Esab India Ltd

₹ 5,166 -0.03%

13 Nov - close price

esabindia.com BSE: 500133 NSE: ESABINDIA

About

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]

Key Points

Product Offerings
The portfolio spans welding consumables and filler metals, arc-welding/cutting and industrial-gas equipment, equipment aftermarket, welding/cutting automation and robotics, digital solutions, and PPE/accessories, with consumables and equipment remaining the legacy core. Applications cover automotive, fabrication/construction, pipelines/pipemills, power and process plants, railways, shipbuilding/offshore, mobile machinery, and repair/maintenance for steel, cement, power, and mining.^[1] ^[2] ^[3]

Website BSE NSE

Market Cap ₹ 7,953 Cr.
Current Price ₹ 5,166
High / Low ₹ 7,325 / 4,900
Stock P/E 39.6
Book Value ₹ 323
Dividend Yield 1.45 %
ROCE 64.7 %
ROE 48.8 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Company is almost debt free.
Company has a good return on equity (ROE) track record: 3 Years ROE 52.3%
Company has been maintaining a healthy dividend payout of 72.0%

Cons

Stock is trading at 16.0 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 Industrials BSE 1000

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	303	301	341	330	339	337	368	352	382	379	396	421	424
YoY Sales growth	+9%	+13%	+13%	+11%	+12%	+12%	+8%	+7%	+13%	+12%	+8%	+20%	+11%
	249	248	279	268	277	282	302	293	309	303	333	342	355
Operating Profit	54	54	62	62	61	55	66	59	72	76	63	79	69
OPM %	18%	18%	18%	19%	18%	16%	18%	17%	19%	20%	16%	19%	16%
	2	1	1	1	1	3	2	1	33	-13	2	2	2
Interest	0	0	0	0	0	0	1	1	0	1	0	0	0
Depreciation	3	4	4	3	4	4	4	4	4	4	4	5	5
Profit before tax	52	51	60	60	59	55	63	55	101	58	60	76	66
Tax %	26%	26%	26%	26%	27%	26%	24%	26%	22%	26%	27%	26%	26%
	38	38	44	44	43	40	47	41	79	43	44	56	49
EPS in Rs	24.95	24.65	28.75	28.88	28.04	26.23	30.81	26.60	51.45	27.93	28.29	36.47	31.79
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015 15m	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	552	451	466	543	672	698	681	896	1,091	1,243	1,373	1,508	1,620
Sales growth	+27%	-18%	+3%	+16%	+24%	+4%	-2%	+32%	+22%	+14%	+10%	+10%	+13%
	507	406	422	491	593	601	598	775	904	1,014	1,129	1,238	1,333
Operating Profit	45	45	44	52	79	97	83	121	187	229	245	270	287
OPM %	8%	10%	9%	10%	12%	14%	12%	13%	17%	18%	18%	18%	18%
	-0	6	4	11	16	14	11	5	8	6	8	23	-7
Interest	0	0	0	0	0	1	2	1	0	2	2	3	2
Depreciation	14	10	10	10	11	13	12	11	12	14	15	17	18
Profit before tax	31	41	38	53	84	97	81	114	182	220	236	274	260
Tax %	23%	31%	29%	29%	32%	27%	26%	26%	26%	26%	26%	25%
	24	28	27	37	58	71	59	84	136	163	175	207	192
EPS in Rs	15.36	18.41	17.45	24.13	37.41	46.39	38.52	54.77	88.14	105.88	113.96	134.28	124.48
Dividend Payout %	7%	5%	6%	4%	241%	151%	114%	110%	88%	81%	79%	56%

