Eveready Industries India Ltd (NSE: EVEREADY) Q3 2026 Earnings Call dated Feb. 06, 2026
Corporate Participants:
Anirban Banerjee — Chief Executive Officer
Bibek Agarwala — Executive Director & Chief Financial Officer
Analysts:
Unidentified Participant
Manasi Bodas — Analyst
Arnav Sakhuja — Analyst
Krish Mehta — Analyst
Priyank Chheda — Analyst
Bhargav — Analyst
Mehul Savla — Analyst
Vipul Shah — Analyst
Saket Kapoo — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the Everyday Industries India Limited Q3 and 9 months FY26 conference call hosted by Add Factors. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing 0 on your touch to your phone. Please note that this conference is being recorded. And now in the conference Votemous Mansi Vadas from AD Factors. Thank you. And over to you Mansi.
Manasi Bodas — Analyst
Thank you Neerav. Good evening everyone and welcome to Ever Ready Industries India Limited’s Q3 FY26 earnings conference call. Today we are joined by senior members of the management team including Mr. Anirban Banerjee, Chief Executive Officer, Mr. Vivek Agarwala, Executive Director and Chief Financial Officer and Mr. Anirvan Ghosh, GM Finance and Head of Investor Relations. Before we commence, let me share a standard disclaimer. Some of the statements that may be made on today’s conference call may be forward looking in nature and actual results could vary from these forward looking statements. A detailed communication in this regard is available in the earnings presentation that has been circulated to you earlier and also available on the stock exchange website.
I would now like to invite Mr. Banerjee to share his perspective with you. Thank you. And over to you sir.
Anirban Banerjee — Chief Executive Officer
Thank you Vansi. Good evening everyone and thank you for joining us for Everett Industries earnings call for the third quarter of FY26. I trust you’ve had the opportunity to review our financial results and the investor presentation. I will focus my remarks on the operating environment, our performance during the quarter balance sheet priorities and how we are positioning the company for the medium term. The quarter played out in a mixed but gradually stabilizing demand environment. Urban consumption remained selective while rural demand remained relatively stable supported by post monsoon cash flows, improving agri realizations and festive season spillovers.
Consumer spending continued to remain skewed towards essential and value added categories with discretionary spends staying measured on the cost side, while the headline retail inflation remained benign, global commodity markets witnessed renewed volatility during the quarter. Zinc prices moved higher and the US dollar strengthened leading to elevated input cost pressures across the manufacturing sector. These factors required a careful balance between pricing actions, cost management and working capital discipline. Against this backdrop, I am pleased to highlight that Q3 for the financial FY26 marks the fifth consecutive quarter of revenue growth for Everiti. To put this in context, the company delivered robust growth in both revenue and EBITDA at 10.1% and 13% respectively, driven primarily by the batteries business growing 11.1% in quarter three even as certain categories faced near term softness.
This performance reflects the strength of our core portfolio and the execution measures undertaken over the last few quarters to stabilize the business and rebuild momentum. The batteries business continued to anchor performance and remained the primary growth driver during the quarter. The overall quarter value share was held at 51.9% while the zinc battery share stood at 58.3. Alkaline volume shares continued its upwards trajectory reaching almost 19% in December 25th. Growth was broad based across core categories supported by our distribution reach, brand equity and continued consumer preference for reliable offerings. As of December end, we remain present in 4.7 million retail outlets, reflecting a 3% growth compared to the same period last year.
The alkaline portfolio continued to gain traction growing at almost close to 72% aided by increasing usage of power intensive devices. Carbon zinc volumes remain stable, benefiting from rural recovery and our deep reach across smaller towns and rural markets. During the year, we undertook calibrated price increases across select battery categories to address sustained input cost inflation. While part of the benefit flowed through during the quarter, the balance impact is expected to accrue over the coming periods. Elevated zinc prices and currency movements were mitigated through effective hedging and disciplined cost controls, enabling us to protect operating performance without materially impacting volumes.
In the flashlight segment, the quarter saw overall softness driven largely by moderation in the battery operated category, reflecting a certain category maturity. However, the rechargeable flashlights continued to see steadier demand in line with industry strengths, with more than 50% of our portfolio share in the quarter coming from rechargeables, which remains a key focus area for us. As consumer preferences shift towards value added formats. Regulatory developments such as mandatory implementation of BIS certification are expected to support medium term growth for organized players by accelerating formalization within the category. From next year, we are also happy to announce that the company filed a patent application for the first time for its rechargeable flashlight known as the hybrid.
The lighting business continued its gradual recovery during the quarter, growing 10.5% in value aided by strong underlying volume growth. While the broader LED category remains structurally competitive with ongoing price pressures, our focus on portfolio upgradation is beginning to show results. A higher mix of value accretive SKUs such as the high watt LED bulbs, accessories and consumer luminaire supported improved realizations. Professional and institutional lighting saw selective softness during the latter part of the quarter, though underlying demand fundamentals remain intact. During the quarter, the company launched its mightiest battery ever. Lithium, AA and AAA home batteries under the Ultima brand offer up to 15 times longer life within high intense devices.
