Electrotherm (India) Ltd

ELECTHERM

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Market Cap

₹ 1,031 Cr

P/E

5.95

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

UNDERVALUED

Growth

STABLE

Profitability

HIGH MARGIN

Technicals

Bearish

Risk

LOW RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Electrotherm (India) Limited (EIL) primarily operates in engineering and manufacturing equipment, serving the steel sector with products like TMT bars and DI pipes.

EIL is an established name in the electric vehicle market, being one of the primary manufacturers of battery-operated electric vehicles in India.

The company has a significant presence globally, executing EPC projects and supplying engineering equipment to over 71 countries.

EIL's expansion ventures include setting up modern steel plants and developing new product lines like laser cutting machines, underscoring its innovation focus.

The company has strategically expanded through acquisitions, enhancing its capabilities in steel manufacturing and related sectors.

Sector

Steel

Industry

Steel - Medium / Small

Market Cap

1,031 Cr

Volatility

Low Risk

P/E Ratio

6.0

Industry P/E

23.3

PEG Ratio

0.2

P/B Ratio

—

52W High

1,396.50

52W Low

670.45

Sales CAGR

-3.66%

13.29%

7.73%

10Y

8.40%

Profit CAGR

39.27%

—

56.97%

10Y

—

ROE

TTM

-112.43%

-36.72%

-18.19%

10Y

-6.29%

ROCE

TTM

17.28%

-117.84%

-67.97%

10Y

404.80%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
RATNAVEER	164.50	1,118 Cr	21.34	1.75	0.00	12.40	11.64	5.62
COSMICCRF	1185.00	1,094 Cr	45.15	3.12	0.00	8.73	10.27	5.44
ELECTHERM	817.00	1,031 Cr	5.95	0.00	0.00	-112.43	17.28	14.17
KRISHNADEF	679.10	1,013 Cr	45.76	6.73	0.07	17.58	21.62	13.93
STEELXIND	7.96	990 Cr	30.54	1.78	0.00	4.39	11.34	2.38
VILAS	392.70	961 Cr	28.37	3.52	0.00	14.34	19.33	11.98
AEROENTER	79.46	898 Cr	18.13	1.23	0.38	6.75	13.19	7.12

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	931	985	1,137	1,218	1,059	814	1,081	1,161	834	814
Expenses	860	894	1,011	1,087	927	746	974	1,097	782	826
Operating Profit	72	91	126	131	132	67	107	64	52	-12
OPM %	7.72	9.21	11.08	10.75	12.48	8.27	9.94	5.55	6.21	-1.49
Other Income	0.46	2.13	0.33	1.73	0.88	15	3.46	109	0.77	1.35
Interest	22	13	7.55	18	14	12	12	8.18	8.19	7.18
Depreciation	12	12	12	11	11	11	11	12	11	11
Profit Before Tax	39	68	107	104	109	59	88	153	34	-28
Tax %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-20.97	17.98	23.90
Net Profit	39	68	107	104	109	59	88	185	28	-22
EPS in Rs	30.37	53.01	84.05	81.66	85.43	46.68	69.34	145.60	21.78	-16.97

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	2,433	2,977	4,040	3,212	2,518	2,831	3,074	4,272	4,115	3,890
Expenses	2,198	2,779	3,737	3,096	2,298	2,745	2,940	3,852	3,744	3,599
Operating Profit	235	198	303	116	220	86	134	419	372	291
OPM %	9.66	6.64	7.50	3.61	8.73	3.05	4.37	9.82	9.03	7.48
Other Income	1.11	8.81	20	62	4.22	6.54	-30	4.65	128	128
Interest	4.39	5.08	38	19	54	45	67	60	46	40
Depreciation	148	149	143	134	121	88	49	47	44	44
Profit Before Tax	-91	2.99	142	24	49	-40	-12	317	410	335
Tax %	-0.03	1.00	0.06	0.08	0.02	0.00	-0.08	0.00	-7.84	-7.79
Net Profit	-91	2.96	142	24	49	-40	-12	317	442	361
EPS in Rs	—	—	111.35	18.91	38.84	-31.67	-9.27	249.09	347.05	219.75
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	11	13	13	13	13	13	13	13	13	13
Reserves	-1,265	-1,379	-1,375	-1,235	-1,106	-1,055	-1,095	-1,109	-794	-172
Borrowings	2,083	2,074	1,849	1,595	1,302	2,234	2,087	1,986	1,770	1,287
Other Liabilities	1,471	1,511	1,673	1,795	1,711	705	741	862	852	790
Total Liabilities	2,300	2,219	2,160	2,169	1,920	1,897	1,745	1,752	1,841	1,918
Fixed Assets	1,321	1,118	1,027	949	825	738	698	638	613	601
CWIP	21	22	17	29	28	27	33	26	44	98
Investments	1.69	7.26	7.33	7.36	7.15	7.39	7.50	7.51	7.74	8.03
Other Assets	957	1,073	1,108	1,184	1,060	1,124	1,007	1,081	1,177	1,212
Total Assets	2,300	2,219	2,160	2,169	1,920	1,897	1,745	1,752	1,841	1,918

