Eureka Forbes Ltd ticked most of the boxes in FY25
4 August 2025
Eureka Forbes Ltd (EUREKAFORB)
- EFL ticked most of the boxes in FY25: (1) product growth acceleration to high teens, (2) margin expansion and (3) healthy FCF generation.
- EFL expects the product business to continue in its mid-to-high teens growth trajectory in FY26, notwithstanding the challenging market conditions.
- Company will maintain its thrust on innovation to further reduce the total cost of ownership in water purifiers so as to accelerate penetration and improve its premium mix.
- On the service front, management expects growth to accelerate in the next 3-4 quarters.
- Management shared that the EBITDA margin will keep expanding year after year, even as it further ramps up A&P spends.
- Our fair value is based DCF (discounted cash flow) methodology.
Note: This is a synopsis of the Research report issued by Kotak Securities Limited. This is not a comprehensive
report and before taking any investment decision we request you to refer the detailed report including
disclaimers by clicking here: https://www.kotaksecurities.com/stock-research-recommendations/. Further,
the recipient of this material should take their own professional advice before investing.
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Home First Finance (HOMEFIRST) Home First remains consistent on operational and financial parameters. Home First (HFFC) reported 24% earnings growth, with 19% net interest income growth in Q2FY25. Gross stage-3 ratio was flat qoq at 1.7%, stage-2 ratio declined 6 bps qoq to 1.1%. While other asset classes have reported mixed trends residential home loans, as an asset class, continues to stand tall. Home First, with 85% home loan exposure, is well-placed on the above. We expect the company to deliver 25% earnings CAGR for FY25-27E. We remain assertive with a BUY rating and FV of Rs1,360 (no change). Note: The above is a brief note on the company, based on the inputs of KIEresearch report dated 25111Oct, 2024, which is available onour website at: https://www.kotaksecurities.com/ksweb/ResearchCall/Fundamenta1. Disclaimer: http://bit.ly/2n5Ax1E https://www.kotaksecurities.oom/ksweb/research/kotak-research-reports/top-weekly-picks
