Water purifiers remains our largest and core category and one of India’s most underpenetrated health and hygiene opportunities. Despite increasing awareness around water quality and health, category penetration still remains low at 7%, creating a significant long-term growth opportunity. As the category leader, we believe our responsibility extends beyond driving market share to expanding the category itself by making safe, purified drinking water accessible to every Indian household. Our focus is on accelerating adoption by addressing the three key barriers to category growth: affordability, awareness, and accessibility.

To improve affordability, we continue to broaden our portfolio across consumer segments while reducing the total cost of ownership. Our expanded range of products featuring extended filter life help reduce recurring ownership costs and making advanced water purification more accessible to first-time users. At the same time, we continue to drive innovation-led premiumisation through the launch of new products, including smart and connected water purifiers that cater to evolving consumer needs, underscoring the growing demand for feature-rich products that deliver superior purification performance, convenience, and health benefits.

Building awareness remains equally critical for this category. Through targeted consumer education initiatives, digital engagement, and focused brand-building campaigns, we are increasing awareness of water quality challenges and the benefits of drinking purified water. These category-development efforts are helping create informed consumers while strengthening trust in the Aquaguard brand.

Accessibility is the third pillar of our growth agenda. Leveraging our omni-channel distribution model, direct sales capabilities, retail partnerships, and one of India’s largest service infrastructures, we continue to expand our reach across urban, semi-urban and emerging markets. We have presence in 19,500 pin codes, supported by a service network comprising over 9,000 service technicians nationwide.

These initiatives contributed to strong momentum in our water business, with the category delivering growth of 12.5% in the last two years. Looking ahead, we expect this momentum to accelerate and we are geared to leverage it. We will continue investing behind affordability-led innovation, consumer awareness, distribution expansion, and service excellence to accelerate category adoption. By democratising access to safe drinking water, we aim to expand the category, deepen consumer trust, and further strengthen our market leadership.

Robotic vacuum cleaners represent one of the most exciting growth opportunities within our products portfolio and are increasingly redefining the way Indian consumers approach home cleaning. In FY26, robotic vacuum cleaners contributed nearly two-thirds of our vacuum cleaner revenues, underscoring the strong shift toward smart, automated, and convenience-led cleaning solutions. Over the last two years, our robotics business has grown nearly threefold, driven by rising consumer awareness, increasing adoption of premium appliances, and our ability to combine innovative products with a differentiated distribution and service ecosystem.

As the category evolves, our focus remains on making robotic vacuum cleaning more effective, intuitive, and relevant to Indian households. During the year, we continued to strengthen our portfolio through a series of functional innovations aimed at addressing real consumer needs, including enhanced wet mopping capabilities, the use of disinfectant solutions during cleaning, superior corner and edge cleaning through extendable brush and mop systems, and intelligent navigation. These innovations are helping elevate the user experience while reinforcing our position in the premium segment of the market

Beyond product innovation, we are building the broader ecosystem required to accelerate category adoption at scale. Our omni-channel distribution model, supported by modern trade, e-commerce, and our extensive direct sales network, enables us to engage consumers across multiple touchpoints. This is complemented by industry-leading service capabilities, multilingual customer support, remote diagnostics, and a growing service network that help create a seamless ownership experience and build consumer confidence in the category. We are also advancing our localisation agenda through partnerships, strengthening local manufacturing capabilities, and enhancing supply chain agility as the business scales

We believe robotic vacuum cleaners remain significantly underpenetrated in India, presenting a substantial longterm opportunity. Going forward, we aim to deepen our presence across modern trade through enhanced in-store visibility, dedicated experience zones, and live product demonstrations that allow consumers to experience the benefits of robotic cleaning firsthand. At the same time, we will leverage our direct sales network to educate consumers, expand category awareness, and accelerate adoption across a wider customer base. Supported by continued innovation, increasing premiumisation, and a strong go-to-market ecosystem, we remain well positioned to capitalise on the growing robotics opportunity and pursue our ambition of building a ₹1,000 Crore robotics franchise by FY30

