Elin Electronics Ltd

₹ 77.4 2.68%

08 Nov - close price

About

Incorporated in 1982, Elin Electronics Ltd is
in the business of Electronics Manufacturing Services^[1]

Key Points

Business Profile^[1]
Elin is a leading electronics manufacturing services (EMS) company providing end‑to‑end solutions to domestic and international brands in lighting, fans and home appliances, operating under both OEM (build to print) and ODM (design and manufacture) models. It is also one of the largest manufacturers of fractional horsepower (FHP) motors in India and a supplier of moulded and sheet‑metal components and medical diagnostic cartridges.

Website BSE NSE

Market Cap ₹ 386 Cr.
Current Price ₹ 77.4
High / Low ₹ 223 / 65.0
Stock P/E 40.6
Book Value ₹ 108
Dividend Yield 0.00 %
ROCE 6.64 %
ROE 4.10 %
Face Value ₹ 5.00

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Pros

Company is almost debt free.
Stock is trading at 0.72 times its book value

Cons

Though the company is reporting repeated profits, it is not paying out dividend
Company has low interest coverage ratio.
The company has delivered a poor sales growth of 8.35% over past five years.
Promoter holding is low: 33.0%
Company has a low return on equity of 3.76% over last 3 years.
Dividend payout has been low at 11.5% of profits over last 3 years
Company's cost of borrowing seems high

* 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

Consumer Discretionary Consumer Durables Consumer Durables Household Appliances

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	273.34	236.71	277.83	293.58	304.56	266.32	315.75	295.48	374.54	293.52	324.19	362.80	413.36
YoY Sales growth	-11.92%	+17.04%	+3.39%	+15.66%	+11.42%	+12.51%	+13.65%	+0.65%	+22.98%	+10.21%	+2.67%	+22.78%	+10.36%
	263.49	228.22	265.43	280.33	293.26	258.76	295.50	277.92	354.18	281.83	318.23	358.81	399.29
Operating Profit	9.85	8.49	12.40	13.25	11.30	7.56	20.25	17.56	20.36	11.69	5.96	3.99	14.07
OPM %	3.60%	3.59%	4.46%	4.51%	3.71%	2.84%	6.41%	5.94%	5.44%	3.98%	1.84%	1.10%	3.40%
	2.11	1.95	2.32	2.36	2.61	2.14	11.24	2.99	1.77	0.78	1.11	-22.18	0.69
Interest	1.33	1.89	2.15	1.84	2.00	1.63	2.11	2.02	2.23	1.65	2.30	3.01	2.96
Depreciation	4.76	4.77	7.47	5.71	5.48	6.07	7.36	5.86	6.03	6.00	6.48	7.22	7.74
Profit before tax	5.87	3.78	5.10	8.06	6.43	2.00	22.02	12.67	13.87	4.82	-1.71	-28.42	4.06
Tax %	33.22%	29.89%	30.78%	26.55%	25.82%	29.50%	21.80%	25.89%	25.74%	24.07%	-55.56%	-24.63%	30.05%
	3.92	2.64	3.54	5.92	4.78	1.40	17.22	9.39	10.30	3.66	-0.76	-21.41	2.85
EPS in Rs	0.79	0.53	0.71	1.19	0.96	0.28	3.47	1.89	2.07	0.74	-0.15	-4.31	0.57
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	494	829	786	862	1,094	1,075	1,042	1,180	1,288	1,394
Sales growth		+68%	-5%	+10%	+27%	-2%	-3%	+13%	+9%	+11%
	457	771	730	796	1,015	1,010	1,001	1,128	1,232	1,358
Operating Profit	38	57	55	67	79	65	41	52	56	36
OPM %	8%	7%	7%	8%	7%	6%	3.9%	4.4%	4.3%	2.6%
	1	1	1	2	1	2	9	18	6	-20
Interest	9	13	12	10	13	13	8	8	8	10
Depreciation	12	17	20	12	14	19	22	25	24	27
Profit before tax	17	28	24	47	53	36	20	39	30	-21
Tax %	24%	19%	24%	27%	26%	25%	30%	24%	24%
	15	23	19	35	39	27	14	29	23	-16
EPS in Rs	4.05	5.99	4.36	8.18	9.20	5.40	2.79	5.90	4.54	-3.15
Dividend Payout %	0%	0%	0%	0%	10%	18%	35%	0%	0%

