Eureka Forbes Ltd Management Discussions

Management Discussion and Analysis

ECONOMIC OVERVIEW

Global Economy

The global economy exhibited resilience in 2024 despite continued macroeconomic and geopolitical headwinds. According to the International Monetary Fund (IMF), global Gross Domestic Product (GDP) grew at 3.3%, reflecting continued economic momentum. However, growth remained uneven across regions, with advanced economies recording a 1.8% growth, while emerging markets and developing economies (EMDEs) grew at 4.3%, underscoring regional economic disparities.

Global economic growth is expected to moderate from 3.3% in 2024 to 2.8% in 2025, before recovering to 3% in 2026. This positive outlook is underpinned by sustained strength in the US economy and continued momentum across several key emerging markets. In the US, growth is expected at 1.8% in 2025 and 1.7% in 2026, reflecting the moderation in labour market activity and a potential softening in consumer spending. Meanwhile, the Eurozone is projected to recover gradually, with growth improving from 0.8% in 2025 to 1.2% in 2026, supported by easing inflation and a rebound in consumer demand. However, the combined effects of trade restrictions, their spillover through global trade linkages, and rising uncertainty may impact the pace of economic recovery.

In emerging market and developing economies, growth performance in 2025 and 2026 is expected to broadly match that in 2024. Advanced economies are expected to see mild pick up in growth from 1.7% in 2024 to 1.9% in 2025 and 1.8% in 2026. Overall, global growth is expected at 3.3% in 2025 and 2026 each, with likely pick-up in the US and continued muted growth in the Euro area. The new policy implementations by the US in wake of the new President need to be closely monitored. Trade wars can pose fresh challenges to the global economy with disruptions in supply chain and volatility in commodity prices.

India Economy

In FY 2024-25, India continued to be one of the fastest-growing major economies in the World, led by strong domestic demand, structural reforms and supportive policies. According to the Second Advance Estimates by the National Statistics Organisation (NSO), Indias GDP growth is expected at 6.5% in FY 2024-25, much lower than 9.2% GDP growth in FY 2023-24. The Consumer Price Index (CPI) inflation for FY 2024-25 is estimated at 4.8%, reflecting an improvement from 5.4% in FY 2023-24. To address liquidity challenges, the Reserve Bank of Indias Monetary Policy Committee (MPC) reduced the repo rate by 25 basis points to 6.25% on February 7, 2025, marking the first rate cut since May 2020. Despite this adjustment, the MPC mai ntained a neutral stance to ensure flexi bi I ity i n responding to economic shifts. The governments strong commitment to foster economic growth, strengthen financial resilience, and create an inclusive development environment-Viksit Bharat bodes well for economic development.

Outlook

According to RBI estimates, the Indian economic growth rate is expected at 6.7% in FY 2025-26 riding on the back of expected recovery in industrial activity, heightened household consumption aided by tax reliefs in Union Budget 2025-26, and good agricultural produce expected in FY 2025-26. Governments push for digital transformation, financial inclusion and ease of doing business has created a favourable environment to attract foreign direct investment (FDI). This is further aided by the attractive production-linked incentive (PLI) schemes aimed at boosting domestic manufacturing

INDUSTRY OVERVIEW Trends Shaping the Industry

The Company operates in the health and hygiene space covering vacuum cleaners, water purifiers and air purifiers. While these categories have specific growth drivers, the general awareness towards health provides a boost to all these categories. Favourable demographics work in favour of growing importance of health and provide momentum to all the categories EFL is present in.

Growing focus on health and hygiene

Post-pandemic rise in water & air-borne infections shifts Indias mindset toward investing in home hygiene

Universal electrification

Rising household access to uninterrupted electricity is driving wider adoption of appliances and fuelling market growth.

(Source: Access to electricity - Data for India)

Jal Jeevan Mission & Piped water access

Since 2019, rural tap water access has surged from ~17% to nearly ~80% (15.4 crore homes), supported by Rs. 67,000 crore funding

(Source: PIB)

Unpredictable domestic help

Unreliable domestic help fuels demand for dependable cleaning solutions

Rising disposable income

Per capita income up 2.37x since FY15; +8.8% in FY25, +70% projected by FY30.

(Source: India 2030: Middle class to drive experience-led spending — NSO [Campaign India])

Growing aspirational middle class

50%+ middle class by 2030 (50 crore households), driving shift to aspirational consumption.