Our installed base of water purifiers provides a significant opportunity to drive long-term growth in service revenue through deeper customer engagement and higher service penetration. While AMCs remain an important part of our service strategy, we see larger opportunity in expanding our participation across the filter aftermarket. As awareness on harmful effects of using a fake filter continues to increase, we believe adoption of genuine filters represents an underpenetrated growth avenue

To capture this opportunity, we are focused on simplifying the replacement journey for consumers through a streamlined filter portfolio with 5 universal filter kits, enhancing availability of genuine Aquaguard Nanopore filters and stronger engagement across customer touchpoints. We are investing in large-scale consumer education initiatives to reinforce the benefits of using genuine Aquaguard Nanopore filters. Our digital and influencer-led awareness campaigns have already delivered significant reach, with over 1 billion views and growing, helping strengthen consumer understanding and category participation

We are also expanding our go-to-market capabilities through further increasing our distribution reach and deeper engagement with the service ecosystem. By aligning incentives across our service technician network, we are creating additional touchpoints to drive customer education, improve adoption of genuine filters, and enhance service quality. Supported by our digital service platform, extensive service reach, and trusted brand equity, we believe the services business remains well positioned to deliver sustainable growth in the years ahead

Our large customer base represents one of the most significant growth opportunities for the Company. Over the past few years, we have made substantial investments in building a fully integrated digital ecosystem that enables us to engage customers more effectively, simplify service interactions, and create new avenues for monetisation across the customer lifecycle

Today, our digital platform reaches over 2.5 Million monthly active users, creating a direct and scalable engagement channel. This has transformed the way customers interact with our brand, enabling seamless access to product information, service requests, AMC purchases, and aftersales support. As a result, nearly three-fourth of customer complaints are now booked digitally, while nearly two-thirds of AMC sales are completed through digital channels, reflecting the increasing adoption of self-service and digital commerce capabilities

Beyond customer engagement, our digital infrastructure is enabling us to unlock significant opportunities across our installed base. By leveraging data and analytics, we are increasingly able to deliver targeted renewal offers to improve AMC conversions, drive filter replacement cycles, and identify cross-selling opportunities across our portfolio. These capabilities are helping us engage customers more proactively, strengthen retention, and increase customer lifetime value

At Eureka Forbes, AI is becoming an important enabler in our journey to deliver superior customer experiences and drive operational excellence. We are leveraging AI to enhance customer service, strengthen predictive maintenance capabilities, optimise field service operations, and generate deeper insights that help us continuously improve our processes and decision-making. We are also expanding the use of AI across internal business processes, including payments, demand forecasting, and other functions, to improve efficiency, accuracy, and agility across the Company. As we continue to innovate, we remain committed to adopting AI responsibly to improve efficiency, strengthen customer trust, and create long-term value for all our stakeholders.

The platform is also enhancing operational efficiency across our service ecosystem. More than 9,000 service technicians are now connected through our digital platform, enabling better workforce management, improved responsiveness and a more seamless customer experience.

Looking ahead, we see significant headroom to further monetise our installed base by deepening digital engagement, increasing cross-category adoption and expanding recurring revenue streams. In the past two years, our D2C products business has gained exponentially, albeit on a low base, demonstrating the potential of our digital channels to drive both customer acquisition and customer monetisation. By combining the power of our digital ecosystem, trusted brand, extensive service network, and deep customer relationships, we are well positioned to unlock greater value from our installed base and drive sustainable long-term growth.

The transformation of Eureka Forbes from a single-category leader into a multi-category health and hygiene technology company is well under way. With multiple growth engines now in place, there is significant headroom for category expansion, and we believe the business is well positioned for its next phase of value creation.

