External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>We attended the Eureka Forbes’ Investor Day, where the company’s management highlighted that the industry is expected to grow at a 13–15% CAGR, although it is targeting a higher CAGR of 17–18% over FY25–30E, aiming to reach INR 54–56bn in revenue by FY30</li><li>It also plans to improve its adjusted EBITDA margin to ~15% from 11.7% in FY25, implying EBITDA of INR 8.0–8.5bn by FY30, corresponding to a 23–24% CAGR</li><li>This growth would be driven by sustained robust growth in water purifiers, pick-up in the service segment, robust growth in robotics vacuum cleaner, water softeners, and air purifiers</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We attended the Eureka Forbes’ Investor Day, where the company’s management highlighted that the industry is expected to grow at a 13–15% CAGR, although it is targeting a higher CAGR of 17–18% over FY25–30E, aiming to reach INR 54–56bn in revenue by FY30It also plans to improve its adjusted EBITDA margin to ~15% from 11.7% in FY25, implying EBITDA of INR 8.0–8.5bn by FY30, corresponding to a 23–24% CAGRThis growth would be driven by sustained robust growth in water purifiers, pick-up in the service segment, robust growth in robotics vacuum cleaner, water softeners, and air purifiersContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Eureka Forbes: Strong Outlook Across All Segments. Maintain BUY

<ul><li>We are initiating coverage of Eureka Forbes Ltd with a BUY rating and a target price of INR 830 per share, valuing the stock at 45x Mar-28E AEPS (excluding intangible amortization and 50% of performance-linked ESOP costs)</li><li>Our positive view stems from Eureka’s strong market leadership in highly underpenetrated categories, its high brand equity, capable management team, and asset-light business model</li><li>The company has undergone a major turnaround under new management following Eureka’s acquisition by Advent International, with notable improvements in both growth and margins.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We are initiating coverage of Eureka Forbes Ltd with a BUY rating and a target price of INR 830 per share, valuing the stock at 45x Mar-28E AEPS (excluding intangible amortization and 50% of performance-linked ESOP costs)Our positive view stems from Eureka’s strong market leadership in highly underpenetrated categories, its high brand equity, capable management team, and asset-light business modelThe company has undergone a major turnaround under new management following Eureka’s acquisition by Advent International, with notable improvements in both growth and margins.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Eureka Forbes (Initiating Coverage): Turning Strategic Vision into Sustainable Growth. BUY

Thematic (Sector/Industry)

<ul><li>Demand remained subdued across most consumer durables categories in the quarter</li><li>Cooling categories (RACs, coolers, fans) were muted due to a high base, unseasonal rains in the north, and delayed summer in the south</li><li>Demand momentum in the wire &amp; cable (W&amp;C) segment slowed during the quarter, impacted by channel inventory reduction</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Demand remained subdued across most consumer durables categories in the quarterCooling categories (RACs, coolers, fans) were muted due to a high base, unseasonal rains in the north, and delayed summer in the southDemand momentum in the wire &amp; cable (W&amp;C) segment slowed during the quarter, impacted by channel inventory reductionContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer Durables & EMS (Q4FY26 Results Preview): Soft summer demand, costs heat up

<ul><li>After a subdued H1FY26, demand in most consumer durables categories remained soft through Q3FY26, though it has gained momentum since</li><li>Ahead of BEE norm changes for RAC and fans effective January, our channel checks reveal distributors accumulated stocks by late December</li><li>Wires and cables are set to post strong performance, propelled by price increases, even as rising input costs create margin headwinds</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

After a subdued H1FY26, demand in most consumer durables categories remained soft through Q3FY26, though it has gained momentum sinceAhead of BEE norm changes for RAC and fans effective January, our channel checks reveal distributors accumulated stocks by late DecemberWires and cables are set to post strong performance, propelled by price increases, even as rising input costs create margin headwindsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer Durables & EMS (Q3FY26 Results Preview): Soft durables demand, EMS growth moderate

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Eureka Forbes’ FY24 AR primarily highlights its transformational journey during phase-1.</li><li>We note: (1) Strong investments in distribution expansion (at 36% CAGR over FY22-24) have started yielding positive results (volume growth and market share gains in FY24) and may continue to drive growth in FY24-26E.</li><li>(2) The company is focusing on category creation to increase penetration via (i) launch of affordable products to attract new customers, and (ii) higher media campaigns.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Eureka Forbes’ FY24 AR primarily highlights its transformational journey during phase-1.We note: (1) Strong investments in distribution expansion (at 36% CAGR over FY22-24) have started yielding positive results (volume growth and market share gains in FY24) and may continue to drive growth in FY24-26E.(2) The company is focusing on category creation to increase penetration via (i) launch of affordable products to attract new customers, and (ii) higher media campaigns.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India

Eureka Forbes is an Indian consumer goods company specializing in health and hygiene products. It manufactures and sells water purifiers (under the Aquaguard brand), vacuum cleaners, air purifiers, and home security systems. The company is headquartered in Mumbai, India, and was founded in 1982.

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Eureka Forbes (EUREKAFO IN)

Eureka Forbes: Strong Outlook Across All Segments. Maintain BUY

It also plans to improve its adjusted EBITDA margin to ~15% from 11.7% in FY25, implying EBITDA of INR 8.0–8.5bn by FY30, corresponding to a 23–24%...

HDFC Securities

Eureka Forbes (Initiating Coverage): Turning Strategic Vision into Sustainable Growth. BUY

The company has undergone a major turnaround under new management following Eureka’s acquisition by Advent International, with notable improvements...

HDFC Securities

Consumer Durables & EMS (Q4FY26 Results Preview): Soft summer demand, costs heat up

Cooling categories (RACs, coolers, fans) were muted due to a high base, unseasonal rains in the north, and delayed summer in the south

HDFC Securities

Consumer Durables & EMS (Q3FY26 Results Preview): Soft durables demand, EMS growth moderate

After a subdued H1FY26, demand in most consumer durables categories remained soft through Q3FY26, though it has gained momentum since

HDFC Securities

Eureka Forbes - White Goods

Eureka Forbes’ FY24 AR primarily highlights its transformational journey during phase-1. We note: (1) Strong investments in distribution expansion...

ICICI Securities Limited

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