Eveready Industries India financials and balance sheet

NSE: EVEREADYBSE: 531508Household ProductsSmall Cap

₹303.65₹10.80 (3.43%)BSE ₹302.70

Share price at the NSE close on 23 Oct 2026. Previous close ₹314.45.

52-week range of traded prices to 23 Oct 2026

₹259.65Low, 30 Mar 2026₹391.00High, 28 Oct 2025

Next results date: the board meets on 31 Oct 2026 to consider: financial results.

Market cap: ₹2,207 Cr1,098th largest listed
P/E: 12.4
P/E without one-offs: 18.0
P/B: 3.5
Dividend yield: 0.82%
ROE: 32.9%
ROE without one-offs: 22.6%
ROCE: 17.6%
Debt to equity: 0.29
Volume, NSE: 1,07,82061.9% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Eveready Industries India annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 1 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 3.9% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2018, GST replaced excise duty on 1 Jul 2017, and revenue before that day includes the duty.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue1,455
Materials and goods−824
Employee costs−183
Other expenses−284
Operating profit164
Depreciation−30
Other income+3.7
One-off items+49
Finance costs−19
Profit before tax167
Tax+4.7
Net profit172

What the company owns

Plant, investments and other assets₹786 Cr
Inventory₹302 Cr
Receivables₹117 Cr
Cash and bank₹9 Cr

What pays for it: net worth and liabilities

Net worth₹623 Cr
Owed to suppliers₹212 Cr
Other liabilities₹200 Cr
Borrowings₹179 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Eveready Industries India quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 4 Jun	Mar 2020Filed 4 Jul	Mar 2021Filed 19 Jun	Mar 2022Filed 27 Apr	Mar 2023Filed 15 May	Mar 2024Filed 29 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 30 Apr
Revenue from operations	1,421	1,475	1,507	1,221	1,249	1,207	1,328	1,314	1,345	1,455
	1,287	1,371	1,381	1,100	1,023	1,086	1,218	1,174	1,192	1,292
Materials and goods bought	840	904	973	737	685	721	827	746	735	824
Employee costs	–	–	157	149	143	148	147	160	172	183
Other expenses	–	–	251	213	195	217	244	267	285	284
Operating profit before depreciation	134	104	125	121	226	121	110	140	152	164
Operating margin	9.4%	7.1%	8.3%	9.9%	18.1%	10.0%	8.3%	10.7%	11.3%	11.3%
Materials, % of revenue	–	–	64.6%	60.4%	54.8%	59.8%	62.3%	56.8%	54.6%	56.6%
Employee costs, % of revenue	–	–	10.4%	12.2%	11.4%	12.3%	11.0%	12.2%	12.8%	12.6%
Other expenses, % of revenue	–	–	16.7%	17.4%	15.6%	18.0%	18.4%	20.3%	21.2%	19.5%
Depreciation and amortisation	15	19	22	29	27	27	27	30	30	30
Operating profit after depreciation	119	85	103	92	199	93	83	110	123	134
Other income	10	20	35	47	4	5	9	3	1	4
Finance costs	24	29	55	71	52	48	57	32	26	19
Profit before one-off items and tax	105	76	84	68	151	50	35	81	99	118
One-off items	0	0	−23	150	−630	0	0	0	0	49
Profit before tax	105	76	61	219	−478	50	35	81	99	167
	11	22	12	41	−171	2	7	14	16	−5
Current tax	–	17	13	40	4	8	4	13	18	0
Deferred tax	–	5	−1	1	−175	−6	3	1	−2	−5
Share of profit of joint ventures and associates	–	–	−1	–	−4	−1	–	–	–	–
	94	53	48	178	−312	46	28	67	82	172
Belonging to the company's shareholders	94	53	48	178	−312	46	28	67	82	172
Other comprehensive income	–	–	1	1	1	−1	2	1	−1	1
Total comprehensive income	–	–	49	180	−311	45	29	67	82	173
Net margin	6.6%	3.6%	3.2%	14.6%	−24.9%	3.9%	2.1%	5.1%	6.1%	11.8%
Net margin without joint ventures and associates	–	–	3.2%	–	−24.6%	4.0%	–	–	–	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 4 Jun	Mar 2020Filed 4 Jul	Mar 2021Filed 19 Jun	Mar 2022Filed 27 Apr	Mar 2023Filed 15 May	Mar 2024Filed 29 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 30 Apr
	376	556	245	290	319	387	461	623
Share capital	36	36	36	36	36	36	36	36
Reserves	340	519	209	254	283	350	425	587
	318	269	338	371	374	285	289	179
Repayable after a year	210	143	220	184	208	144	157	120
Repayable within a year	109	125	117	187	166	142	131	59
	607	522	524	435	429	405	440	435
Trade payables	260	181	178	0	167	169	206	212
Other financial liabilities	116	123	157	180	22	21	17	39
Other liabilities	92	35	42	40	54	49	59	98
Provisions	18	17	17	15	14	16	19	19
Tax owed	13	41	12	13	6	8	8	8
	225	179	248	213	235	172	187	156
Other financial liabilities	4	4	4	24	22	–	3	17
Other liabilities	–	–	17	–	–	12	21	4
Provisions	6	6	6	6	5	0	5	15
Deferred tax	5	5	0	–	–	16	0	0
Trade payables	–	20	–	–	–	–	–	0
	1,207	1,256	1,016	939	983	963	1,088	1,214
Held for sale or for a demerger	9	–	–	–	–	–	–	–
	458	438	537	528	520	499	576	639
Plant in use, after depreciation	332	321	308	300	303	291	299	271
Plant being built	5	3	3	3	1	3	80	176
Intangible assets	10	8	6	5	6	2	5	5
Intangible assets being developed	–	0	0	1	–	5	1	0
Property held to earn rent	0	–	–	–	–	–	–	0
Investments	7	5	1	0	8	8	8	0
Loans given	1	1	1	0	1	0	0	0
Other financial assets	7	6	39	9	8	8	7	6
Deferred tax	9	10	167	173	162	161	163	167
Other assets	87	84	12	37	31	22	14	13
	741	819	479	411	463	464	511	575
Inventories	253	210	245	241	260	250	287	302
Trade receivables	136	50	35	36	102	113	102	117
Cash and cash equivalents	7	11	69	45	3	8	6	8
Other bank balances	1	1	13	8	4	1	1	1
Loans given	230	422	0	1	0	0	0	0
Other financial assets	46	60	50	27	33	27	34	36
Other assets	68	65	67	54	61	65	80	111
Net debt	311	258	256	318	367	277	282	171

