ELIN ELECTRONICS LIMITED

Manufactures consumer-durable and electrical products as an EMS/OEM supplier, making ceiling fans, LED lighting, and motors for third-party brands, and running a small own-brand appliance subsidiary called Elin Appliances. FY26 consolidated revenue was ₹1,287.7 crore (Q4 FY26 alone ₹324 crore, up 3% YoY), with the fans line up 67% YoY in Q4 driven by BLDC and TPW categories, LED lighting recovering after a period of price erosion, and motors declining. The customer base includes lighting buyers such as Signify plus five new lighting customers added recently, and export fan orders that restarted in May 2026 after an August 2025 tariff halt. Manufacturing runs across multiple Indian plants — Ghaziabad, Goa, Baddi (Nalagarh), and a new Bhiwadi facility in Rajasthan whose commercial production was pushed to July–August 2026, with ₹67 crore Phase 1 capex already partly in CWIP. The biggest input costs are raw materials (polymers, aluminium, copper, steel), which made up 74.2% of revenue in FY26, and Q4 FY26 saw a 390 bps gross-margin compression from a polymer/aluminium price spike and INR depreciation that the company is countering with 10–18% price hikes (full pass-through targeted by June 2026). Employee cost is 13.2% of revenue, and a 26% UP minimum-wage hike effective April 2026 has pushed the FY27 employee-cost target to 12–12.5% of sales.