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Dossier · ELIN ELECTRONICS LIMITED · 28 October 2026Page 1 of 3
Company Dossier
MarketPing Research · factual · no rating expressed
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Fans (OEM/EMS), LED Lighting (OEM/EMS), Motors (OEM/EMS), Elin Appliances (own brand). Cyclical EMS contract manufacturer for consumer durables, exposed to polymer/aluminium commodity moves, INR/USD, and discretionary demand.
What a broker report prints here — the analyst's thesis. This dossier prints the filed record instead; the narrative read of the latest results, the guidance ledger and the earnings-call summary are the composer's sections (INSTITUTIONAL-PLAN.md M3) and are not yet produced.
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
₹ crore · consolidated
FY23
FY24
FY25
FY26
Revenue
1,075
1,042
1,180
1,288
EBITDA (ex other income)
65
41
52
55
margin %
6.1
3.9
4.4
4.2
Owners' profit
27
14
29
23
EPS, as reported (₹)
6.29
2.90
6.11
4.64
ROE % · ROCE %
5.4 · 9.0
2.8 · 5.4
5.5 · 8.4
4.1 · 6.6
Debt / equity (x)
0.16
0.02
0.04
0.03
Cash from operations
62
43
17
54
Capex
(51)
(33)
(41)
(60)
Source: SEBI results XBRL as filed with BSE/NSE; EBITDA excludes other income.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · ELIN ELECTRONICS LIMITED · 28 October 2026Page 2 of 3
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
305
266
316
295
375
294
324
363
Profit before tax
6
2
22
13
14
5
(2)
(28)
Net profit
5
1
17
9
10
4
(1)
(21)
EPS (₹)
1.00
0.29
3.59
1.93
2.11
0.75
(0.16)
(4.39)
Source: quarterly results as filed; the balance sheet is filed half-yearly and is not repeated here.
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. %
LG ELECTRONICS INDIA LTD
1,13,694
62.3
14.83
—
22.0
27.2
—
13.8
BLUE STAR LIMITED
31,375
61.6
9.14
33.2
15.4
18.9
23.8
6.1
VOLTAS LTD
31,300
69.7
4.89
36.7
5.8
9.9
13.8
7.6
AMBER ENTERPRISES (I) LTD
21,267
221.0
3.67
23.0
3.9
5.3
32.1
6.1
CROMPT GREA CON ELEC LTD
12,637
—
3.68
91.4
(6.7)
(2.1)
11.0
11.0
V-GUARD IND LTD.
11,578
31.9
4.88
21.9
13.0
15.5
17.0
11.2
WHIRLPOOL OF INDIA LTD
10,633
42.4
2.56
15.4
7.1
8.1
6.4
7.6
TTK PRESTIGE LTD
7,397
38.3
3.75
23.5
7.9
10.2
6.3
13.0
Source: exchange data and filed statements via the screener; multiples at current prices.
Exhibit 4: Where the company sits in its group
Metric
Company
Group median
Rank
Better than
P/B
0.7
4.3
1 of 23
100%
ROCE
5.2
9.4
17 of 24
30%
ROE
4.1
7.1
16 of 23
32%
Debt / Equity
0.0
0.0
11 of 23
55%
EBITDA margin
(5.0)
7.6
23 of 23
0%
Revenue growth
22.8
15.4
8 of 22
67%
Profit growth
(328.0)
38.1
21 of 21
0%
Market cap
373
3661
21 of 24
13%
Source: MarketPing peer ranks; a rank is a measurement, not a view.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · ELIN ELECTRONICS LIMITED · 28 October 2026Page 3 of 3
Exhibit 5: Filings of the last 90 days, with the measured price reaction
Date · filing
Category
Importance
Next day %
5-day %
24 Oct 2026 · Board meeting to approve September 2026 quarterly and half-year results
results
low
—
—
23 Oct 2026 · 44th AGM: All Six Resolutions Approved with 100% Favour
board shareholder meetings
low
—
—
22 Oct 2026 · CRISIL reaffirms A rating on Rs 134 crore bank facilities
credit debt
medium
—
—
14 Oct 2026 · Reg 74(5) Certificate Filed for Quarter Ended Sept 2026
compliance
minimal
—
—
28 Sept 2026 · Attached
compliance
minimal
—
—
28 Sept 2026 · ELIN Electronics 44th AGM: All 6 Resolutions Passed with Requisite Majority
Source: exchange announcements; each reaction is measured from the close before the filing. Next day = the close one session after the reaction day (the first session that could trade the filing).
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More audited years; no estimates
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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.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
