Elin Electronics Ltd

ELIN

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Market Cap

₹ 830 Cr

P/E

21.66

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Investment Checklist

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Performance

UNDER PERFORMER

Valuation

UNDERVALUED

Growth

SLUGGISH

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

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Overview

Detailed Summary

Elin Electronics Limited is a leading EMS company in India, providing comprehensive product solutions for major brands in lighting, fans, and home appliances. The company also manufactures fractional horsepower motors.

In Q2 and H1 FY26, Elin Electronics reported a significant YoY revenue increase of ~23%, driven by growth in appliances and fan business. EBITDA increased by ~80% YoY, supported by strong operational efficiencies.

The company is in the process of setting up a new facility in Bhiwadi, expected to start operations by April 2026, to expand its medium appliance production.

Challenges faced include an increase in power costs due to unseasonal rains and tariff uncertainties affecting US exports, potentially impacting FY26 revenue projections.

Elin Electronics is focusing on strategic partnerships and customer acquisitions to bolster their domestic and international market presence, aiming to diversify revenue sources and mitigate external risks.

Sector

Consumer Durables

Industry

Electronics - Others

Market Cap

830 Cr

Volatility

High Risk

P/E Ratio

21.7

Industry P/E

53.0

PEG Ratio

1.4

P/B Ratio

1.5

52W High

233.55

52W Low

108.65

Sales CAGR

13.29%

2.57%

8.48%

10Y

—

Profit CAGR

111.39%

-9.21%

9.55%

10Y

—

ROE

TTM

6.91%

4.15%

6.53%

10Y

—

ROCE

TTM

10.27%

7.28%

10.62%

10Y

—

Technicals

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Forecasts

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Price, EPS and Revenue Projections

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Buy

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Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
MICEL	44.34	1,077 Cr	111.70	4.71	0.00	4.19	6.76	2.73
CWD	1940.05	885 Cr	352.63	10.00	0.00	8.09	8.96	4.62
ELIN	163.25	830 Cr	21.66	1.50	0.00	6.91	10.27	4.70
SPICELEC	151.45	713 Cr	—	331.28	0.00	-360.82	-11.69	-25.67
SAHASRA	275.95	707 Cr	257.05	3.19	0.00	0.32	3.15	0.45
DANLAW	757.05	380 Cr	19.12	4.44	0.00	23.22	24.76	12.45
PRIZOR	274.60	309 Cr	30.44	7.21	0.00	24.17	25.66	13.69

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	254	273	237	278	294	305	266	316	295	375
Expenses	244	263	228	265	280	293	259	296	278	354
Operating Profit	9.79	9.85	8.48	12	13	11	7.55	20	18	20
OPM %	3.86	3.60	3.58	4.47	4.51	3.71	2.84	6.41	5.94	5.44
Other Income	2.73	2.11	1.95	2.32	2.36	2.61	2.14	11	2.99	1.77
Interest	2.75	1.33	1.89	2.15	1.84	2.00	1.63	2.11	2.02	2.23
Depreciation	4.85	4.76	4.77	7.47	5.71	5.48	6.07	7.36	5.86	6.03
Profit Before Tax	4.93	5.87	3.78	5.11	8.06	6.44	1.99	22	13	14
Tax %	23.53	33.22	29.89	30.72	26.55	25.78	30.15	21.80	25.89	25.74
Net Profit	3.77	3.92	2.64	3.54	5.92	4.78	1.40	17	9.39	10
EPS in Rs	0.79	0.82	0.55	0.74	1.24	1.00	0.29	3.59	1.93	2.11

