Eureka Forbes

What Eureka Forbes does

Eureka Forbes Limited is an Indian home health and hygiene company headquartered in Mumbai and listed on BSE/NSE under CIN L27310MH2008PLC188478. The company sells water purifiers (Aquaguard brand), vacuum cleaners (Forbes brand), air purifiers, and water softeners, holding a 53% share of India's RO-based water purifier segment. Its underlying technology stack spans RO, UV, UF, and NanoPore filtration with Titanium Media for heavy-metal removal, a mercury-free 5th-generation UV LED system, IoT-enabled smart purifiers with real-time filter monitoring, and robotic vacuum cleaners with home-mapping navigation.

The business model is a hybrid of one-time hardware sales (Rs 9,499–Rs 25,999 price band across water, air, and vacuum categories) and a growing recurring revenue layer built around Annual Maintenance Contracts, genuine filter replacements, and app-based service subscriptions. Go-to-market combines direct-to-consumer e-commerce (eurekaforbes.com and a mobile app with 2-second service booking), a franchisee and authorized service center network, and selective enterprise and government sales. A 8,500+ technician service network covering 19,500 PIN codes and 500+ service centers is the operational backbone that converts one-time hardware purchases into multi-year service relationships.

Following Advent International's late-2021 controlling-stake acquisition, Eureka Forbes has executed a turnaround: revenue grew from low single digits to ~12% in FY25 with a 17x net profit surge to Rs 163 crore (FY25) and Rs 214 crore of free cash flow. FY26 standalone revenue reached Rs 2,710.5 crore (+11.3% YoY), with a stated FY30 target of Rs 5,400–5,600 crore at ~15% adjusted EBITDA margin, supported by a projected Rs 9,000 crore Indian water purifier service market opportunity.

Name

Eureka Forbes

Legal name

Eureka Forbes Limited

Website

http://www.eurekaforbes.com

Company type

Public

Founded year

1982

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Eureka Forbes is an Indian home health and hygiene company selling Aquaguard water purifiers, Forbes vacuum cleaners, and air purifiers to mass-market residential consumers across India, supported by an 8,500+ technician service network and an AMC-led recurring revenue model.

Ownership category

akta.pro rank

Product category

Water Purification Appliances

NAICS

Automatic Environmental Control Manufacturing for Residential, Commercial, and Appliance Use (334512), Ventilation, Heating, Air-Conditioning, and Commercial Refrigeration Equipment Manufacturing (33341)

SIC

Industrial & Commercial Fans & Blowers & Air Purifing Equip (3564)

akta.pro primary industry

Water & Home System Care (Water Softeners, Septic Treatments, Drain/Openers, Appliance Cleaners) (CRADAKAK)

Keywords

• Water purification appliances
• Home vacuum cleaners
• Air purification systems
• Water softening solutions
• Appliance maintenance services

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Product Sales: One-time sales of water purifiers (Aquaguard brand), vacuum cleaners (Forbes brand), air purifiers, and water softeners. Primary revenue driver currently, but company is strategically shifting focus to recurring revenue streams.
2. Service and AMC (Annual Maintenance Contracts): Recurring service revenue from 8500+ technician network. Company projects Indian water purifier service market to reach Rs 9,000 crore by FY30. Introduced two-year filters to address consumer maintenance cost concerns and drive recurring revenue.
3. Filter Replacements and Accessories: Replacement filter sales and accessories through service network. Company offers genuine AMC filters and parts with free replacement under service plans.
4. Corporate Gifting and Bulk Discounts: B2B sales channel for corporate gifting and bulk purchases, targeting enterprise customers with volume discounts.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels6 records

Core offering

Eureka Forbes Limited manufactures and sells branded home health appliances — primarily water purifiers under the Aquaguard brand, vacuum cleaners under the Forbes brand, air purifiers, and water softeners — using proprietary RO/UV/UF and NanoPore filtration technologies. The company complements hardware sales with a nationwide service network offering Annual Maintenance Contracts (AMC), filter replacements, and filter authenticity verification. Products are sold directly via eurekaforbes.com, mobile app, franchisees, and authorized service centers, and to enterprises/government through bulk and corporate gifting channels.

Differentiator

Problem solved

Functional benefit

Brands

• Aquaguard: Water purifier brand under Eureka Forbes with multiple product lines including Aspire, Enrich, Sure Delight series featuring RO, UV, UF technologies and smart IoT capabilities
• Forbes

