NSE: ELECTHERM · BSE: 526608
ELECTROTHERM (I) LTD.
Operates in iron and steel products through three divisions. FY26 consolidated revenue was Rs 3,692.09 crore with a net loss of Rs 15.66 crore and EBITDA margin of 1.20%. Materials account for 72.6% of revenue, making it the dominant cost. The auditor issued a qualified opinion because Rs 1,066.12 crore of interest on NPA loans (standalone) was not provided for. The company carries negative standalone equity of Rs 109.06 crore, total financial debt of Rs 1,000.21 crore as of March 2026, and defaulted on Rs 24 crore of principal and Rs 4.68 crore of interest to Invent ARC. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Special Steel Division, Engineering & Technologies Division, Electric Vehicle Division. Asset-heavy iron and steel manufacturer with negative equity and loan defaults
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,831 | 3,074 | 4,272 | 4,115 | 3,692 |
| EBITDA (ex other income) | 86 | 98 | 419 | 491 | 39 |
| margin % | 3.1 | 3.2 | 9.8 | 11.9 | 1.1 |
| Owners' profit | 0 | (12) | 317 | 442 | (16) |
| EPS, as reported (₹) | (31.68) | (9.28) | 249.08 | 347.06 | (12.29) |
| ROE % · ROCE % | 3.7 · (0.7) | 1.1 · (6.7) | (40.6) · (251.7) | (278.5) · 201.4 | 10.2 · (0.9) |
| Debt / equity (x) | (1.93) | (1.81) | (2.27) | (8.08) | (6.89) |
| Cash from operations | 179 | 107 | 351 | 329 | 351 |
| Capex | (40) | (17) | (69) | (89) | (98) |
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 | 814 | 1,081 | 1,161 | 834 | 814 | 904 | 1,140 | 913 |
| Profit before tax | 59 | 88 | 153 | 34 | (28) | (46) | 18 | 9 |
| Net profit | 59 | 88 | 186 | 28 | (22) | (35) | 14 | 7 |
| EPS (₹) | 46.68 | 69.34 | 145.60 | 21.78 | (16.97) | (27.80) | 10.70 | 5.44 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Engineering & Technologies Division | 1,209 | 32.5 |
| Special Steel Division | 2,466 | 66.4 |
| Electric Vehicle Division | 18 | 0.5 |
| Electric Vehicle Divion | 21 | 0.6 |
| Total, before eliminations | 3,714 | 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. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 67,533 | 29.2 | 7.18 | 28.8 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 60,250 | 49.0 | 11.38 | 31.4 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 31,861 | 28.4 | 2.58 | 12.9 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 16,161 | 37.3 | 3.84 | 18.9 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED | 15,396 | 23.5 | 1.25 | 8.5 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. | 14,152 | 27.9 | 4.29 | 18.6 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,005 | 29.9 | 3.92 | 17.3 | 14.6 | 16.8 | 34.4 | 17.8 |
| GODAWARI POW & ISP LTD | 12,751 | 14.9 | 2.18 | 9.7 | 13.7 | 17.0 | 5.7 | 21.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| ROCE | 20.4 | 9.1 | 10 of 115 | 92% |
| EBITDA margin | 2.6 | 11.0 | 91 of 100 | 9% |
| Revenue growth | 9.5 | 13.7 | 55 of 97 | 44% |
| Profit growth | (75.0) | 29.3 | 93 of 105 | 12% |
| Market cap | 782 | 216 | 44 of 122 | 65% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 13 Oct 2026 · Routine dematerialisation compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 29 Sept 2026 · 40th AGM voting results: all 13 resolutions passed with requisite majority | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Electrotherm 40th AGM held on Sept 28, 2026; voting results awaited | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Trading window closed from Oct 1, 2026 ahead of Q2 and H1 FY27 results | compliance | minimal | — | — |
| 26 Sept 2026 · ED attaches Rs 25 Cr bank funds and promoter shares under PMLA | compliance | minimal | — | — |
| 10 Sept 2026 · Inter-se gift transfer of 80,000 shares among Electrotherm promoters | ownership changes | low | — | — |
| 5 Sept 2026 · Newspaper notice published for Electrotherm India 40th AGM on September 28 | compliance | minimal | — | — |
| 3 Sept 2026 · Electrotherm submits 40th Annual Report for FY26 with qualified audit opinion | compliance | medium | — | — |
| 3 Sept 2026 · Notice of 40th AGM on September 28, 2026 via video conferencing | board shareholder meetings | low | — | — |
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.