Classic Electrodes (India) Limited (CLASSICEIL)
CLASSICEIL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 62.5% of the CLASSICEIL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 86.64%. That is lower than usual for this stock. Turnover was only ₹18 lakh, so a handful of trades can move this figure. It closed at its lower price band (circuit) on 16 Oct, one of 2 band closes in about the last 20 sessions.
Delivery in the last 5 sessions: 100.0% · 100.0% · 100.0% · 66.7% · 62.5%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Classic Electrodes (India) Limited has submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate, issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited, confirms that securities received for dematerialisation were processed, mutilated, and cancelled within the prescribed timeframe. The filing is a standard quarterly administrative requirement with zero financial or operational impact.
- Filing submitted under Regulation 74(5) of SEBI Regulations, 2018 for the quarter ended September 30, 2026
- RTA confirmation issued by MUFG Intime India Private Limited dated October 3, 2026
- Confirmation of dematerialisation requests processed and security certificates cancelled within stipulated time
Classic Electrodes (India) Limited has issued the notice for its 29th Annual General Meeting scheduled for September 28, 2026, via Video Conferencing. Key agenda items include the adoption of FY26 audited financial statements and director appointments. Shareholders will also vote on special resolutions approving material related party transactions with Kritika Wires Limited and Jai Hanuman Industrial Corporation for up to Rs. 50.00 crore per annum each. Additionally, ratification of Rs. 80,000 remuneration for cost auditors is tabled for approval.
- 29th Annual General Meeting scheduled for Monday, September 28, 2026 at 3:00 PM IST via VC/OAVM
- Special resolution proposed for related party transactions with Kritika Wires Limited up to Rs. 50.00 crore per annum
- Special resolution proposed for related party transactions with Jai Hanuman Industrial Corporation up to Rs. 50.00 crore per annum
- Ratification of Cost Auditor remuneration of Rs. 80,000 plus applicable taxes and expenses
Classic Electrodes (India) Limited held a board meeting on September 05, 2026, approving the convening of its 29th Annual General Meeting (AGM) on September 28, 2026, via video conferencing. The cut-off date for remote e-voting has been fixed as September 21, 2026, with the voting window open from September 25 to September 27, 2026. Additionally, the board approved the appointment of M/s Sohan Lal Jalan and Associates as Cost Auditors for FY 2026-27 subject to shareholder approval, and reconstituted its Stakeholder Relationship Committee.
- 29th AGM scheduled for September 28, 2026 at 03:00 PM IST via video conference
- Remote e-voting cut-off date set for September 21, 2026, with voting between September 25 and September 27, 2026
- Appointed M/s Sohan Lal Jalan and Associates as Cost Auditor for FY 2026-27, subject to shareholder approval
- Reconstituted the Stakeholder Relationship Committee under the chairmanship of Ankur Gupta (Independent Director)
Classic Electrodes (India) Limited responded to a surveillance letter from the National Stock Exchange dated August 28, 2026, regarding recent movements in its share price. The company confirmed that no undisclosed material events or developments under Regulation 30 of SEBI LODR have taken place that could affect operations or price. The management reiterated its adherence to transparency and timely disclosures.
- Response issued to NSE surveillance query reference NSE/CM/Surveillance/17438 dated August 28, 2026
- Company confirmed no undisclosed material developments under Regulation 30 of SEBI LODR
- Filing submitted and signed on August 29, 2026
Classic Electrodes (India) Limited reported a 10.01% year-on-year increase in sales for Q1 FY27, reaching ₹58 Cr compared to ₹52.72 Cr in the previous year. The growth was unevenly distributed, with the Jhajjar unit surging 46.45% while the primary Kolkata unit grew by 6.93%. Management noted that performance was below initial projections due to geopolitical disruptions (US-Iran conflict) impacting raw material costs and demand. However, a recovery trend was visible in June 2026, which recorded the highest monthly sales of the quarter at ₹20.96 Cr.
- Total Q1 FY27 sales reached ₹58.00 Cr, representing a 10.01% YoY growth.
- Jhajjar manufacturing unit saw significant growth of 46.45% YoY, contributing ₹6.01 Cr to the total.
- June 2026 recorded the strongest monthly sales of the quarter at ₹20.96 Cr, up from ₹18.02 Cr in May.
- Kolkata unit remains the dominant revenue contributor at ₹51.99 Cr, accounting for approximately 89.6% of total sales.
- Management cited the US-Iran conflict as a primary headwind that caused raw material price volatility and demand uncertainty.
Classic Electrodes (India) Limited has extended a corporate guarantee of up to Rs 15.00 crore to Bajaj Finance Limited on behalf of its group company, Alltime Suppliers Private Limited. The guarantee supports a term loan with a tenure of 78 months. Promoters Hanuman Prasad Agarwal and Sushil Kumar Agarwal hold 36.14% and 31.84% stakes respectively in the beneficiary entity. This transaction creates a contingent liability for the listed company for the next 6.5 years.
- Corporate guarantee issued for a term loan of up to Rs 15,00,00,000
- Loan tenure is fixed at 78 months (6.5 years) with Bajaj Finance Limited
- Promoter Hanuman Prasad Agarwal holds a 36.14% stake in the beneficiary company
- Promoter Sushil Kumar Agarwal holds a 31.84% stake in the beneficiary company
- The guarantee will be recorded as a contingent liability in the company's financial statements
Financial Performance
Revenue Growth by Segment
Total revenue grew 16.4% YoY to INR 123.03 Cr in H1 FY26. The manufacturing segment's contribution increased to 70% of total revenue (up from 66-67% in FY25), while the trading segment's contribution decreased to 30% (down from 32-33% in FY25).