We continue to invest in focused targeted brand building initiatives across both physical and digital channels aligned with key consumption periods and category priorities. Our marketing strategy remains efficiency driven, designed to enhance brand salience while supporting the adoption of new products across batteries, flashlights and lighting. From an execution standpoint, manufacturing operations remain stable and uninterrupted throughout the quarter. Progress at the Jammu Alkaline Battery Facility is on track for completion by the end of the current fiscal year. The project will be first of its kind to promote made in India alkaline batteries and and to improve the margin profile by almost 10% in this segment with supply chain resilience.
Over the long term, the facility is expected to play a strategic role in supporting premiumization and margin improvement for the Everetti battery portfolio. Strengthening the balance sheet remains a key priority for us during the quarter. Net debt reduced to 317 crores post investment of of 167 crore in the Jammu Alkaline Facility. Despite elevated zinc and dollar prices during the quarter, we managed our operating margins well with prudent commercial discipline across receivables, inventory and payable front. We contained net working capital to less than 15% of revenue in the quarter. The board approved disinvestment of a divestment of a non core land parcel at Noida.
This is a strategic step aimed at enhancing financial flexibility and debt reduction during the quarter. The company also initiated stock scheme under employee stock options planned. We view ESOPs as an important mechanism to align long term employee interests with shareholder value creation to support leadership continuity. To summarize, Quarter 3 FY26 reflects steady progress across our core priorities. We have delivered another quarter of growth in a challenging environment, strengthened our balance sheet, maintained operational discipline and continued to invest in strategic capabilities. While near term conditions remain dynamic, we believe Emirati is better positioned today than it was a year ago in terms of execution readiness, financial flexibility and strategic clarity.
The company is well poised to continue the growth momentum going forward with a keen eye on driving premiumization. With that, I will now hand over to the moderator to open the floor Questions. Thank you.
operator
So, shall we open the floor for questions?
Anirban Banerjee — Chief Executive Officer
Yes please.
Questions and Answers:
operator
Thank you very much. We’ll now begin with the question and answer session. Anyone who wishes to ask a question may press STAR and one on their custom telephone. If you wish to remove yourself from the question queue, you may press STAR and two participants Are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles participants. You may press star and one to answer question. The first question is from man of Arnav Sakuja. Please go ahead.
Arnav Sakhuja
Hi. Thanks for taking my question. So my first question is that year on year we had around a 150 basis points fall in the gross margin. So what were some of the reasons for this?
Bibek Agarwala
So basically what happened? You know, if you compare the cost of the material which was zinc and the dollar and other materials. So during this period the cost value increased the price. The cost increase was much higher than the price increase. So that is why you could see there is a marginal dip. But this is a seasonal factor. I think going forward it will neutralize.
Arnav Sakhuja
So was there any factor of change in the product mix as well or was it just the zinc and dollar prices that caused the reduction in the gross margins?
Anirban Banerjee
No. So there are two parts to it. So you know absolutely right that there was strengthening of the commodity prices which is one of the key factors. There is a bit also of the fact that as some of the other categories start strengthening itself, there was a bit of a dilution from a quarter by quarter point of view. But I think it is only in the short term.
Some of these will stabilize over the long term and we look at improving margins given that a lot of the subsegments that we are currently driving are towards premium positions which definitely have a better margin profile.
Arnav Sakhuja
Right. And with regards to the disinvestment of the non core land parcel in Noida, would it be possible to quantify some of the benefits that we can receive from this over the next couple of years? Maybe.
Bibek Agarwala
So I think the first foremost at this point of time we got an in principle approval because as you are all waiting for this and there was an embargo there. So in the last quarter only the embargo was lifted and then board immediately took the decision to realign the all manufacturing capabilities basis the need. And now the principal guideline. Go ahead. Has been given. The primary objective will be at this point with this realization to reduce the date the primary. I’m not seeing the close. The primary object will be debt reduction. And then of course some opportunity comes up that will be a later stage at this point.
Arnav Sakhuja
Okay, thank you for answering my questions.
Bibek Agarwala
Thank you.
operator
Thank you. Next question is from Nairof. Krish Mehta from NAM Holdings. Please go ahead.
Krish Mehta
Thank you for taking my questions. If you could provide the number for the advertisement expense. This Quarter it would be helpful. And the second question I had was on quick commerce. If you could tell us what was the percentage of sales coming from the Quick Commerce channel this quarter?
Anirban Banerjee
So you know, total add pro for the quarter stood close to about 41 odd crores which is a fair mix of ATL land BTL as far as our e commerce business is concerned. So you know, close to about. 4. To 5% of the revenue would be coming from E commerce. It is important to note that close to about 55% of the entire e commerce business today is housed under the quick commerce segment which has seen a tremendous growth over the last one year.
