Financial Performance Summary

Q2 FY27 Consolidated Results:

  • Revenue from operations: INR 428.2 crore (vs. INR 386.8 crore in Q2 FY26), growth of 10.7%
  • EBITDA: INR 53.8 crore (vs. INR 49.4 crore in Q2 FY26)
  • EBITDA margin: 12.6% (maintained despite higher input costs)
  • Profit after tax: INR 31.9 crore (vs. INR -7.9 crore in Q2 FY26 which included an exceptional loss of INR 37.7 crore)

H1 FY27 Consolidated Results:

  • Revenue from operations: INR 836.0 crore, up 9.9% YoY
  • Profit after tax: INR 68.9 crore, up 209.0% YoY

Segment-wise Performance

Battery Segment:

  • Overall battery segment grew 9.1% in value
  • Alkaline batteries showed strong momentum with 36.5% value growth and 30.0% volume growth

Flashlights Segment:

  • Overall flashlights grew 17.3%
  • Rechargeable segment grew 33.2%
  • Conventional battery-operated demand was softer with monsoon-related headwinds

Lighting and Electrical Accessories:

  • Lighting segment recorded strong growth of 10.4%
  • Emergency LED bulbs grew 26.3%
  • Electrical accessories continued growth momentum

Strategic and Operational Highlights

Manufacturing Expansion:

  • Jammu alkaline facility commenced commercial production in May 2026
  • Supports manufacturing localization plans and alkaline battery portfolio growth

New Product Development:

  • SHOR: India's only torch with animal alarm for farm protection
  • SIREN torch with alarm for personal safety (previously developed)
  • Xtra Bright emergency LED bulb with 2X brightness during power cuts
  • Mosquito racquets performed well, establishing position among leading brands within three years of launch

Home Care Portfolio Expansion:

  • Liquid vaporizers: India's 1st portable, rechargeable anti-mosquito liquid vaporizer
  • Enhances consumer convenience and offers flexibility beyond conventional formats

Distribution Channels:

  • All B2C channels showed strong growth
  • E-commerce and Quick commerce grew 50%+ YoY

Management Commentary

Anirban Banerjee, Chief Executive Officer:

  • Eighth consecutive quarter of revenue growth reflects business strength
  • Alkaline batteries and rechargeable products remain important growth drivers
  • Portable liquid vaporizers expand mosquito protection portfolio supported by "Unplug and use anywhere campaign"
  • Focus remains on strengthening product portfolio, expanding market presence, and driving sustainable growth

Bibek Agarwala, Executive Director & Chief Financial Officer:

  • Focus on profitable growth, disciplined working capital management, and strengthening balance sheet
  • Calibrated pricing action to protect profitability and maintain margin stability
  • Commodity and forex hedging helped manage impact of higher input costs
  • Priority to improve capacity utilization and realize cost benefits of local manufacturing as Jammu facility ramps up

Balance Sheet and Outlook

Financial Position:

  • Net Debt at 30th September 2026: INR 153 crore (reduced from INR 164 crore at Q1 FY27)
  • Registration/transfer of Plot B2 of Noida property completed on 13th October 2026 (post-reporting date)

Forward Outlook:

  • Focus on scaling up Alkaline portfolio
  • Building adoption of liquid vaporizers and other rechargeable products
  • Higher input costs remain a watchpoint
  • Continue to review pricing in line with input cost movements
  • Progress Jammu facility ramp-up

Risk Factors

  • Rising input costs, particularly zinc prices and other inflationary pressures
  • Lower-than-normal rainfall affected seasonal demand
  • Higher input costs remain a watchpoint for future performance

Company Background

  • Legacy of over 100 years, household name in dry cell batteries and flashlights
  • Emerging presence in lighting and adjacent consumer categories
  • Products first sold in India in 1905, company founded in 1934
  • Manufacturing facilities at Matia, Lucknow, Haridwar, Maddur, Kolkata, and Jammu
  • R&D facility approved by Department of Scientific and Industrial Research, Ministry of Science & Technology