NSE: ELANTAS · BSE: 500123
ELANTAS BECK INDIA LTD.
Manufactures specialty chemicals for electrical insulation and electronic applications, operating through two reportable segments. The Electrical Insulations segment, contributing 79.9% of Q4 FY26 segment revenue at Rs. 177.54 crore, produces insulating resins and varnishes used in electric motors, transformers, and other electrical equipment. The Engineering & Electronic Resins and Materials segment, at 20.1% (Rs. 44.65 crore), supplies resins for electronics, composites, and industrial end-uses. Production runs across two plants in India, with the Ankleshwar facility in Gujarat at 35,000 metric tonnes per year capacity running at roughly 90% utilisation. A Rs. 56 crore investment approved in June 2026 will add 11,000 MT per year (~31% capacity increase), to be completed within 12 months and funded entirely from internal accruals. ELANTAS GmbH of Germany holds 75% of the equity, and FY26 full-year revenue totalled Rs. 847.81 crore with net profit of Rs. 147.78 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Electrical Insulations (80%), Engineering & Electronic Resins and Materials (20%). Specialty chemicals manufacturing, asset-intensive, multinational subsidiary
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| EBITDA (ex other income) | — | — | — | — | — |
| margin % | — | — | — | — | — |
| Owners' profit | — | — | — | — | — |
| EPS, as reported (₹) | — | — | — | — | — |
| ROE % · ROCE % | — · — | — · — | — · — | — · — | — · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | — | — | — | — | — |
| Capex | — | — | — | — | — |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 191 | 184 | 197 | 206 | 210 | 217 | 215 | 222 |
| Profit before tax | 52 | 42 | 40 | 44 | 53 | 49 | 53 | 40 |
| Net profit | 42 | 31 | 30 | 33 | 39 | 36 | 39 | 31 |
| EPS (₹) | 52.79 | 39.19 | 37.52 | 41.46 | 49.56 | 45.74 | 49.66 | 39.21 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Electrical Insulations | 692 | 80.1 |
| Engineering & Electronic Resins and Materials | 126 | 14.6 |
| Engineering and Electronic Resins and Materials | 46 | 5.3 |
| Total, before eliminations | 864 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PIDILITE INDUSTRIES LTD | 1,47,581 | 55.7 | 13.36 | 39.1 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 69,214 | 32.0 | 4.93 | 21.4 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 46,552 | 76.0 | 5.88 | 37.0 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 42,476 | 53.7 | 10.69 | 38.3 | 16.7 | 16.4 | 23.0 | 37.5 |
| AETHER INDUSTRIES LIMITED | 20,367 | 86.4 | 8.29 | 55.4 | 8.9 | 11.4 | — | 33.8 |
| DEEPAK NITRITE LTD | 19,572 | 25.0 | 3.33 | 20.3 | 9.4 | 10.2 | 12.6 | 21.5 |
| ATUL LTD | 15,853 | 19.9 | 2.52 | 12.9 | 10.9 | 13.3 | 10.9 | 23.1 |
| AARTI INDUSTRIES LTD | 15,833 | 29.8 | 2.66 | 17.1 | 7.0 | 4.4 | 13.0 | 16.2 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 70.1 | 23.0 | 86 of 99 | 13% |
| P/B | 10.2 | 2.8 | 92 of 99 | 7% |
| ROCE | 19.0 | 10.1 | 20 of 106 | 82% |
| ROE | 14.7 | 8.1 | 22 of 99 | 79% |
| Debt / Equity | 0.0 | 0.2 | 1 of 99 | 86% |
| EBITDA margin | 20.8 | 15.5 | 35 of 99 | 65% |
| Revenue growth | 7.8 | 24.4 | 76 of 94 | 19% |
| Profit growth | (5.4) | 55.1 | 74 of 92 | 20% |
| Market cap | 10234 | 697 | 15 of 108 | 87% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · GPCB permanently revokes closure order for Ankleshwar plant | capex operations | high | — | — |
| 22 Oct 2026 · CFO Sanjay Kulkarni resigns effective 21 Oct 2026 for personal reasons | management changes | high | — | — |
| 14 Oct 2026 · Board meeting on 28 Oct 2026 to consider Q2 and 9M FY26-27 results | results | low | — | — |
| 13 Oct 2026 · Newspaper ad on special window for physical share transfers | compliance | minimal | — | — |
| 8 Oct 2026 · Routine compliance certificate for quarter ended September 2026 | compliance | minimal | — | — |
| 25 Sept 2026 · Trading window closed ahead of Q2 results | compliance | minimal | — | — |
| 4 Sept 2026 · Newspaper notice published about lost share certificate | compliance | minimal | — | — |
| 17 Aug 2026 · Newspaper ad on special window for physical share transfer | compliance | minimal | — | — |
| 6 Aug 2026 · Newspaper publication of Q1 and H1 FY26 unaudited financial results | compliance | minimal | — | — |
| 4 Aug 2026 · Q1 FY26 Results: Revenue up 35% YoY, Net Profit up 80% YoY | results | high | — | — |
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.