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Elpro International Ltd (504000)

📊 BSE: 504000 🏢 Residential, Commercial Projects 📢 Latest filing: 21 Aug 2026 📝 Analysis written: 13 Nov 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Elpro International's revenue was ₹139 Cr (+38.7% year on year, -25.0% on the previous quarter), and net profit ₹116 Cr (+56.9% year on year); the operating margin was 85.1%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹139	+38.7%	-25.0%
Operating profit	₹118	+66.2%	from loss
Net profit	₹116	+56.9%	from loss
EPS (₹)	6.85	+56.0%	from loss
Operating margin	85.1%	—	—

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

Elpro International acquires 100% of Quest Academy for ₹186.12 Cr via subsidiary

🔵 WATCH ⭐ 9/10

M&A 📅 21 Aug 2026, 04:03 PM

Elpro International Ltd's wholly owned subsidiary, Elpro Realty Private Limited, has acquired a 100% equity stake (33,00,000 shares) in Quest Academy Limited for a total cash consideration of ₹186.12 crore. Quest Academy operates in real estate activities and reported zero revenue over the last three financial years (FY24 to FY26) alongside a net worth of ₹2.90 crore for FY26. The acquisition represents approximately 32.8% of Elpro's TTM revenue (₹567 crore) and 9.2% of its net worth (₹2,031 crore). The transaction does not fall under related-party transactions.

100% equity stake (33,00,000 shares) acquired in Quest Academy Limited.
Total cash consideration paid is ₹186.12 crore.
Target reported Nil revenue across FY24, FY25, and FY26, with a net worth of ₹2.90 crore as of FY26.
Target operates in real estate activities and is not a related-party entity.

💡 Monitor subsequent disclosures or management commentary regarding the underlying real estate assets/land parcels held by Quest Academy and the project development timeline.

Promoter Group Files Revised SAST Disclosures: 75.00% Total Equity Encumbered

🔴 NEGATIVE ⭐ 6/10

REGULATORY 📅 19 Aug 2026, 07:14 PM

Elpro International's promoter group, led by I G E (India) Private Limited, submitted revised disclosures under SEBI SAST Regulations regarding share encumbrances. A total of 12,71,08,893 equity shares, representing 75.00% of total share capital (100% of promoter holding), are encumbered via pledges, non-disposal undertakings (NDUs), and contractual covenants. The encumbrances act as collateral/security for debt facilities availed by group entities (including Zenox Technology Services Private Limited) from DSP Finance and Kotak Mahindra Bank to finance share acquisitions.

Total encumbered shares stand at 12,71,08,893, representing 75.00% of total equity (100% of promoter holding).
Primary promoter I G E (India) Private Ltd has encumbered its entire 67.88% stake, with 51.00% directly pledged and 9.88% under NDU.
R.C.A. Limited has encumbered 1,16,08,548 shares (6.85% of total capital) as collateral for loan/debenture facilities.
Borrowed funds are utilized by group entities to part-finance the acquisition of Elpro International equity shares.

💡 Track promoter debt servicing track record, subsequent pledge release updates, and any risk of margin triggers given the 100% encumbrance of promoter holdings.

Promoter Group Discloses Encumbrances on 75.00% Equity Shares in Revised SAST Filing

🔴 NEGATIVE ⭐ 6/10

REGULATORY 📅 19 Aug 2026, 07:11 PM

Promoter entity IGE (India) Private Limited and promoter group entities submitted revised SEBI SAST disclosures clarifying encumbrances on 12,71,08,893 shares, representing 75.00% of Elpro International's total share capital (the entire promoter holding). The encumbrances encompass share pledges (up to 58.00%), non-disposal undertakings (9.88%), and contractual covenants in favor of lenders DSP Finance Private Limited and Kotak Mahindra Bank Limited via CTL Trusteeship Limited. The borrowed amounts are utilized towards part-financing the acquisition of equity shares of the company and related credit facility costs.

