The Indian water purifier market is witnessing an intense battle as legacy player Eureka Forbes defends its territory against aggressive digital-first competitors. The company that made Aquaguard a household name for over four decades now faces challengers who are rewriting the rules of the game.
Financial Performance Defies Competition
Despite rising competitive pressure, Eureka Forbes demonstrated remarkable financial strength in the September quarter. On 13 November 2025, the company reported ₹773.4 crore in revenue, representing a near 15% year-on-year increase. This marks the company's eighth consecutive quarter of double-digit growth, showcasing its resilience in a rapidly evolving market.
The company's net profit saw an even more impressive jump, rising 32% to ₹61.6 crore. Equally significant was the achievement of adjusted Ebitda crossing ₹100 crore for the first time, with margins reaching a lifetime high of 13.1%.
New Competitors Challenge Traditional Business Model
The water purification landscape is being reshaped by companies like Urban Company's Native and Atomberg Technologies, which are targeting consumer pain points that Eureka Forbes had long dominated. These new players are offering transparent pricing, predictable servicing, and lower ownership costs, directly threatening the after-sales revenue stream that has been a cornerstone of Eureka Forbes's business.
Pratik Pota, Chief Executive Officer and Managing Director of Eureka Forbes, identified affordability as the category's biggest challenge. "The first is affordability. Water purifiers are seen as expensive—both the upfront cost and lifetime cost of ownership," he told Mint.
The timing of this competitive pressure coincides with significant market growth potential. With water purifier penetration in India at just 7%, compared to 20-60% in China, South Korea, and Southeast Asia, the race to capture millions of first-time buyers has become increasingly strategic.
Market Growth and Strategic Response
According to The Knowledge Co. report, the total Indian water purifier market is estimated to grow at an annualized rate of about 10.1% from ₹8,860 crore in FY24 to ₹14,350 crore by FY29. Eureka Forbes is not just keeping pace but outperforming the broader market. While India's water purifier category grew at roughly 5% CAGR between FY19 and FY24, Eureka Forbes's purifier portfolio expanded nearly 12% annually over FY23–25 and is projected to grow at 14% through FY28.
To counter the new competition, Eureka Forbes has launched strategic initiatives including entry-level purifiers priced at ₹7,000 with two-year filter life. More than 70% of buyers of these two-year models are first-time users, indicating successful market expansion rather than portfolio shifting.
The company has also undertaken a significant service transformation, digitizing its entire technician fleet, introducing real-time tracking, and enabling slot selection. Today, more than 60% of service bookings come from its app and website, which records over one million monthly active users.
Competitive Landscape and Future Outlook
The revenue scales highlight how quickly the competitive dynamics are changing. While Eureka Forbes reported ₹773.4 crore in revenue in the September quarter, Urban Company's entire consumer services vertical, which includes its Native purifier business, posted ₹262 crore for the same period. Atomberg Technologies recorded ₹864.6 crore in revenue for the entire FY24.
Satish Meena, founder of research firm Datum Intelligence, noted the shifting consumer expectations. "Urban Company has changed consumer expectations in categories it enters. Their pitch is simple: predictable service, transparent pricing and no hidden maintenance costs. That resonates with younger households who are tired of the traditional AMC-heavy model."
Despite the intense competition, Eureka Forbes maintains several strategic advantages, including 15 million first-party customer records and a massive installed base that offers recurring revenue through filter replacements and upgrades. The company is also integrating unorganized service technicians into its ecosystem rather than treating them as competitors.
With the company reporting a return on capital employed of more than 350% and maintaining a net cash position, Eureka Forbes appears well-positioned for the ongoing market expansion. As Pota concluded, "When categories grow, the strongest brands gain disproportionately," pointing to the company's multi-tier pricing strategy, expansive service network, and decades-long understanding of India's diverse water-quality patterns.
