Elin Electronics Limited has informed the Exchange about Transcript
ELIN · price
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Elin Electronics reported Q1 FY26 revenue of Rs 295 crores, flat YoY, weighed down by an unexpected drop in cooling products (fans, fan motors, AC motors) due to higher-than-usual rains and a decline in lighting business from key customer Signify, which has shifted some volumes to its JV with Dixon. Despite flat top line, consolidated EBITDA rose to Rs 17.6 crores from Rs 13.3 crores, with adjusted EBITDA margin improving to 6.3% (reported 5.9%), driven by 130 bps gross margin expansion from a better product mix and procurement efficiency. PAT stood at Rs 9.4 crores versus Rs 5.9 crores last year. The company maintained its FY26 guidance of Rs 1,350 crore revenue (15% growth) and 6%–6.5% EBITDA margin, with Rs 100–120 crore planned CAPEX. Construction of the new Bhiwandi plant began in July 2025 and is expected to be operational by April 2026, targeting Rs 140 crore in FY27 and Rs 250 crore in FY28 at 7%–7.5% EBITDA margins and 20% ROCE.
Margin expansion and addition of new lighting customers to offset the Signify loss are positive signals for earnings recovery, while the Bhiwandi plant adds visible medium-term growth capacity. Net cash of Rs 103 crores provides balance sheet strength, though near-term revenue growth remains soft due to seasonality and customer transitions.