Esab India Limited (ESABINDIA)
₹5,453.00 -0.48% last close, 16 Oct
Q2 FY27 results
📅 Next results: 04 Nov 2026 (board meeting)Esab India Limited's board meets on 4 Nov 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Esab India's revenue was ₹421 Cr (+19.3% year on year, +6.3% on the previous quarter), and net profit ₹56.1 Cr (+37.1% year on year); the operating margin was 18.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹421 | +19.3% | +6.3% |
| Operating profit | ₹79.2 | +34.2% | +25.7% |
| Net profit | ₹56.1 | +37.1% | +27.6% |
| EPS (₹) | 36.48 | +37.1% | +29.0% |
| Operating margin | 18.8% | — | — |
ESABINDIA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 57.77% of the ESABINDIA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 59.03%. That is close to its usual level. Turnover was only ₹55 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: 62.3% · 45.2% · 66.8% · 61.2% · 57.8%
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
Esab India Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended 30th September 2026. The company's Registrar and Share Transfer Agent, Integrated Registry Management Services Private Limited, confirmed that securities received for dematerialisation were processed and cancelled within the prescribed 15-day limit. The depository names have been substituted in the register of members accordingly. This is a standard secretarial filing with no impact on business operations or financials.
- Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018 for the quarter ended 30th September 2026.
- RTA confirmed securities received for dematerialisation were mutilated and cancelled within 15 days.
- Confirmation issued by RTA Integrated Registry Management Services Private Limited dated October 3, 2026.
ESAB India has submitted the machine-readable format of its Q1 (quarter ended June 30, 2026) financial results following an exchange email dated August 27, 2026. The reported numbers reflect the previously disclosed results from August 11, 2026, where revenue from operations grew 19.6% YoY to Rs 421.12 crore and net profit rose 37.1% YoY to Rs 56.14 crore. The filing also confirms a minor investment of up to Rs 40 lakh for a 26% equity stake in an SPV to source 1 MW of captive solar power for its Nagpur facility.
- Machine-readable filing submitted in response to stock exchange communication dated August 27, 2026
- Q1 Revenue from operations stood at Rs 421.12 crore compared to Rs 352.02 crore in the prior-year period (up 19.6% YoY)
- Q1 Net Profit after tax reached Rs 56.14 crore, up 37.1% YoY with basic EPS of Rs 36.48
- Approved up to Rs 40 lakh (Rs 0.40 crore) investment for 26% equity in a solar SPV with Sunsure Energy for 1 MW power
Esab India Limited received orders dated August 20, 2026, from the Commissioner of Income Tax (Appeals) dismissing its appeals against penalties under Section 270A for alleged underreporting of income. The orders confirm penalties of ₹1.23 crore for AY 2017-18 and ₹0.22 crore for AY 2018-19, totaling ₹1.45 crore. The total penalty exposure represents roughly 0.8% of Esab India's TTM PAT of ₹180 crore. The company has stated it is in the process of preferring a further appeal against the CIT(A) orders.
- CIT(Appeals) dismissed appeals and confirmed a penalty of ₹1,23,10,580 for AY 2017-18.
- Upheld an additional penalty of ₹21,86,636 for AY 2018-19 under Section 270A of the Income Tax Act.
- Total cumulative penalty confirmed across both assessment years is ₹1,44,97,216 (~₹1.45 crore).
- Company is in the process of preferring a further appeal against both orders before higher appellate authorities.
ESAB India has approved its unaudited financial results for the quarter ended June 30, 2026. Alongside the results, the board approved a strategic investment of up to ₹40 lakhs to acquire a 26% equity stake in a Special Purpose Vehicle (SPV) for renewable energy. This SPV, to be incorporated by Sunsure Energy, will supply 1MW of solar power to ESAB's Nagpur plant under a group captive model. While the investment is financially small relative to the company's ₹429 Cr net worth, it marks a step toward operational sustainability.
- Investment of up to ₹40,00,000 to acquire a 26% equity stake in a new Solar SPV.
- Procurement of 1MW solar power specifically for the Nagpur manufacturing facility.
- The SPV will be incorporated in India by Sunsure Energy Private Limited.
- Board meeting concluded at 20:30 hours on August 11, 2026, following a 40-minute session.
- Financial results for the quarter ended June 30, 2026, received a Limited Review Report from Deloitte Haskins & Sells.
ESAB India has announced the retirement of Mr. Biswadeep Banerjee, General Manager - Equipment Sales & After Market, effective July 31, 2026. He is succeeded by Mr. Jalubula Venkata Koteswara Rao, who takes charge as Business Head - Sales & Marketing - Equipment & Cutting Systems. Mr. Rao will be designated as Senior Management Personnel (SMP) effective August 1, 2026. This transition occurs in a company with a strong financial profile, including a 65% ROCE and minimal debt of Rs 3 Cr.
