Eveready Industries India Limited has recommended a dividend of ₹2.50 per equity share of face value ₹5.00 each for the financial year ended March 31, 2026. The Board of Directors approved this recommendation at its meeting held on April 30, 2026, and the dividend remains subject to shareholder approval at the company's ensuing 91st Annual General Meeting (AGM). On May 12, 2026, the company formally communicated TDS-related intimations to all shareholders whose email IDs are registered with the company or depositories.

Dividend Details and Tax Implications

The key parameters of the announced dividend are summarised below:

In accordance with the provisions of the Income-tax Act, 2025, as amended by the Finance Act, 2026, and applicable with effect from April 1, 2026, dividend declared and paid by the company is taxable in the hands of shareholders. The company is accordingly required to deduct tax at source from the dividend at prescribed rates.

TDS Provisions for Resident Shareholders

For resident shareholders, tax is required to be deducted at source under Section 393(1) (Table Sl. No. 7) of the IT Act, 2025, at the rate of 10% on the dividend amount, provided shareholders have registered a valid Permanent Account Number (PAN). In cases where shareholders do not have a PAN, or hold an inoperative or invalid PAN not linked with Aadhaar, TDS will be deducted at the higher rate of 20% under Section 397(2) of the IT Act, 2025.

The following categories of resident shareholders may be exempt from TDS, subject to submission of requisite documents:

• Resident Individuals: No TDS if total dividend during FY 2026-27 does not exceed ₹10,000, or upon submission of Form 121 meeting all eligibility conditions, or upon production of an exemption certificate from the Income-tax Department.
• Insurance Companies: Subject to self-declaration and submission of PAN and IRDA/LIC/GIC registration certificate under Section 393(4)(Table Sl. No. 10).
• Mutual Funds: Registered with SEBI and notified under Schedule VII (Table: Sl. No. 20 or 21) of the IT Act, 2025, upon submission of self-declaration and PAN.
• Alternative Investment Funds (AIF): Category I or Category II AIFs registered with SEBI, as specified at Schedule V (Table: Sl. No. 1) of the IT Act, 2025.
• NPS Trust: Subject to self-declaration under Section 393(9) of the IT Act, 2025.
• Business Trusts and Government/RBI/Central Act Corporations: As covered under Section 393(4) and Section 393(5)(a)/(b)/(c) of the IT Act, 2025.

TDS Provisions for Non-Resident Shareholders

For non-resident shareholders, withholding tax under the domestic tax law is applicable at the rate of 20% (plus applicable surcharge and cess) as per Section 393(2) of the IT Act, 2025. For dividend paid to a specified fund referred to in Schedule VI [Note 1(g)] of the IT Act, 2025, tax will be deducted at 10%.

Non-resident shareholders may opt to be governed by the provisions of the applicable Double Tax Avoidance Agreement (DTAA) under Section 159 of the IT Act, 2025, if more beneficial. To avail DTAA benefits, shareholders are required to submit the following:

• Self-attested copy of PAN card allotted by Indian Income Tax authorities
• Self-attested copy of Tax Residency Certificate (TRC) for the financial year April 1, 2026 to March 31, 2027
• Mandatory online filing of Form 41 at the Income Tax e-portal for those with PAN proposing to claim treaty benefits
• Self-declaration of treaty eligibility and beneficial ownership requirements
• Copy of SEBI registration certificate (for Foreign Institutional Investors and Foreign Portfolio Investors)
• Relevant letter from competent authority for shareholders tax-resident in Singapore regarding Article 24 of the India-Singapore DTAA

PAN-Aadhaar Linkage and Other TDS Considerations

As per Section 262 of the IT Act, 2025, shareholders who have been allotted a PAN and are eligible to obtain Aadhaar are required to link the two. Failure to do so will render the PAN invalid or inoperative, resulting in TDS being deducted at 20% under Section 397 of the IT Act, 2025. Additionally, under Rule 203 of the I.T. Rules, 2026, shareholders whose dividend income is assessable in the hands of a person other than the deductee are required to file a declaration with the company.

Document Submission and Shareholder Action Required

Shareholders seeking exemption from TDS or a lower withholding tax rate are requested to submit all relevant documents — including PAN, Form 121, Form 41, self-declaration forms, and other prescribed annexures — to the company's Registrar and Transfer Agent, M/s. Maheshwari Datamatics Pvt. Ltd., 23 R.N. Mukherjee Road, 5th Floor, Kolkata - 700001, or via email at compliance@mdpplcorporate.com / contact@mdpplcorporate.com , or at taxondividend@eveready.in , latest by July 31, 2026. Documents submitted after this date will be considered at the sole discretion of the company. Shareholders whose tax is deducted at a higher rate due to incomplete documentation may claim a refund through their return of income filed with the respective tax authorities. The company will email a soft copy of the TDS certificate to shareholders' registered email IDs after payment of the dividend, and TDS credit can also be viewed in Form 168 on the Income Tax e-filing portal.