FY27: NAVIGATING GEOPOLITICAL UNCERTAINTIES

As we look into FY27 and beyond, the external environment remains dynamic and, in many aspects, unpredictable. Geopolitical tensions, supply chain disruptions, input cost inflation, currency volatility, and the potential impact of these on the consumer demand warrant close observation. While these factors may create uncertainty, they also reinforce the importance of building a company that is resilient, adaptable, and focused on the long term.

In this context, we are sharply focused on two priorities:

• Stepping up growth through sustained investments and sharper execution.
• Driving efficiency by aggressively reducing wastage and improving productivity.

Our key focus in FY27 is to accelerate revenue growth while at least maintaining margins. We will continue to invest behind our brands, innovation pipeline, service capabilities, and distribution reach, while remaining disciplined on costs. We will challenge inefficiencies, simplify processes, and improve productivity across the Company to ensure that growth is profitable and sustainable.

At the same time, success in a challenging environment like this does not come from scale alone — it requires agility. One of our enduring strengths is our ability to stay close to customers, understand their evolving needs, and respond with speed and purpose. We will continue to foster a culture that empowers teams to make decisions faster, collaborate seamlessly, and adapt to changing circumstances.

What gives me the greatest confidence is the team and the culture we have built. Across the Company, I see a deep sense of ownership, resilience, and a willingness to go the extra mile for our customers and partners. This entrepreneurial mindset-combined with the strength of our brands, the trust of Millions of households, and the dedication of our teams-will help us navigate uncertainty and capture the opportunities that lie ahead.

While we cannot control the external environment, we can control how we respond to it. By remaining customer-centric, agile, disciplined, and ambitious, we are well positioned to deliver consistent performance and create long-term value for all our stakeholders.

BUSINESS OUTLOOK

As we transition to the next phase of our transformation journey, our ambition is clear — to significantly step up growth while building a stronger, future-ready organisation. We have reset the foundation, further strengthened our capabilities, and built momentum across the business. We now move forward with purpose and conviction, determined to accelerate growth, lead through innovation, and create lasting shareholder value.

Our confidence is underpinned by the structural growth opportunity in the categories we serve. These categories represent an estimated market size of over ₹26,300 Crore by FY30, growing at a healthy 15% CAGR (FY23-30). More importantly, they remain significantly underpenetrated, with household adoption ranging from less than 1% in water softeners to just 7% in water purifiers. As consumer awareness of health and hygiene continues to rise, we believe these categories are poised for sustained expansion. With our trusted brands, nationwide service network, omnichannel reach, and innovation-led portfolio, Eureka Forbes is uniquely positioned to drive category growth while strengthening its market leadership

2x

Revenue (FY25-30)

3x

Adjusted EBITDA (FY25-30)

We have set an aspiration to grow revenue to ₹ 5,400-5,600 Crore and EBITDA to ₹ 800-850 Crore by FY30-double revenue and triple EBITDA from FY25. We expect this growth trajectory to build progressively over the coming years, with a meaningful acceleration from FY27 onwards as the strong foundations we have built translate into faster, broadbased growth. This acceleration will be driven by continued innovation, deeper market penetration across our core and emerging categories, stronger omnichannel execution, and sustained improvements in operating leverage. While the journey will unfold in a measured and disciplined manner, we are confident that the business is now positioned to deliver stronger, more profitable growth over the medium term.

The combination of a large addressable market, increasing category awareness, strong brand equity, and increasing scale gives us confidence in our ability to create significant long-term value for all stakeholders. While the opportunity ahead is substantial, we remain equally focused on building a business that is sustainable, responsible, and positioned for success well beyond FY30.

In the end, I would like to sincerely thank our employees for their passion and commitment, our customers for their trust, our partners and suppliers for their continued support, and our shareholders and Board members for their guidance and confidence throughout this journey.

The runway is clear, the engines are firing, and Eureka Forbes is ready for take-off. With ambition in our hearts, confidence in our strategy, and momentum on our side, we are ready to soar into our next chapter of growth and value creation.

Regards,

Pratik Pota

Managing Director & CEO