- Retirement of Mr. Biswadeep Banerjee as General Manager effective July 31, 2026
- Appointment of Mr. Jalubula Venkata Koteswara Rao as Business Head for Sales & Marketing
- New SMP designation for Mr. Rao effective from August 1, 2026
- Company maintains a high ROCE of 65.0% as per latest financial context
ESAB India Limited has announced the successful passage of all resolutions at its 39th Annual General Meeting held on July 29, 2026. Shareholders approved a final dividend of ₹25 per equity share (250% of face value), following a record date of July 23, 2026. The meeting saw a total voter turnout of 88.18%, representing 1,35,74,182 votes out of 1,53,93,020 shares. Key management changes include the appointment of Mr. Curtis Evan Jewell as a Non-Executive Nominee Director.
- Final dividend of ₹25 per share (250%) approved with 99.99% votes in favor
- Total voter turnout recorded at 88.18% of the total 1,53,93,020 outstanding shares
- Appointment of Mr. Curtis Evan Jewell as Non-Executive Nominee Director passed with 99.90% approval
- Promoter group cast 1,13,47,960 votes, representing 100% alignment with all proposed resolutions
ESAB India concluded its 39th Annual General Meeting on July 29, 2026, where shareholders approved a final dividend of ₹25 per equity share (250% of face value). The meeting marked a leadership transition with Mr. Curtis Evan Jewell appointed as the new Chairman, succeeding Mr. Kevin Johnson. Management highlighted operational performance for FY 2025-26, focusing on its 10.5% revenue growth strategy driven by new products and exports. The company continues to exhibit strong fundamentals with a 65% ROCE and a low debt-to-equity ratio of 0.01.
- Final dividend of ₹25 per equity share of ₹10 each (250%) declared for FY 2025-26
- Appointment of Mr. Curtis Evan Jewell as Non-Executive Nominee Director and Chairman of the Board
- AGM proceedings attended by 49 members through video conferencing
- Remote e-voting facility was utilized by members from July 26 to July 28, 2026
- Company maintains a high ROCE of 65.0% with a minimal debt of ₹3 Cr
ESAB India has issued a corrigendum to its FY 2025-26 Annual Report to rectify omissions and typographical errors. Key updates include the disclosure of previously omitted income tax disputes totaling Rs 2.68 crore for assessment years 2003-04 and 2004-05, which remain unpaid and pending. Additionally, the company corrected the median remuneration for Key Managerial Personnel (KMP) to Rs 1.84 crore, up from the previously stated Rs 1.67 crore. Management confirmed that these corrections have no impact on the audited financial statements for the year ended March 31, 2026.
- Disclosed omitted income tax disputes of Rs 190 lakhs (AY 2003-04) and Rs 78 lakhs (AY 2004-05) pending with the Deputy Commissioner of Income Tax
- Corrected median KMP remuneration from Rs 1,67,38,464 to Rs 1,84,63,840
- Reported FY26 Total Revenue of Rs 1,51,418 lakhs (Rs 1,514.18 crore), representing a 9.6% growth over FY25
- Maintained a dividend payout ratio of 69% for FY26 with a total dividend of Rs 92 per share
- Confirmed FY26 Profit After Tax (PAT) of Rs 20,669 lakhs (Rs 206.69 crore)
ESAB India has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the period ended June 30, 2026. The filing confirms that share certificates received for dematerialization were verified, mutilated, and cancelled as per regulatory requirements. The company's Registrar and Share Transfer Agent (RTA), Integrated Registry Management Services, confirmed that the depository's name was substituted in the records within the mandated 15-day window. This is a standard procedural filing with no impact on the company's financial or operational standing.
- Compliance certificate issued for the quarter ended June 30, 2026
- Dematerialization requests processed and records updated within 15 days of receipt
- Verification and cancellation of physical certificates confirmed by RTA M/s. Integrated Registry Management Services Private Limited
- Filing covers ISIN: INE284A01012
ESAB India has issued its 39th AGM notice for July 29, 2026, proposing a final dividend of ₹25 per share, bringing the total FY26 dividend to ₹92 per share. The company reported a 9.6% YoY revenue growth to ₹1,514.18 cr and a 17.8% increase in PAT to ₹206.69 cr. A key leadership transition is noted with Curtis Evan Jewell appointed as Chairman effective May 1, 2026. The company maintains a robust financial profile with a 69% dividend payout ratio and a high ROCE of 65%.