Krish Mehta
Yeah, that’s very helpful. Thank you.
Anirban Banerjee
Thanks.
operator
Thank you. Next question is from line of Priyank Cheda from Alum Capital. Please go ahead.
Priyank Chheda
Yeah, hi sir. First. Would it be possible to tell me what was the absolute volumes in terms of million batteries sold for carbon and alkali as well as YOY growth?
Anirban Banerjee
So we approximately on a YTD basis for the year, we would be somewhere short of a billion batteries both put together.
Priyank Chheda
And how would that be compared to yoykd?
Anirban Banerjee
So that would be typically a growth of about, you know, 4 to 4, 4.5% over the prior year, same period.
Priyank Chheda
And it includes carbon and alkaline both.
Anirban Banerjee
That’s correct. So it includes both volume growths in the carbon zinc and in the alkaline battery segment.
Priyank Chheda
Roughly if one were to dissect this carbon versus alkaline separately, carbon would have been flat and alkaline would have contributed the incremental 4,5% of the growth. Is that the right understanding?
Anirban Banerjee
You could potentially say that it is a 50, 50 mixture, right? I mean, while you would, the zinc saliency of the total itself would be more than 90% and thus that would have a huge weight even with lower volume growths. But the alkaline also, as I mentioned, grew aggressively over 70%. So even though the saliency is lower, the absolute volumes between the two of them could be parted half off.
Priyank Chheda
Perfect. Coming to the second question on the pricing outcomes that we are seeing with respect to the raw material, two questions onto this. One, how much of the pricing have we taken this quarter and how much is left to be taken to for us to go back to the normalized gross margin level? And second, on the market impact, given this pricing elevation that we have seen, what happens to the industry which has a rest of the 48% of the market share, do you find players finding it difficult to cope up with the profitability due to the raw material pricing increase.
Anirban Banerjee
So to your first question. We have picked up prices in our premium portfolios. It’s both in the zinc side of it and in the alkaline side of it. And while we have just picked it up at the end of quarter three, I see the impact panning out much further during the course of this quarter and the new financial year as well. That being said, the zinc prices continue to remain right at the top and thus will there be more connections needed if zinc continues the way it is over the quarter? Maybe and it might impact some of the popular and the economy segment of zinc as well as that being said, I think it’s a very interesting question as to what would be the impact of the reaction on the balance 48% of the market.
It should ideally move in line with the raw material price increases and thus given that the Everaddy brand is is a category leader is definitely showing the direction.
Priyank Chheda
Got it. My third question on the Jammu facility, once it’s operational by next quarter end what would be the ramp up schedule kind of a thing that we should think of it over next 1, 2, 3 years if you can guide that would be great.
Bibek Agarwala
So we expect to start at least definitely 25 to 30% capacity utilized at the beginning of the year immediately because it is a very high sizable capacity plant and we are looking for all sort of opportunity and definitely by the year two we will try to get it more than 40,000 40 to 40 to 50% we will be trying to go in the next two years of the population.
Priyank Chheda
And if I may add one more question to this on the overall portfolio if I have to see other than lighting products and batteries we were planning to have very different product launches which can be cross sell into our own distribution channel. We have been waiting for you to call out what would be those another big hit products that can that we can leverage from our distribution system. That would be my last question. Thank you.
Anirban Banerjee
So currently we’ve launched other than core of batteries flashlight lighting products. We had forayed into mosquito rackets last year and which has seen a good traction across our channels in the current year. In the current year itself we have forayed into mobile accessories which we have currently pushed in and are looking good in the E commerce channel and we are yet to bring it to our traditional channels within our core. I think we’ve pushed lithium batteries to strengthen some of our battery portfolios and flash hybrid and a couple of other flashlight launches has been consistent.
Lighting has its own NPTS pushed out but that belongs to the court. I think with this the basket is full. As we settle it across the channels going forward into the new financial year, we are looking at a few categories more to add depending on the strength some of our current core and new products have added. And I guess as soon as we are in the market with that, you will get to know on how they perform. I hope that answers your question.
Priyank Chheda
It answers what I was looking out for a numbers around what can be the size of say mobile battery accessories that we wish to or we may aspire in next one or two years or maybe a revenue size on the lithium ion batteries or certain other specific products which you think that can be a very good sizable numbers that we are banking on.
Anirban Banerjee
So all of these have been launched and as they get traction in the current year, we’ll probably be pegging a number on how some of these will grow in the future. But as you can see that the consolidation of all of these numbers put together is what is today leading US to quarter three stabilizing at more than 10% top line growth. And I hope that sometime in a short future we should be able to put a much more quantifiable number on what we expect from some of the other new categories in the future. Course.
Priyank Chheda
Thank you.
