Elin Electronics Limited (ELIN)
₹77.79 +0.93% last close, 16 Oct
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, Elin Electronics' revenue was ₹324 Cr (+2.7% year on year, +10.4% on the previous quarter), and net profit ₹-0.8 Cr (against a profit a year earlier); the operating margin was 1.8%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹324 | +2.7% | +10.4% |
| Operating profit | ₹6.0 | -70.6% | -49.0% |
| Net profit | ₹-0.8 | to loss | to loss |
| EPS (₹) | -0.15 | to loss | to loss |
| Operating margin | 1.8% | — | — |
ELIN delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 55.51% of the ELIN shares traded on NSE were taken to delivery, against the stock's own 20-session average of 56.26%. That is close to its usual level. Turnover was only ₹31 lakh, so a handful of trades can move this figure. Volume was 0.3 times its average, well below normal.
Delivery in the last 5 sessions: 40.8% · 50.1% · 49.8% · 55.0% · 55.5%
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
Elin Electronics Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by its Registrar and Share Transfer Agent, KFin Technologies Limited. The filing confirms that securities dematerialized or rematerialized during the period have been duly processed and reported to the stock exchanges. This is a recurring administrative filing with no financial or operational impact.
- Compliance certificate submitted under Regulation 74(5) of SEBI regulations.
- Pertains to the quarter ended September 30, 2026.
- Issued by Registrar and Share Transfer Agent KFin Technologies Limited on October 1, 2026.
- Filing made to stock exchanges on October 14, 2026.
Elin Electronics Limited held its 44th Annual General Meeting (AGM) on September 28, 2026, where shareholders approved all six proposed resolutions with 100% requisite majority. Approvals included the adoption of standalone and consolidated financial statements for the year ended March 31, 2026, and the re-appointment of directors retiring by rotation. Additionally, re-appointments of independent directors Shanti Lal Sarnot and Ashis Chandra Guha for a second five-year term were cleared. Remuneration of Rs 4,00,000 per month for Mangi Lall Sethia and Rs 8,00,000 per month for Kamal Sethia was also documented.
- All 6 resolutions passed with 100% voting in favour by shareholders
- Adoption of FY26 audited financial statements backed by 2,77,24,993 votes in favour
- Independent directors Shanti Lal Sarnot and Ashis Chandra Guha re-appointed for second 5-year terms (securing 2,77,24,658 votes in favour)
- Remuneration details reaffirmed at Rs 4,00,000 per month for Chairman Mangi Lall Sethia and Rs 8,00,000 per month for MD Kamal Sethia
Elin Electronics has commenced commercial production at its new Bhiwadi plant in Rajasthan on September 14, 2026. The expansion entails an investment of ₹5.00 crore, funded entirely via internal accruals. The addition targets significant capacity boosts, adding 1,25,000 units of Oil Filled Radiators (OFR), 4,50,000 ceiling fans, and 2,40,000 chimneys per annum. This ramp-up expands the company's existing footprint to cater to growing customer demand in home appliances.
- Commenced commercial production on September 14, 2026, at Bhiwadi Plant, Rajasthan
- Total investment of ₹5,00,00,000 funded fully through internal accruals
- Proposed capacity addition includes 1,25,000 OFRs, 4,50,000 Ceiling Fans, and 2,40,000 Chimneys per annum
- Expansion adds to existing capacities of 80,000 OFRs, 3,75,000 Ceiling Fans, and 72,000 Chimneys per annum
- Capacity addition timeline targeted within Q2 FY26-27
Elin Electronics has published its FY26 Annual Report and convened its 44th AGM on September 28, 2026. The report highlights progress on the ₹100 crore Bhiwadi expansion (funded via internal accruals, ~21% of net worth), targeting ₹550–600 crore in turnover potential. Operational traction includes fan segment revenue surging 80% to ₹107.2 crore and medical cartridge sales reaching ₹39.5 crore. Client concentration in lighting moderated as top anchor share reduced from 50–56% to ~43% with five new brand additions.
