 per cent holding. An open offer is the bid a new controlling shareholder must make to the other holders. That came about eighteen months after they became the largest shareholder. The company was then controlled by the Brij Mohan Khaitan family. Dr Anand C. Burman is Chairman, and the statutory promoter table still lists the legacy Khaitan and Williamson Magor entities. Among them is McLeod Russel India, at 2.29 per cent, on a register that holds two eras at once.
In the year to March 2021 the company created a provision of ₹489 crore. A provision is money set aside against a loss the company expects to bear. It stood against inter-corporate deposits, which are loans made from one company to another, given to certain promoter-group companies. A further ₹68 crore of accrued interest and recoverables was written off. Other income for that year reads minus ₹628.36 crore in the long-run profit and loss account. It arrives in a column of single digits like a piano through a ceiling.
Since then the arc has been rationalisation. The Noida operation was closed during the year to March 2026. Leasehold rights there, including built-up structures and fittings, were transferred. That produced exceptional income of about ₹105.2 crore in the three months to March 2026. A filing in February 2026 put the Noida leasehold land sale at ₹251.55 crore, with completion expected by 30 September 2026. The chief financial officer said on the August call that one of two plots is executed and the second should close shortly.
Production has been consolidating into fewer and larger sites. The Jammu plant, built from scratch for roughly ₹200 crore, was inaugurated on 22 April 2026.
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3. Business Model: WTF Do They Even Do?
Eveready sells a product that runs out and is then bought again, roughly 1.3 billion times a year.
The batteries carry the Eveready, Powercell and Uniross names. In the year to March 2026, batteries were 65 per cent of revenue. Lighting and electricals were 23 per cent and flashlights 12 per cent. Carbon-zinc, the low-priced standard cell, is the volume base at a 58.4 per cent share of batteries. Alkaline is the premium end, at 16.5 per cent in the year to March 2026. The company’s presentation for the three months to June 2026 puts alkaline at about 18 per cent now. The chief executive says households are moving from remotes and wall clocks to toys, blood pressure machines and optical mouses. The case for better chemistry therefore rests, as the chief executive tells it, on the drift from clock to mouse.
Flashlight output runs to more than 17 million units a year. By the three months to June 2026 the range was split evenly by value between battery-operated and rechargeable models. That mix was tilted towards rechargeable at about 54 per cent in the three months to March 2026. Revenue from rechargeable models grew by more than 20 per cent. A hybrid torch, patent applied for, is rechargeable and also takes conventional batteries. The SHOR farm-protection flashlight pairs a 100-decibel alarm with a red UV strobe to deter animals. Somebody argued successfully that the Indian torch market needed volume in the audio sense.
Lighting and electricals is the third leg, at roughly 36 million LED products a year. The range covers LED bulbs and battens, emergency lights, downlights and panels. Consumer and professional light fittings, festive lighting, circuit breakers and wires sit alongside them. Within the lighting mix for the three months to June 2026, emergency LED is 33 per cent and professional fittings 15 per cent. Other light fittings are 13 per cent, and other LED products and accessories 39 per cent. Adjacent products arrive through the same pipes: mosquito racquets, power
