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 ₹ 93.3 Cr.
- Current Price ₹ 52.0
- High / Low ₹ 92.0 / 34.8
- Stock P/E 6.92
- Book Value ₹ 57.0
- Dividend Yield 0.00 %
- ROCE 19.2 %
- ROE 17.9 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Stock is trading at 0.91 times its book value
- Company has delivered good profit growth of 59.2% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 25.4%
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Working capital days have increased from 56.9 days to 84.9 days
* 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
Part of Nifty SME Emerge
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 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| 83 | 90 | 134 | 151 | 194 | 188 | 206 | 243 | 265 | |
| Sales growth | +8% | +49% | +13% | +28% | +24% | +6% | +18% | +19% | |
| 78 | 85 | 128 | 142 | 173 | 168 | 184 | 220 | 241 | |
| Operating Profit | 6 | 5 | 6 | 8 | 21 | 19 | 22 | 23 | 24 |
| OPM % | 7% | 5% | 4.4% | 6% | 11% | 10% | 11% | 9% | 9% |
| 0 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | 2 | |
| Interest | 3 | 3 | 3 | 4 | 5 | 5 | 5 | 4 | 3 |
| Depreciation | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 3 | 4 |
| Profit before tax | 2 | 2 | 2 | 3 | 15 | 13 | 15 | 17 | 18 |
| Tax % | 25% | 25% | 27% | 25% | 34% | 26% | 22% | 26% | |
| 2 | 1 | 1 | 2 | 10 | 10 | 12 | 13 | 13 | |
| EPS in Rs | 1.34 | 0.93 | 1.10 | 1.58 | 7.24 | 7.25 | 8.81 | 7.04 | 7.50 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 22% |
| 3 Years: | 17% |
| TTM: | 19% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 59% |
| 3 Years: | 82% |
| TTM: | 13% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -39% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 22% |
| 3 Years: | 25% |
| Last Year: | 18% |
Balance Sheet
Figures in Rs. Crores
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Feb 2025 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 5 | 5 | 5 | 5 | 5 | 13 | 13 | 18 | 18 |
| Reserves | 14 | 15 | 14 | 16 | 28 | 30 | 32 | 77 | 85 |
| 9 | 19 | 39 | 43 | 46 | 54 | 54 | 20 | 20 | |
| 26 | 21 | 16 | 12 | 13 | 19 | 16 | 19 | 18 | |
| Total Liabilities | 54 | 60 | 75 | 77 | 92 | 116 | 115 | 134 | 140 |
| 12 | 15 | 13 | 17 | 16 | 17 | 17 | 27 | 34 | |
| CWIP | 0 | 0 | 4 | 0 | 0 | 0 | 0 | 4 | 4 |
| Investments | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 2 | 3 |
| 41 | 44 | 58 | 60 | 76 | 99 | 98 | 101 | 99 | |
| Total Assets | 54 | 60 | 75 | 77 | 92 | 116 | 115 | 134 | 140 |
Cash Flows
Figures in Rs. Crores
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Feb 2025 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| 3 | -4 | 8 | 2 | 3 | 1 | 8 | 19 | |
| -1 | -4 | -4 | -2 | -1 | -3 | -11 | -15 | |
| -1 | 8 | -4 | 0 | -2 | 2 | 4 | -1 | |
| Net Cash Flow | 0 | 0 | -0 | 0 | -0 | 0 | -0 | 3 |
| Free Cash Flow | 1 | -8 | 3 | -0 | 2 | -2 | 4 | 2 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 53% | -72% | 139% | 25% | 18% | 16% | 52% | 81% |
Ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Feb 2025 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 102 | 83 | 75 | 80 | 64 | 96 | 75 | 72 |
| Inventory Days | 54 | 85 | 67 | 58 | 75 | 91 | 86 | 69 |
| Days Payable | 34 | 13 | 33 | 16 | 12 | 33 | 19 | 18 |
| Cash Conversion Cycle | 122 | 155 | 109 | 122 | 127 | 154 | 142 | 122 |
| Working Capital Days | 37 | 77 | 14 | 15 | 35 | 50 | 50 | 85 |
| ROCE % | 12% | 10% | 10% | 29% | 22% | 22% | 19% |
Insights
In beta| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Capacity Utilization - Electrodes (West Bengal) % |
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| Capacity Utilization - MIG Wire (West Bengal) % |
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| Installed Capacity - Electrodes (West Bengal) MT |
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| Installed Capacity - MIG Wire (West Bengal) MT |
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| Production Volume - Electrodes (West Bengal) MT |
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| Production Volume - MIG Wire (West Bengal) MT |
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| Capacity Utilization - MIG Wire (Jhajjar) % |
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| Manufacturing Revenue Mix % |
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Extracted by Screener AI
Documents
Announcements
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Investor Presentation
- H1 FY27 investor presentation: total income ₹145.23 crore, EBITDA ₹13.94 crore, PAT ₹7.28 crore.
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Press Release
- Classic Electrodes reports H1 FY27 results: income ₹145.23 crore, EBITDA ₹13.94 crore, profit ₹7.28 crore.
-
Statement of deviation(s) or variation(s) under Reg. 32
- No deviation in IPO fund use for half year ended September 30, 2026; ₹41.51 crore raised fully utilized.
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Outcome of Board Meeting
- Board approved H1 FY2027 results; IPO proceeds of ₹4,150.93 lakh fully utilized by 30 Sept 2026.
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Analysts/Institutional Investor Meet/Con. Call Updates
- H1 FY27 earnings call scheduled for 16 November 2026 at 4:00 PM.
Concalls
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Nov 2026PPT
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Nov 2026PPT
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May 2026Transcript PPT
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Nov 2025Transcript
Business Overview:[1]
CEIL is engaged in the business of manufacturing welding electrodes and providing engineering solutions to customers spread across various sectors. It holds ISO-9001 certification and BIS licenses, with a prior registration under DGS&D.