(Source: India 2030: Middle class to drive experience-led spending — NSO [Campaign India])

Urbanisation

Urban population to rise from 34% to 40% by 2036; cities to drive -70% of GDP.

(Source: World Bank)

Increased female workforce participation

Female labour force up from 23.3% to 37% (FY18-FY23); worker share from 28% to 36%.

(Source: PLFS, MoSPI)

Total Addressable Market (TAM)

Indias home and hygiene product categories remain significantly underpenetrated, offering a long runway for growth within a Rs. 23,000 crore market growing at a 13% CAGR.

• Water Purifiers (6% penetration) are expected to grow from Rs. 4,400 crore in FY 2023 to Rs. 10,000 crore by FY 2030 (13% CAGR)

• Vacuum Cleaners (2% penetration) are set to expand from Rs. 500 crore to Rs. 1,500 crore in the same period (17% CAGR)

• Air Purifiers, with less than 1% penetration, are projected to surge from Rs. 230 crore to Rs. 749 crore (18% CAGR)

• Water Softeners will grow from Rs. 1,000 crore to Rs. 1,900 crore (10% CAGR)

• Water Purifier Services will rise from Rs. 3,700 crore to Rs. 9,000 crore (14% CAGR)

With such low penetration levels, particularly in air and vacuum cleaning solutions, the sector is poised for robust expansion, driven by increasing awareness, urbanisation, and a shift towards convenience-led hygiene solutions.

Water purifier industry

According to the 2023 report by the United Nations Educational, Scientific, and Cultural Organisation, ~37.7 million Indians are afflicted with water-borne diseases annually, with ~ 1.5 million child casualties from diarrhoea. Water contamination continues to pose challenges in India, especially the interior pockets, having unsafe drinking water. Consumers are increasingly becoming health-conscious and are resorting to convenient means to ensure safe, clean drinking water. The rising incidences of water-borne diseases and awareness on general hygiene has increased consumer concerns about the safety of drinking water, resulting in increased adoption of water purifiers in households. Technological advancements in water purification systems have made water purifiers more affordable, efficient, and user-friendly. The increasing availability of affordable models, advanced filtration systems, and trend of health-conscious consumers is giving a boost to the water purifier market in India.

Various government initiatives and regulations promoting clean water access, with campaigns such as the Swachh Bharat Abhiyan, Jal Jeevan Mission, etc. and efforts to improve rural water infrastructure, have resulted in increased adoption of water purifiers. Swachh Bharat Abhiyan emphasises the importance of cleanliness and access to clean water. The mission has significantly raised awareness about water quality issues at pan India level, encouraging individuals and communities to take proactive steps to ensure the purity of drinking water. The implementation government initiatives facilitating the distribution of water purification systems

in rural and urban areas ensures access to safe drinking water for underserved communities. The heightened awareness about need of clean water has fostered a sense of responsibility among consumers to adopt water purification solutions. Easy access to electricity, availability of retail outlets, and distribution networks have made it easier for consumers to purchase and maintain water purifiers.

Among the various types of technologies available in water purifiers, like gravity purifiers, RO purifiers, UV purifiers, sediment filter, water softener, among others, RO purifiers account for the largest market share. RO technology is apt for removing numerous pollutants, including heavy metals, dissolved salts, bacteria, and viruses, ensuring that the purified water meets stringent quality standards. RO purifiers significantly reduce the risk of waterborne illnesses by producing safe and potable drinking water. The widespread availability of impure water sources, especially in urban and semi-urban areas, is driving the adoption of RO purifiers since they offer practical solution to households and businesses seeking reliable and convenient ways to obtain clean drinking water without the need for expensive bottled water. RO can cater to diverse water sources, including borewell, municipal, and tanker water, adding to its appeal while ensuring that consumers across various regions and water quality profiles can benefit from its purification capabilities

Rapid urbanisation and industrialisation led to increased pollution of water sources, further emphasising the need for effective water purification systems, thus creating a positive market outlook.

With increasing female participation in the workforce, growing middle class population and dual income families, there is an increased reliance on packaged drinking water, bottled water, and home-based water purification systems. Urban households seek convenient and accessible solutions that fit their modern, fast-paced lives, like easy access to clean water for drinking, cooking, and hygiene purposes. Additionally, businesses, manufacturing units, and service sectors also prefer ready access to clean and safe water for their operations and workforce. There is growing understanding of the impact of waterborne diseases on workforce health and productivity prompting businesses to invest in water purification systems at workplaces.