The company is also participating in the 100 days Campaign - "Saksham Niveshak" initiative of the Investor Education and Protection Fund Authority (IEPF), Ministry of Corporate Affairs, running from April 1, 2026 to July 9, 2026. Shareholders who have not claimed their dividends for FY 2023-24 and FY 2024-25 are encouraged to update their KYC details and claim outstanding dividends before the transfer of such amounts and corresponding equity shares to the IEPF. Shareholders are also informed of a Special Window for re-lodgement of transfer deeds of physical shares that were lodged before April 1, 2019 but were rejected or returned, available for a period of one year from February 5, 2026 to February 4, 2027, pursuant to SEBI Circular No. HO/38/13/11(2)2026-MIRSD-POD/I/3750/2026 dated January 30, 2026.

Eveready Industries India Limited reported revenue growth of 8.2% and EBITDA growth of 8.9% for FY26, with an EBITDA margin of 11.5%, as disclosed during its Q4 FY26 Earnings Conference Call held on April 30, 2026. The call was hosted by Adfactors PR and featured senior management including Chief Executive Officer Mr. Anirban Banerjee, Executive Director and Chief Financial Officer Mr. Bibek Agarwala, and GM Finance and Head of Investor Relations Mr. Anirban Ghosh. The transcript of the call has been made available on the company's investor relations website in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

FY26 Financial and Operating Performance

Management highlighted that FY26 closed with a gradually improving demand environment, supported by steady rural consumption and signs of recovery in urban demand. The battery segment remained the primary growth driver, while commodity cost pressures — particularly from zinc prices — intensified during the second half of the year. To navigate these headwinds, the company undertook calibrated pricing actions in carbon zinc and alkaline batteries, alongside disciplined cost control and working capital management.

The battery segment delivered 9.30% growth in FY26, with the alkaline portfolio accounting for nearly 10% of the battery business. Management noted that the alkaline category is growing at over 20% CAGR in volume terms. Carbon zinc battery prices were increased during the year to partially offset the steep rise in zinc costs. Mosquito racquets continued to scale up and now commands a leadership position within the segment in urban markets. The lighting business delivered growth of around 8.10%, supported by good volume growth across consumer lighting categories, while the flashlight segment delivered 3% growth for the full year.

Jammu Manufacturing Facility — A Strategic Milestone

A major highlight of the quarter was the commissioning of the Jammu manufacturing facility, inaugurated by Shri Manoj Sinha, the Lieutenant Governor of the Union Territory of Jammu and Kashmir, on April 22, 2026. The facility is India's only operating alkaline battery plant and represents a significant step in strengthening Eveready's manufacturing self-reliance.

Management stated that commercial production is expected to commence within a few weeks of the inauguration, within the current quarter itself. The plant transitions Eveready from fully imported alkaline batteries to domestic production, which is expected to improve cost efficiencies and support margin expansion over time. The facility also supports manufacturing lines for carbon zinc batteries, flashlights, and lighting products, creating stronger integration across the portfolio. On the operational breakeven, management clarified that at full annualization, the plant is expected to be operationally breakeven from year one, with the payback period estimated at 5 to 6 years.

Balance Sheet and Asset Monetisation

Strengthening the balance sheet remained a key priority through FY26. The company reduced debt by more than ₹100 crores during the fiscal year. During the quarter, the company entered into two separate agreements for the sale and transfer of its leasehold rights in respect of Plot B1 and Plot B2 at its Noida plant. The transfer of leasehold rights pertaining to Plot B1 was formally completed on March 30, with sale proceeds of approximately ₹116 crores. The total expected proceeds from both plots stand at approximately ₹251 crores, with Plot B2 proceeds of approximately ₹136 crores anticipated upon completion of that transaction. An advance of ₹44 crores has already been received for Plot B2.

Management also noted that a write-off of approximately ₹500 crores of old provisions of inter-corporate deposits (ICD) was taken during FY26, which created a business loss that offset capital gains from the Noida land sale, resulting in no tax payable on the transaction. For FY27, the company intends to transition to the new tax regime under Section 115BAA, subject to utilisation of carry-forward business losses.

Management Outlook and Strategic Priorities

During the Q&A session, management addressed several key themes including alkaline battery market share, pricing strategy, and the competitive landscape. Eveready currently holds approximately 16% market share in alkaline batteries, up from less than 10% about a year ago, with a target to exit at 20% share. The company's current alkaline market share of approximately 15% compares to carbon zinc at 85%, with management projecting alkaline saliency to reach 20% to 25% over the next three years.

On the advertising and promotion front, management indicated that A&P expenses will be maintained at approximately 10% of sales in FY27. Regarding EBITDA margins, management expressed confidence in maintaining margins around the 11.50% level achieved in FY26, despite continued commodity and forex headwinds. The company is also exploring white-labelling of alkaline batteries for international markets, leveraging its unique position as India's only alkaline battery manufacturer.

On the BIS mandatory standard mark for flashlights, management noted that full implementation occurred by end of January 2026, and expects the compliance requirement to reduce competition from unbranded and imported products in the second half of the year, benefiting quality-compliant branded players like Eveready. The Jammu facility's GST-linked incentive approvals are awaited from state authorities, with management indicating it is working closely with the Jammu government on this front.

Earnings Call Details and Regulatory Disclosure

The disclosure was made pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and was signed by Shampa Ghosh Ray, Company Secretary of Eveready Industries India Limited. The announcement follows the company's earlier communications dated April 27, 2026 and April 30, 2026.