- Total Revenue increased 9.6% YoY to ₹1,51,418 lakhs in FY26 from ₹1,38,125 lakhs in FY25
- Profit After Tax (PAT) grew 17.8% to ₹20,669 lakhs compared to ₹17,542 lakhs in the previous year
- Proposed final dividend of ₹25 per share, resulting in a total annual dividend of ₹92 per share
- Net Worth strengthened to ₹42,938 lakhs as of March 31, 2026, with a debt-to-equity ratio of 0.01
- Employee headcount increased to 1,003 from 933 in the prior year, reflecting operational expansion
Esab India Limited has scheduled a Board of Directors meeting for August 11, 2026, to review and approve the unaudited financial results for the quarter ending June 30, 2026. In compliance with SEBI insider trading regulations, the trading window for designated persons will be closed from July 1, 2026, until August 13, 2026. This is a routine regulatory filing ahead of the quarterly earnings announcement. Investors should monitor the results on the scheduled date for insights into the company's performance in the welding and cutting equipment sector.
- Board meeting scheduled for August 11, 2026, to approve Q1 FY27 results
- Trading window closure period: July 1, 2026, to August 13, 2026
- Results will be published in Business Standard (English) and Makkal Kural (Tamil)
- Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015
Esab India Limited has announced July 23, 2026, as the record date for determining shareholder eligibility for the final dividend of FY 2025-26. The company's 39th Annual General Meeting (AGM) is scheduled to be held on July 29, 2026, at 15:30 hours via video conferencing. The dividend payment is subject to shareholder approval during the upcoming AGM. This announcement follows the Board of Directors' meeting held on May 27, 2026.
- Record date for final dividend and 39th AGM fixed as July 23, 2026.
- 39th Annual General Meeting scheduled for July 29, 2026, at 15:30 IST.
- Dividend pertains to the financial year 2025-26, pending shareholder approval.
- AGM to be conducted through Video Conferencing (VC) or Other Audio-Visual Means (OAVM).
- Announcement follows the Board meeting held on May 27, 2026.
Esab India Limited reported a strong performance for the full financial year ended March 31, 2026, with total income rising to ₹1,514.2 crore from ₹1,381.3 crore in the previous year. Annual net profit grew by 17.8% to ₹206.7 crore, aided by a net exceptional gain of ₹17.3 crore primarily from land sales. While annual figures were robust, Q4 FY26 net profit saw a slight year-on-year decline to ₹43.6 crore compared to ₹47.4 crore in Q4 FY25. The company has scheduled its AGM for July 29, 2026, with a record date of July 23, 2026.
- Annual Revenue from operations grew 9.6% YoY to ₹1,508.2 crore for FY26.
- Full-year Net Profit increased to ₹206.7 crore, up from ₹175.4 crore in FY25.
- Earnings Per Share (EPS) for the year improved to ₹134.30 from ₹113.98.
- Recorded a net exceptional gain of ₹1,726 lakhs, including a ₹3,091 lakh gain from land sale offset by a ₹1,365 lakh labor code liability.
- Q4 FY26 revenue stood at ₹397.5 crore, showing a 7.5% growth over the corresponding quarter last year.
Esab India Limited reported a strong financial performance for FY26, with total income increasing 9.6% year-on-year to Rs 1,514.2 crore. Net profit for the full year grew by 17.8% to Rs 206.7 crore, aided by an exceptional net gain of Rs 17.3 crore. The company has recommended a final dividend of Rs 25 per share (250% of face value) and set July 23, 2026, as the record date. Earnings per share (EPS) improved significantly to Rs 134.30 from Rs 113.98 in the previous fiscal year.
- Recommended a final dividend of Rs 25 per equity share for the financial year ended March 31, 2026.
- Annual revenue from operations grew to Rs 1,508.15 crore, up from Rs 1,373.47 crore in FY25.
- Net profit after tax increased to Rs 206.69 crore, representing a 17.8% growth over the previous year.
- Exceptional items included a Rs 30.91 crore gain from land sales, offset by a Rs 13.65 crore provision for the new Labour Code.
- The record date for the dividend and the 39th Annual General Meeting is fixed as July 23, 2026.
ESAB India Limited has received a tax demand order from the West Bengal Commercial Taxes department amounting to ₹37,99,846. The demand includes tax, interest, and penalties related to alleged short payment of taxes and excess Input Tax Credit (ITC) claims during FY 2022-23. The company has clarified that it intends to appeal the order and does not foresee any material impact on its operations or financial health. This is a routine regulatory matter common in the current tax environment.
- Total tax demand of ₹37,99,846 including interest and penalty for FY 2022-23
- Order issued by the Deputy Commissioner of Revenue, State Tax, West Bengal under Section 73
- Allegations involve short payment of taxes and excess claim of Input Tax Credits (ITC)
- Company confirms no material impact on financial or operational activities
- ESAB India is in the process of filing an appeal against the department's order
Financial Performance
Revenue Growth by Segment
Revenue from contracts with customers grew by 10.5% YoY. The Equipment business (Welding and Cutting) increased its revenue share to 32% from 26% in previous periods. Key growth drivers include Electrodes, Cored Wires, Gas Equipment, and Automation businesses.