Total encumbered shares across promoter entities stand at 12,71,08,893 shares (75.00% of total share capital)
Direct share pledge covers 9,82,97,894 shares (58.00% of total equity) in favor of DSP Finance via CTL Trusteeship
Non-disposal undertaking (NDU) covers 1,67,48,431 shares (9.88% of total equity) for facilities availed by Zenox Technology Services
Borrowed amounts earmarked for part-financing the acquisition of equity shares of the Company

💡 Track quarterly promoter pledge disclosures and covenant compliance to assess margin call risks during periods of market volatility.

Elpro International Q1 Standalone PAT Down 56% YoY to ₹9.16 Cr; BSE Delisting Underway

🔵 WATCH ⭐ 7/10

EARNINGS 📅 14 Aug 2026, 06:48 PM

Elpro International reported an 11.3% YoY decline in standalone revenue from operations to ₹33.30 Cr (₹3,329.93 lakhs) for the quarter ended June 30, 2026. Standalone net profit after tax declined 56.4% YoY to ₹9.16 Cr (₹916.27 lakhs), heavily burdened by finance costs of ₹26.15 Cr despite real estate segment profits rising to ₹23.78 Cr. Total comprehensive income stood high at ₹295.20 Cr, driven by fair value gains on equity investments of ₹333.77 Cr recorded through OCI. Additionally, the company noted that the promoters' voluntary delisting offer from BSE was successful and is awaiting final BSE approval.

Standalone revenue from operations dropped 11.3% YoY to ₹33.30 Cr (₹3,329.93 lakhs)
Standalone net profit fell 56.4% YoY to ₹9.16 Cr (₹916.27 lakhs) from ₹21.03 Cr in Q1 FY26
Real estate revenue grew 23.7% YoY to ₹31.82 Cr with segment results of ₹23.78 Cr
Quarterly finance costs remained elevated at ₹26.15 Cr versus ₹21.84 Cr in the year-ago quarter
Voluntary delisting offer for equity shares on BSE concluded successfully and is pending final BSE approval

💡 Track the regulatory timeline and announcements regarding final BSE delisting approval and exit window procedures, as well as leverage management.

Q1 Standalone PAT Falls 56% YoY to ₹9.16 Cr; BSE Delisting Successful & Pending Final Approval

🔵 WATCH ⭐ 7/10

EARNINGS 📅 14 Aug 2026, 06:28 PM

Elpro International reported standalone revenue from operations of ₹33.30 Cr (₹3,329.93 lakhs) for the quarter ended June 30, 2026, marking an 11.3% decline YoY from ₹37.53 Cr. Standalone net profit after tax decreased 56.4% YoY to ₹9.16 Cr (₹916.27 lakhs) vs ₹21.03 Cr in Q1 FY26, yielding a quarterly EPS of ₹0.54. Total comprehensive income was elevated at ₹295.20 Cr, propelled by ₹286.04 Cr in net OCI fair value gains on equity holdings. In a major corporate development, the company confirmed that its voluntary delisting offer from BSE has succeeded and is now awaiting final approval from BSE.

Standalone revenue from operations stood at ₹3,329.93 lakhs (₹33.30 Cr), down 11.3% YoY from ₹3,753.31 lakhs.
Standalone net profit after tax declined 56.4% YoY to ₹916.27 lakhs (₹9.16 Cr) compared to ₹2,103.40 lakhs.
Equity instruments fair valuation drove other comprehensive income (OCI) to ₹28,603.58 lakhs (₹286.04 Cr).
Voluntary delisting from Calcutta Stock Exchange took effect on July 10, 2026; BSE delisting offer succeeded and awaits final approval.

💡 Track the timeline and official BSE notifications regarding final delisting approval and subsequent exit/settlement procedures for remaining public shareholders.

