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Swing Capital

Eureka Forbes Ltd

NSE: EUREKAFORB BSE: 543482

Eureka Forbes Limited is India’s leading health and hygiene brand. Its product portfolio encompasses water purification, vacuum cleaning and air purification.[1]

₹502
52W: ₹355 — ₹668
PE 49.7 · Book ₹232 · +116% vs book
Market Cap₹9,714 Cr
Stock P/E49.7Price to Earnings
ROCE5.04%Return on Capital
ROE3.69%Return on Equity
Div. Yield0%Face Value ₹10

Strengths

  • +Company is almost debt free.
  • +Company has delivered good profit growth of 183% CAGR over last 5 years

Weaknesses

  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Company has a low return on equity of 2.30% over last 3 years.
  • −Promoters have pledged 53.7% of their holding.
  • −Promoter holding has decreased over last 3 years: -10.0%

Shareholding Pattern

Promoters62.56%
FIIs13.66%
DIIs6.16%
Public16.77%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters62.56%62.56%62.56%62.56%62.56%62.56%62.56%62.56%
FIIs13.21%12.62%▼0.612.56%▼0.112.53%▼0.014%▲1.513.72%▼0.313.87%▲0.113.66%▼0.2
DIIs6.3%6.67%▲0.46.6%▼0.17.01%▲0.46.35%▼0.76.38%▲0.06.45%▲0.16.16%▼0.3
Public17.08%17.29%▲0.217.41%▲0.117.03%▼0.416.23%▼0.816.48%▲0.316.27%▼0.216.77%▲0.5

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales592.31538.57553.07552.81672.87597.84612.54607.74773.45645.45
Expenses541.08496.4500.41498.09601.04539.14534.89546.49677.59578.01
Operating Profit51.2342.1752.6654.7271.8358.777.6561.2595.8667.44
OPM %8.65%7.83%9.52%9.9%10.68%9.82%12.68%10.08%12.39%10.45%
Net Profit25.4722.6421.3731.0446.6734.8250.7538.5261.599
EPS ₹1.321.171.111.612.411.82.621.993.180.47

AI Insights

Revenue Trend

TTM revenue at ₹2,639Cr, up 8.3% YoY. OPM at 11%.

Debt Position

Borrowings at ₹91Cr. Debt-to-equity ratio: 0.02x. Healthy balance sheet.

Capex Cycle

CWIP at ₹4Cr (0% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 6.16% (+3.43pp change). FIIs: 13.66% (+2.90pp change). Promoters hold 62.56%.

Margin & Efficiency

ROCE improving from 0% (Mar 2013) to 5% (Mar 2025). Working capital days: -71.

Valuation

PE 49.7x with 5.04% ROCE. Price is 116% above book value of ₹232. Dividend yield: 0%.

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