NSE: ELIN · BSE: 543725 · ISIN INE050401020
Elin Electronics Limited stock analysis
Elin Electronics Limited ranks #3744 in the TickerSutra evidence-ranked universe with a score of 38/100 and 93% data confidence. The latest captured fundamentals show ROCE of 6.8%, quarterly sales growth of 22.8% and quarterly profit growth of -65.4%.Avoid / exit review
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- Low debt/equity of 0.03×
- Strong CFO/EBITDA of 0.96×
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- No calculated threshold risk in the current snapshot.
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹1,094cr | ₹79cr | ₹39cr | 7.0% |
| 2023 | ₹1,075cr | ₹65cr | ₹27cr | 6.0% |
| 2024 | ₹1,042cr | ₹41cr | ₹14cr | 3.9% |
| 2025 | ₹1,180cr | ₹52cr | ₹29cr | 4.4% |
| 2026 | ₹1,288cr | ₹56cr | ₹23cr | 4.3% |
| TTM | ₹1,355cr | ₹42cr | ₹-8cr | 3.1% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
RoutineChange in Directors/KMP/SMP/Auditor/RTANSE · 29 Sept 2026 · Structured filingELIN ELECTRONICS LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA
ELIN ELECTRONICS LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA
Open original XBRL sourceElin Electronics Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on September 28, 2026. Further, the company has informed the Exchange regarding voting results.
RoutineTrading WindowBSE · 28 Sept 2026Elin Electronics Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
RoutineElin Electronics Ltd - 543725 - Shareholder Meeting / Postal Ballot-Scrutinizer''s ReportBSE · 28 Sept 2026Attached
RoutineElin Electronics Ltd - 543725 - Shareholder Meeting / Postal Ballot-Outcome of AGMBSE · 28 Sept 2026Attached
MANAGEMENT COMMENTARY
Signals from filed documents
A meaningful portion of the year-on- year decline reflects a high FY25 base, which included a one-time gain of H75 million from a share sale; adjusting for this non-recurring item, the underlying movement in profitability is more moderate than the headline comparison suggests. The Company's focus remains on improving profitability through product mix enhancement, Bhiwadi-led scale benefits, cost engineering and worki
LED Lighting Revenue stood at H1,652 million, down H495 million from the previous year, primarily reflecting lower volumes from a key customer following a business restructuring initiative. Elin onboarded five new lighting customers during the year and implemented selective price increases to protect profitability. Moulded and Sheet Metal Components (Precision Components) Revenue stood at H2,483 million, down from H2
Medical Diagnostic Cartridges Revenue increased from H204 million in FY25 to H395 million in FY26, benefiting from consistent, recurring customer demand and resulting in high capacity utilisation. The Company has initiated capacity expansion plans to support future growth in this specialised vertical. Fractional Horsepower (FHP) Motors Revenue stood at H2,262 million during FY26.
Strategic Position Assessment Strengths: A diversified product portfolio, long-standing customer relationships, OEM/ODM capabilities, backward-integrated operations and a strong presence across EMS and non-EMS categories, with the upcoming Bhiwadi facility strengthening scale-up potential. Weaknesses: Exposure to a margin-sensitive industry where pricing pressure, raw material volatility and customer concentration ca
Second, heightened geopolitical friction continues to accelerate a shift from cost-optimised global sourcing towards more resilient, regionally diversified supply chains, reinforcing India's relevance as a manufacturing destination. Volatility in crude-linked input costs, particularly polymers, directly affects Elin's raw material costs and gross margins. At the same time, the global shift towards supply-chain divers
Fractional Horsepower (FHP) Motors Revenue stood at H2,262 million during FY26. While third-party sales in categories such as mixer-grinder and synchronous motors were affected by lower volumes, a growing share of motor production is being utilised internally to support Elin's expanding appliance and fan businesses, reinforcing its backward-integrated model. LED Lighting Revenue stood at H1,652 million, down H495 mil
55 Statutory Report Elin Electronics Limited Bhiwadi Expansion: Building the Next Growth Platform The upcoming Bhiwadi facility represents a key milestone in Elin's growth journey, supporting the Company's transition into higher-realisation, medium- sized appliance categories such as OFRs, chimneys, coolers and OTGs. Beyond incremental capacity, Bhiwadi is strategically important for product diversification, operatin
Strategic Position Assessment Strengths: A diversified product portfolio, long-standing customer relationships, OEM/ODM capabilities, backward-integrated operations and a strong presence across EMS and non-EMS categories, with the upcoming Bhiwadi facility strengthening scale-up potential. Weaknesses: Exposure to a margin-sensitive industry where pricing pressure, raw material volatility and customer concentration ca
Outlook for FY27 Elin enters FY27 targeting revenue growth of approximately 15%, led largely by the Home Appliances and Fans segments, supported by new product launches, customer additions and commercial contribution from Bhiwadi, which is expected to contribute approximately H5,000 million to FY27 revenue. Given ongoing geopolitical volatility and its impact on raw material costs, the Company has not issued specific
Brand Partnership Launch 2007 Forged key consumer brand alliances, initiating flashlight manufacturing for Eveready and establishing a long-term supply relationship with Panasonic. Western Expansion 1995 Opened the Goa (Verna) manufacturing plant (7,500 square metres), which eventually became the specialised production hub for medical diagnostic cartridges and custom components. 16 Annual Report 2025-26 National Reco
Maintained operational continuity through flexible manufacturing and proactive production planning during weather-related power disruptions. Working Capital & Liquidity Higher inventory levels and longer cash conversion cycles may impact financial flexibility. Inventory optimisation initiatives Improved receivable collection mechanisms Disciplined working capital management Technology & Market Evolution Rapid
EBITDA stood at H546 million compared with H524 million in the previous year, with EBITDA margin at 4.2% against 4.4% in FY25. The margin contraction at the gross level was driven by a sharp increase in polymer prices, linked to elevated crude oil prices amid the prevailing geopolitical conflict, together with the depreciation of the Rupee against the US Dollar. Profit After Tax stood at H226 million, down from H293
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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