93.02% Promoter Holding: Elpro International Moves Toward Delisting After 18.02% Share Acquisition

🟢 POSITIVE ⭐ 9/10

M&A 📅 14 Aug 2026, 01:03 PM

The promoter group of Elpro International, led by Zenox Technology Services, has acquired 3,05,45,122 equity shares (18.02% stake) through a voluntary delisting offer. This acquisition, completed on August 12, 2026, has increased the total promoter holding from 75.00% to 93.02%, crossing the critical 90% threshold required for delisting. The company is proceeding with its plan to voluntarily delist from the BSE, the only exchange where it is currently listed. This follows the formal delisting proposal initiated in May 2026.

Acquisition of 3,05,45,122 equity shares by Zenox Technology Services on August 12, 2026
Promoter group holding increased from 75.00% to 93.02% of the paid-up equity share capital
The acquisition represents 18.02% of the total 16,94,79,130 equity shares
Zenox Technology Services previously held 0% shares prior to this delisting offer acquisition
The delisting process follows a letter of offer dated July 27, 2026

💡 Investors should monitor the final delisting timeline and the exit window for the remaining 6.98% public shareholders. As the company has crossed the 90% threshold, the delisting is likely to proceed, and liquidity for remaining shares will significantly decrease.

Elpro International Delisting Offer Successful; Promoter Group Holding Exceeds 90%

🟢 POSITIVE ⭐ 9/10

M&A 📅 12 Aug 2026, 11:07 AM

The promoter group of Elpro International Ltd has successfully completed its voluntary delisting offer from BSE Limited. The fixed-price tendering process, which ran from August 4 to August 10, 2026, resulted in the promoter group's shareholding exceeding the 90% regulatory threshold. Consequently, the company will proceed with the formal delisting process, transitioning from a public listed entity to a private/unlisted company.

Post-offer shareholding of the Acquirers and Promoter Group has exceeded the 90% threshold required by SEBI Delisting Regulations.
The fixed-price delisting tendering period was successfully concluded between August 4, 2026, and August 10, 2026.
The delisting proposal was managed by Motilal Oswal Investment Advisors Limited, following an Initial Public Announcement on May 1, 2026.
The company is currently listed only on BSE Limited, and the success of this offer leads to its voluntary removal from the exchange.

💡 Public shareholders who did not tender their shares during the offer period should monitor for the 'Exit Window' announcement, which typically allows remaining shareholders to exit at the same price for up to one year post-delisting.

Board Meeting Scheduled for Aug 14, 2026, to Approve Q1 FY27 Financial Results

🟡 NEUTRAL ⭐ 3/10

BOARD_MEETING 📅 10 Aug 2026, 08:08 PM

Elpro International has scheduled a board meeting on August 14, 2026, to consider and approve unaudited financial results for the quarter ended June 30, 2026. This follows a volatile FY26 where the company reported a significant net loss of ₹92 Cr in the March 2026 quarter, contrasting sharply with a ₹94 Cr profit in December 2025. Investors will be monitoring for a recovery in operating margins, which were -38% in the previous quarter. The trading window for insiders has been closed since July 1, 2026.

Board meeting to be held on August 14, 2026, for Q1 FY27 results approval
Trading window closed from July 1, 2026, until 48 hours post-announcement
Company reported a TTM revenue of ₹528 Cr as of March 2026
Previous quarter (Mar 2026) saw a net loss of ₹92 Cr
Investment portfolio remains significant at ₹2,216 Cr, impacting P&L volatility

💡 Watch for the Q1 FY27 results on August 14 to see if the company stabilizes its earnings after the large loss in the previous quarter and to assess the impact of its ₹2,216 Cr investment portfolio on the bottom line.

93.30% Stake Achieved: Elpro International Voluntary Delisting Offer Declared Successful

🟢 POSITIVE ⭐ 10/10

M&A 📅 10 Aug 2026, 05:40 PM

Elpro International's voluntary delisting offer has been declared successful after the promoter group's holding reached 93.30% of the 'remaining shares,' surpassing the SEBI-mandated 90% threshold. The offer, which closed on August 10, 2026, saw 3,05,45,122 shares successfully tendered at a fixed price of Rs 181.80 per share. This price represents a 15% premium over the floor price of Rs 158.07. The company will now proceed with payments to successful bidders and the formal delisting process from the BSE.

