NSE: AEPL · BSE: 542670
ARTEMIS ELECTRICALS & P L
Operates in electrical equipment but factory manufacturing operations are closed, with the company shifting focus to project work. The main active project is a lithium-ion battery plant being set up under a related-party contract with Electroforce (India) Private Limited, with capital advances reflected in capital work in progress and commissioning planned by March 2027. The auditor flagged the inability to provide segment disclosures and the related-party nature of the contract. FY26 revenue was ₹80.56 crore, net profit ₹8.71 crore, EBITDA margin 16.28%. The company is also pursuing the sale of its Fortune 2000 property in Bandra Kurla Complex to a promoter through a postal ballot process. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Project execution / related-party contracts. Project-execution business in transition, with manufacturing closed and a single related-party counterparty driving activity
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 34 | 58 | 41 | 72 | 81 |
| EBITDA (ex other income) | (7) | 11 | 8 | 11 | 12 |
| margin % | (20.8) | 19.0 | 18.7 | 15.4 | 15.4 |
| Owners' profit | (12) | 6 | 0 | 0 | 0 |
| EPS, as reported (₹) | (4.79) | 2.50 | 0.16 | 0.30 | 0.35 |
| ROE % · ROCE % | (17.3) · (9.8) | 8.3 · 8.9 | 5.0 · 7.7 | 8.8 · 11.9 | 9.2 · 12.5 |
| Debt / equity (x) | 0.44 | 0.37 | 0.16 | 0.03 | 0.02 |
| Cash from operations | 2 | 12 | 21 | 41 | 15 |
| Capex | (14) | (7) | (5) | (30) | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4 | 18 | 37 | 20 | 16 | 4 | 41 | 16 |
| Profit before tax | 1 | 4 | 5 | 2 | 5 | 1 | 4 | 2 |
| Net profit | 1 | 3 | 4 | 1 | 4 | 1 | 3 | 1 |
| EPS (₹) | 0.03 | 0.10 | 0.15 | 0.05 | 0.14 | 0.03 | 0.12 | 0.05 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WAAREE ENERGIES LIMITED | 64,618 | 16.9 | 4.30 | 10.5 | 25.9 | 29.0 | — | 20.3 |
| APAR INDUSTRIES LTD. | 61,818 | 52.3 | 11.46 | 32.5 | 18.1 | 21.9 | 29.1 | 12.0 |
| PREMIER ENERGIES LIMITED | 38,368 | 22.7 | 8.90 | 15.7 | 35.0 | 25.7 | — | 30.8 |
| MTAR TECHNOLOGIES LIMITED | 21,476 | 160.9 | 26.11 | 114.7 | 11.4 | 12.4 | 28.9 | 25.8 |
| DIAMOND POWER INFRA LTD | 17,071 | 86.8 | — | 84.5 | (26.2) | 8.6 | — | 12.3 |
| EMMVEE PHOTOVOLTAIC PWR L | 16,879 | 12.7 | 4.57 | 9.4 | 29.3 | 31.2 | — | 36.3 |
| AVALON TECHNOLOGIES LTD | 13,663 | 102.2 | 18.93 | 68.1 | 15.6 | 20.0 | — | 12.5 |
| GENUS POWER INFRASTRU LTD | 8,270 | 11.5 | 3.73 | 10.5 | 26.7 | 22.7 | 50.8 | 22.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 44.0 | 22.4 | 40 of 52 | 24% |
| P/B | 4.0 | 3.3 | 31 of 49 | 38% |
| ROCE | 12.2 | 12.4 | 29 of 55 | 48% |
| ROE | 9.2 | 12.4 | 32 of 50 | 37% |
| Debt / Equity | 0.0 | 0.3 | 5 of 50 | 92% |
| EBITDA margin | 13.4 | 12.6 | 23 of 51 | 56% |
| Revenue growth | (17.6) | 20.7 | 37 of 46 | 20% |
| Profit growth | (3.1) | 37.7 | 28 of 45 | 39% |
| Market cap | 376 | 591 | 31 of 56 | 46% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Interim Dividend of Rs 0.006 per share declared; Record Date Oct 23, 2026 | corporate actions | high | — | — |
| 15 Oct 2026 · Board declares Interim Dividend of Rs. 0.006 per share | corporate actions | high | — | — |
| 12 Oct 2026 · Compliance certificate for dematerialization of securities for Q2 FY26 | compliance | minimal | — | — |
| 1 Oct 2026 · AGM Voting Results Filed for September 30, 2026 Meeting | board shareholder meetings | low | — | — |
| 1 Oct 2026 · AGM voting results: all four resolutions passed with 100% approval | compliance | minimal | — | — |
| 30 Sept 2026 · 17th AGM proceedings held on September 30, 2026 via video conferencing | board shareholder meetings | medium | — | — |
| 23 Sept 2026 · Trading window closed from Oct 1, 2026 for Q2 results | compliance | minimal | — | — |
| 7 Sept 2026 · Newspaper publication of 17th AGM notice | compliance | minimal | — | — |
| 5 Sept 2026 · Notice of 17th AGM on September 30, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Notice of 17th AGM via Video Conference published in newspapers | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.