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	506	829	786	862	1,094	1,075	1,042	1,180	1,182
Expenses	457	771	730	796	1,015	1,010	1,001	1,128	1,125
Operating Profit	50	57	55	66	79	65	41	52	57
OPM %	9.85	6.93	7.05	7.71	7.22	6.05	3.89	4.44	4.79
Other Income	0.61	0.83	1.00	2.52	0.91	2.27	9.11	18	19
Interest	8.87	13	12	9.68	13	13	8.12	7.58	7.76
Depreciation	12	17	20	12	14	19	22	25	25
Profit Before Tax	17	28	24	47	53	36	20	39	43
Tax %	23.88	18.89	24.00	26.60	25.90	24.93	29.51	23.87	23.96
Net Profit	13	23	19	35	39	27	14	29	33
EPS in Rs	—	—	—	—	—	6.44	2.90	6.12	7.92
Dividend Payout %	0.00	0.00	0.00	0.00	10.43	15.90	34.48	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	6.29	4.96	6.81	6.81	20	24	24	24
Reserves	139	185	202	255	283	469	479	510
Borrowings	59	81	59	114	103	78	12	24
Other Liabilities	73	114	95	132	127	163	154	170
Total Liabilities	278	385	363	508	533	734	669	728
Fixed Assets	84	122	134	161	188	232	224	246
CWIP	1.90	0.41	0.03	0.06	0.02	0.09	12	3.32
Investments	26	13	24	14	1.21	27	63	69
Other Assets	165	250	205	333	343	475	370	410
Total Assets	278	385	363	508	533	734	669	728

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	44	27	83	-34	57	62	43	17
Cash from Investing Activity	-30	-30	-43	-4.95	-28	-197	36	-21
Cash from Financing Activity	-5.10	-4.32	-33	34	-30	131	-79	4.48
Net Cash Flow	8.87	-7.38	7.01	-4.40	-0.66	-3.62	-0.17	-0.15

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	32.93%	32.97%	32.97%	32.97%	32.99%	33.41%	33.41%	33.41%	33.41%	32.98%	32.98%	32.98%
FIIs	6.21%	2.76%	1.46%	1.03%	0.55%	0.35%	0.97%	0.86%	0.38%	0.41%	0.69%	0.78%
DIIs	13.15%	18.76%	14.38%	13.66%	11.93%	11.90%	13.10%	12.58%	12.06%	10.77%	7.61%	5.53%
Public	47.71%	45.51%	51.19%	52.34%	54.53%	54.34%	52.52%	53.14%	54.15%	55.84%	58.73%	60.71%
Total Shareholders	1,14,476	87,497	88,003	86,225	83,782	78,607	71,516	61,159	60,747	60,208	58,085	54,166

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Mar 28, 2025	Shweta sethia	Insider - Promoter Group	Acquisition	118.64	0.20 Cr	16,596	0.03
Mar 28, 2025	Sumit sethia	Insider - Promoter & Director	Acquisition	118.80	0.37 Cr	31,077	0.06
Mar 27, 2025	Sumit sethia	Insider - Promoter & Director	Acquisition	117.62	0.35 Cr	29,993	0.06
Mar 12, 2025	Vasudha sethia	Insider - Promoter	Acquisition	115.17	0.06 Cr	5,300	0.01
Mar 12, 2025	Vinay kumar sethia	Insider - Promoter	Acquisition	115.49	0.23 Cr	19,600	0.03
Mar 12, 2025	Elin appliances pvt ltd	Insider - Promoter Group	Disposal	116.08	0.12 Cr	10,000	0.02
Mar 11, 2025	Vinay kumar sethia	Insider - Promoter	Acquisition	117.00	1.17 Cr	1,00,000	0.20
Mar 11, 2025	Alok sethia huf	Insider - Employees Immediate Relative	Acquisition	121.00	2.18 Cr	1,80,000	0.41
Mar 11, 2025	Akash sethia	Insider - Designated Person	Acquisition	118.28	1.77 Cr	1,50,000	0.29
Mar 11, 2025	Elin appliances pvt ltd	Insider - Promoter Group	Disposal	118.29	9.10 Cr	7,69,000	1.54

Projection

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Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