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 19 Jun	Mar 2022Filed 27 Apr	Mar 2023Filed 15 May	Mar 2024Filed 29 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 30 Apr
	173	134	37	154	130	83
	225	133	40	143	147	87
	−20	12	−70	1	−10	−33
Receivables	17	25	−70	−18	8	−16
Inventories	−35	0	−16	16	−40	−17
Payables	−3	0	6	1	41	9
Other working capital	0	−13	9	2	−18	−9
Tax paid	−52	1	−3	0	−17	−4
Interest paid	0	0	0	11	0	0
Capital spending	12	12	24	34	96	95
Free cash flow	161	122	12	120	33	−11
	−105	−55	−19	−23	−95	63
Plant and property sold	0	0	0	1	0	114
Interest received	4	2	0	3	0	0
	−9	−108	−59	−127	−36	−146
Borrowings raised	166	74	288	0	64	56
Borrowings repaid	−124	−124	−300	−89	−61	−166
Interest paid	0	−48	0	0	−24	−16
Lease payments	−9	0	−9	−8	−8	−10
Dividends paid	0	0	0	30	7	11
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	58	−29	−42	4	−2	1

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Eveready Industries India dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 4 Jun	Mar 2020Filed 4 Jul	Mar 2021Filed 19 Jun	Mar 2022Filed 27 Apr	Mar 2023Filed 15 May	Mar 2024Filed 29 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 30 Apr
Earnings per share	₹12.87	₹7.31	₹6.58	₹24.53	−₹42.86	₹6.39	₹3.80	₹9.18	₹11.34	₹23.60
Diluted earnings per share	₹12.87	₹7.31	₹6.58	₹24.53	−₹42.86	₹6.39	₹3.80	₹9.18	₹11.34	₹23.60
Dividend per share	–	₹1.50	–	–	–	–	–	₹1.00	₹1.50	₹2.50
Book value per share	–	–	₹51.71	₹76.43	₹33.69	₹39.91	₹43.95	₹53.21	₹63.44	₹85.71
Dividend payout	–	20.5%	–	–	–	–	–	10.9%	13.2%	10.6%
Shareholder yield	–	–	–	–	0.0%	0.0%	0.0%	1.2%	0.3%	0.6%
Market cap at the year end (₹ crore)	1,907	2,724	1,396	367	1,963	2,435	2,124	2,429	2,204	1,909

