Eveready Q2 FY26: Revenue Up, PAT Turns Negative

Snapshot: what changed in the Sep 2025 quarter

Eveready Industries India Ltd (NSE: EVEREADY) reported a weak profit outcome for the quarter ended September 2025 even as revenue edged up sequentially. Revenue for Sep 2025 was reported at about ₹387 crore, compared with ₹376.56 crore in the preceding Jun 2025 quarter, implying 2.79% quarter-on-quarter growth. But profitability moved sharply in the opposite direction. Net profit for Sep 2025 was reported at ₹-7.91 crore versus ₹30.23 crore in Jun 2025, a steep reversal.

The Sep 2025 result was last updated on Jan 30, 2026, with the last-quarter net profit figure shown at ₹-7.91 crore. The quarterly data tables included in the source also show PAT near ₹-8 crore for Sep 2025, broadly aligning with the same direction and magnitude. Investors typically focus on the reasons behind such a swing, especially when sales remain stable.

Revenue: steady sequential rise, modest year-on-year trend

The quarterly sales series indicates that Eveready’s topline has remained in a narrow band through FY24 and FY25 quarters. Sales were ₹374.14 crore in Jun 2025 and ₹386.27 crore in Sep 2025 in the quarterly table, while the consolidated snapshot lists revenues at ₹374 crore and ₹387 crore respectively. Year-on-year sales growth for Sep 2025 was listed at 6.57%.

For additional context across recent quarters: Sep 2024 sales were ₹362.44 crore, Dec 2024 ₹333.29 crore, Mar 2025 ₹298.82 crore, Jun 2025 ₹374.14 crore, and Sep 2025 ₹386.27 crore. This pattern shows a recovery from the Mar quarter low and improved run-rate into the first half of FY26.

EBITDA and operating profit: divergence in reported measures

The key highlights section reports EBITDA of ₹11.7 crore in Sep 2025 versus ₹49.03 crore in Jun 2025, a decline of 76.14% quarter-on-quarter. Separately, the consolidated quarterly snapshot shows operating income of about ₹49 crore in Sep 2025 compared with ₹54 crore in Jun 2025. These two numbers are presented as different line items in the source, and may reflect different definitions or classifications.

The longer quarterly profitability table shows operating profit of ₹48.96 crore in Sep 2025 versus ₹53.64 crore in Jun 2025, and operating margin (OPM) of 12.68% versus 14.34% respectively. This points to operating pressure compared to the immediately preceding quarter, even before considering below-the-line items.

PAT reversal: exceptional items, other income and tax volatility

The quarterly profit bridge in the data shows a sharp deterioration below operating profit in Sep 2025. Other income was reported at ₹-37.42 crore for Sep 2025, compared with ₹-4.65 crore in Jun 2025. Exceptional items were listed at ₹-37.68 crore in Sep 2025, compared with ₹-7.07 crore in Jun 2025.

Profit before tax (PBT) for Sep 2025 was shown at ₹-0.58 crore, compared with ₹36.21 crore in Jun 2025. The tax percentage line for Sep 2025 was unusually high at 1289.66% in the table, which coincided with the swing to a net loss. PAT was shown at ₹-8.06 crore in the quarterly table and ₹-7.91 crore in the highlight section.

How Sep 2025 compares with recent quarters

The consolidated quarterly summary captures the turn in profitability clearly. After reporting PAT of about ₹30 crore in Jun 2025 and ₹10 crore in Mar 2025, the company posted a loss in Sep 2025. The PAT margin table also reflects this, showing Sep 2025 PAT margin at -2.05% versus 8.08% in Jun 2025.

Operating profit changes were more modest than PAT changes. The quarterly operating profit table shows Sep 2025 operating profit at ₹49 crore, down 8.53% quarter-on-quarter from ₹54 crore in Jun 2025, and up 2.76% year-on-year.

FY25 context: profitability improved for the full year

The Sep 2025 quarter result comes after a stronger FY25 on an annual basis. For FY25, revenues were reported at ₹1,343.9 crore, up 2.3% year-on-year. Operating EBITDA was ₹152.3 crore, up 8.6% year-on-year, with EBITDA margin at 11.3%. Profit after tax for FY25 was ₹82.4 crore, up 23.5% year-on-year, with a 100 bps improvement in PAT margin to 6.1%.

The company’s annual bridge in the text also notes OPBDIT (excluding other income) at ₹152.31 crore versus ₹140.28 crore in the prior year, depreciation at ₹29.64 crore versus ₹30.25 crore, and interest/exchange fluctuation charges at ₹25.69 crore versus ₹32.31 crore.

Q4 FY25 recap: A&P spend, margins and PAT growth

In Q4 FY25, total income from operations was ₹298.8 crore versus ₹280.9 crore in Q4 FY24, a 6.4% change. EBITDA was ₹25.7 crore versus ₹25.5 crore, with EBITDA margin at 8.6%. PAT was ₹10.5 crore versus ₹8.0 crore, implying a 31.3% increase, with PAT margin at 3.5%.

The company also disclosed that advertising and promotion (A&P) expenses were 11.8% of revenues in Q4 FY25, indicating continued spend on brand building during the period.

Stock and valuation context from the dataset

The dataset lists Eveready’s market cap at ₹2,764 crore and current price at ₹381, with a 52-week high/low of ₹475/₹272. Stock P/E was listed at 31.0, book value at ₹63.0, and dividend yield at 0.39%. Returns metrics shown include ROCE at 17.0% and ROE at 19.5%.

A peer comparison table places Eveready alongside companies such as Jyothy Labs and Panasonic Energy, with Eveready shown at CMP ₹380.95 and quarterly net profit of ₹30.23 crore (for the referenced quarter in that table), and quarterly sales of ₹374.14 crore.

Why this quarter matters for tracking FY26

The Sep 2025 quarter highlights the gap between stable topline and volatile bottom line, as seen in the effect of other income and exceptional items. The quarterly table shows other income at ₹-37.42 crore and exceptional items at ₹-37.68 crore in Sep 2025, both materially negative compared with prior quarters.

At the same time, the longer-run annual numbers for FY25 show improved margins and higher PAT compared with FY24, suggesting that investors may separate one-off items from operating performance when reviewing the trajectory.

Conclusion

Eveready’s Sep 2025 quarter delivered sequential revenue growth but a sharp profit reversal, with PAT reported around ₹-8 crore and EPS at ₹-1.09. The tables point to negative other income and exceptional items as major contributors to the weak quarter. The next set of results will be watched closely for whether operating margins stabilise and whether below-the-line volatility reduces after the Sep 2025 shock.