The Eveready non-battery business is about to become nearly half the company. Eveready Industries expects its non-battery business to account for 45 per cent of total revenue, its chief executive told Outlook Business, as the iconic Indian battery maker accelerates a diversification drive that has already delivered eight straight quarters of double-digit top-line growth.
The target marks a decisive shift for a company that spent decades defined by a single product. The Eveready non-battery business spans flashlights, lighting, home care and a growing list of new consumer products, and management believes it can carry the company’s next phase of growth.
In an earlier interview with The Hindu BusinessLine, CEO Anirban Banerjee sketched the longer-term ambition: within two to three years, roughly half of revenue should come from batteries and the other half from non-batteries. Currently, around two-thirds of revenue comes from batteries and about one-third from flashlights and lighting.
How the Eveready non-battery business was built
It has been built on the company’s core strength: power. “Wherever there is a play of batteries and power, that part we will be slowly addressing,” Banerjee told The Hindu BusinessLine. “Our strength lies in power, portable power, knowledge of household batteries. We are trying to use the best of that knowledge to make products in home care.”
That philosophy has produced a stream of innovations. In recent months the company has launched new flashlights, including models designed for farmers to ward off animals from their farms. Over the past one to two years, a cadence of such launches has helped the Eveready non-battery business sustain double-digit growth for seven to eight quarters, for a company that, in Banerjee’s words, “did not have any growth for decades”.
The newest frontier is home care. Eveready has launched the Eveready ULTIMA liquid vaporiser, a portable device that works without fixed electrical plug-points, entering the Rs 2,800 crore portable mosquito repellent segment within India’s roughly Rs 5,000 crore household insecticide market.
Eveready non-battery business meets financial discipline
The diversification is unfolding alongside improving financial health. In the first quarter of FY27, Eveready reported consolidated net profit of Rs 37 crore, up 22.3 per cent year on year, with revenue growing 9 per cent to Rs 407.7 crore. The company has set a target of becoming debt-free within the next four to five quarters.
Investors are watching the division closely as the balancing act between legacy operations and new categories plays out. The company’s shares were trading in the Rs 318 to Rs 320 range in early October, with a market capitalisation of about Rs 2,426 crore and promoter holding of 43.6 per cent as of September 2026.
There have been headwinds. A weak and late monsoon postponed some flashlight sales, and raw material costs have been affected by global conflict, which the company has partly offset by passing some of the price increase to consumers. Even so, the Eveready non-battery business has kept growing through the disruption.
What the Eveready non-battery business means for investors
For investors, the 45 per cent target for the Eveready non-battery business is both a promise and a test. Diversification reduces dependence on the mature, price-sensitive dry-cell market, where margins are thin and growth is hard to find. Success would re-rate a legacy brand as a broader consumer-products company.
The risk is execution. New categories bring new competitors, from established FMCG giants in home care to agile lighting brands. It will need to prove it can win shelf space and consumer loyalty beyond the battery aisle where the brand’s equity was built.
For now, the numbers are moving in the right direction. If the Eveready non-battery business hits 45 per cent of revenue, it will mark one of the most successful reinventions of a legacy Indian brand in recent years, powered not by abandoning the battery, but by building everything around it. The next two quarters will show whether the 45 per cent ambition is firmly within reach.