ELIN - Elin Electronics
📢 Recent Corporate Announcements
Elin Electronics Limited has announced the resignation of Mr. Praveen Tandon from the position of Chief Executive Officer (CEO) and Key Managerial Personnel, effective February 14, 2026. The resignation, cited for personal reasons, comes after a tenure of approximately two years. While the board has accepted the resignation, Mr. Tandon has expressed a willingness to continue in an advisory or consulting capacity to assist the company. The lack of an immediate successor announcement suggests a period of transition for the company's operational leadership.
- Mr. Praveen Tandon to step down as CEO effective from the close of business hours on February 14, 2026.
- The resignation was officially accepted by the Board of Directors on February 12, 2026.
- Mr. Tandon cited personal reasons for his departure after serving the company for 2 years.
- The outgoing CEO has offered to remain involved with the organization in a consulting or advisory role.
Elin Electronics Limited has allotted 50,000 equity shares of face value Rs. 5 each to employees who exercised their options under the Elin Electronics Employee Stock Option Plan 2024. This allotment has increased the company's paid-up share capital from 4,96,59,220 to 4,97,09,220 equity shares. The company realized a total of Rs. 53,62,290 from this exercise. The new shares will rank pari-passu with the existing equity shares of the company.
- Allotment of 50,000 equity shares of face value Rs. 5 each upon exercise of ESOPs.
- Total money realized by the company from the exercise of options is Rs. 53,62,290.
- Post-allotment paid-up share capital stands at Rs. 24,85,46,100 consisting of 4,97,09,220 shares.
- The equity dilution resulting from this allotment is minimal at approximately 0.1%.
- The exercise price per share is calculated at approximately Rs. 107.25.
Elin Electronics reported a 10% YoY revenue growth to INR 294 crores for Q3 FY26, driven by strong performance in the appliances and fan segments. EBITDA saw a significant jump of 57% to INR 11.9 crores, although margins were pressured by rising raw material costs for copper and steel. The company is investing INR 100-110 crores in CapEx, including a new facility in Bhiwadi expected to be operational by May 2026 with a revenue potential of INR 550-600 crores. Despite a temporary halt in US exports due to tariffs, management maintains a 9-10% revenue growth guidance for the fiscal year.
- Consolidated PAT increased to INR 3.8 crores from INR 1.4 crores in the previous year, a 171% jump.
- Fan business recorded 100% YoY growth, primarily driven by BLDC ceiling fans and new customer acquisitions.
- Kitchen and home care revenues surged by 330% YoY, led by strong demand for Oil Filled Radiators (OFR).
- New Bhiwadi plant expected to generate INR 140 crores in FY27 and INR 250 crores in FY28 with a 20% ROCE target.
- Net cash position remains healthy at INR 59 crores as of December 2025, despite high inventory levels of 68 days.
Elin Electronics has officially released the audio recording of its earnings conference call held on February 06, 2026. The call focused on the financial performance for the third quarter and the nine-month period ending December 31, 2025. This disclosure allows shareholders to review management's detailed commentary on operational results and strategic initiatives. The recording is accessible through the company's website under the Investor Section for public review.
- Earnings call for Q3 and 9M FY26 held on February 06, 2026.
- Audio recording link made available on the company's official website.
- Disclosure follows standard regulatory requirements for investor communications.
- Provides access to management's Q&A session and business outlook for the electronics manufacturing sector.
Elin Electronics reported a 10% YoY revenue growth to ₹2,935 million for Q3FY26, significantly bolstered by a 330% surge in the Kitchen & Home Care segment. EBITDA margins improved to 4.0% from 2.8% YoY, resulting in a 162% increase in PAT to ₹38 million. While the Small Appliances segment performed exceptionally well, the Lighting and FHP Motors segments faced YoY declines. The company maintains a positive outlook with FY26 revenue growth guidance of 9-10% and plans for a new facility in Bhiwadi to be operational by May 2026.
- Q3FY26 Revenue increased 10% YoY to ₹2,935 million, driven by a 96.5% growth in Small Appliances.
- EBITDA rose 57% YoY to ₹119 million, with margins expanding 120 basis points to 4.0%.
- Profit After Tax (PAT) jumped 162% YoY to ₹38 million compared to ₹14 million in the previous year.
- Kitchen & Home Care revenue skyrocketed by 330% YoY, fueled by high demand for OFR heaters.
- Management guided for FY26 revenue growth of 9-10% and EBITDA margins between 5.3% and 5.8%.
Elin Electronics reported a strong Q3 FY26 performance with revenue growing 10% YoY to ₹2,935 million, primarily driven by a massive growth in the Kitchen & Home Care segment. Profitability saw a significant jump, with PAT rising 162% YoY to ₹38 million and EBITDA margins expanding to 4.0% from 2.8% in the previous year. While the Small Appliances segment flourished with 96% growth, the Lighting and FHP Motors segments faced YoY declines. The company has maintained a revenue growth guidance of 9-10% for FY26 with an expected EBITDA margin of 5.3-5.8%.
- Q3 FY26 Revenue increased 10% YoY to ₹2,935 million, while 9M FY26 revenue reached ₹9,635 million.
- EBITDA grew 57% YoY to ₹119 million, with margins improving to 4.0% due to cost-saving initiatives.
- Kitchen & Home Care revenue skyrocketed by ~330% YoY to ₹768 million, driven by strong OFR heater volumes.