There exists a substantial underserved and unserved market for both water purifier products and services in India due to a large base of non-users dependent on traditional purification methods such as boiling, cloth, and sieves. Urban penetration for water jars stands at 11% is almost at par with 12% for electric water purifiers. With growing awareness about the need for safe and clean drinking water, transition from conventional methods to advanced technologies is picking pace. Overall water purifier penetration in India at 6% is significantly lower than other Asian countries, with China at 21%, South Korea leads at 60%, and Thailand at 20%. This gap highlights the huge growth opportunity for the Indian water purifier market

These various growth factors are expected to propel the Indian water purifier market from Rs. 4,400 crore in FY 2023 to Rs. 10,000 crore by FY 2030 at a robust 13% CAGR during 2025-2033. With path-breaking advancements in technology, customisation and convenience factor of water purifiers have multiplied manifold. Households value the ability to customise their water purification preferences based on their specific needs like taste preferences, family size, and health considerations.

Eureka Forbes is uniquely placed in this lucrative growth market of water purifiers, with first-mover advantage. EFL has garnered robust brand strength and built long lasting customer relationships, reflected in its extensive customer database of over 14+ million. The Company has built a strong moat with an omni-channel, multi-price points product assortment, strong in-house frontline team with over 2,130 employees and unmatched distribution strength spanning across 19,500+ pin codes. The Company has adopted a customer-centric approach with innovation at the heart of its operations. Viewing the unserved and underserved regions as a huge market opportunity, the Company has upped its ante on marketing spends, to tap on the huge growth opportunity the sector presents.

Vacuum cleaner industry

The Indian population is increasingly realising the various benefits of vacuum cleaners, such as removing and lifting dirt & dust, effectively cleaning the environment to reduce the risks of allergies, etc. Rising awareness coupled with rapid urbanisation with smaller living spaces is resulting in growing demand for convenient cleaning solutions. This is leading to increased acceptance of vacuum cleaners in urban households. Other factors contributing to the vacuum cleaner market growth include favourable demographics, growing female workforce participation, dual income families, and rising disposable incomes. As purchasing power increases, the demand for home appliances increases. The unpredictability of domestic help is making vacuum cleaners a useful backup option due to its efficiency and ease of use. In fact, in several homes, vacuum cleaners are used by domestic help to access difficult-to-reach areas.

In commercial setups like malls technologically advanced vacuum cleaners are used by manual labour for effective and efficient cleaning. This is also widely observed in industrial setting and offices wherein manual labour is integrated with advanced technology in vacuum cleaners. Recent technological advancement in the vacuum cleaner industry with adoption of smart technology is revolutionising the market. Use of robotics and innovations allowing vacuum cleaners to reach the farthest corners without the need for the user to bend, is leading to increased popularity of vacuum cleaners in Indian households

The growth potential of the Indian vacuum cleaner industry is humungous given several unserved and underserved markets. With 2% per capita, Indias vacuum cleaner penetration is substantially lower as compared to Asian peers, like 90% in Japan, 80% in Hong Kong and 20% in China. The Indian vacuum clearner market is valued at over Rs. 500 crore in FY 2023 and is estimated to grow to over Rs. 1,500 crore by FY 2030 at CAGR of 17%.

Active government participation through various initiatives like Swachh Bharat Mission are increasing citizens awareness about cleanliness & sanitisation. This is likely to promote the adoption of vacuum cleaners across end-users like industrial, commercial, and residential. Also, different options made available in vacuum cleaners like canister, central, drum, robotic, upright, wet and dry, etc., acts as a driving force for the adoption of vacuum cleaner in India.

Air purifier industry

In India, air pollution is a major and growing risk factor for illness both in rural and urban areas. Several cities are suffering from dangerous pollution levels due to increasing industrial activities and construction, leading to poor air quality. In addition, growing prevalence of air-borne diseases and dust particles in the air, is leading to a surge in adoption of air purifiers. Increasing awareness about quality of indoor air is aiding market growth. The India air purifier market size was estimated at Rs. 230 crore in FY 2023. Air purifier will be a big opportunity going ahead as air quality is no longer a season or regional issue, with 83 out of the 100 most polluted cities globally are in India. The most widely used air purifiers contain the High-Efficiency Particulate Air (HEPA) filters that constitute high velocity air designed to dry out viruses.

