Buy Eureka Forbes; target of Rs 700: ICICI Securities

ICICI Securities is bullish on Eureka Forbes recommended buy rating on the stock with a target price of Rs 700 in its research report dated November 28, 2025.

Broker Research

November 28, 2025 / 10:45 IST

Buy

26 Aug, 2025 12:21

Volume

Todays L/H

ICICI Securities research report on Eureka Forbes

Eureka Forbes targets to grow revenue by 2x and EBITDA by 3x by FY30E. We believe the guidance is achievable provided positive macro tailwinds. – that was the chief takeaway from the investor meet. Other takeaways: (1) Management reinforced the company’s transition from a product-led water purifier brand to a broader health and hygiene player. (2) Management outlined a clear multi-engine growth strategy across water, cleaning, air and softeners, supported by sharper product positioning and customer awareness. (3) The service platform remains a strong competitive moat with digital tools and AMC growth strengthening recurring revenues. (4) It aims to achieve INR 10,000mn of revenue from robotics segment by FY30E. (5) It reduced 60+ filter kits to 5 universal kits, which will be variant agnostic, thereby providing healthy growth headroom. (6) It will likely continue to focus on creating brand awareness through educating customer and sustained A&P spends.

Outlook

We model Eureka to report revenue and PAT CAGRs of 12.7% and 20.9%, respectively, over FY25–28E. Maintain BUY with a DCF-based revised TP of INR 700 (earlier INR 685; implied target P/E at 48x FY28E EPS).

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