Fixed Delisting Price finalized at Rs 181.80 per share against a floor price of Rs 158.07
Total of 3,05,45,122 equity shares successfully tendered by public shareholders during the August 4-10 window
Promoter and Promoter Group shareholding increased from 75.00% to 93.02% of total issued equity shares
Achieved the minimum 90% shareholding requirement (15,20,72,433 shares) for a successful delisting under SEBI regulations
Total successful bids received from 745 shareholders at the fixed delisting price

💡 Successful bidders should monitor their bank accounts for payment as per the settlement calendar. Remaining public shareholders who did not tender should look for the post-offer public announcement regarding the mandatory exit window typically provided for one year after delisting.

Rs 10 Cr Investment in GMM Pfaudler Limited for Portfolio Expansion

🟡 NEUTRAL ⭐ 5/10

M&A 📅 06 Aug 2026, 08:11 PM

Elpro International has acquired 1,03,745 equity shares of GMM Pfaudler Limited for a total cash consideration of Rs 10.00 Crores. This is a fresh acquisition for investment purposes, as the company previously held no shares in the target entity. GMM Pfaudler is a significant player in industrial products with a FY 2025-26 turnover of Rs 3,523.94 Crores. The investment is relatively small for Elpro, representing approximately 0.49% of its net worth and 1.89% of its TTM revenue.

Acquisition of 1,03,745 equity shares of GMM Pfaudler Limited for Rs 10.00 Crores
Target entity GMM Pfaudler reported a consolidated turnover of Rs 3,523.94 Cr in FY 2025-26
Investment represents approximately 0.49% of Elpro's Net Worth of Rs 2,031 Cr
Acquisition is for investment purposes and was conducted as a cash consideration
Elpro's total investment portfolio is valued at approximately Rs 2,216 Cr as per recent filings

💡 Investors should monitor the overall performance and valuation of Elpro's large investment portfolio, as 39% of its income is tied to real estate and a significant portion of its value is derived from capital market investments.

Rs 5.00 Cr investment in Greaves Cotton Ltd by Elpro International

🟡 NEUTRAL ⭐ 4/10

M&A 📅 05 Aug 2026, 07:54 PM

Elpro International has increased its stake in Greaves Cotton Limited by acquiring 2,44,383 additional equity shares for a cash consideration of Rs 5.00 Crores. This transaction brings their total holding in the engineering company to 11,48,278 shares. The acquisition is for investment purposes, aligning with Elpro's strategy of managing a significant investment portfolio, which was valued at Rs 2,216 Cr as per recent filings. Given Elpro's market capitalization of Rs 3,012 Cr, this specific investment is relatively small, representing approximately 0.17% of its market value.

Acquisition of 2,44,383 equity shares of Greaves Cotton Limited for Rs 5.00 Crores
Total holding increased to 11,48,278 shares from a previous holding of 9,03,895 shares
Target entity Greaves Cotton reported a consolidated turnover of Rs 3,436.62 Cr for FY 2025-26
The investment represents approximately 0.25% of Elpro's Net Worth of Rs 2,031 Cr

💡 Investors should monitor the overall performance and valuation of Elpro's Rs 2,216 Cr investment portfolio, as it significantly impacts the company's net worth and non-operating income.

Independent Directors Recommend Voluntary Delisting Offer for Elpro International

🔵 WATCH ⭐ 9/10

M&A 📅 29 Jul 2026, 01:16 PM

The Committee of Independent Directors (IDC) of Elpro International has issued its reasoned recommendation regarding the proposed voluntary delisting of the company's equity shares. This follows the Detailed Public Statement (DPS) released on July 25, 2026. The IDC met on July 28, 2026, to finalize their views, which have now been published in national newspapers. With promoter holding already at the regulatory ceiling of 75%, the delisting process will now proceed to the price discovery phase via reverse book building.