Compounded Sales Growth
10 Years:	13%
5 Years:	17%
3 Years:	11%
TTM:	13%

Compounded Profit Growth
10 Years:	21%
5 Years:	27%
3 Years:	13%
TTM:	9%

Stock Price CAGR
10 Years:	25%
5 Years:	15%
3 Years:	-4%
1 Year:	-3%

Return on Equity
10 Years:	32%
5 Years:	49%
3 Years:	52%
Last Year:	49%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
Equity Capital	15	15	15	15	15	15	15	15	15	15	15	15	15
Reserves	274	300	327	363	251	322	244	229	245	291	346	414	481
	0	0	1	0	0	5	3	3	4	5	4	3	3
	80	70	85	102	112	116	126	189	210	240	284	266	260
Total Liabilities	369	386	428	480	379	458	388	436	474	551	649	699	760
	83	78	76	80	83	86	90	90	95	125	136	148	149
CWIP	1	5	7	8	3	7	3	3	20	4	9	6	5
Investments	122	120	147	125	30	70	41	31	0	0	24	44	73
	163	183	198	269	262	295	255	312	359	421	480	502	533
Total Assets	369	386	428	480	379	458	388	436	474	551	649	699	760

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	16	18	36	30	67	57	72	85	129	141	199	181
	-12	-9	-23	9	102	-120	66	20	5	-55	-15	-46
	-2	-2	-2	-41	-163	39	-139	-102	-122	-81	-157	-143
Net Cash Flow	3	7	12	-2	6	-24	-0	3	12	5	27	-8
Free Cash Flow	11	8	22	13	56	37	62	74	98	115	171	150
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit	63%	68%	110%	89%	115%	84%	114%	94%	92%	87%	106%	95%

Ratios

Standalone / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	29	37	37	40	35	44	53	55	51	55	60	61
Inventory Days	55	76	77	76	58	66	61	68	67	55	59	58
Days Payable	56	56	71	78	71	74	80	93	82	65	87	86
Cash Conversion Cycle	28	57	43	38	21	36	34	30	36	45	32	34
Working Capital Days	22	39	34	67	48	40	46	30	30	25	26	40
ROCE %	15%	14%	13%	15%	26%	32%	27%	44%	71%	77%	70%	65%

Insights

In beta

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Manufactured goods as % of product revenue
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Number of employees
count

Number of manufacturing plants
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Overseas (export) revenue as % of total revenue
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Number of dealers/distributors
count

Number of offices
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Sales to dealers / distributors as % of total sales
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Sales to top 10 dealers / distributors as % of total dealer sales
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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
	73.72%	73.72%	73.72%	73.72%	73.72%	73.72%	73.72%	73.72%	73.72%	73.72%	73.72%	73.72%
	1.14%	1.26%	1.54%	1.66%	1.84%	1.79%	1.56%	1.53%	1.51%	1.56%	1.62%	1.52%
	12.98%	13.02%	13.03%	13.03%	13.10%	12.87%	12.82%	12.77%	12.93%	12.88%	12.87%	12.76%
	12.15%	11.99%	11.69%	11.59%	11.33%	11.60%	11.89%	11.98%	11.84%	11.84%	11.78%	11.99%
No. of Shareholders	19,685	18,395	18,288	19,674	19,749	20,625	21,625	21,499	20,215	19,837	20,083	20,679

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
	73.72%	73.72%	73.72%	73.72%	73.72%	73.72%	73.72%	73.72%	73.72%	73.72%	73.72%
	3.18%	10.60%	10.14%	10.00%	3.84%	0.21%	0.82%	1.26%	1.79%	1.56%	1.52%
	1.10%	1.58%	1.32%	4.11%	10.06%	13.68%	13.22%	13.02%	12.87%	12.88%	12.76%
	0.00%	0.29%	0.32%	0.32%	0.40%	0.42%	0.00%	0.00%	0.00%	0.00%	0.00%
	22.00%	13.81%	14.50%	11.85%	11.98%	11.97%	12.22%	11.99%	11.60%	11.84%	11.99%
No. of Shareholders	9,472	11,081	10,456	10,729	14,526	14,844	18,041	18,395	20,625	19,837	20,679

* 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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Esab India Ltd

Esab India Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

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