With air pollution in the country growing at alarming rates, air purifiers are increasingly being viewed as necessity from luxury items. The market is expected to grow at 18% CAGR over 2023-2030, reaching Rs. 749 crore in FY 2030. Strong focus on innovation by manufacturers with high incorporation of advanced technology is propelling market growth

Source: India Air Purifier Market Size, Share & Growth - 2034

BUSINESS DIVISIONS

With over four decades of existence, our business has emerged as a leading health and hygiene brand in India. We are a multi-product, omni-channel organisation, with product portfolio comprising water purifiers, vacuum cleaner and air purifiers. Our product range straddles across price points and are available across channels ncluding direct, retail, e-commerce and institutional sales We also have one of the most expansive service networks across the country.

TRANSFORMATION INITIATIVES - FOCUSSED ON LONG-TERM CAPABILITY BUILD

We are a company with a proud legacy of over four decades. Our role is to strengthen this foundation and make it future-ready for the decades ahead.

This requires building structural capabilities that ensure sustainable, long-term value creation for all stakeholders.

Over the past two years, we have consciously enhanced our investments across multiple dimensions of the business from capital expenditure and R&D to brand building and growth initiatives.

To reinforce our long-term capabilities, we increased capital expenditure threefold and will continue to consistently invest more than Rs. 50 crore annually. Innovation has remained central to our strategy, and accordingly, we have doubled our R&D talent pool and investments. Our innovation pipeline is strong, well-structured, and future-ready.

We believe that this has been critical for us being able to reclaim our mantle of innovators and pioneers. I am pleased to report that we have a robust future-ready innovation pipeline in place.

As category creators, it is equally critical that we remain ahead of the curve in consumer engagement. In FY25, we increased our A&SP investments by 25%, thereby strengthening brand equity and consumer connect.

We recognise that business success depends on balancing short-term performance with long-term value creation. We are committed to pursuing this balanced approach, ensuring both immediate resilience and sustainable growth for the future

Transformation Investments : Focussed On Long-Term Capability Build

BUSINESS PERFORMANCE

In the fiscal year 2025, Eureka Forbes demonstrated robust growth and operational excellence, reflecting the success of our strategic initiatives and transformation journey. We achieved a revenue of Rs. 2,436 crore, delivering a continuing business growth of 12.0%. This was at the back of six consecutive quarters of double-digit growth, fuelled by volume expansion, innovation, premiumisation, and new product launches.

Our products business demonstrated strong high-teens growth in all quarters of FY25, led by both volumes and mix led pricing. Our growth was fuelled by continuous innovation and premiumisation across product categories. We launched 30 new products, including industry-first smart water purifier and advanced robotic vacuum cleaners, catering to diverse consumer segments. This focus on product excellence and portfolio expansion helped sustain market leadership position and enhancing overall brand equity

The service business started showing green shoots, with an increase in AMC unit sales and a dedicated focus on expanding filter sales through multiple interventions in filter innovations and a separate go-to-market strategy. Our strong business partner and technician base help us in delivering superior customer experience and build lifetime value.

Category Growth	FY 2024-25	FY 2023-24
Electric Water Purifiers	18.1%	10.6%
Vacuum Cleaners	12.8%	18.9%
Others*	18.3%	13.8%
Total Product	17.0%	12.7%
Service	3.0%	0.4%
Overall Growth	12.0%	7.9%

Growth for Continuing Business

*Others includes Air Purifiers, Non-Electric Water Purifiers, Softeners and B2B

Gross margins sustained at a strong 58.3% (compared to 58.8% in FY24), reflecting resilience despite commodity cost movements. This supported by a disciplined cost structure and efficient supply chain management led to 640 bps improvement in Operating expenses (excluding advertising and sales promotion) over two years, reflecting the effectiveness of our structured cost optimisation programmes and automation initiatives. This efficiency contributed to an adjusted EBITDA margin expansion to 11.7%, up from 10.3% in the previous year, reflecting an expansion of 136 bps.

Investments in innovation and growth remained a key priority. Our R&D spends at 20 crore continued to remain at similar levels compared to FY24 (~ Rs. 19 crore), alongside several investments to strengthen our R&D capabilities. Our R&D agenda encompasses new mould development, product enhancements, and platform and technology development, with a new R&D Centre under development for commissioning in FY26. Capital expenditure increased ~3x, averaging approximately Rs. 45 crore per year over the last two years, signalling a robust commitment to long-term growth through innovation and product development.

