Eureka Forbes Ltd

Promoter encumbrance details

• Creation of non-disposal undertaking by Lunolux over 121,041,730 shares (62.55% promoter stake) on May 7, 2024.
• Pledge over 100% of Lunolux's stake in Lunolux, via Lunolux Midco, effective May 7, 2024.
• Existing pledge of 64,950,000 Lunolux shares (33.57%) encumbered via Catalyst, effective May 7, 2024.
• Additional pledge created; no separate 31(1) disclosure required.
• Pledge over 11,418,729 shares (5.90% of TC) held by Lunolux as of July 28, 2026.
• Security agents: CSCGlobal Capital Markets (Singapore) Pte. Ltd. for lenders; Catalyst Trusteeship Limited for July 2026 pledge.
• Total promoter encumbrance: 100% of Lunolux's stake; post-encumbrance promoter holding remains 62.55%.
• Security value as of May 7, 2024: INR 54,444,570,154.
• Loan size: USD 92,000,000 (INR 7,682,000,000) as of May 7, 2024.
• End-use: facility availed by Lunolux; no additional borrowings at Additional Pledge.

Investor meet disclosure

• Date, venue and mode: August 27, 2026, Mumbai; physical group and one-on-one meetings.
• Disclosure under SEBI LODR Regulation 30; meeting with institutional investors scheduled.
• Schedule may change due to exigencies on part of investors or company.

AGM details

• AGM held on 19 August 2026 at 12:00 IST via VC/OAVM.
• Venue deemed registered office; NSDL voting facilities used.
• Remote e-voting: 16–18 August 2026.
• Voting during AGM available for 15 minutes after conclusion.
• Record date: 12 August 2026; total shareholders on record: 36,522.
• Attendance via VC: 1 promoter group and 53 public participants.
• Scrutinizer: M/s Mihen Halani & Associates.

Key resolutions

• Resolution 1 (Ordinary): Adopt standalone and consolidated financial statements for year ended 31 March 2026.
• Resolution 2 (Ordinary): Re-appoint Sahil Dalal as director by rotation.
• Resolution 3 (Ordinary): Ratify remuneration payable to Cost Auditors.

Voting results

• Resolution 1 passed: 99.99% in favour, 0.01% against.
• Resolution 2 passed: 95.37% in favour, 4.63% against.
• Resolution 3 passed: 99.99% in favour, 0.01% against.

Dividend

• No dividend proposed or declared.

Director changes

• Director changes: Sahil Dalal re-appointed by rotation.

Auditors

• Remuneration payable to Cost Auditors ratified; no change to statutory auditors.

AGM details

• Held via VC/OAVM on Aug 19, 2026, 12:00–12:55 IST.
• Post-meeting e-voting conducted 12:55–01:10 IST.

Resolutions

• Adoption of audited standalone and consolidated financial statements for FY 2025-26.
• Re-appointment of Sahil Dalal as Director liable to retire by rotation.
• Ratification of remuneration payable to Cost Auditor for FY 2026-27.

Voting results

• Voting outcomes not disclosed in the filing.

Directors & management

• Attendance included Chairman, MD & CEO, and several NEDs via VC.
• Key managerial personnel: CFO Gaurav Khandelwal; Company Secretary Shilpa Jain.
• Statutory auditors Deloitte Haskins & Sells; Scrutiniser Milin Ramani present.

Auditors & secretarial

• Statutory auditors present; no appointment changes announced.

Other material

• Total members present: 54.

Material related party transactions

• No material RPTs disclosed in the filing.

Financial Performance

• Revenue: INR701 crores, up 15.3% YoY.
• Adjusted EBITDA margin: 10.5%.
• Adjusted EBITDA: INR74 crores; margin 10.5%.
• PAT: INR55 crores, up 44% YoY.
• Pre-exceptional PAT: INR41 crores, up 6.1% YoY.
• One-time gratuity reversal gain: INR19.5 crores.
• Gross margin: 58.4%, down 131 bps YoY.
• Net cash surplus: INR425 crores.
• FY27 EBITDA margins broadly in line with last year.
• Service revenue growth in line; AMC price increases 3–12% causing deferrals.

Operating Update

• Water purifiers grew in the high teens; double-digit volume growth.
• Robotics growth driven by premiumization; Shraddha Kapoor campaign launched.
• Water softeners posted strong double-digit growth.
• Emerging categories delivering strong momentum across robotics and softeners.
• AMC deferrals observed after price increases; bookings softer but expected to normalize.
• Filter portfolio growth aided by awareness campaigns and simpler filter lines.

Balance Sheet & Cash Flow

• Net cash surplus: ₹425 crores.
• Strong balance sheet; focus on capital efficiency.