Geographic Revenue Split
The company currently operates primarily in East India (Howrah, West Bengal) and North India (Jhajjar, Haryana). Management noted a lack of presence in the South Indian market, which they plan to address with a new facility in FY27.
Profitability Margins
Profit After Tax (PAT) grew 5.9% YoY to INR 6.48 Cr in H1 FY26. PAT margins are approximately 5.26%. Segment-wise EBITDA margins are: Flux-Cored wires (20-25%), specialized MIG wires (18-22%), general MIG wires (10%), electrodes (8-10%), and trading (2-3%).
EBITDA Margin
EBITDA margin for H1 FY26 stood at approximately 9%, a decrease from 11% in H2 FY25 due to seasonal monsoon impacts. However, management expects to end FY26 with double-digit EBITDA margins as high-margin Flux-Cored wire production scales.
Capital Expenditure
The company invested INR 1.5 Cr from IPO proceeds for de-bottlenecking and automation at Unit 1. Plans are in place to establish a new manufacturing facility in South India (Nagpur or Chennai) during FY27, though the specific investment amount is not yet disclosed.
Credit Rating & Borrowing
The company is utilizing IPO proceeds to repay existing debt to reduce interest costs. Specific credit ratings and interest rate percentages were not disclosed in the documents.
Operational Drivers
Raw Materials
Wire rods represent the primary raw material and key risk factor, though the specific percentage of total cost was not disclosed.
Import Sources
Raw materials are sourced domestically within India, specifically through MoUs with major steel producers.
Key Suppliers
Steel Authority of India Limited (SAIL) is a primary supplier of wire rods via MoUs.
Capacity Expansion
Current capacities: Electrodes at 10,600 MTPA, MIG wires at 8,600 MTPA (5,000 MT at Unit 1 and 3,600 MT at Unit 2), and Flux-Cored wire at 1,800 MTPA. Automation at Unit 1 has already increased wire drawing output by 20-25%.
Raw Material Costs
Raw material costs are managed through pass-through provisions in most orders, allowing the company to safeguard margins against price fluctuations.
Manufacturing Efficiency
Current machinery utilization is 65-70%, with a target to reach 75-77% by the end of FY26. Automation has improved production efficiency by 25% per day.
Logistics & Distribution
The company uses a mix of direct sales and selected distributors to cater to large and SME clients.
Strategic Growth
Expected Growth Rate
20%
Growth Strategy
Growth will be driven by scaling the high-margin Flux-Cored wire segment (targeting INR 30 Cr extra revenue at 70-80% utilization), increasing manufacturing's share of revenue to 85%+, and expanding geographically into South India by FY27. Automation at Unit 1 is expected to increase overall output by 25%.
Products & Services
Welding consumables including mild-steel and stainless-steel electrodes, specialized heat-input electrodes, cutting and gauging electrodes, MIG wires (MS and SS), and Flux-Cored wires.
Brand Portfolio
Classic Electrodes.
New Products/Services
Flux-Cored wire launched in September 2025, expected to contribute INR 25-30 Cr annually at full capacity with 20-25% EBITDA margins.
Market Expansion
Planning a new manufacturing facility in South India (Nagpur or Chennai) in FY27. Exploring export markets in the UAE and Africa through exhibitions and seminars.
Strategic Alliances
Maintains MoUs with Steel Authority of India (SAIL) for raw material supply.
External Factors
Industry Trends
The welding consumables industry is shifting toward higher-efficiency products like Flux-Cored wires. The domestic market is expected to grow at a 16-17% CAGR in line with national steel production targets.
Competitive Landscape
Competes with other welding consumable manufacturers, but differentiates through specialized high-margin grades and a complete product portfolio.
Competitive Moat
Moat is built on a comprehensive product basket (10/10 products required by customers) and technical expertise in specialized MIG wire grades with 18-22% margins, which are difficult for competitors to replicate.
Macro Economic Sensitivity
Highly sensitive to the Indian steel industry; the government projects crude steel production to double to 300 million tons by 2030-2032, representing a 16-17% CAGR for the sector.
Consumer Behavior
Customers are increasingly seeking one-stop-shop suppliers who can provide electrodes, MIG, and Flux-Cored wires simultaneously.
Geopolitical Risks
Potential trade barriers in target export markets like UAE and Africa could impact future growth plans.
Regulatory & Governance
Industry Regulations
Operations are subject to quality certifications for welding consumables and standard manufacturing regulations; specific pollution or pricing controls were not detailed.
Taxation Policy Impact
The company reported a Profit Before Tax of INR 8.46 Cr and Profit After Tax of INR 6.48 Cr for H1 FY26, implying an effective tax rate of approximately 23.4%.
Legal Contingencies
No pending court cases or legal disputes were disclosed in the provided documents.
Risk Analysis
Key Uncertainties
Raw material price volatility and changes in government infrastructure policies are the primary risks, with potential margin impacts if pass-through clauses are not honored.
Geographic Concentration Risk
High concentration in North and East India; 100% of current manufacturing is domestic.
Third Party Dependencies
Significant dependency on SAIL for wire rod procurement under MoUs.
Technology Obsolescence Risk
The company is mitigating technology risks by upgrading to automated wire drawing machines and introducing advanced Flux-Cored wire lines.
Credit & Counterparty Risk
Receivables are expected to increase in line with revenue growth; the company maintains a standard credit term resulting in a 90-110 day working capital cycle.