Our financial discipline has resulted in exceptional cash flow generation, with free cash flow at Rs. 214 crore, representing 131% of profit after tax, and a strong free cash flow to capex ratio of 3.9x. With a Return on Capital Employed of > 350%, we delivered industry-leading capital efficiency. We have strengthened our cash position, reinforcing strong fundamentals in our balance sheet.

Our FY25 performance demonstrates the strength and resilience of our business model. We continue to deliver improved margins underpinned by a strong product and service mix, while being inherently cash-accretive. With a strong annuity business and a negative working capital, we are able to generate strong free cash flows and sustain superior returns on capital employed (ROCE). This combination of profitability, capital efficiency, and disciplined execution reinforces our ability to consistently create long-term value for our shareholders, while maintaining a strong balance sheet and the flexibility to invest in future growth opportunities.

FINANCIAL PERFORMANCE

Our FY 2024-25 performance reflects a decisive break from long-term historical trends. In the third year of our transformation journey, we have delivered accelerated growth across all three key parameters - revenue, profitability, and cash generation. This consistent, broad-based improvement demonstrates the strength of our strategic initiatives, the depth of operational execution, and the cultural shift towards high performance.

Parameter	Long-Term (FY 12 - FY 22)	FY 23	FY 24	FY 25
Revenue Growth*	Low Single digit	6.1%	7.9%	12.0%
Adj EBITDA%	3.8% Avg	6.3%	10.3%	11.7%
Net Surplus/(Debt)	Net debt	Rs.(31)Cr	Rs. 122 Cr	Rs. 284 Cr

Note: * Revenue Growth for Continuing Business.

Adjusted (Adj.) EBITDA is defined as PBT (before exceptional items) + Finance cost + Depreciation + ESOP charge less other non-operating income.

Key Financial Metrics

In FY 2024-25, the Companys revenue witnessed robust growth of 12.0% in continuing business and 11.3% on reported basis. The revenue stood at Rs. 2,436.1 crore for the year compared to Rs. 2,189.2 crore in FY 2023-24. This strong growth is attributable to unwavering focus on innovations. Adjusted EBITDA increased 25.9% to Rs. 285.0 crore from Rs. 226.3 crore in FY 2023-24 led by cost-saving initiatives. PAT increased 78.4% to Rs. 163.3 crore from Rs. 91.5 crore in FY 2023-24.

1. Revenue growth is for continuing business.

2. Adjusted (Adj) EBITDA is defined as PBT (before exceptional items) + Finance cost + Depreciation + ESOP charge less other non-operating income.

3. Adjusted (ADJ) PBT is defined as PBT (before exceptional items) + ESOP charge.

4. ROCE = EBIT/Capital employed, EBIT - EBITDA - Depreciation & Amortisation + Other Income, Capital employed = Tangible Net Worth + Total Debt + Deferred Tax Liabilities

5. Working Capital equals to current assets minus current liabilities.

Key Financial Performance, Operational Highlights and Financial Ratios:

				(Rs. in crore)
	Standalone		Consolidated
Particulars	Financial Year ended March 31, 2025	Financial Year ended March 31, 2024	Financial Year ended March 31, 2025	Financial Year ended March 31, 2024
Revenue	2,436.06	2,189.23	2,436.91	2,189.25
Earnings before Interest, Taxes, Depreciation, and Amortisation (EBITDA)	262.89	191.87	265.59	198.64
Profit Before Tax (PBT)	218.87	122.40	220.70	128.47
Profit After Tax (PAT)	163.28	91.57	164.41	95.65
Fixed Assets	282.44	270.66	285.19	273.60
Total Comprehensive Income	159.85	89.21	160.97	93.52
Loan Funds	0	24.92	0	24.92

Key Financial Ratio

Key ratio/indicator	Standalone		Consolidated		Refer Note
	FY 2024-25	FY 2023-24	FY 2024-25	FY 2023-24
Debtors turnover (in days)	24	22	24	22
Inventory turnover ratio	4.17	3.96	3.99	3.76
Interest coverage ratio	39.04	15.15	39.47	15.69	a
Current ratio	0.80	0.61	0.84	0.64	b
Debt equity ratio Operating profit margin	0.01 9.01%	0.01 6.73%	0.01 9.12%	0.01 7.01%	c
Net profit margin	6.70%	4.18%	6.75%	4.37%	d
Return on net worth	3.80%	2.21%	3.81%	2.30%	e
Basic EPS ( Rs.)	8.40	4.73	8.46	4.94	t

Notes: Explanation for change in the ratio by more than 25%

a) Higher earning and repayment of borrowings during current year.

b) Increase in current ratio due to increase in cash generation from business operation and reduction in borrowings.

c) Higher operating profit during the current year with higher revenue.

d) Higher net profit after tax during the current year with higher revenue.

e) Higher net profit after tax during the current year with improved operating leverage.

f) Increase in Basic EPS is due to higher net profit.