Ratios

Consolidated, years to March.Eveready Industries India PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 4 Jun	Mar 2020Filed 4 Jul	Mar 2021Filed 19 Jun	Mar 2022Filed 27 Apr	Mar 2023Filed 15 May	Mar 2024Filed 29 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 30 Apr
Revenue growth	7.4%	–	–	−19.0%	2.3%	−3.4%	10.0%	−1.0%	2.3%	8.2%
Operating profit growth	28.1%	−21.9%	20.0%	−3.1%	86.5%	−46.7%	−8.7%	27.5%	8.6%	7.5%
Net profit growth	84.9%	−43.2%	−10.0%	272.8%	–	–	−40.5%	141.6%	23.5%	108.1%
Earnings per share growth	84.9%	−43.2%	−10.0%	272.8%	–	–	−40.5%	141.6%	23.5%	108.1%
	–	–	12.7%	38.3%	−77.8%	17.4%	9.1%	18.9%	19.4%	31.6%
	–	–	–	25.6 pts	−116.1 pts	95.2 pts	−8.3 pts	9.8 pts	0.5 pts	12.2 pts
From the net margin	–	–	–	45.8 pts	−103.7 pts	89.9 pts	−8.0 pts	13.1 pts	3.9 pts	17.9 pts
From asset turnover	–	–	–	−12.0 pts	−7.1 pts	1.5 pts	1.1 pts	−0.5 pts	−0.7 pts	−1.3 pts
From borrowing	–	–	–	−8.2 pts	−5.3 pts	3.9 pts	−1.4 pts	−2.7 pts	−2.7 pts	−4.4 pts
Return on capital employed	–	–	14.9%	11.2%	34.2%	14.1%	11.9%	16.4%	16.4%	16.6%
Cash conversion	–	–	–	–	–	288.3%	132.4%	230.5%	157.3%	48.6%
Interest cover	5.0	2.9	1.9	1.3	3.8	1.9	1.5	3.4	4.8	7.0
Debt to equity	–	–	0.85	0.48	1.38	1.28	1.17	0.74	0.63	0.29
Receivable days	–	–	33	15	10	11	28	32	28	29
Inventory days	–	–	95	104	131	122	115	122	143	134
Payable days	–	–	98	89	95	0	74	82	102	94
Cash conversion cycle, days	–	–	30	30	46	133	69	72	68	69
Working capital days	–	–	57	123	−2	33	53	53	53	48
Asset turnover	–	–	1.25	0.99	1.10	1.23	1.38	1.35	1.31	1.27
Assets per rupee of net worth	–	–	3.21	2.65	2.84	3.66	3.15	2.76	2.42	2.12
Sales per rupee of plant	–	–	4.54	3.81	4.06	4.02	4.38	4.52	4.50	5.36
Capital spending to depreciation	–	–	–	–	0.43	0.43	0.89	1.13	3.25	3.14
Plant being built, % of plant in use	–	–	1.4%	0.9%	0.9%	1.0%	0.5%	0.9%	26.9%	65.0%

Revenue growth is left blank for the years to Mar 2018 and Mar 2019: between the two periods excise duty was taken out of revenue when GST replaced it, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 14.9%
Cash from operations against operating profit: 50.9%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	1.0%	3.1%	3.1%
Profit growth, yearly rate	13.0%	–	83.8%
Return on equity, average	–	19.3%	23.3%
Return on capital employed, average	–	15.1%	16.5%
Operating margin, average	10.4%	10.3%	11.1%
Net margin, average	3.2%	5.8%	7.7%
Asset turnover, average	–	1.31	1.31
Cash conversion cycle, days, average	–	82	70
Interest cover, average	3.4	3.7	5.1
Debt to equity, average	–	0.82	0.55

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	537	367	83
Cash from investing	−130	−55	63
Cash from financing	−476	−308	−146
Capital spending	262	226	95
Dividends paid	48	48	11
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	482	121	56
Borrowings repaid	739	315	166

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	4	8	6	8	9	6
Altman Z-scorePublished threshold 1.81	–	–	3.10	2.91	1.61	4.23	4.02	4.86	4.35	4.46
Beneish M-scorePublished threshold −1.78	–	–	–	–	−4.51	−2.83	−0.94	−2.87	−2.70	−1.82
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−33.36	−3.29	1.09	−6.60	4.71	2.16
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	–	2.30	1.81	1.14
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−44.02	−31.98	3.84	177.73	11.80	−11.97	6.26
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	7.43	23.76	−7.18	−6.78	6.17	16.30	−7.16
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.84	−0.67	−2.93	0.91	−0.16	1.73	2.21
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.16	0.18	0.14	0.05	0.14	2.15	60.41
Effective tax ratePublished threshold 17.16 per cent	10.59	29.69	19.72	18.52	–	3.94	20.28	17.21	16.31	−2.80
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	1.72	10.44	17.21	−1.24	−5.09

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
19 Jan 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1Review, Other		90
19 Jan 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A+Review, Other	Stable	262
31 Oct 2025	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND A+; IND A1Review, Other	Stable	487.64

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.