Electro Force (India) Limited (EFORCE)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Electro Force's revenue was ₹9.7 Cr (-73.8% year on year, +0.9% on the previous half-year), and net profit ₹-0.2 Cr (against a profit a year earlier); the operating margin was -8.8%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹9.7 | -73.8% | +0.9% |
| Operating profit | ₹-0.8 | to loss | to loss |
| Net profit | ₹-0.2 | to loss | to loss |
| EPS (₹) | -0.10 | to loss | to loss |
| Operating margin | -8.8% | — | — |
EFORCE delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 100.0% of the EFORCE shares traded on NSE were taken to delivery, against the stock's own 20-session average of 88.02%. That is close to its usual level. Turnover was only ₹1 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 100.0% · 87.5% · 100.0% · 100.0% · 100.0%
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
Electro Force (India) Limited disclosed the scrutinizer's report for its 16th Annual General Meeting held on September 30, 2026. All three ordinary resolutions were passed unanimously with 100% of the 1,47,74,481 valid votes cast in favour. The approvals included adoption of FY26 financial statements, re-appointment of retiring director Santosh Kumar Palaria, and appointment of Ketan Vyas as secretarial auditor.
- All 3 proposed resolutions passed with 100% votes in favour (1,47,74,481 votes).
- Zero votes (0%) were cast against any of the resolutions.
- A total of 17 members voted across all agenda items via remote e-voting.
- The 16th AGM concluded in 15 minutes, running from 02:00 PM to 02:15 PM on September 30, 2026.
Electro Force (India) Limited disclosed the scrutinizer's report for its 16th Annual General Meeting held on September 30, 2026. All three ordinary resolutions were passed unanimously with 100% of the 1,47,74,481 valid votes cast in favour. The approvals included adoption of FY26 financial statements, re-appointment of retiring director Santosh Kumar Palaria, and appointment of Ketan Vyas as secretarial auditor.
- All 3 proposed resolutions passed with 100% votes in favour (1,47,74,481 votes).
- Zero votes (0%) were cast against any of the resolutions.
- A total of 17 members voted across all agenda items via remote e-voting.
- The 16th AGM concluded in 15 minutes, running from 02:00 PM to 02:15 PM on September 30, 2026.
Electro Force (India) Limited has announced the closure of its trading window for all designated persons starting October 1, 2026. The closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015 for the half year ended September 30, 2026. The window will reopen 48 hours after the declaration of the financial results. This is a standard compliance procedure and has no operational or financial impact.
- Trading window closes on 01st October, 2026
- Applies to all Designated Persons under SEBI PIT Regulations
- Window will reopen 48 hours after financial results for the half year ended September 30, 2026 are announced
Electro Force (India) Limited has issued the notice for its 16th Annual General Meeting (AGM) to be held virtually on September 30, 2026, at 02:00 PM. Key agenda items include the adoption of audited standalone financial statements for FY26, the re-appointment of retiring director Mr. Santosh Kumar Palaria, and the appointment of M/s Ketan Vyas & Company as Secretarial Auditors for a 5-year term (FY27 to FY31). The share transfer register will remain closed from September 23 to September 30, 2026, with remote e-voting scheduled from September 27 to September 29, 2026.
- 16th Annual General Meeting scheduled for September 30, 2026, at 2:00 PM via Video Conferencing.
- Book closure period set from September 23, 2026, to September 30, 2026 (both days inclusive).
- Remote e-voting window opens on September 27, 2026 (9:00 AM) and closes on September 29, 2026 (5:00 PM).
- Proposed appointment of M/s Ketan Vyas & Company as Secretarial Auditors for 5 consecutive years (FY27 to FY31).
Electro Force (India) Limited's Board has approved the appointment of Mr. Ketan Vyas (Practicing Company Secretaries) as Secretarial Auditor for a 5-year tenure covering FY 2026-27 to FY 2030-31. The appointment is subject to shareholder approval at the upcoming Annual General Meeting. The company has scheduled its AGM for Wednesday, September 30, 2026, at 02:00 PM IST via Video Conferencing.
- Appointment of Mr. Ketan Vyas as Secretarial Auditor for 5 consecutive years from FY 2026-27 to FY 2030-31
- Appointment subject to approval of shareholders at the ensuing Annual General Meeting
- Annual General Meeting (AGM) scheduled for September 30, 2026, at 02:00 P.M. IST via Video Conferencing
- Board meeting was held on September 4, 2026, from 06:40 P.M. to 07:00 P.M.
Electro Force (India) Limited has announced the outcome of its board meeting held on September 4, 2026. The board approved the appointment of Mr. Ketan Vyas, Practicing Company Secretaries, as the Secretarial Auditor for a 5-year term from FY 2026-27 to FY 2030-31, subject to shareholder approval. Additionally, the company's Annual General Meeting is scheduled for Wednesday, September 30, 2026, at 02:00 PM IST via video conferencing.
