Eveready Industries Q4 FY26: PAT jumps to Rs 141.8 cr

Q4 FY26 results: profit surge on steady revenue growth

Eveready Industries India Ltd reported a sharp jump in consolidated profit after tax (PAT) for Q4 FY26, supported by batteries and improving lighting performance. PAT came in at Rs 141.8 crore, compared with Rs 10.4 crore in the same quarter a year ago. Revenue from operations rose 9.4% to Rs 327.2 crore. The company attributed the improved outcome to business momentum and cost management in a tough operating environment. Eveready also linked its performance to ongoing work on premiumisation and distribution efficiency.

Fifth straight quarter of revenue growth: what Q3 FY26 showed

Eveready said it has now delivered its fifth consecutive quarter of revenue growth, with Q3 FY26 highlighting the operating trajectory. Consolidated revenue from operations in Q3 FY26 stood at Rs 367.2 crore, up 10.1% year-on-year from Rs 333.5 crore. EBITDA increased 13.0% to Rs 33.3 crore from Rs 29.5 crore, with EBITDA margin at 9.1% versus 8.9% a year earlier. Management cited calibrated pricing and hedging strategies to manage elevated zinc prices and currency volatility. The company also pointed to improving rural consumption supported by a good monsoon and stronger agri-linked indicators.

Batteries remained the main growth driver

In Q3 FY26, the battery segment contributed 67% of total revenue and remained the anchor for overall growth. Segment revenue was Rs 246.02 crore, up 11.1% year-on-year. Eveready said higher use of power-intensive devices and wider distribution aided demand, especially in alkaline batteries. Carbon zinc volumes were described as stable, with rural recovery and deep market penetration supporting the category. The company also maintained that it held its overall battery market share steady at 53%.

Alkaline batteries: rising share and competitive context

Eveready’s alkaline battery portfolio showed rapid growth in the period covered by the disclosure. The company stated that alkaline batteries grew almost 72% and reached nearly 19% of its total battery volume share by December 2025. Separately, it reported alkaline battery market share at 16.3%, up nearly 100 bps quarter-on-quarter, and also said it achieved a 14% alkaline battery volume share by the end of the year. In FY24-25, Eveready said alkaline battery sales grew 65.3% year-on-year and alkaline volume market share rose to 14.8%. Management commentary in the material also pegged the alkaline battery market at about Rs 400 crore, with Duracell holding about 82-83% market share, while Eveready targets a 50% share in about three to four years.

Lighting business: recovery signs alongside pricing pressures

Eveready indicated that the lighting business has been recovering gradually, including a 10.5% growth reported alongside the Q3 FY26 operational update. Elsewhere in the disclosures, the company noted that lighting faced pricing pressures. For FY24-25, revenue from Lighting and Electrical Products was Rs 315.6 crore, up 1.5% over the previous year, and the business was described as break-even at the EBITDA level. The company also said its LED lighting business delivered healthy volume growth across key subcategories.

Jammu greenfield alkaline battery plant: what the company disclosed

A central strategic update was the greenfield alkaline battery plant at Jammu, described as India’s first dedicated “Made in India” alkaline battery facility. The company said the construction is on track for completion by the end of the current fiscal year, with commissioning also described as on track for FY26-end. Eveready disclosed a capital outlay of Rs 180 crore for the facility. Plant capacity was stated as 360 million units (AA and AAA combined), while current alkaline battery sales were around 60 to 65 million units. Management expects 25-30% capacity utilisation immediately on commencement and said it aims for breakeven from day one by manufacturing other products.

Margin and cost levers: what changes with local manufacturing

Eveready connected the Jammu project to lower import dependence and improved economics in premium batteries. It said the plant is expected to improve margin profiles by about 10% compared to imports. Management also stated that gross margins in alkaline batteries are currently around 20% and are expected to rise by 10 percentage points once the Jammu plant starts. However, the company also acknowledged that alkaline margins are currently lower than carbon zinc and that parity could take 2-3 years as scale increases. Alongside this, Eveready said it invested a little over 10% of sales back into advertising and promotions to support brand building and category growth.

Key numbers at a glance

Why the update matters for investors

The combination of rising alkaline penetration, steady battery leadership, and a push to localise premium battery manufacturing frames Eveready’s near-term narrative. Q3 FY26 numbers showed operating leverage, with EBITDA growth outpacing revenue growth and a small improvement in margin. Q4 FY26 reported a very large PAT jump, while revenue growth remained in single digits, suggesting non-linear profitability outcomes in the quarter as disclosed. The Jammu plant is positioned as a structural lever: higher utilisation and reduced import dependence could support improved margins in alkaline batteries, which management has acknowledged are currently below carbon zinc. Investors will likely track commissioning timelines, initial utilisation, and whether alkaline scale-up can coexist with stable category pricing, given prior references to pricing pressures in parts of the portfolio.

What to watch next

Eveready has said the Jammu greenfield plant is on track for completion by the end of the fiscal year, with commissioning targeted by FY26-end. Management has also communicated near-term utilisation expectations of 25-30% and a breakeven goal from day one through multi-product manufacturing. The next set of quarterly updates will be important for tracking plant readiness, alkaline market share movement, and whether the lighting recovery sustains amid competitive pricing.