Anirban Banerjee
Thank you.
operator
Thank you. Next question is from Ravi Kapoor from Sani Advisory. Please go ahead.
Unidentified Participant
I had two questions. The first one is on the Noida land monetization. So how much value are you expecting from this monetization and are there any such more monetizations planned ahead?
Bibek Agarwala
So I think, I think yesterday only this declaration has been given. So one we got a one cutoff first guidance from the board that minimum price required for this is to be 250 type of 50 crores. So that indication has been given and I think this is the first kind of things after the immediate embargo has been happened. Now our rest of the all facilities are very much all operating working well at this point of time. And if something’s come up we’ll be more keen because we are more interested on optimizing our operating expenses because we want to consolidate things.
But we will have to very closely watch out once our Noida is coming up how this facility is performing. And but at this point of time Noida is the facility which we are looking for.
Unidentified Participant
Understood. My second question is you have achieved a Market share of 19% if I’m correct, what could this number look like say by end of FY27.
Anirban Banerjee
So I mean I can give you what the evidence of the Past is, I think between over the last 24 months in this journey of pushing this new sub brand called Ultima, which is our foray into alkaline, we’ve moved the, you know, needle by almost about 19%. Right. So going ahead, I think the momentum continues be difficult to peg exact market share point. But given the past evidence has been continuous growth. I leave it to you to, you know, visualize the future.
Unidentified Participant
Sure, sure. Thank you.
operator
Thank you. Next question is from Nana Bhargav from Ambit Asset Management. Please go ahead.
Bhargav
Yeah, good afternoon team and thank you for this opportunity. My first question is that given that your key raw material prices have become very volatile, is it fair to assume that out of this 52% market share there could be some market share gains maybe in the next one year? Because few of the unorganized players would not have been able to bear this. Volatility in bring prices.
Anirban Banerjee
So the battery market of the 199% of the market is organized and it is a very small set of players. There are typically four to five players who together hold on to almost close to 99% of the share. And all of them are organized branded players. So thus the volatility would typically have a bearing on all of us and each of us to contain it in the manner best suited. We have obviously ensured that we’ve negated it with some amount of calculated price increases in our premium portfolios. And if the momentum of zinc continues even sharply, then I think it will be obvious that one will need to look even at the popular and the economy segment as well.
And with that we obviously as a leader we have provided the headroom for everyone to allow for such price guidance.
Bhargav
So my second question is on the alkaline battery manufacturing plant. So at what levels of revenue can. We expect a breakeven in that factory?
Bibek Agarwala
So along with the Alkal, actually honestly the plant will be a breakeven from the day one because we’ll also be manufacturing some other products years to ensure that we don’t lose the leverage on the production from the day one. So what we are looking for, as we have mentioned that this plant, because the volume is going to be very high the way our alkaline is going. It is very heartening that 20 to 30% plant capacity in the year1. And since in the next full year financial year, we are going to get the utilization. So we are very confident the year one itself will be the break even because our operating margins are going to be much better.
When you do our own manufacturing that is the 10% operating margin we are looking for better from our domestic manufacturing compared to the import.
Bhargav
Okay, so fair to assume that in the when you hit a 150 crore, the revenue may be in FY27. There won’t be any dilution in terms of your overall reported EBITDA margins, which are around 10, 11%. It is fair to assume, but it’s.
Bibek Agarwala
Too early at this point of time. Right. If you see all matrices are working very good. We have taken a price hike in our ultima portfolio. Cost of materials are getting reduced. So you in a fair to assume for you that if price increase and the material cost both are moving favorably, then a point will come point of convergence where you know, you know, alkaline sale of more alkaline will probably not dilute to the margin. Anybody you would like to add?
Anirban Banerjee
Yes, I will begin a point here. I think having had the foresight and the shareholders having the foresight to put up India’s only alkaline plant, you know, very soon coming up and as Vivek mentioned, on terms of the utilization, when you view this local manufacturing in that tandem with the price increases that we have currently taken and maybe a little bit more in the future, the alkaline batteries in India will be at par with the zinc premium batteries in India. And thus from a battery portfolio point of view, as long as we continue to hold a large part of the battery market share of premium batteries in India, the portfolio dilution of gross margins looks unlikely.
Right. And hopefully we should be able to hold in spite of the commodity pressures in the short term.
Bhargav
In terms of rechargeable batteries, obviously the growth was close to about 8 to 10%. But as the BIS benefits start kicking in, do you see this business also coming back to double digit growth maybe. Next year.
Anirban Banerjee
The rechargeable battery segment? Oh yes, yes, yes. Interesting question. So the BIS mandate came in last year and. But the BIS mandate comes in, you know, various time periods for various segments. So for the large players it was already implemented by July of last year, the last set of MSMEs, etc. The implementation time was end of January. Now is the actual time where one needs to see ground level implementation. Colloquially, yes. If people, you know, who were bringing it from outside will potentially want to bring knockdown kits and assemble it in India and sell it and having to adhere to all the BIS compliances there should ideally, if done well by everyone, should ideally make the cost of compliance push up some of the price advantages that the unorganized players used to have.