- Invested ₹100 crore in Bhiwadi facility targeting ₹550-600 crore steady-state turnover and 20% ROCE
- Fan segment turnover grew 80% to ₹107.2 crore (₹1,072 million) driven by BLDC conversion
- Medical diagnostic cartridge revenue rose to ₹39.5 crore (₹395 million) with a 15-18% capacity expansion underway at Goa
- Anchor account concentration in lighting dropped from 50-56% to ~43%, with 5 new brands expected to contribute ₹150-170 crore in FY27
Elin Electronics Limited has issued an intimation regarding the dispatch of letters to shareholders whose email addresses are not registered. The letter provides web links to access the Annual Report for FY 2025-26 and the Notice of the 44th Annual General Meeting (AGM). The AGM is scheduled to be held virtually on September 28, 2026, at 10:30 AM IST. Remote e-voting is set to run from September 25, 2026, to September 27, 2026, with a cut-off date of September 21, 2026.
- 44th Annual General Meeting scheduled for Monday, September 28, 2026, at 10:30 AM IST via Video Conferencing
- Cut-off date for e-voting entitlement set as Monday, September 21, 2026
- Remote e-voting window opens on Friday, September 25, 2026 (09:00 AM IST) and concludes on Sunday, September 27, 2026 (05:00 PM IST)
- Letter dispatched pursuant to Regulation 36(1)(b) of SEBI LODR Regulations to provide online access links for unregistered email holders
Elin Electronics Limited has scheduled its 44th Annual General Meeting (AGM) for Monday, September 28, 2026, at 10:30 AM IST via video conferencing. The company has fixed Monday, September 21, 2026, as the cut-off date to determine shareholder voting eligibility. Remote e-voting will run from September 25, 2026 (9:00 AM) to September 27, 2026 (5:00 PM). This is a routine statutory intimation without direct operational or financial impact.
- 44th Annual General Meeting to be held on September 28, 2026, at 10:30 AM IST via VC/OAVM
- Record/Cut-off date for electronic voting entitlement fixed as September 21, 2026
- Remote e-voting window opens September 25, 2026 (9:00 AM) and closes September 27, 2026 (5:00 PM)
Elin Electronics reported a difficult Q1 FY27, with revenue growing 23% YoY to ₹362.8 Cr, but EBITDA margins crashed to 1.1% from 5.9% in the previous quarter. The company faced a 'triple blow' of 40-50% spikes in commodity prices (plastics and aluminum), a 25% minimum wage hike at its Ghaziabad plant, and a major fire incident in May 2026. Consequently, the company reported an adjusted PAT loss of ₹2.8 Cr. Management has provided a cautious FY27 revenue guidance of ₹1375 Cr while withholding margin guidance due to extreme volatility.
- Revenue increased 23% YoY to ₹362.8 Cr, though growth was largely driven by material-led inflation rather than pure volume.
- EBITDA plummeted to ₹4 Cr from ₹17.6 Cr YoY, with margins hitting a low of 1.1% due to input cost surges.
- A major fire at the Ghaziabad plant in May 2026 led to a ₹24.6 Cr loss provision, with insurance recovery expected in 4-5 months.
- Minimum wages in the Ghaziabad region, where the largest factory is located, rose by 25% effective April 1, 2026.
- FY27 revenue guidance is set at ₹1375 Cr, a modest ~6.7% increase over the TTM revenue of ₹1288 Cr.
Elin Electronics has provided the audio recording link for its Q1 FY27 earnings conference call held on August 6, 2026. This follows a fiscal year (FY26) where the company generated Rs 1,288 cr in revenue but saw a net loss of Rs 0.76 cr in the March 2026 quarter. The recording is expected to cover management's progress on the 15-18% growth guidance and the launch of new product lines like OTGs and medical cartridges. Investors can access the recording via the company's official website.
