Eureka Forbes Ltd saw a sharp 8.4% jump on Friday, closing at ₹658 after hitting an all-time high of ₹668.3 during the session. The stock has surged about 14% over the past five trading days, continuing its robust upward trajectory. At Friday’s close, the company’s market capitalization stood at ₹12,767 crore, with a P/E ratio of 68.94.

The rally followed positive commentary from multiple brokerages after the company’s recent investor meet. Management unveiled a multi-engine growth strategy spanning water, cleaning, air, and softeners, backed by sharper product positioning and enhanced customer awareness initiatives.

Brokerages Highlight Growth Potential

ICICI Securities said the company’s ambition to double revenue and triple EBITDA by FY30 appeared achievable, assuming favorable macro conditions. The brokerage noted Eureka Forbes’ evolution from a water-purifier-led business to a broader health and hygiene player, with clearly defined growth engines.

ICICI highlighted the company’s strong service platform, supported by digital tools and AMC (annual maintenance contract) growth, as a key moat enhancing recurring revenue. Other strategic moves include targeting ₹1,000 crore revenue from the robotics segment by FY30 and rationalizing more than 60 filter kits into five universal kits, improving operational efficiency.

ICICI Securities projects revenue and PAT CAGRs of 12.7% and 20.9% over FY25-28, maintaining a ‘buy’ rating with a DCF-based target price of ₹700.

HDFC Securities, in its coverage initiation, described Eureka Forbes as having undergone a major turnaround under Advent International’s management, with improved growth, margins, and strategic direction.

The brokerage noted market leadership in underpenetrated segments—around 40% share in organized water purifiers and 60% in vacuum cleaners—highlighting significant long-term growth potential. EBITDA margins have expanded from 7% in FY23 to 11% in FY25, and reached 12% in H1 FY26, with further improvement expected from operating leverage and cost optimization.

HDFC Securities forecasts revenue, EBITDA, and APAT CAGRs of 14%, 23%, and 27% over FY25-28, supported by continued momentum in water purifiers, recovery in services, and strong traction in vacuum cleaners. The brokerage initiated coverage with a ‘buy’ rating and a target price of ₹830 per share.