In the pre BIS era. So one we are looking forward that as we enter into the season sometime in June, July, August of the new financial year, some of these dynamics and closing price gaps between the branded and the should happen on market and that should pose a favorable growth stronger than what we’ve seen earlier for our rechargeable flashlights because portfolio is quite wide from hundred rupees to almost a thousand rupees, from pocket torches to large size commander torches. Hope that answers your question.
Bhargav
And lastly any timelines in terms of the monetization of the NoIDA facilities? Maybe one year, two year.
Any thoughts?
Bibek Agarwala
Yes, I think I explained that yes, we are looking in a time bound monetization of Noida facility within the next six months.
Bhargav
Okay, next six. Great. Thank you. Thank you so much and all the thank you,
Anirban Banerjee
thank you,
operator
thank you. Next question is from line of Mehul Salah from RW Equities. Please go ahead.
Mehul Savla
Hello. Thank you for the opportunity and first congratulations to the everyday team for the strategy and the efforts put in because to achieve this growth both in top line, bottom line in a challenging environment is really very credible and satisfactory for US investors, especially when we look at some of the smaller listed players and the pain in their top line and bottom line. So congratulations to the team. I have two questions. One is for the alkaline manufacturing facility, as you said, you know there is a very large capacity. So apart from, you know, our own brand and other products, is there any plan to manufacture alkaline batteries for third party white label? You know and if yes, then what type of brands is it? Like other competitor brands or retailer private label brand.
If you can just share some thoughts.
Anirban Banerjee
So this factory, as I mentioned the uniqueness is the only alkaline plant in India and potentially even within the Sark subcontinent. That interesting question. While of course it will feed into our brand definitely and our push towards better margins in alkaline and better shares and propelling India into stronger alkaline chemistry for more intensive, you know, high device penetrations that you will see over the decade in India. But interestingly this plant and us should have the capability to cater to any white label requirement that arises out of Middle East, Europe, US or even parts of Africa etc.
So thus not containing it to branded play in India but to white labeling space across the world and to white labeling across anyone who decides to launch branded alkaline under their brands in India, we would be more than happy to serve given that the ability, their ability to source from us will be at an advantageous price position than bringing it from outside India.
Mehul Savla
Great, thanks. And second is a question and also partly a suggestion that since now the embargo has been lifted on you know, a dilution or issuance of equity. And you know the ESOP is a great move. The other factor is that even after the land sale monetization of Noida, we’ll still be sitting on probably about 100 crores of debt. So and given the promoters holding right now, probably equity issuance may be considered by the company and whether that is, you know, something being considered and suggestion is that given that, you know, we have kind of taken all the hard work and reached here at the cusp of, you know, strong growth that the board and the management, you know, considers any equity dilution at a appropriate premium if at all that is, you know, contemplated.
Thank you sir.
Bibek Agarwala
Thank you Mahal. Well noted. Thank you so much. Yeah.
operator
Thank you. Next question is from the line of Vipul Shah from RW Equities. Please go ahead.
Vipul Shah
Thank you for the opportunity. So very specific question is regarding to the MAD credit which you know we the company had as of 31st March 2025. One question sir was that with this proposed Noida sale any sort of tax implication on the sale of the surplus land will the company be able to. Sort of. You know, take use of the max credit which the company still holds against this because that will be a sizable portion of tax which the company will have to pay on the eventual sale of land. And secondly I believe this budget has proposed a sunset clause for any match credit. So you know, probably if you can throw some light on you know, whether you know, this 85 crores of credit which we had will remain or will have to be written off. Thank you.
Bibek Agarwala
Thank you people. You know, very good asking a very finance tax question in this forum but very relevant with respect to the income tax. I think this is just an finance has come and is not yet been enacted but is a matter of evaluations. We are doing good work for us that 26 was the last year for our match credit. So thankfully thanks to FM for considering this finance budget to end this as a sunset loss. So for us from the next year we are anyway migrating to the new regime. Okay.
With respect to the sale of the assets and the working taxation, of course we will take the right way how the best suited tax adjustments come. But there is as you know in the new provision has come that up to 25% of the match paid only you can apply and not list but capital gain, you know, only can Be say capital gain is a nature job separate. So if you have a lot only in that year you can set off. Otherwise you have to pay the tax. So we are monitoring because now since we got a mandate for that and ensure that will be the best tax adjustment for the capital gain.
Vipul Shah
The one other question which I had was in terms of the amount of raw material which primarily goes in the carbon zinc is it sort of the same number of. I mean amount of raw material which also goes into alkaline?
Anirban Banerjee
No. So the chemistries are different. So I mean in short if I were to understand your question, let’s say very close to about one third of the zinc batteries are composed of zinc. But the quantum of zinc in an alkaline battery is significantly lower.