Products and services

• Aquaguard Water Purifiers Branded residential water purification appliances sold under the Aquaguard name. Multiple SKUs across budget (Rs 9,499), mid-range (Rs 11,000–18,000), and premium (Rs 20,000+) tiers with RO, UV, UF, NanoPore with Titanium Media, IoT-enabled smart connectivity, hot water on demand, and copper/alkaline enrichment features. Targets Indian households concerned with drinking water contamination.
• Forbes Vacuum Cleaners Branded home cleaning appliances under the Forbes brand. Robotic vacuum cleaners with advanced home mapping navigation and 7000Pa HyperSuction power, cordless stick vacuums with HyperSuction technology, and traditional canister/upright vacuum cleaners. Priced Rs 17,099–Rs 24,499. Targets Indian households seeking automated and efficient home cleaning.
• Eureka Forbes Air Purifiers Branded indoor air purification appliances with HEPA H13 filtration and 4-stage filtration systems, smart controls with real-time air quality monitoring, and surround 360° airflow. Priced approximately Rs 15,499–Rs 25,000. Targets Indian households and government/commercial buyers (e.g., CPWD purchases for Parliament and Supreme Court) seeking improved indoor air quality.
• Eureka Forbes Water Softeners Water softening solutions for households facing hard water issues. Addresses scale buildup in plumbing and appliances, complementing the water purifier portfolio under the broader Eureka Forbes water solutions category.
• Annual Maintenance Contracts (AMC) and Service Plans Subscription-based Annual Maintenance Contracts (AMC) covering up to 4 free maintenance visits per year, annual filter replacement with genuine Aquaguard spares (free replacement under service plan), tank cleaning, and unlimited breakdown visits. Includes AMC discounts up to 20% off. Backed by a national network of 8,500+ technicians and 500+ authorized service centers. Indian water purifier service market is projected to reach Rs 9,000 crore by FY30.
• Aquaguard Aspire Blaze 2X Water Purifier Premium instant hot water water purifier with dual stainless steel tank and child lock, targeting households wanting on-demand hot drinking water.
• Forbes Smartclean with Home Mapping Turbo Robotic Vacuum Cleaner High-end robotic vacuum cleaner with HyperSuction 7000Pa power, smart home mapping navigation, and self-emptying dustbin for automated home cleaning of medium to large homes.
• Aquaguard Ritz Pro 2X Smart Water Purifier India's first smart Wi-Fi-enabled water purifier with real-time IoT-based filter life monitoring via the Eureka Forbes app and a 9-stage purification process.
• Aquaguard Aura RO 2X Life Water Purifier RO water purifier designed for 2-year filter life (or 10,000 liters, whichever is earlier), reducing service frequency and maintenance cost for households.
• Smart 355 Surround 360° Air Purifier Indoor air purifier with 4-stage filtration (including HEPA), smart controls, real-time air quality monitoring, and 360° surround airflow for rooms up to 480 sq ft.
• SmartClean Auto Bin Turbo Robotic Vacuum Cleaner Robotic vacuum cleaner with advanced navigation, powerful suction, mopping function, mobile app control, and self-emptying dustbin for automated cleaning of medium to large homes.
• Aquaguard Sure Delight Aquasaver Water Purifier Entry-level RO+UV+UF water purifier with NanoPore filter technology and Aquasaver 60% water savings. Targets budget-conscious Indian households.
• Forbes Zerobend Z10 Cordless Vacuum Cleaner Premium cordless stick vacuum cleaner with HyperSuction technology for deep home cleaning without cables.

Quantifiable outcome

• 60% water savings with Aquasaver technology compared to regular RO purifiers
• +3 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Scale indicators11 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Kent RO Systems: Kent is India's largest direct competitor in residential water purifiers (RO/UV/UF) and an emerging player in air purifiers and vacuum cleaners. It competes head-to-head with Eureka Forbes/Aquaguard across product, price tier, and direct-to-consumer + service network model.
• Hindustan Unilever (Pureit): Pureit is HUL's water purifier brand and one of Eureka Forbes' principal rivals in Indian household water purification. Both target the same residential consumer with RO/UV technology, AMC service plans, and pan-India distribution.
• Livpure: Livpure is an Indian water purifier and home appliance brand that competes directly with Eureka Forbes in RO purifiers, air purifiers, and increasingly in smart/connected home devices. Its D2C and service-led model mirrors Eureka Forbes' approach.
• A.O. Smith India: A.O. Smith is a major player in water heaters and water purification in India, competing with Eureka Forbes particularly in premium water purification and whole-home water treatment segments including water softeners.

Broad incumbents

• LG Electronics India: LG is a broad home-appliance incumbent in India offering air purifiers and water purifier adjacencies alongside its main appliance portfolio. Overlaps with Eureka Forbes in air purification and premium smart-appliance categories.
• Honeywell: Honeywell is a broad-incumbent air purifier brand in India competing in residential and commercial indoor air quality, including the government/commercial channel where Eureka Forbes also sells (e.g., CPWD Parliament purchases).
• Philips (Versuni): Philips is a broad home-appliance incumbent competing with Eureka Forbes in air purifiers and floor care, including the same CPWD procurement context. It is a comparable consumer brand across multiple indoor health categories.
• Panasonic India: Panasonic competes in Indian air purifiers, water-related home appliances, and vacuum cleaners. As a broad incumbent with multi-category home appliance presence, it overlaps with Eureka Forbes' portfolio and target consumers.

Emerging players

• Xiaomi (Mi Air Purifiers): Xiaomi competes in the Indian smart air purifier category with feature-rich, IoT-connected devices at competitive price points, directly challenging Eureka Forbes' Smart 355 Surround 360° in connected indoor air-quality products.
• Dyson: Dyson competes in the Indian premium air purifier and cordless vacuum cleaner segments, where Eureka Forbes also plays (Forbes Zerobend, Smart 355). Both companies were named in the same CPWD government air purifier procurement alongside Honeywell and Philips.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/eurekaforbes
• YouTubeyoutube.com/c/eurekaforbes
• Facebookfacebook.com/eurekaforbes
• LinkedInlinkedin.com/company/eureka-forbes-ltd
• Instagraminstagram.com/eurekaforbesofficial

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Eureka Forbes