Eveready Industries India Ltd (EVEREADY) AI Stock Analysis

• Market Cap: ₹22.73B
• Dividend Yield: 0.46%
• Average Volume (3M): 17.15K
• Price to Earnings (P/E): 80.2
• Beta (1Y): 0.79
• Revenue Growth: 7.37%
• EPS Growth: -39.19%
• Country: IN
• Employees: 1,972
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Electrical Equipment & Parts
• EPS (TTM): 1.02
• Shares Outstanding: 72,687,260
• 10 Day Avg. Volume: 25,039
• 30 Day Avg. Volume: 17,153
• PEG Ratio: 1.15
• Price to Book (P/B): 4.83
• Price to Sales (P/S): 1.66
• P/FCF Ratio: 67.10
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 55 Neutral
• Price Target: ₹347.00 ▲(2.37% Upside)
• Action: Reiterated Date: 11/14/25
• Date: Action: Reiterated 11/14/25

Eveready Industries' overall stock score is primarily influenced by its solid financial performance, despite the need for improved cash flow. Technical analysis indicates bearish momentum, and the stock appears overvalued based on its P/E ratio. These factors suggest caution for potential investors.

Positive Factors

Brand & Distribution Strength

Eveready's entrenched brand recognition in batteries and broad retail and wholesale distribution create a durable revenue base. High-frequency, repeat-purchase behavior for dry cell batteries plus wide availability supports steady demand, lowering sales volatility and aiding long-term cash generation.

Healthy Gross Margins

A gross margin above 45% and improving net margin indicate structural pricing power or cost control in core products. These margins provide a buffer versus input-cost swings and create persistent capacity to fund marketing, product development, or efficiency initiatives that support multi-quarter resilience.

Manageable Leverage & Improved ROE

A moderate debt-to-equity ratio combined with near-18% ROE reflects prudent capital structure and effective use of shareholder capital. This balance supports financial flexibility for strategic investments while keeping interest burdens reasonable, strengthening durability across economic cycles.

Negative Factors

Weak Free Cash Flow Conversion

Free cash flow generation has weakened and FCF covers only 40% of reported net income, constraining internally funded growth, dividends or deleveraging. Even with strong operating cash conversion, the decline in FCF growth risks capital shortages for sustained investment over coming quarters.

Declining EPS Growth

A near-50% drop in EPS growth signals material earnings pressure that can impair shareholder returns and limit retained earnings accumulation. Persistently weak EPS trends reduce flexibility to expand margins or invest without external financing, raising execution risk over the medium term.

Moderate Equity Ratio

A 42.4% equity ratio provides a limited capital cushion against operational or macro shocks and may restrict large-scale investments without raising capital or increasing leverage. Over time this could force dilution or higher borrowing, affecting strategic optionality and financial resilience.

Eveready Industries India Ltd Business Overview & Revenue Model

Company Description

Eveready Industries India Limited, together with its subsidiaries, manufactures and markets dry cell and rechargeable batteries, flashlights, and general lighting and electrical products in India. It offers various batteries comprising zinc carbon, alkaline, and rechargeable batteries, as well as power banks under the Eveready, Eveready Ultima, PowerCell, and Uniross brands. The company also provides rechargeable torches in plastic, brass, and aluminum; light-emitting diode (LED) flashlights in various shapes, sizes, wattages, and colors; and digiLED portable lanterns under the Eveready and PowerCell brand names. In addition, it offers consumer lighting products, such as LED bulbs, emergency LEDs, smart ambient lighting, LED panels, LED downlights, LED spotlights, LED battens, LED flood lights, and LED streetlights; and professional lighting products, including indoor commercial, industrial, and outdoor lighting products, as well as provides spike guards under the Eveready brand name. Further, the company distributes electrical products and small home appliances, as well as confectioneries. Eveready Industries India Limited was founded in 1905 and is based in Kolkata, India.

How the Company Makes Money

Eveready generates revenue primarily through the sale of batteries, which include dry cells and rechargeable batteries, accounting for a significant portion of its income. The company also earns revenue from its diverse range of lighting products, including torches and LED lights. In addition to product sales, EVEREADY benefits from strategic partnerships with retail chains and distributors, enhancing its market reach. The company leverages its strong brand presence and extensive distribution network to drive sales, while also investing in marketing initiatives to promote new product launches and expand its customer base. Seasonal demand fluctuations, particularly during festivals and power outages, also contribute to revenue variations.

Eveready Industries India Ltd Financial Statement Overview

Summary

Eveready Industries has shown solid financial performance with consistent revenue growth and improved profitability. The balance sheet is balanced with a manageable debt-to-equity ratio and improved ROE. However, cash flow needs strengthening to support future growth.