Committee of Independent Directors (IDC) finalized recommendations on July 28, 2026
Detailed Public Statement (DPS) for the delisting offer was issued on July 25, 2026
Promoter holding is currently at the maximum limit of 75.0%
Company market capitalization stands at approximately Rs 2,990 Cr
Delisting manager appointed is Motilal Oswal Investment Advisors Limited

💡 Investors should review the 'Exit Price' and 'Floor Price' once the bidding period opens. Monitor the reverse book-building process to see if the discovered price is acceptable to the promoters.

Elpro International Promoters Initiate Voluntary Delisting to Acquire 25% Public Stake

🔵 WATCH ⭐ 9/10

M&A 📅 27 Jul 2026, 01:24 PM

Promoters of Elpro International, including I G E (India) Private Limited and Zenox Technology Services, have formally issued a Detailed Public Announcement to voluntarily delist the company from the BSE. The acquirers intend to purchase the remaining 25% stake held by public shareholders, which represents approximately 4.23 crore shares given the current 75% promoter holding. Motilal Oswal Investment Advisors has been appointed as the Manager to the Offer. This move follows a period of high volatility, including a Mar 2026 quarterly net loss of Rs 92 cr despite a 128.5% price return over the last six months.

Promoters and Persons Acting in Concert (PACs) currently hold 75.0% of the total equity capital.
The delisting offer targets the entire 25.0% public shareholding to take the company private.
Detailed Public Announcement (DPA) was published on July 27, 2026, across major national newspapers.
The company is currently listed only on the BSE Limited with a market capitalization of Rs 2,970 Cr.
Motilal Oswal Investment Advisors is acting as the Manager to the Delisting Offer.

💡 Investors should wait for the formal Letter of Offer to identify the floor price and the specific dates for the Reverse Book Building (RBB) process. The success of the delisting depends on the promoters reaching a 90% shareholding threshold and accepting the discovered price.

Elpro International Promoters Issue Detailed Public Announcement for Voluntary Delisting

🔵 WATCH ⭐ 9/10

M&A 📅 27 Jul 2026, 01:16 PM

Promoters of Elpro International, who currently hold 75.0% of the company, have issued a Detailed Public Announcement (DPA) to acquire the remaining 25.0% public stake and voluntarily delist from the BSE. The offer is being managed by Motilal Oswal Investment Advisors Limited. This formal announcement follows the promoter group's expressed intention to take the company private. Public shareholders will need to participate in a reverse book-building process to determine the exit price.

Promoter group currently holds 75.0% of the total equity shares
Offer aims to acquire the remaining 25.0% public shareholding to delist from BSE
Detailed Public Announcement published on July 27, 2026, across major newspapers
Company has a market capitalization of Rs 2,970 Cr as of the announcement date
TTM Revenue stands at Rs 528 Cr with a significant investment portfolio of Rs 2,216 Cr

💡 Investors should monitor the upcoming schedule for the reverse book-building process and the floor price. The outcome depends on whether the price discovered through public bidding is acceptable to the promoters.

Elpro International Forms IDC for Voluntary Delisting; Promoters Hold 75% Stake

🔵 WATCH ⭐ 9/10

M&A 📅 25 Jul 2026, 05:12 PM

Elpro International has formally constituted a Committee of Independent Directors (IDC) to evaluate and provide recommendations on a proposed voluntary delisting of its equity shares. This is a critical regulatory step under SEBI Delisting Regulations 2021, with the committee chaired by Mr. Naresh Agarwal. The company currently has a high promoter holding of 75.0%, meaning the delisting offer will target the remaining 25% held by the public. Motilal Oswal Investment Advisors has been appointed as the manager for this delisting process.