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	254	273	237	278	294	305	266	316	295	375
Expenses	244	263	228	265	280	293	259	296	278	354
Operating Profit	9.79	9.85	8.48	12	13	11	7.55	20	18	20
OPM %	3.86	3.60	3.58	4.47	4.51	3.71	2.84	6.41	5.94	5.44
Other Income	2.73	2.11	1.95	2.32	2.36	2.61	2.14	11	2.99	1.77
Interest	2.75	1.33	1.89	2.15	1.84	2.00	1.63	2.11	2.02	2.23
Depreciation	4.85	4.76	4.77	7.47	5.71	5.48	6.07	7.36	5.86	6.03
Profit Before Tax	4.93	5.87	3.78	5.11	8.06	6.44	1.99	22	13	14
Tax %	23.53	33.22	29.89	30.72	26.55	25.78	30.15	21.80	25.89	25.74
Net Profit	3.77	3.92	2.64	3.54	5.92	4.78	1.40	17	9.39	10
EPS in Rs	0.79	0.82	0.55	0.74	1.24	1.00	0.29	3.59	1.93	2.11

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	506	829	786	862	1,094	1,075	1,042	1,180	1,182
Expenses	457	771	730	796	1,015	1,010	1,001	1,128	1,125
Operating Profit	50	57	55	66	79	65	41	52	57
OPM %	9.85	6.93	7.05	7.71	7.22	6.05	3.89	4.44	4.79
Other Income	0.61	0.83	1.00	2.52	0.91	2.27	9.11	18	19
Interest	8.87	13	12	9.68	13	13	8.12	7.58	7.76
Depreciation	12	17	20	12	14	19	22	25	25
Profit Before Tax	17	28	24	47	53	36	20	39	43
Tax %	23.88	18.89	24.00	26.60	25.90	24.93	29.51	23.87	23.96
Net Profit	13	23	19	35	39	27	14	29	33
EPS in Rs	—	—	—	—	—	6.44	2.90	6.12	7.92
Dividend Payout %	0.00	0.00	0.00	0.00	10.43	15.90	34.48	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	6.29	4.96	6.81	6.81	20	24	24	24
Reserves	139	185	202	255	283	469	479	510
Borrowings	59	81	59	114	103	78	12	24
Other Liabilities	73	114	95	132	127	163	154	170
Total Liabilities	278	385	363	508	533	734	669	728
Fixed Assets	84	122	134	161	188	232	224	246
CWIP	1.90	0.41	0.03	0.06	0.02	0.09	12	3.32
Investments	26	13	24	14	1.21	27	63	69
Other Assets	165	250	205	333	343	475	370	410
Total Assets	278	385	363	508	533	734	669	728

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	44	27	83	-34	57	62	43	17
Cash from Investing Activity	-30	-30	-43	-4.95	-28	-197	36	-21
Cash from Financing Activity	-5.10	-4.32	-33	34	-30	131	-79	4.48
Net Cash Flow	8.87	-7.38	7.01	-4.40	-0.66	-3.62	-0.17	-0.15

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
MICEL	44.34	1,077 Cr	111.70	4.71	0.00	4.19	6.76	2.73
CWD	1940.05	885 Cr	352.63	10.00	0.00	8.09	8.96	4.62
ELIN	163.25	830 Cr	21.66	1.50	0.00	6.91	10.27	4.70
SPICELEC	151.45	713 Cr	—	331.28	0.00	-360.82	-11.69	-25.67
SAHASRA	275.95	707 Cr	257.05	3.19	0.00	0.32	3.15	0.45
DANLAW	757.05	380 Cr	19.12	4.44	0.00	23.22	24.76	12.45
PRIZOR	274.60	309 Cr	30.44	7.21	0.00	24.17	25.66	13.69

Overview

Detailed Summary

The company is in the process of setting up a new facility in Bhiwadi, expected to start operations by April 2026, to expand its medium appliance production.

Challenges faced include an increase in power costs due to unseasonal rains and tariff uncertainties affecting US exports, potentially impacting FY26 revenue projections.

Sector

Consumer Durables

Industry

Electronics - Others

Market Cap

830 Cr

Volatility

High Risk

P/E Ratio

21.7

Industry P/E

53.0

PEG Ratio

1.4

P/B Ratio

1.5

52W High

233.55

52W Low

108.65

Sales CAGR

13.29%

2.57%

8.48%

10Y

—

Profit CAGR

111.39%

-9.21%

9.55%

10Y

—

ROE

TTM

6.91%

4.15%

6.53%

10Y

—

ROCE

TTM

10.27%

7.28%

10.62%

10Y

—