- Earnings conference call for Q1 FY27 was conducted on August 6, 2026
- Audio recording link made available to the public as per SEBI listing regulations
- Company is navigating a TTM Operating Profit Margin of 4.3%
- Management previously guided for a FY26 revenue target of INR 1,350 Cr
- Recent quarterly performance showed a net loss of Rs 0.76 Cr in Mar 2026
Elin Electronics reported a 23% YoY revenue growth to ₹362.8 Cr for Q1 FY27, led by strong volumes in small appliances and fans. However, profitability was severely hit as EBITDA fell 77% YoY to ₹4 Cr, resulting in a net loss of ₹3.8 Cr compared to a ₹12.7 Cr profit in the previous year. Margins were compressed by a 640 bps drop in gross margins due to rising polymer and metal prices, alongside a 25% minimum wage hike in Ghaziabad. The company is proceeding with a ₹62 Cr capex for its Bhiwadi facility to support future product lines.
- Revenue increased 23% YoY to ₹362.8 Cr, driven by a 61% growth in Small Appliances.
- EBITDA margin collapsed to 1.1% from 5.9% in the year-ago quarter.
- Gross margins contracted by ~640 bps due to input cost inflation and INR depreciation.
- Bhiwadi facility capex reached ₹62 Cr (excluding land), representing ~13% of current Net Worth.
- Fractional Horsepower (FHP) Motors segment revenue declined 26% YoY to ₹45.6 Cr.
Elin Electronics reported a consolidated net loss of Rs 21.41 Cr for Q1 FY27, a sharp reversal from the Rs 9.39 Cr profit in the same quarter last year. The performance was severely impacted by a one-time exceptional loss of Rs 24.66 Cr due to a fire incident at its Ghaziabad manufacturing facility. Revenue from operations also declined by 9.2% YoY to Rs 268.36 Cr, down from Rs 295.48 Cr. While the company is adequately insured, no insurance recovery has been recognized in this quarter's results pending final assessment.
- Exceptional loss of 246.55 Million (Rs 24.66 Cr) recognized due to fire damage at the Ghaziabad plant
- Consolidated Revenue from operations fell 9.2% YoY to 2,683.57 Million
- Reported a Net Loss of 214.14 Million compared to a profit of 93.92 Million in Q1 FY26
- Dissolved the Risk Management Committee effective August 06, 2026, as it is no longer regulatory mandatory
- Finance costs increased to 21.02 Million from 17.89 Million YoY
Elin Electronics has scheduled its Q1 FY27 earnings conference call for August 6, 2026, at 5:00 PM IST. This call follows a difficult March 2026 quarter where the company reported a net loss of ‡0.76 Cr despite ‡324.19 Cr in revenue. Investors will likely seek updates on the company's FY26 revenue guidance of ‡1,350 Cr and the status of its stalled US export business. The management team, including the Managing Director, will lead the discussion.
- Earnings conference call for Q1 FY27 scheduled for August 6, 2026, at 17:00 Hrs IST
- Management representation includes Managing Director Kamal Sethia and Director Sanjeev Sethia
- Company reported a TTM revenue of ‡1,288 Cr with a low operating margin of 4.3%
- Recent March 2026 quarterly results showed a net loss of ‡0.76 Cr
- Company is targeting a 15-18% growth rate driven by new product launches in H2 FY26
Elin Electronics has scheduled its Q1 FY27 earnings conference call for August 6, 2026, at 17:00 IST. This follows a weak March 2026 quarter where the company reported a net loss of Rs 0.76 Cr despite TTM revenue of Rs 1,288 Cr. Investors will be looking for management commentary on the 15-18% growth guidance and the recovery of operating margins, which stood at 4.3% TTM. The call will also likely address the status of stalled US exports and the ramp-up of new product lines like medical cartridges.
- Earnings conference call for Q1 FY27 scheduled for August 6, 2026, at 17:00 Hrs IST
- Management representation includes the Managing Director, Director, and Head of Strategy
- Company enters the call with a TTM revenue of Rs 1,288 Cr and a low OPM of 4.3%
- Previous quarter (Mar 2026) saw a net loss of Rs 0.76 Cr on revenue of Rs 324.19 Cr
- Discussion expected on the 15% revenue growth target for FY26/27 (INR 1,350 Cr)
Elin Electronics Limited has submitted its Reconciliation of Share Capital Audit Report for the quarter ended June 30, 2026, as per SEBI Regulation 76. The audit, conducted by M/s Oswal Sunil & Company, verifies that the company's total issued capital matches the shares held in dematerialized and physical forms. This is a standard quarterly compliance procedure involving its Registrar and Transfer Agent, KFin Technologies Limited. No discrepancies or changes in the share capital structure were reported in the filing.