Formation of a 3-member Committee of Independent Directors (IDC) to provide reasoned recommendations on the delisting offer.
Promoters currently hold the maximum permissible 75.0% stake, leaving 25% for the public delisting offer.
IDC recommendations must be published at least 2 working days prior to the commencement of the tendering period.
Motilal Oswal Investment Advisors Limited appointed as the Manager to the Delisting Offer.

💡 Monitor the upcoming 'Detailed Public Announcement' for the floor price and the IDC's reasoned recommendations on whether the offer is fair to minority shareholders.

View All 504000 Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total income grew 77.9% to INR 272.51 Cr in FY25. Real Estate revenue grew 0.7% to INR 107.51 Cr; Manufacturing revenue was INR 4.12 Cr; Trading activity revenue reached INR 96.60 Cr.

Geographic Revenue Split

100% of physical operations and real estate assets are based in Chinchwad, Pune, Maharashtra, India.

Profitability Margins

Operating Profit Margin fell 45.81% to 21.75% in FY25. Net Profit Margin fell 56.44% to 18.09% due to a change in the revenue mix toward lower-margin trading activities.

EBITDA Margin

Operating Profit Margin of 21.75% reflects core profitability, which declined from 40.14% YoY as the company increased its trading segment volume.

Capital Expenditure

Historical expenditure includes INR 39.18 Cr for the acquisition of 5,47,946 shares of Sundrop Brands Limited in 2025; planned future capex is not specifically disclosed.

Credit Rating & Borrowing

Credit rating upgraded to CARE A-; Stable in April 2025 from CARE BBB+; Stable. Total long-term bank facilities are INR 377.64 Cr.

⚙️ Operational Drivers

Raw Materials

Raw materials for electrical equipment (Lightning Arresters and Varistors) are used; specific material names and cost percentages are not disclosed.

Capacity Expansion

Current plant is located in Chinchwad, Pune; specific capacity figures and expansion plans are not disclosed.

Raw Material Costs

Inventory turnover ratio decreased 14.94% to 4.47 times, indicating higher holding of raw materials and finished goods relative to manufacturing turnover.

Manufacturing Efficiency

Manufacturing efficiency is reflected in an inventory turnover ratio of 4.47 times (down 14.94% YoY) and a Debtors turnover ratio of 32.37 times (up 260.21% YoY).

📈 Strategic Growth

Expected Growth Rate

14%

Growth Strategy

Growth will be achieved through the expansion of the investment portfolio (e.g., Sundrop Brands acquisition for INR 39.18 Cr), maximizing rental yields from the 99.47% occupied One Elpro Business Park, and leveraging the 12.7% stake in PNB MetLife.

Products & Services

Lightning Arresters, Varistors, Secondary Surge Arresters, Discharge Counters, Retail Mall Space (Elpro City Square), and Office Space (One Elpro Business Park).

Brand Portfolio

Elpro City Square Mall, One Elpro Business Park.

Market Expansion

Pursuing growth in existing segments including retail, business parks, and investment activities in India.

Strategic Alliances

Historical technical and financial collaboration with General Electric; current 12.7% equity stake in PNB MetLife.

🌍 External Factors

Industry Trends

The industry is seeing a shift toward Grade A commercial spaces and organized retail, with the company positioned through its 99.47% occupied business park and modern retail mall.

Competitive Landscape

Faces competition in the real estate industry and volatility in the capital markets from unforeseen events.

Competitive Moat

Durable advantages include the strategic location of properties in Pune's industrial hub and a massive INR 2,216 Cr investment portfolio providing financial stability and liquidity.

Macro Economic Sensitivity

Sensitive to India's GDP growth (projected 6.5%) and corporate earnings trends (forecasted 14% growth for FY26).

Consumer Behavior

Increasing demand for integrated shopping and entertainment experiences, which the Elpro City Square Mall addresses.

Geopolitical Risks

Geo-political events are cited as a primary threat causing high volatility in the capital markets, impacting the company's INR 2,216 Cr investment portfolio.