Vipul Shah
That actually answers my question. Sir, thank you so much.
Anirban Banerjee
Thank you.
operator
Thank you. Next question is from line of Vikash Srivastava individual investor. Please go ahead.
Unidentified Participant
Yeah, thank you. Few questions. The first question is is there a range of this land? Is it a minimum of 250? Is there a valuation done? Is it 250 to 500 and how is the board? You know some assessment may have been made to put that figure of 250. I’m assuming it can’t. You know it’s not like from there. So I just wanted to know what is. What is the. What is the range and debt is also a confirmation that a debt is 350crores. Is that right?
Bibek Agarwala
Yeah, absolutely valid because the. And thank you very much because I required some time. You are asking this question right that what happens to that. I know and if you see that this quarter back only the embargo ended and the important place. So we got valuations done and places the valuation mean and median range considering board has given this mandate. So because there are a lot of factor has been considered what is the recent sizes of sales has happened there? What is the circle rate available there? What is the market rate? So and this rate has come basis the valuation report.
Submit it.
Unidentified Participant
Thank you. Next. You know somebody asked a question on you know, is there a possibility. So while I do understand that you know you haven’t come to a decision yet but going forward we have you know so much real estate and properties outside. Is it. Is it a possibility of you a little down the line that there’ll be more rationalization and disinvestment. Is there a possibility?
Bibek Agarwala
No. So absolutely valid point. As we state that recently we have done a first round of our realignment initiatives and if you see 2nd of October only the embargo removed on 5th of November board has formed a subcommittee and this is this recommendation of this subcommittee. So at this point of time all our plants are very much operational professionals and once the Noida by Jammu facility comes up, we see how the things are coming. Definitely the next round of assessment will happen whether something will come out or not. But now this is going to be a part of our at least very, at least a yearly exercise.
Definitely.
Unidentified Participant
Yeah that is helpful down the Noida factory just to refresh everybody’s memory. What is the capacity at hundred percent. And since you know what I hear from the call that you’re going it’s not a pilot production but you probably go into commercial production and immediately ramp up to 20, 30%. Are we talking about this as about domestic consumption or what is the you know your marketing team must have already started working in terms of white labeling both within India and outside India. What is the response and the last question in in the light of RTM now being in order, most of your products, you know things seem are now in a steady state.
You know I’ve been a shareholder now for probably six, seven years. Where do you think we can get a real kicker on the CAGR top line growth? Are we ready for it? Could we be expecting over the next three years should we be expecting a 15% or you know what a range of 15 to 20% CAGR growth with the scale leading to higher EBITDA margins. Is there a three year target? Is there something you want to talk about in terms of 2 to 3 years target?
Bibek Agarwala
Thank you Vikas. I think I want Nirvan to address but I think one clarify. You said what about the Noida plant capacity. I think you mean Jammu.
Unidentified Participant
I meant Jammu.
Bibek Agarwala
So the context completely changed. So just to put you that you know the practical capacity of this plant is around 350 million. Okay. And we have given a very bold statement of 20 to 30% 30% utilization. Right now we are around 60, 70 million type of number. We are sitting. So definitely the way growth our internal team the market says that we have set up 30 million 30% so definitely we’ll go for however with respect to next three years. And what is that? Let’s anilbad just we can add the slide on that.
Anirban Banerjee
My sense is it’s early to call out on the three years but if you were to look at our last five quarters it has been steady growth and the growth percentages have gone up consecutively over the last five quarters. And given that you’ve been a partner with this organization for a long time. The growth parameters have never been very strong in the last one decade. In fact, if you were to look and go back in time between 2015 to 2022, these were all negative growth years from a top line perspective. In spite of many hits and trials with the new shareholding in place over the last two to three years, the CAGR was hovering at about 4 to 5% essentially from multiple transformations, culture, people, process, RTM, stabilization, SAP, et cetera.
While doing that. If you see in the current year, and that’s why the last five consecutive quarters following all of these, there has been steady increase in the growth on a percentage basis, quarter on quarter. While doing that, I think we are also having strong headwinds in terms of commodity prices and dollar and unfortunately not the best time for immediate projection of a three years. But looking in the short term, I quite see that we will be able to carry this momentum forward and from there we will figure out what are the other new categories that we will push it in to move ahead from the lower double digit side.
Unidentified Participant
Okay, thank you for that. You know, just the number. So on the alkaline battery plant we are talking about, you know, about a 70 million. So just for my understanding, how much of that is offsetting our internal consumption which we were otherwise buying and what is the percentage and you know, a little bit of light on how is the general response to your white labeling efforts, which I’m sure you’re already putting in, in terms of the Jammu plant?