Projects & Capex

• Launched Glow 4X and Ritz Pro 4X in ecommerce.
• Four-year filter-life products introduced; in-store and online expansion.
• Investing behind brands, innovations, and distribution; D2C expansion.

Guidance & Outlook

• FY27 EBITDA margins broadly in line with last year.
• FY27 full-year growth expected to step up from Q1 momentum.
• Long-term opportunity across categories remains significant.
• Targets: 2x revenue and 3x EBITDA by FY30.
• Robotics target: INR1,000 crores by FY30.
• D2C and cross-selling to accelerate growth.

Q&A Highlights

• Service: AMC price increases 3%–12%; deferrals in AMC renewals.
• ESOP expense guidance: INR25–26 crores for FY27.
• Pricing: peers matched increases with a short lag; market now equilibrated.
• Filters/spares: growth with margins slightly lower than AMC.
• D2C: 15 million customers; 2.5 million MAU; 19,500 pin-code service reach.
• Water category penetration ~7% (low penetration) noted.
• No supply constraints observed affecting water share gains.

Risks & Watchpoints

• Inflation and currency volatility remain headwinds.
• AMC deferrals could impact service bookings and revenue timing.

Meeting Details

• Date: August 13, 2026.
• Meeting type: conference call with Analysts/Investors.
• Recording availability: audio recording uploaded to company website.

Purpose

• Purpose: provide audio recording for investor access and reference.

Business overview

• Core business: health and hygiene products across water purification, vacuum cleaning, and air purification.
• Transformation strategy to expand D2C while strengthening in-store presence and service excellence.
• Strong Q1 FY27 start with broad-based growth across categories and channels.
• Liquidity: net cash Rs 254 Cr; net surplus Rs 425 Cr.

Operational highlights

• Revenue rose 15.3% YoY to Rs 700.8 Cr; highest quarterly growth in transformation journey.
• Adj. EBITDA margin 10.5%; Rs 73.9 Cr; impacted by commodity inflation and higher A&P spends.
• Adj. PBT rose 7.2% YoY to Rs 61.5 Cr.
• PAT (pre-exceptional) up 6.1% YoY to Rs 40.9 Cr.
• Reported PAT rose 43.9% YoY to Rs 55.4 Cr.
• Product revenue grew in high-teens; water purifiers double-digit; Robotics momentum.
• Gross margin 58.4%; declined 131 bps YoY due to inflation.
• Operating expenses growth driven by higher A&P and employee costs.
• In-store presence strengthened; omni-channel growth momentum.
• ROCE above 350%; net cash Rs 254 Cr; net surplus Rs 425 Cr.

Financial performance

• Revenue 700.8 Cr; YoY +15.3%.
• Adj. EBITDA Rs 73.9 Cr; margin 10.5%.
• Adj. PBT Rs 61.5 Cr; YoY +7.2%.
• PAT (Pre-Exceptional) Rs 40.9 Cr; Reported PAT Rs 55.4 Cr.
• Gross margin 58.4%; inflationary headwinds.

Capital structure & liquidity

• Strong liquidity with net cash Rs 254 Cr and surplus Rs 425 Cr.

Strategy & outlook

• Transformation to become D2C health and hygiene tech leader.
• Grow Water: strengthen water purification penetration and innovations.
• Expand portfolio into convenient cleaning and air products.
• Build D2C platform: convenience, commerce, capability.
• Excel in service: enhance customer experience and lifetime value.
• Outlook: stepping up growth and advancing transformation.

Risks & mitigation

• External environment remains uncertain; inflationary pressures impacting margins.
• Mitigation: product innovation, stronger GTM, in-store presence, and multimedia campaigns.

Governance & leadership

• Management team details provided; no governance changes disclosed.

Financial results and approvals

• Board approved unaudited standalone and consolidated results for quarter ended 30 June 2026.
• LRRs issued; results reviewed by the Audit Committee.
• Standalone revenue from operations: ₹70,040.32 lakhs; PAT: ₹5,543.63 lakhs.
• Consolidated revenue from operations: ₹70,040.32 lakhs; PAT: ₹5,698.74 lakhs.
• Exceptional items include gratuity reversal ₹1,953.77 lakhs and Labour Codes impact ₹4,044.18 lakhs.
• Share-based payment expense: standalone ₹655.96 lakhs; consolidated ₹665.96 lakhs.
• Independent auditor's review reports issued; no audit opinion.
• Board meeting held on 12 August 2026; results approved.
• Results published on company website; LRRs attached.

Earnings call details

• Q1 FY27 earnings call for quarter ended June 30, 2026 scheduled Aug 13, 2026 at 2:00 PM IST.
• Management to discuss earnings performance followed by Q&A; speakers Pratik Pota (MD/CEO) and Gaurav Khandelwal (CFO).
• Universal dial-in numbers and international toll-free details provided; attendees advised to dial in at least 10 minutes prior.