RISK MANAGEMENT

The Company has devised an extensive risk management system safeguarding the interests of all stakeholders. The risk management system helps to identify, assess and undertake appropriate measures to insulate the organisation from predictable internal and external risks. The Risk Management framework covers various business aspects like all essential operations, functional areas and business segments. The Company has adopted a bottoms-up approach for effectively monitoring various risks and initiating timely response, ensuring the business is insulated from the adverse impact with little or no loss to earnings. The risk management framework adopts a flexible approach to accommodate the ever-evolving business environment.

For more details, please refer to the Risk Management section of the Integrated Annual Report

INTERNAL CONTROL SYSTEMS AND ADEQUACY

The Internal Financial Controls (IFC) have been designed according to Section 134(5)(e) of the Companies Act, 2013 (Act) keeping in mind the size and complexity of business operations. The internal controls enable the Company to safeguard its assets, prevent frauds and errors, enhance business efficiency, and comply with applicable rules and regulations. Systematic maintenance of accounting records aids in organising business operations. The internal controls confer to all aforementioned IFC elements in best capacity.

HUMAN RESOURCES

Human Capital has been an integral part of EFLs transformational journey and business growth. The Company has been successfully able to hire fresh capabilities where required and also to retain strong in-house talent. This is the result of providing a growth-oriented work culture wherein EuroChamps experience great sense of ownership.

The Company has duly re-crafted its culture codes as deemed fit to create a safe, productive, diverse, inclusive and optimistic work environment. The Company conducts several learning and development programmes to build a strong team. HR policies are designed to ensure that employee goals are aligned with business goals. The Company follows a merit-based culture awarding and recognising talent without any biases. This motivates the employees to strive to achieve greater goals creating sustainable value for all stakeholders. Teamwork is duly recognised in the organisation. With a view to improve efficiency and responsibility, the Company remains committed to strengthen its talent pool

OUTLOOK

The Company is undergoing a transformative journey, stepping up its growth, capabilities, innovation, digitisation, and market presence to deliver meaningful impact. Our commitment to innovation is reflected in our product offerings, which are gaining strong traction in the market. As we look ahead, we remain focussed on driving sustainable and profitable growth

We will continue to invest in expanding market penetration, enhancing innovations, improving customer experience, digitising our operations, and achieving operational efficiencies. These efforts are designed to ensure sustainable growth and deliver long-term value to our customers and stakeholders.

With the industries we operate in such as water purifiers, vacuum cleaners, and air purifiers on a double-digit growth trajectory, Eureka Forbes is strategically positioned to be one of the leading beneficiaries of this expansion. Our diversified product portfolio and cutting-edge innovative strategies put us in a prime position to capitalise on the growing market opportunities. Our focus on innovation will continue to drive product development, ensuring we meet the evolving needs of consumers and stay ahead of market trends. Our transformation strategy has repositioned the Company in driving sustained and profitable growth.

AWARDS AND ACCOLADES

During the year, the Company won the following awards:

1. ETs awards spotlight outstanding innovations that significantly impact markets and society. Eureka Forbes as one of the best organisations in Innovation 2024.

2. Eureka Forbes Limited - Dehradun Plant was honoured with the prestigious Safety Award in the Large Enterprise (Consumer Durables) category by the Global Safety Summit, held in Uttarakhand on December 23, 2023.

3. Eureka Forbes Limited received the ‘Safety Excellence of the Year-25 award at the 5th International Sustainability Conference on HSFEA, organised by the Sustainability Cluster, UPES Dehradun, on April 09, 2025.

4. Safety award in the "large Enterprises Electrical Consumer Durable Sector" Uttarakhand by Global Safety Summit.

CAUTIONARY STATEMENT

Statements forming part of the Management Discussion and Analysis Report covered in this Report may be forward-looking within the meaning of applicable securities laws and regulations. Actual results may differ materially from those expressed in the statement. Important factors that could influence the Companys operations include demand and supply conditions, changes in government regulations, exchange rates, tax laws, monsoons, natural hazards, national and global economic developments and other factors.