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	52	58	161	344	181	225	179	107	351	329
Cash from Investing Activity	-42	-25	-46	-67	4.95	-62	-14	-2.48	-68	-72
Cash from Financing Activity	-12	-52	-106	-262	-203	-105	-189	-103	-294	-303
Net Cash Flow	-1.00	-19	9.19	15	-17	58	-24	1.62	-11	-46

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	31.04%	31.04%	31.04%	31.04%	31.04%	31.04%	31.04%	30.69%	29.91%	29.90%	29.90%	29.90%
FIIs	4.94%	0.63%	4.94%	4.94%	4.94%	4.95%	4.99%	4.81%	4.61%	4.54%	4.61%	5.07%
DIIs	0.08%	4.39%	0.08%	0.08%	0.08%	0.08%	0.08%	0.08%	0.08%	0.39%	1.01%	0.97%
Public	63.94%	63.94%	63.94%	63.94%	63.94%	63.93%	63.89%	64.43%	65.41%	65.16%	64.48%	64.06%
Total Shareholders	10,444	10,413	10,223	9,057	7,916	7,486	7,806	8,730	8,756	9,200	8,703	9,010

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Mar 30, 2025	Shailesh bhandari	Insider - Promoter	Acquisition	—	—	8,09,500	6.35
Mar 30, 2025	Jyoti bhandari	Insider - Promoter Group	Disposal	—	—	2,01,525	1.58
Mar 30, 2025	Reema bhandari	Insider - Promoter Group	Acquisition	—	—	2,01,525	—
Mar 30, 2025	Mukesh bhandari	Insider - Promoter	Disposal	—	—	8,09,500	6.35
Mar 30, 2025	Jyoti bhandari	Insider - Promoter Group	Acquisition	—	—	2,01,150	—
Mar 30, 2025	Mukesh bhanwarlal bhandari huf	Insider - Promoter Group	Disposal	—	—	60,000	0.47
Mar 30, 2025	Siddharth bhandari	Insider - Promoter Group	Disposal	—	—	65,100	0.51
Mar 30, 2025	Anurag bhandari	Insider - Promoter Group	Disposal	—	—	76,050	0.6
Nov 22, 2024	Multiplier share & stock advi...	Bulk	Buy	899.95	5.84 Cr	64,868	0.50
Nov 22, 2024	Multiplier share & stock advi...	Bulk	Sell	993.08	0.50 Cr	5,000	0.03

Projection

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Oscillators

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Neutral

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Neutral

Bullish

Overall

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Bullish

Moving Averages

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Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
RATNAVEER	164.50	1,118 Cr	21.34	1.75	0.00	12.40	11.64	5.62
COSMICCRF	1185.00	1,094 Cr	45.15	3.12	0.00	8.73	10.27	5.44
ELECTHERM	817.00	1,031 Cr	5.95	0.00	0.00	-112.43	17.28	14.17
KRISHNADEF	679.10	1,013 Cr	45.76	6.73	0.07	17.58	21.62	13.93
STEELXIND	7.96	990 Cr	30.54	1.78	0.00	4.39	11.34	2.38
VILAS	392.70	961 Cr	28.37	3.52	0.00	14.34	19.33	11.98
AEROENTER	79.46	898 Cr	18.13	1.23	0.38	6.75	13.19	7.12

Overview

Detailed Summary

Electrotherm (India) Limited (EIL) primarily operates in engineering and manufacturing equipment, serving the steel sector with products like TMT bars and DI pipes.

EIL is an established name in the electric vehicle market, being one of the primary manufacturers of battery-operated electric vehicles in India.

The company has a significant presence globally, executing EPC projects and supplying engineering equipment to over 71 countries.

EIL's expansion ventures include setting up modern steel plants and developing new product lines like laser cutting machines, underscoring its innovation focus.

The company has strategically expanded through acquisitions, enhancing its capabilities in steel manufacturing and related sectors.

Sector

Steel

Industry

Steel - Medium / Small

Market Cap

1,031 Cr

Volatility

Low Risk

P/E Ratio

6.0

Industry P/E

23.3

PEG Ratio

0.2

P/B Ratio

—

52W High

1,396.50

52W Low

670.45

Sales CAGR

-3.66%

13.29%

7.73%

10Y

8.40%

Profit CAGR

39.27%

—

56.97%

10Y

—

ROE

TTM

-112.43%

-36.72%

-18.19%

10Y

-6.29%

ROCE

TTM

17.28%

-117.84%

-67.97%

10Y

404.80%