Geographic Revenue Split
ESAB India is a leading player in the domestic market with a distribution network of ~200 distributors. The company reported an increase in the export of products, though specific regional percentage splits are not disclosed.
Profitability Margins
Profit After Tax (PAT) for H1 FY26 was INR 120.14 Cr, representing a 37.1% increase from INR 87.61 Cr in H1 FY25. Tangible net worth increased 10.2% to INR 375.5 Cr from INR 340.7 Cr in the prior fiscal year.
EBITDA Margin
Historical PBILDT margins are maintained between 11% and 13.5%. The company manages volatility by passing on raw material price increases to customers, ensuring core profitability remains stable.
Capital Expenditure
Capital expenditure for FY25 was INR 31.10 Cr, a 10.3% increase from INR 28.18 Cr in FY24. Spending was primarily focused on buildings for Global R&D and refurbishments of existing production lines.
Credit Rating & Borrowing
The company maintains a strong credit profile with nil debt and a Debt-Equity ratio of 0.011 as of March 2025, down from 0.015 YoY. Liquidity is supported by cash and investments of approximately INR 60 Cr.
Operational Drivers
Raw Materials
Mild Steel and MS Wire Rods constitute 50% of the total raw material cost. Other specific materials include Non-Ferrous Metals, Minerals, Chemicals, and Piece Parts.
Import Sources
Sourcing is managed through global engagement with parent company teams, though specific countries of origin are not disclosed.
Capacity Expansion
Planned expansion includes refurbishments on existing lines and the development of Global R&D facilities; specific MTPA capacity figures are not disclosed.
Raw Material Costs
Raw material and component consumption costs were INR 306.76 Cr for H1 FY26, representing 41.8% of total revenue (INR 733.57 Cr).
Manufacturing Efficiency
Manufacturing efficiency is driven by continuous engagement with global teams and leveraging global business tools; specific utilization percentages are not disclosed.
Logistics & Distribution
Distribution is handled through a network of ~200 distributors spread across India.
Strategic Growth
Expected Growth Rate
10.50%
Growth Strategy
Growth will be achieved through new product launches in key markets, expanding the export footprint for both goods and services, and capitalizing on the revival of the capital goods cycle. The company is also leveraging its Global R&D center to drive innovation.
Products & Services
Welding and cutting products, Electrodes, Cored Wires, Gas Equipment, and Automation systems.
Brand Portfolio
ESAB
New Products/Services
New products continued to grow in key markets during the year, contributing to the 10.5% overall revenue growth.
Market Expansion
Targeting increased export opportunities and leveraging the global footprint of the parent company, ESAB Corporation.
Market Share & Ranking
Leading player in the domestic welding and cutting products market; part of the Top 1000 companies by market capitalization in India.
Strategic Alliances
The company is a 73.72% subsidiary of ESAB Corporation, USA, and has no other joint ventures or associates.
External Factors
Industry Trends
The industry is seeing a revival in the capital goods cycle and a shift toward service-based revenue streams where India has a cost-competitive talent pool.
Competitive Landscape
Major player in the organized welding sector, competing on technology and distribution reach.
Competitive Moat
Moat is sustained by a dominant domestic market position, an extensive 200-distributor network, and access to the global technology and R&D of ESAB Corporation.
Macro Economic Sensitivity
Sensitive to commodity price cycles (steel) and the broader capital goods investment cycle in India.
Consumer Behavior
Increasing demand for new technology products and automated welding solutions.
Geopolitical Risks
Economic and geo-political headwinds are noted as factors causing softness in certain markets and pressure on pricing.
Regulatory & Governance
Industry Regulations
Compliant with SEBI LODR and Companies Act 2013; mandatory Risk Management Committee meetings are held twice annually.
Environmental Compliance
The company maintains a CSR policy aligned with Schedule VII of the Companies Act 2013; specific ESG spending amounts are not disclosed.
Taxation Policy Impact
Tax expense for H1 FY26 was INR 35.99 Cr. The company also wrote off INR 2.15 Cr in doubtful income tax receivables.
Legal Contingencies
Reported a write-off of INR 2.15 Cr for doubtful income tax receivables. No instances of fraud were reported during the period.
Risk Analysis
Key Uncertainties
Volatility in raw material prices (Steel/Wire Rods), cyber security threats, and technology-driven business risks.
Geographic Concentration Risk
High domestic concentration with a pan-India distribution network of 200+ partners.
Third Party Dependencies
Significant dependency on steel suppliers, as steel products account for 50% of raw material consumption.
Technology Obsolescence Risk
The company identifies technology-driven risks as a key concern and is mitigating this through Global R&D investments.
Credit & Counterparty Risk
Allowance for expected credit loss was INR 1.35 Cr for H1 FY26, indicating relatively stable receivables quality.