Anirban Banerjee
No, so what I mentioned, and you’re absolutely right that the white labeling, whether in India or outside, is action that happens immediately after the plant sets up. So the way it will happen is that the entire quantity that we spoke about will be used for the domestic consumption over and above that as the plant steadies up and all the quality parameters, etc. After the first three or four months is suitably settled, is when there will be multiple approaches for white labeling and people who would want to make it in India and sell will then that’s the time we engage.
See, it’s not a big deal because we do white labeling for zinc anyway in India from a branded play point of view. And thus we are only awaiting for the inauguration of the plant and stabilization before we access the rest of outside and inside for white labeling prospects.
Unidentified Participant
Thank you. And how much time would it take for this inauguration and stabilization? Are we talking about the impression I get that it’s a matter of a month or two is my understanding. Right?
Bibek Agarwala
Of course, like by March our construction finishes up probably the April and May probably that max. But you know we are looking sooner. Once the plant is complete, let’s inaugurate and start the business.
Unidentified Participant
All right. And in terms of with our RTM brand marketing if the time besides your own internal project products which you are pushing into the market, the option, the strong everyday brand and your RTM and the entire backbone ready is our acquisition. You may or may not have anything in the pipeline today but is that an option really? Because that, that is where a kicker could come. Is that, is that an option? Is are there such targets available in the market?
Anirban Banerjee
So the way I would put it is strong sustained structure, growth of the core and maybe some potential increase in the allied categories which the brand is quite capable of leveraging as we go into the future. We are and as you would rightly say that we are a very strong home care brand in India. So while I think that would remain a core focus over at least the next 12 to 18 months looking at opportunities which fit into the essence of the brand and its potential allied spheres of growth is something that one would keep track of doing parallelly and you know as.
And when that happens. Yes, it would be a kicker as you rightly said.
Unidentified Participant
That is all from me. You’ve been patient. Thank you.
Anirban Banerjee
Thank you so much.
operator
Thank you very much. Next question is from the line of Saket Kapoor from Kapoor and company. Please go ahead.
Saket Kapoo
Yeah, hope I’m audible.
Bibek Agarwala
You’re audible.
operator
Yes, go ahead.
Saket Kapoo
Yeah, yeah. Thank you sir and partly thank you and congratulations to the entire team for walking the talk over the type of numbers that we have exhibited even. Even during the lean season for the company and the industry where we operate. If my understanding is correct sir, firstly pertaining to the Jammu investment, total investment, how much have we done currently and what is still pending to be done and what would be our working capital requirement at the time when the plant will be running at optimum level.
Bibek Agarwala
So we have approval around 180 crore. 90% odd has already been done because as we say that we are just going to complete the construction by the construction is almost complete and the trials are going on. So investment is almost done. With respect to working capital we don’t. See beyond our average because we are very frugal in terms of the working capital. So it is our average company average is 15%. I don’t see anything going beyond at this point of time unless until some major strategic raw materials holding we have. To do initially it could be a. Little bit higher because we will start. At a zero but average we see. Like you know 20 could be the 15 to 20% could be the average range.
Saket Kapoo
20% off sir. What number.
Bibek Agarwala
Whatever the working capital for that whatever the requirement for this plant. Because our average working capital is 15%. Okay, so now see whatever billing we are supposed to do. I’m taking a number. Suppose you do a hundred quote billings from that plant. Maybe 20, 25 crore rupees could be a 30 crore max VA working capital from that plant.
Saket Kapoo
And as our was mentioning about that the requirement for zinc would be significantly lower for the alkaline battery. So key raw material components for alkaline and how have we done the arrangement for the same.
Bibek Agarwala
So as it is a different chemistry. So our procurement teams are secured. Few of the materials are imported that has been already secured and some local. Materials.
Saket Kapoo
Can you give only the colors are key key RM required for alkaline battery.
Anirban Banerjee
So the alkaline has you know multiple so from graphite to acetylene black to you know, zinc powder. So Vivek is absolutely right. Majority of it is sourceable locally. Some parts of it we are obviously moving in from a little bit from parts of Europe and some from Asia. But there is unlike in the zinc batteries where there is a high commodity volatility directly impacting the category going up and down here the bifurcations are much more, you know, smaller and thus a single raw material impacting because of commodity volatility etc. Will be much lower.
Saket Kapoo
Correct. Just to conclude on the JAMMU partner incentives where I think so also apart when we. When we envisage the investment although I think so because of some packages we were not in a position to articulate the same. So any new update on the same that we may receive in terms of GST rollback, GST reimbursement or anything you want to share on that front as. On date
Bibek Agarwala
it is a status quo at this time. We are continuously following up. There is a very. The department is all saying that you know, give a hope and our contrast follow up going on. We are also keeping the hope. But you know till that time we get the registration certificates, you know we are can say that we are still awaiting but that is the status at this point. But you know if you see the JAMMU was always under the incentive from post 2000. So some form of incentive everybody is assuring us. So we are closely following up because anyway once the production start only that will be so we are also keeping our finger crossed and we are continuously following up monitoring to get this benefit.
