Esab India Ltd
ESAB India Ltd is a leading supplier of welding and cutting products in India. It is a subsidiary of ESAB Group which was ultimately owned by the Colfax Corporation of USA.[1]
- Market Cap ₹ 8,463 Cr.
- Current Price ₹ 5,515
- High / Low ₹ 6,425 / 4,130
- Stock P/E 43.2
- Book Value ₹ 271
- Dividend Yield 1.18 %
- ROCE 70.0 %
- ROE 52.3 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Company is almost debt free.
- Company has delivered good profit growth of 19.7% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 54.1%
- Company has been maintaining a healthy dividend payout of 82.9%
Cons
- Stock is trading at 20.4 times its book value
* 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 BSE Allcap BSE Industrials
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Dec 2013 | Mar 2015 15m | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 434 | 552 | 451 | 466 | 543 | 672 | 698 | 681 | 896 | 1,091 | 1,243 | 1,373 | 1,480 | |
| 383 | 507 | 406 | 422 | 491 | 593 | 601 | 598 | 775 | 904 | 1,014 | 1,129 | 1,207 | |
| Operating Profit | 51 | 45 | 45 | 44 | 52 | 79 | 97 | 83 | 121 | 187 | 229 | 245 | 273 |
| OPM % | 12% | 8% | 10% | 9% | 10% | 12% | 14% | 12% | 13% | 17% | 18% | 18% | 18% |
| 8 | -0 | 6 | 4 | 11 | 16 | 14 | 11 | 5 | 8 | 6 | 8 | 24 | |
| Interest | 1 | 0 | 0 | 0 | 0 | 0 | 1 | 2 | 1 | 0 | 2 | 2 | 3 |
| Depreciation | 11 | 14 | 10 | 10 | 10 | 11 | 13 | 12 | 11 | 12 | 14 | 15 | 17 |
| Profit before tax | 47 | 31 | 41 | 38 | 53 | 84 | 97 | 81 | 114 | 182 | 220 | 236 | 277 |
| Tax % | 30% | 23% | 31% | 29% | 29% | 32% | 27% | 26% | 26% | 26% | 26% | 26% | |
| 33 | 24 | 28 | 27 | 37 | 58 | 71 | 59 | 84 | 136 | 163 | 175 | 211 | |
| EPS in Rs | 21.52 | 15.36 | 18.41 | 17.45 | 24.13 | 37.41 | 46.39 | 38.52 | 54.77 | 88.14 | 105.88 | 113.96 | 136.79 |
| Dividend Payout % | 5% | 7% | 5% | 6% | 4% | 241% | 151% | 114% | 110% | 88% | 81% | 79% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 10% |
| 5 Years: | 15% |
| 3 Years: | 15% |
| TTM: | 10% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 19% |
| 5 Years: | 20% |
| 3 Years: | 28% |
| TTM: | 14% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 28% |
| 5 Years: | 23% |
| 3 Years: | 10% |
| 1 Year: | 16% |
| Return on Equity | |
|---|---|
| 10 Years: | 28% |
| 5 Years: | 43% |
| 3 Years: | 54% |
| Last Year: | 52% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Dec 2013 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 |
| Reserves | 252 | 274 | 300 | 327 | 363 | 251 | 322 | 244 | 229 | 245 | 291 | 346 | 401 |
| 0 | 0 | 0 | 1 | 0 | 0 | 5 | 3 | 3 | 4 | 5 | 4 | 4 | |
| 83 | 80 | 70 | 85 | 102 | 112 | 116 | 126 | 189 | 210 | 240 | 282 | 216 | |
| Total Liabilities | 350 | 369 | 386 | 428 | 480 | 379 | 458 | 388 | 436 | 474 | 551 | 647 | 637 |
| 96 | 83 | 78 | 76 | 80 | 83 | 86 | 90 | 90 | 95 | 125 | 136 | 140 | |
| CWIP | 3 | 1 | 5 | 7 | 8 | 3 | 7 | 3 | 3 | 20 | 4 | 9 | 5 |
| Investments | 105 | 122 | 120 | 147 | 125 | 30 | 70 | 41 | 31 | 0 | 0 | 24 | 19 |
| 147 | 163 | 183 | 198 | 269 | 262 | 295 | 255 | 312 | 359 | 421 | 478 | 473 | |
| Total Assets | 350 | 369 | 386 | 428 | 480 | 379 | 458 | 388 | 436 | 474 | 551 | 647 | 637 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Dec 2013 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 35 | 16 | 18 | 36 | 30 | 67 | 57 | 72 | 85 | 129 | 141 | 200 | |
| -27 | -12 | -9 | -23 | 9 | 102 | -120 | 66 | 20 | 5 | -55 | -16 | |
| -14 | -2 | -2 | -2 | -41 | -163 | 39 | -139 | -102 | -122 | -81 | -157 | |
| Net Cash Flow | -6 | 3 | 7 | 12 | -2 | 6 | -24 | -0 | 3 | 12 | 5 | 27 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Dec 2013 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 23 | 29 | 37 | 37 | 40 | 35 | 44 | 53 | 55 | 51 | 55 | 60 |
| Inventory Days | 82 | 55 | 76 | 77 | 76 | 58 | 66 | 61 | 68 | 67 | 55 | 59 |
| Days Payable | 70 | 56 | 56 | 71 | 78 | 71 | 74 | 80 | 93 | 82 | 65 | 87 |
| Cash Conversion Cycle | 35 | 28 | 57 | 43 | 38 | 21 | 36 | 34 | 30 | 36 | 45 | 31 |
| Working Capital Days | 18 | 22 | 39 | 34 | 67 | 48 | 40 | 46 | 30 | 30 | 25 | 26 |
| ROCE % | 19% | 15% | 14% | 13% | 15% | 26% | 32% | 27% | 44% | 71% | 77% | 70% |
Documents
Announcements
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Outcome Of The Meeting Of Board Held On 10Th February 2026
10 Feb - Unaudited quarter and nine-month results: Q3 revenue Rs37,990L, PAT Rs4,300L; second interim dividend Rs25/share.
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Intimation Of Second Interim Dividend And Record Date
10 Feb - Second interim dividend Rs.25/share (250%); outflow Rs.38,48,25,500; record date 14 Feb; payment by 06 Mar 2026.
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Board Meeting Outcome for Outcome Of The Meeting Of Board Held On 10Th February 2026
10 Feb - Declared ₹25 per share interim dividend; Q3 nine-month unaudited PAT ₹16,314 lakhs; payment by 6 Mar, record date 14 Feb.
-
Announcement under Regulation 30 (LODR)-Updates on Acquisition
28 Jan - Subscribe Rs.19,478,700 additional equity, raising stake to 17.38% in solar SPV for captive power.
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Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
5 Jan - The securities received for dematerialization have been mutilated and cancelled after due verification and the name of the depository has been substituted in our records …
Annual reports
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Financial Year 2025
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2013
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Product Offerings
The company's products include welding consumables, arc welding equipment, plasma, cutting automation, gas equipment, welding automation & robotics, digital solutions, and PPE & accessories. [1]