Income Statement

Eveready Industries has demonstrated a strong revenue trajectory, with a notable revenue growth rate of 3.39% from 2024 to 2025. The gross profit margin stands at a solid 45.35%, and the net profit margin improved to 6.13% in 2025, indicating enhanced profitability. However, the EBIT margin is moderate at 9.13%, and there is room for improvement in operational efficiency.

Balance Sheet

The company has maintained a manageable debt-to-equity ratio of 0.68, reflecting a balanced approach to leveraging. The return on equity (ROE) has improved to 17.88%, showcasing effective utilization of shareholder funds. However, the equity ratio is moderate at 42.40%, suggesting a need for stronger asset financing through equity.

Cash Flow

Cash flow analysis reveals a decline in free cash flow growth rate, with a decrease from the previous year, and a free cash flow to net income ratio of 0.40. While the operating cash flow to net income ratio is robust at 1.57, indicating good cash conversion, the overall cash position could be strengthened to support future growth.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	13.69B	13.45B	13.00B	13.20B	11.96B	12.37B
Gross Profit	6.68B	6.10B	5.51B	5.01B	4.71B	5.47B
EBITDA	1.52B	1.54B	1.43B	1.13B	1.25B	-4.00B
Net Income	833.10M	824.40M	667.69M	276.24M	464.70M	-3.12B
Balance Sheet
Total Assets	0.00	10.88B	9.63B	9.83B	9.39B	10.16B
Cash, Cash Equivalents and Short-Term Investments	61.31M	61.31M	75.76M	397.10M	531.24M	870.53M
Total Debt	0.00	3.12B	3.07B	3.98B	3.96B	4.41B
Total Liabilities	-4.61B	6.26B	5.76B	6.63B	6.49B	7.72B
Stockholders Equity	4.61B	4.61B	3.87B	3.19B	2.90B	2.45B
Cash Flow
Free Cash Flow	0.00	332.00M	1.20B	121.80M	1.22B	1.61B
Operating Cash Flow	0.00	1.30B	1.54B	365.90M	1.34B	1.73B
Investing Cash Flow	0.00	-954.80M	-228.98M	-194.50M	-552.99M	-1.05B
Financing Cash Flow	0.00	-358.70M	-1.27B	-590.90M	-1.08B	-94.70M

Eveready Industries India Ltd Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 338.95
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:EVEREADY, the sentiment is Negative. The current price of 338.95 is above the 20-day moving average (MA) of 328.31, above the 50-day MA of 327.94, and below the 200-day MA of 358.21, indicating a bearish trend. The MACD of -4.12 indicates Positive momentum. The RSI at 39.16 is Neutral, neither overbought nor oversold. The STOCH value of 27.97 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:EVEREADY.

Eveready Industries India Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
STOVEKRAFT	61 Neutral	₹16.15B	114.54	―	0.50%	7.89%	32.07%
DOLLAR	57 Neutral	₹14.74B	27.11	―	0.82%	11.71%	14.14%
EVEREADY	55 Neutral	₹22.73B	80.19	―	0.46%	7.37%	-39.19%
WEL	50 Neutral	₹18.64B	893.07	―	0.07%	4.28%	32.37%
NIPPOBATRY	40 Underperform	₹2.33B	-9.73	―	1.22%	-21.88%	-106.76%

Eveready Industries India Ltd Corporate Events

Eveready Publishes Audio Recording of Q3 FY26 Earnings Call for Investors

Eveready Industries India Ltd has announced that the audio recording of its Q3 FY26 earnings conference call, held on 6 February 2026, has been made available on the company’s investor relations website. The disclosure, made under SEBI’s Listing Obligations and Disclosure Requirements, underscores Eveready’s ongoing efforts to maintain regulatory compliance and enhance transparency for investors and other market participants by providing timely access to its quarterly financial discussions.

Eveready Files SEBI Dematerialisation Compliance Certificate for December Quarter

Eveready Industries India Ltd has submitted a compliance certificate from its registrar and share transfer agent, Maheshwari Datamatics Pvt Ltd, confirming adherence to Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 31 December 2025. The filing affirms that dematerialisation processes for the company’s shares, including dispatch of demat transfer registers to depositories and exchanges and destruction of physical securities post-dematerialisation within the stipulated time, have been duly completed, underscoring the company’s compliance with securities market regulations and providing assurance to investors and regulators about the integrity of its share transfer and demat procedures.

Eveready Opens Special Window for Re-Lodgement of Physical Share Transfer Requests

Eveready Industries India Ltd has notified stock exchanges that it has published newspaper advertisements announcing the opening of a special window for re-lodgement of transfer requests for physical shares. The notice, carried in national English daily Financial Express and Bengali daily Aajkaal, is part of the company’s compliance with SEBI’s Listing Obligations and Disclosure Requirements and aims to inform shareholders holding physical share certificates about the process and timelines for re-lodging transfer requests, with full details also made available on the company’s website.