- Audit report covers the specific quarter ended June 30, 2026
- Equity shares maintain a face value of Rs. 5 per share
- Audit performed by M/s Oswal Sunil & Company, Chartered Accountants
- Registrar and Transfer Agent (RTA) confirmed as KFin Technologies Limited
Elin Electronics Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, provided by Kfin Technologies Limited (the company's Registrar and Share Transfer Agent), confirms that securities dematerialized or rematerialized during the quarter ended June 30, 2026, have been appropriately reported to the stock exchanges. This is a standard administrative filing required for all listed entities in India to ensure depository records are synchronized with exchange records. There are no financial or operational updates contained within this document.
- Compliance certificate covers the quarter ended June 30, 2026
- Certificate issued by Registrar and Share Transfer Agent, Kfin Technologies Limited, on July 1, 2026
- Submission to NSE and BSE completed on July 13, 2026
- Confirms adherence to SEBI (Depositories and Participants) Regulations, 2018
Kamal Sethia, representing the promoter group of Elin Electronics Limited, has submitted a formal declaration under SEBI Takeover Regulations for the financial year ended March 31, 2026. The promoter group collectively holds 1,63,88,405 equity shares, which accounts for 32.97% of the company's issued capital. Crucially, the disclosure confirms that no shares were encumbered or pledged, directly or indirectly, during the entire financial year. This filing provides transparency regarding the financial health and stability of the promoter's holding.
- Promoter and promoter group total shareholding stands at 1,63,88,405 shares (32.97%).
- Confirmed zero encumbrance or pledging of shares during the financial year ended March 31, 2026.
- Kamal Sethia is the largest individual promoter shareholder with a 9.21% stake (45,76,700 shares).
- The disclosure includes a comprehensive list of 8 promoters, 46 promoter group individuals, and 20 promoter entities.
- Compliance fulfilled under Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 13.29% YoY to INR 1,180.2 Cr in FY25. The EMS segment contributed 76.43% of total revenues (INR 902 Cr), while the non-EMS segment accounted for 23.57% (INR 278 Cr). In Q2 FY26, revenue reached INR 375 Cr, a 23% YoY increase driven by strong performance in appliances and fans.
Geographic Revenue Split
Domestic India remains the primary market. Exports to the USA have been stalled since August 2025 due to tariff uncertainties, which is expected to impact total revenue by approximately 3% (roughly INR 40 Cr) if the situation persists for 3-4 months.
Profitability Margins
Operating Profit Margin was 2.35% in FY25, a decline of 11.99% YoY from 2.67% in FY24. Net Profit Margin improved significantly by 86.55% to 2.48% in FY25. Gross margins in Q2 FY26 fell by 4% QoQ because the high-margin components business share dropped from 24% to 20% of the sales mix.
EBITDA Margin
Consolidated EBITDA margin stood at 4.4% in FY25 (INR 52.4 Cr), up from 3.9% in FY24. In Q2 FY26, EBITDA was INR 20.4 Cr compared to INR 11.3 Cr in the previous year, reflecting improved operational scale despite margin pressures in specific segments.
Capital Expenditure
The company has utilized IPO proceeds to retire entire term debt obligations. No major debt-funded capital expenditure is proposed for the medium term, with the company focusing on utilizing internal accruals and existing bank lines of INR 66 Cr for incremental working capital.
Credit Rating & Borrowing
CRISIL has assigned a 'Stable' outlook. Gearing is exceptionally low at 0.04x in FY25. Interest coverage ratio improved by 77.26% to 6.08x in FY25. Borrowing costs are minimal as the company has no term debt obligations to repay.
Operational Drivers
Raw Materials
Specific raw materials include electronic components, moulded plastics, and sheet metal. Components represent a critical cost driver, with the components business itself contributing 20-24% of turnover and acting as a more profitable vertical than finished products.