- Appointment of Mr. Ketan Vyas as Secretarial Auditor for a 5-year term (FY 2026-27 to FY 2030-31)
- Annual General Meeting (AGM) scheduled for September 30, 2026 at 02:00 PM IST
- Secretarial auditor appointment remains subject to shareholder approval at the upcoming AGM
- Board meeting duration was 20 minutes (commenced 06:40 PM, concluded 07:00 PM)
Financial Performance
Revenue Growth by Segment
The company operates in a single business segment. Total income for FY25 was INR 53.33 Cr (Rs. 5,332.64 Lakhs). In H1 FY26, revenue was INR 10.93 Cr, representing a 29.9% decrease compared to H1 FY25 revenue of INR 15.59 Cr.
Geographic Revenue Split
100% of the company's revenue is generated from operations within India, as the company conducts business in only one geographical segment.
Profitability Margins
Net Profit Margin for FY25 was 2.44%, a sharp decline from 15.79% in the previous year. However, H1 FY26 margins improved significantly to 7.9% (INR 0.86 Cr profit on INR 10.93 Cr revenue) compared to 0.67% in H1 FY25.
EBITDA Margin
Operating profit before working capital changes for FY25 was INR 1.36 Cr, representing an EBITDA-equivalent margin of 2.56% of total income.
Capital Expenditure
The company made a significant investment in fixed assets totaling INR 18.13 Cr (Rs. 1,812.90 Lakhs) during FY25 to enhance manufacturing capabilities.
Credit Rating & Borrowing
Finance costs for FY25 were minimal at INR 0.02 Cr (Rs. 2.45 Lakhs), suggesting low reliance on interest-bearing debt or very favorable borrowing terms.
Operational Drivers
Raw Materials
Raw materials (unspecified types) represent the largest cost component, totaling INR 49.15 Cr in FY25, which is 92.18% of total income.
Capacity Expansion
The company is actively investing in enhancing manufacturing capabilities and diversifying product offerings, evidenced by the INR 18.13 Cr fixed asset purchase in FY25.
Raw Material Costs
Raw material costs were INR 49.15 Cr in FY25. A significant increase in these costs led to an 84.52% decline in net profit margins YoY during that period.
Manufacturing Efficiency
The company is focusing on improving operational efficiencies; however, specific capacity utilization percentages were not disclosed.
Strategic Growth
Growth Strategy
Growth is targeted through the enhancement of manufacturing capabilities, diversification of product offerings into new customer applications, and the implementation of value-engineered solutions to address varied market needs.
Products & Services
The company provides value-engineered solutions and manufactured components for various industrial applications and sectors.
Brand Portfolio
Electro Force (India) Limited.
New Products/Services
The company is diversifying its product offerings to address a wider variety of market needs, though specific revenue contributions from new launches are not quantified.
Market Expansion
The company aims to address a wide variety of market needs through sector-specific applications within the Indian market.
External Factors
Industry Trends
The industry is shifting toward automation and technology integration. The company is positioning itself by leveraging technology to strengthen internal controls and manufacturing precision.
Competitive Landscape
The company operates in a competitive SME environment where cost leadership and manufacturing efficiency are primary drivers.
Competitive Moat
The moat is built on 'value-engineered solutions' and manufacturing flexibility, allowing the company to serve diverse sectors. This is sustainable as long as the company maintains its INR 18 Cr+ investment pace in manufacturing tech.
Macro Economic Sensitivity
Highly sensitive to raw material price inflation, which caused a significant contraction in Return on Capital Employed (ROCE) from 11.28% to 2.47% in FY25.
Consumer Behavior
Demand is driven by industrial sectors requiring specialized electrical or mechanical components and value-engineered solutions.
Regulatory & Governance
Industry Regulations
The company complies with the Companies Act, 2013 and Indian Accounting Standards (Ind AS) section 133. It is currently exempted from compulsory Ind AS adoption as an SME listed entity.
Taxation Policy Impact
The effective tax rate for FY25 was approximately 26.4% (INR 0.46 Cr tax on INR 1.74 Cr PBT).
Legal Contingencies
The company reported zero pending litigations that would impact its financial position as of the reporting date.
Risk Analysis
Key Uncertainties
Revenue recognition is identified as a Key Audit Matter due to potential management pressure to achieve performance targets, creating a risk of overstatement.
Geographic Concentration Risk
100% of revenue is concentrated in the Indian market, making the company vulnerable to domestic economic downturns.
Third Party Dependencies
High dependency on raw material suppliers, with material costs consuming 92% of total income.
Technology Obsolescence Risk
The company is mitigating technology risks by committing to leveraging automation and technology in its internal control and manufacturing processes.
Credit & Counterparty Risk
Trade receivables stood at INR 20.77 Cr in FY25, representing approximately 142 days of sales, indicating a high credit exposure and potential working capital strain.