Compounded Sales Growth
10 Years:	%
5 Years:	8%
3 Years:	6%
TTM:	11%

Compounded Profit Growth
10 Years:	%
5 Years:	-8%
3 Years:	-6%
TTM:	-75%

Stock Price CAGR
10 Years:	%
5 Years:	%
3 Years:	-21%
1 Year:	-61%

Return on Equity
10 Years:	%
5 Years:	6%
3 Years:	4%
Last Year:	4%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
Equity Capital	6	5	7	7	20	24	24	24	24	24
Reserves	139	185	202	255	283	469	479	510	532	514
	62	86	70	114	103	78	12	24	17	41
	71	109	84	132	127	163	154	168	193	279
Total Liabilities	278	385	363	508	533	734	669	727	766	858
	84	122	134	161	188	232	224	246	253	313
CWIP	2	0	0	0	0	0	12	3	28	3
Investments	26	13	24	14	1	27	63	67	82	27
	165	250	205	333	343	475	370	410	403	515
Total Assets	278	385	363	508	533	734	669	727	766	858

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	44	27	83	-34	57	62	43	17	54
	-30	-30	-43	-5	-28	-197	36	-21	-34
	-5	-4	-33	34	-30	131	-79	4	-15
Net Cash Flow	9	-7	7	-4	-1	-4	-0	-0	4
Free Cash Flow	24	-2	51	-52	16	12	18	-21	-5
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit	125%	58%	161%	-40%	91%	112%	114%	45%	111%

Ratios

Consolidated / View Standalone

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	61	61	42	77	59	67	70	70	59
Inventory Days	56	49	53	67	54	57	52	53	60
Days Payable	64	55	45	61	44	58	51	52	52
Cash Conversion Cycle	53	55	50	83	68	65	71	71	67
Working Capital Days	30	32	30	45	44	49	72	60	55
ROCE %		17%	13%	17%	17%	10%	5%	7%	7%

Insights

In beta

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

FHP Motors Revenue
INR million

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xxx	xxx	xxx	xxx	xxx

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Lighting, Fans & Switches Revenue
INR million

Other EMS Revenue
INR million

Precision Components Revenue
INR million

Small Appliances Revenue
INR million

Medical Cartridges Revenue
INR million

FHP Motor Capacity Utilization
%

FHP Motor Production Volume
units

Number of Customers Served
count

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	32.99%	33.41%	33.41%	33.41%	33.41%	32.98%	32.98%	32.98%	32.98%	32.95%	32.97%	32.97%
	0.56%	0.35%	0.97%	0.86%	0.38%	0.41%	0.69%	0.78%	0.68%	0.74%	0.58%	0.60%
	11.93%	11.90%	13.10%	12.58%	12.06%	10.77%	7.60%	5.53%	6.14%	5.40%	2.89%	1.33%
	54.53%	54.34%	52.53%	53.14%	54.15%	55.84%	58.73%	60.71%	60.20%	60.92%	63.58%	65.10%
No. of Shareholders	83,782	78,607	71,516	61,159	60,747	60,208	58,085	54,166	52,411	51,710	52,035	51,975

	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
	32.97%	33.41%	32.98%	32.95%	32.97%
	2.76%	0.35%	0.41%	0.74%	0.60%
	18.76%	11.90%	10.77%	5.40%	1.33%
	45.51%	54.34%	55.84%	60.92%	65.10%
No. of Shareholders	87,497	78,607	60,208	51,710	51,975

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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