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Swing Capital

Eveready Industries India Ltd

NSE: EVEREADY BSE: 531508

Incorporated in 1934, Eveready Industries India Limited is one of the leading manufacturers of dry cell batteries in India and offers products such as batteries, flashlights, lighting solutions, and home appliances. [1]

₹322
52W: ₹260 — ₹475
PE 16 · Book ₹85.1 · +278% vs book
Market Cap₹2,339 Cr
Stock P/E16Price to Earnings
ROCE17.2%Return on Capital
ROE27.1%Return on Equity
Div. Yield0.47%Face Value ₹5

Strengths

  • +Company has reduced debt.

Weaknesses

  • −The company has delivered a poor sales growth of 3.09% over past five years.
  • −Tax rate seems low
  • −Company might be capitalizing the interest cost
  • −Earnings include an other income of Rs.52.2 Cr.

Shareholding Pattern

Promoters43.2%
FIIs5.27%
DIIs2.78%
Public48.75%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters43.19%43.19%43.19%43.19%43.19%43.21%▲0.043.21%43.2%▼0.0
FIIs3.68%3.92%▲0.24.21%▲0.34.86%▲0.74.96%▲0.15.21%▲0.35.05%▼0.25.27%▲0.2
DIIs2.59%2.61%▲0.02.77%▲0.22.63%▼0.12.51%▼0.12.7%▲0.22.76%▲0.12.78%▲0.0
Public50.53%50.28%▼0.349.82%▼0.549.34%▼0.549.35%▲0.048.88%▼0.548.99%▲0.148.75%▼0.2

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales305281349362333299374386367327
Expenses280255300315304273320337334299
Operating Profit25265048292654493328
OPM %8%9%14%13%9%9%14%13%9%9%
Net Profit882930131030-87142
EPS ₹1.151.114.044.061.81.444.15-1.111.0119.5

AI Insights

Revenue Trend

Mar 2026 revenue at ₹1,455Cr, up 8.3% YoY. OPM at 11%.

Debt Position

Borrowings at ₹202Cr. Debt-to-equity ratio: 0.35x. Healthy balance sheet.

Capex Cycle

CWIP at ₹176Cr (64% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 2.78% (+0.61pp change). FIIs: 5.27% (+4.87pp change). Promoters hold 43.2%.

Margin & Efficiency

ROCE improving from 12% (Mar 2015) to 17% (Mar 2026). Working capital days: 33.

Valuation

PE 16x with 17.2% ROCE. Price is 278% above book value of ₹85.1. Dividend yield: 0.47%.

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