Saket Kapoo
And lastly sir, on the TCI part, when is the next hearing schedule?
Bibek Agarwala
Sir, mid of March. It is a mid of March.
Saket Kapoo
Okay. And the last it was in January itself I think. So when we. When we heard in the quarter two Concord I think so we have given a date. So any update that happened in the month of January or it is status quo.
Bibek Agarwala
It was in November, probably November. So there was partial hearing. It is a partial hearing. The balance will happen in the March.
Saket Kapoo
Okay, sir, and one point I missed. Have we figured out some number for the Noida lease part also the sale? I think so. It’s a leased whole land. So it will be transferring of lease. So have we figured in some numbers also one of the participant was alluding to the fact I missed it totally. Can you give me some more color?
Bibek Agarwala
Yeah. So. So we are looking for, you know, study only board has guided us that. You know, after looking into various committee recommendations and valuations and all that they have given us a 250 crore rupees a number to look for for this property.
Saket Kapoo
Okay. Correct. And as we are now concluding we will be the fourth quarter. Sir, we are on track to to deliver in the similar set since the rupee depreciation and the commodities wages must are impacting our cost of material. So how well are our team prepared to end or conclude this financial year on track as quarter three and the previous quarters have been. How confident are we?
Bibek Agarwala
Sir, we left out with only 45 days. 50, 60 days for the quarter maximum. So as Anirban has already mentioned in his opening remark that we are poised with a full momentum to grow and to deliver premiumizations and that that premiumization could help us to get the margin. So we are poised at this point because growth momentum is on full task for the the team.
Saket Kapoo
Okay, thank you for my best wishes and all the best Hope to connect against.
Bibek Agarwala
Thank you.
Anirban Banerjee
Thank you.
operator
Thank you. Next question is from the line of Vikash Ravastav, individual investor. Please go ahead.
Unidentified Participant
Sorry, I missed the subsidy bit. In Jammu. Is it a capital subsidy which gets based in terms of correlated to the sales made from the Jammu plant Or is there any other subsidy besides that too is there?
Bibek Agarwala
Our size of investment will not go for a capital investment because it’s a much lower scale. It is a GST link incentive has been proposed there. So it is not 50 crore below. I believe there is a capital subsidy. But since our investment is much higher than that. So there is some GST link incentive has been. It was planned at this point of time and we are in the queue for that. There are several applications are there and we are constantly following up. We have filed application well within the timelines. But government’s allocation of the budget we are waiting for on this particular specific thing.
Unidentified Participant
So there may be a time lag and also the pay the subsidy will be received. Obvious. But it still be linked to sales rights and the GST. Linked.
Bibek Agarwala
Yeah. So see, there’s a package. There was a package of a specific amount. That amount has exhausted. So the department has written for additional amount. There is no such additional amount has been received. But the industries are following up. Because when we invest, you know, we don’t know in the package the limit is there or not. So. So the hopeful. We are meeting the officials continuously and they are saying that, you know, be hopeful because. Because government also want to promote Jammu. Promote the investment in Jammu. So we are constantly following up. We are tracking the development very closely. So that is the status at this point of time. So we did not get an approval of the registrant. It’s called a registration under the national incentive scheme of the Jammu government. So still the registration is pending. But we are constantly following up with them.
Unidentified Participant
What is the estimate of the amount? Our internal estimate in terms of what should be the quantum. Once it’s approved,
Bibek Agarwala
it’s linked to the gst. So basically there is a GST reimbursement happens. It depends on the sales of your. Is related to the revenue of the. From that plant.
Unidentified Participant
Yeah, but in terms of a forecast, what kind of numbers are we talking about?
Bibek Agarwala
So. So there is a. This is linked to the investment on the plant and machinery investment. So the provision goes that up to the 3x of the investment. You can get 3x of the investment. You can get as a X. Yeah, so are we.
Unidentified Participant
And over a period of time. So that’s a substantial amount. 3x of the. You’ll be invested about 150 crores in the plant. Right.
Bibek Agarwala
So it will go only on the plant and machinery. It is not on the entire civil. And that if you. If you take a hundred machinery there. If you just take a 100 crore number also. So it is a substantial investment. You are right that if the benefit comes it will be substantial in coming forward.
Unidentified Participant
All right, thank you so much. This is very helpful. Thank you.
Bibek Agarwala
Thank you so much.
operator
Thank you very much. As there are no further questions, I’ll now hand the conference over to the management for closing comments.
Anirban Banerjee
Thank you everyone for taking the time out to join us on this call today. I hope we’ve adequately answered all your questions. If you still have more queries, please reach out to our investor relations team and we’ll be happy to address those. Look forward to connecting with you again in the next quarter. Thank you.
operator
Thank you very much. On behalf of Evered Industries India Ltd. That concludes this conference. Thank you for joining us. And you may now disconnect your lines. Thank you.