Import Sources
The company faces intense competition from low-cost imports, specifically from China, which impacts the pricing and sourcing strategy for electronic components and LED lighting products.
Capacity Expansion
Current power capacity is supported by a new 4MWh power purchase agreement. Planned expansion includes the launch of new product lines for Oven Toaster Grill (OTG) and Oil Filled Radiators (OFR) scheduled for the second half of fiscal 2026.
Raw Material Costs
Raw material price fluctuations accentuate pressure on profitability as the company often faces an inability to pass on cost increases to customers. Operating margins are expected to improve to 6-7% in the medium term through backward integration and better fixed-cost absorption.
Manufacturing Efficiency
Inventory turnover ratio improved by 11.44% to 7.34x in FY25. However, RoCE has been lower than the 10-12% target due to a slow ramp-up of new products and under-absorption of fixed overheads like employee costs.
Strategic Growth
Expected Growth Rate
15-18%
Growth Strategy
Growth will be driven by a 15% revenue guidance for FY26 (targeting INR 1,350 Cr), supported by new product launches in the home appliances and fan segments. The company is also expanding into high-value niche markets like medical cartridge manufacturing and BLDC motors through revised agreements with Philips India and Bajaj Electricals.
Products & Services
LED lighting, fans, fractional horsepower motors, trimmers, BLDC motors, Oven Toaster Grills (OTG), Oil Filled Radiators (OFR), medical diagnostic cartridges, and moulded/sheet metal components.
Brand Portfolio
Elin (The company primarily operates as an EMS provider for brands like Signify/Philips, Bajaj Electricals, and others).
New Products/Services
Launch of OTG and OFR product lines in H2 FY26; expansion into medical cartridges for personalized diagnostics to provide a differentiated revenue stream.
Market Expansion
Targeting export markets and expanding the domestic customer base in the lighting segment, where four new customers were recently added to reduce reliance on Signify.
Strategic Alliances
Revised supply agreements with Philips India and Bajaj Electricals for trimmers and BLDC motors to ensure long-term revenue visibility.
External Factors
Industry Trends
The EMS industry is growing but faces stagnant revenue in LED lighting due to price softening. Future direction involves a shift toward energy-efficient BLDC motors and specialized medical electronics.
Competitive Landscape
Intense competition from both organized and unorganized players, as well as low-cost Chinese products, which pressures operating margins.
Competitive Moat
Moat is based on a 40-year manufacturing legacy and vertical integration (moulded components). Sustainability depends on the ability to scale new product categories like medical cartridges and maintain a low-cost manufacturing base.
Macro Economic Sensitivity
Sensitive to macroeconomic conditions in India and globally, particularly fluctuations in consumer demand for small appliances and electronics.
Consumer Behavior
Demand is seasonal, with significant spikes during festive periods like Diwali, which advanced sales into Q2 FY26.
Geopolitical Risks
USA-China trade tensions and tariff situations impact export volumes. The stall in USA exports since August 2025 highlights the vulnerability to international regulatory shifts.
Regulatory & Governance
Industry Regulations
Operations are subject to evolving electronics manufacturing standards and international trade regulations (e.g., USA tariffs). The company maintains a robust compliance framework to mitigate regulatory risks.
Taxation Policy Impact
Provision for current tax was INR 69.05 Million in FY25 on a consolidated basis.
Legal Contingencies
The company reports no material weaknesses or significant deficiencies in internal financial controls as tested by internal auditors.
Risk Analysis
Key Uncertainties
Tariff uncertainty for USA exports (3% revenue impact) and potential cyclical downturns in the electronics sector.
Geographic Concentration Risk
High concentration in the Indian domestic market; export diversification is currently hindered by geopolitical/tariff issues.
Third Party Dependencies
Significant dependency on major clients like Signify and Bajaj Electricals for volume; loss of such clients would materially impact revenue.
Technology Obsolescence Risk
Rapid technological changes in electronics require continuous R&D and product innovation to prevent obsolescence.
Credit & Counterparty Risk
Debtors' turnover ratio is 5.54x, reflecting stable receivables management. Net worth is expected to grow to INR 550-570 Cr by March 2026, supporting financial resilience.
