Classic Electrodes (India) Ltd
Established in 1997, Classic Electrodes (India) Limited is a prominent Indian manufacturer specialising in welding consumables, including electrodes and MIG wires.[1]
- Market Cap ₹ 69.6 Cr.
- Current Price ₹ 38.8
- High / Low ₹ 114 / 34.8
- Stock P/E 5.81
- Book Value ₹ 49.1
- Dividend Yield 0.00 %
- ROCE 22.3 %
- ROE 29.5 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Stock is trading at 0.79 times its book value
- Company has delivered good profit growth of 45.7% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 27.9%
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Industrials Capital Goods Industrial Products Other Industrial Products
Half Yearly Results
Figures in Rs. Crores
Profit & Loss
Figures in Rs. Crores
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Feb 2025 11m | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 83 | 90 | 134 | 151 | 194 | 188 | 206 | 222 | |
| 78 | 85 | 128 | 142 | 173 | 168 | 184 | 200 | |
| Operating Profit | 6 | 5 | 6 | 8 | 21 | 19 | 22 | 23 |
| OPM % | 7% | 5% | 4% | 6% | 11% | 10% | 11% | 10% |
| 0 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | |
| Interest | 3 | 3 | 3 | 4 | 5 | 5 | 5 | 5 |
| Depreciation | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 2 |
| Profit before tax | 2 | 2 | 2 | 3 | 15 | 13 | 15 | 16 |
| Tax % | 25% | 25% | 27% | 25% | 34% | 26% | 22% | |
| 2 | 1 | 1 | 2 | 10 | 10 | 12 | 12 | |
| EPS in Rs | 3.35 | 2.33 | 2.75 | 3.94 | 18.11 | 7.25 | 8.81 | 7.77 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 20% |
| 3 Years: | 15% |
| TTM: | 8% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 46% |
| 3 Years: | 107% |
| TTM: | 2% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 21% |
| 3 Years: | 28% |
| Last Year: | 30% |
Balance Sheet
Figures in Rs. Crores
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Feb 2025 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 5 | 5 | 5 | 5 | 5 | 13 | 13 | 18 |
| Reserves | 14 | 15 | 14 | 16 | 28 | 30 | 32 | 70 |
| 9 | 19 | 39 | 43 | 46 | 54 | 54 | 32 | |
| 26 | 21 | 16 | 12 | 13 | 19 | 16 | 13 | |
| Total Liabilities | 54 | 60 | 75 | 77 | 92 | 116 | 115 | 133 |
| 12 | 15 | 13 | 17 | 16 | 17 | 17 | 21 | |
| CWIP | 0 | 0 | 4 | 0 | 0 | 0 | 0 | 3 |
| Investments | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| 41 | 44 | 58 | 60 | 76 | 99 | 98 | 109 | |
| Total Assets | 54 | 60 | 75 | 77 | 92 | 116 | 115 | 133 |
Cash Flows
Figures in Rs. Crores
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Feb 2025 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| 3 | -4 | 8 | 2 | 3 | 1 | 8 | |
| -1 | -4 | -4 | -2 | -1 | -3 | -11 | |
| -1 | 8 | -4 | 0 | -2 | 2 | 4 | |
| Net Cash Flow | 0 | 0 | -0 | 0 | -0 | 0 | -0 |
| Free Cash Flow | 1 | -8 | 3 | -0 | 2 | -2 | 4 |
| CFO/OP | 53% | -72% | 139% | 25% | 18% | 16% | 52% |
Ratios
Figures in Rs. Crores
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Feb 2025 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 102 | 83 | 75 | 80 | 64 | 96 | 75 |
| Inventory Days | 54 | 85 | 67 | 58 | 75 | 91 | 86 |
| Days Payable | 34 | 13 | 33 | 16 | 12 | 33 | 19 |
| Cash Conversion Cycle | 122 | 155 | 109 | 122 | 127 | 154 | 142 |
| Working Capital Days | 37 | 77 | 14 | 15 | 35 | 50 | 50 |
| ROCE % | 12% | 10% | 10% | 29% | 22% | 22% |
Insights
In beta| Mar 2024 | Sep 2025 | |
|---|---|---|
| Manufacturing Segment Revenue Mix % |
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| Trading Segment Revenue Mix % |
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| Aggregate Capacity Utilization % |
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| Capacity Utilization - Flux-Cored Wire (Initial Phase) % |
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| Installed Capacity - Electrodes (Unit 1, Howrah) MT |
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| Installed Capacity - Flux-Cored Wire MT per annum |
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| Installed Capacity - MIG Wires (Unit 1, Howrah) MT |
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| Installed Capacity - MIG Wires (Unit 2, Jhajjar) MT |
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| Work Order Value - Srinchal Fabricators INR |
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Documents
Announcements
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General Updates
31 March 2026 - Acquired 4,60,000 shares (3.06%) of HM Power at Rs.10; stake now 13.06%. Acquisition completed March 30, 2026.
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Trading Window
26 March 2026 - Trading window closed from 1 April 2026 until 48 hours after audited results for year/half-year ended 31 Mar 2026.
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Outcome of Board Meeting
24 March 2026 - Board approved INR 46,00,000 for 4,60,000 shares in related-party HM Power and Cables on 24-Mar-2026.
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Resignation of Independent director
19 March 2026 - CLASSIC ELECTRODES (INDIA) LIMITED has informed about Resignation of Independent director.
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Resignation
19 March 2026 - Ms. Sheetal Agarwal resigned as Independent Director effective March 19, 2026, citing personal reasons; left Stakeholders Relationship Committee.
Annual reports
Concalls
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Nov 2025TranscriptPPT
Business Profile[1]
The company is a leading manufacturer of welding electrodes and MIG wires, primarily serving the domestic market, and holds ISO-9001 certification and BIS licenses, with a prior registration under DGS&D.