- Management guided for FY26 EBITDA margins of 5.3-5.8% and a total capex of ₹105 crore for FY26.
- Bhiwadi facility construction is underway, with commercial operations expected by May 2026 after slight delays.
Elin Electronics reported a strong year-on-year performance for the quarter ended December 31, 2025, with consolidated net profit rising 162% to ₹36.63 million compared to ₹13.99 million in the previous year. Total income grew by 10% YoY to ₹2,952.02 million, although it faced a sequential decline from ₹3,763.03 million in Q2 FY26. The company recorded an exceptional item of ₹9.14 million related to the impact of new labor codes. Overall, the nine-month performance remains robust with PAT nearly doubling compared to the same period last year.
- Consolidated Total Income rose 10% YoY to ₹2,952.02 million from ₹2,684.51 million in Q3 FY25.
- Net Profit (PAT) surged 162% YoY to ₹36.63 million, despite a sequential dip from Q2 FY26.
- Earnings Per Share (EPS) increased to ₹0.75 for the quarter, up from ₹0.29 in the year-ago period.
- Nine-month (9M FY26) PAT stands at ₹233.54 million, a 93% increase over ₹120.99 million in 9M FY25.
- Exceptional charge of ₹9.14 million recognized during the quarter due to the implementation of new unified Labour Codes.
Elin Electronics reported a strong performance for the quarter ended December 31, 2025, with consolidated revenue growing 10.5% YoY to ₹2,873.18 million. Net profit (PAT) saw a significant jump of 161.8% YoY, reaching ₹36.63 million compared to ₹13.99 million in the same quarter last year. For the nine-month period, PAT nearly doubled to ₹233.54 million from ₹120.99 million. The company has also successfully utilized all its IPO proceeds for debt repayment and capacity expansion.
- Consolidated Revenue from operations increased 10.5% YoY to ₹2,873.18 million in Q3 FY26.
- Net Profit (PAT) surged 161.8% YoY to ₹36.63 million, with EPS rising from ₹0.29 to ₹0.75.
- 9M FY26 PAT stands at ₹233.54 million, a 93% increase compared to ₹120.99 million in 9M FY25.
- Total IPO proceeds of ₹1,651.52 million have been fully utilized as of December 31, 2025.
- Recorded an exceptional item of ₹9.14 million related to the impact of New Labour Codes.
Elin Electronics Limited has scheduled its Q3FY26 earnings conference call for Friday, February 6, 2026, at 16:00 IST. The management team, including the Managing Director, CEO, and Head of Strategy, will be present to discuss the company's financial performance for the quarter. The call is being coordinated by Sunidhi Securities and offers international toll-free access for investors in the USA, UK, Singapore, and Hong Kong. This is a routine but essential event for shareholders to gain insights into the company's operational trajectory.
- Q3FY26 Earnings Conference Call scheduled for February 6, 2026, at 4:00 PM IST.
- Management representation includes MD Kamal Sethia, Director Sanjeev Sethia, and CEO Praveen Tandon.
- International toll-free numbers provided for USA (1877 387 0849), UK, Singapore, and Hong Kong.
- DiamondPass™ registration available to bypass wait times for the call.
- Call coordination managed by Sunidhi Securities representatives Kunal Mehta and Gulshan Singh.
Elin Electronics Limited has filed its Reconciliation of Share Capital Audit Report for the quarter ended December 31, 2025. This submission is a mandatory regulatory requirement under Regulation 76 of the SEBI (Depositories and Participants) Regulations, 2018. The audit, conducted by M/s Oswal Suhil & Company, ensures that the company's total issued capital matches the shares held in dematerialized and physical forms. As a routine compliance matter, it does not reflect any change in the company's fundamentals or financial performance.
- Submission of Reconciliation of Share Capital Audit Report for the quarter ended December 31, 2025.
- Compliance with Regulation 76 of SEBI (Depositories and Participants) Regulations, 2018.
- Audit report issued by M/s Oswal Suhil & Company, Chartered Accountants.
- Verification of total issued capital against NSDL, CDSL, and physical holdings.
Elin Electronics Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Kfin Technologies Limited (the Registrar and Share Transfer Agent), confirms that securities dematerialized or rematerialized during the quarter ended December 31, 2025, have been appropriately reported to the stock exchanges. This is a standard administrative filing required to ensure the integrity of electronic shareholding records. No material financial or operational information was disclosed in this filing.
- Compliance certificate submitted for the quarter ended December 31, 2025.
- Confirmation provided by Registrar and Share Transfer Agent, Kfin Technologies Limited.
- Adherence to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018.
- Verification of share dematerialization/rematerialization records with NSDL and CDSL.
Elin Electronics Limited has announced the closure of its trading window starting January 1, 2026, in compliance with SEBI insider trading regulations. This closure is in anticipation of the declaration of the company's un-audited financial results for the quarter ending December 31, 2025. The window will remain closed for all designated persons and their relatives until 48 hours after the results are officially disclosed. This is a standard regulatory procedure followed by listed companies prior to earnings announcements.
- Trading window closure commences on January 1, 2026.
- Closure pertains to the un-audited financial results for the quarter ending December 31, 2025.
- The window will reopen 48 hours after the financial results are declared to the stock exchanges.
- The restriction applies to all Designated Persons and their immediate relatives as per SEBI regulations.
- The specific date for the Board Meeting to approve results will be announced separately.
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.