NSE: ESABINDIA · BSE: 500133
ESAB INDIA LTD
Manufactures and sells industrial equipment and cutting systems, with a separate after-market service business. A General Manager oversees Equipment Sales & After Market, while a Business Head handles Sales & Marketing for Equipment & Cutting Systems, indicating these are the two main commercial lines. FY26 revenue was Rs 1,508.15 crore, with net profit of Rs 206.69 crore and operating cash flow of Rs 18,069 lakhs. Materials are the biggest cost at Rs 644.07 crore, or 42.7% of revenue, followed by other operating expenses at Rs 214.69 crore (14.2%) and employee cost at Rs 145.12 crore (9.6%); depreciation was Rs 17.06 crore (1.1%) and capex was Rs 31.55 crore (2.1%). FY26 included an exceptional gain of Rs 3,091 lakhs from the sale of land at Khardah, West Bengal, partly offset by Rs 1,365 lakhs of impact from the new Labour Codes. The company has zero debt on its books and is the Indian subsidiary of ESAB Corporation, with the parent ESAB Holdings Limited nominating non-executive directors to the board. Total dividend for FY26 was Rs 75 per share (including two interim dividends of Rs 25 each and a proposed final dividend of Rs 25 per share). AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Equipment Sales, After Market. Debt-free capital goods maker with high single-digit operating margins and strong ROCE
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 893 | 1,091 | 1,243 | 1,373 | 1,508 |
| EBITDA (ex other income) | 117 | 187 | 228 | 245 | 287 |
| margin % | 13.1 | 17.1 | 18.3 | 17.8 | 19.0 |
| Owners' profit | 84 | 136 | 163 | 175 | 207 |
| EPS, as reported (₹) | 54.78 | 88.16 | 105.90 | 113.98 | 134.30 |
| ROE % · ROCE % | 34.5 · 45.4 | 52.1 · 67.5 | 53.3 · 69.6 | 48.6 · 63.7 | 48.1 · 60.8 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 85 | 129 | 141 | 199 | 181 |
| Capex | (11) | (34) | (28) | (28) | (32) |
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 | 339 | 337 | 368 | 352 | 382 | 379 | 396 | 421 |
| Profit before tax | 59 | 55 | 63 | 55 | 101 | 58 | 60 | 76 |
| Net profit | 43 | 40 | 47 | 41 | 79 | 43 | 44 | 56 |
| EPS (₹) | 28.04 | 26.24 | 30.82 | 26.60 | 51.46 | 27.94 | 28.30 | 36.48 |
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. % |
|---|---|---|---|---|---|---|---|---|
| HBL ENGINEERING LTD | 22,455 | 24.3 | 10.14 | 19.3 | 36.8 | 45.3 | 29.4 | 26.2 |
| INOX INDIA LIMITED | 17,354 | 68.1 | 15.53 | 45.2 | 23.1 | 30.0 | — | 23.4 |
| ESAB INDIA LTD ◆ | 8,153 | 36.8 | 18.99 | — | 48.1 | 60.4 | — | 19.2 |
| HARSHA ENGINEERS INT LTD | 3,887 | 25.1 | 2.77 | 15.2 | 11.1 | 13.2 | — | 15.9 |
| W P I L LTD. | 3,868 | 24.5 | 1.97 | 11.1 | 10.2 | 13.1 | 13.3 | 17.7 |
| SUBROS LIMITED | 3,834 | 23.1 | 3.08 | 10.9 | 13.3 | 16.0 | 15.9 | 8.4 |
| ADOR WELDING LTD | 2,370 | 20.9 | 4.28 | 17.0 | 14.8 | 19.9 | 20.6 | 13.8 |
| DIFFUSION ENGINEERS LTD | 1,505 | 27.4 | 3.71 | 20.1 | 12.4 | 15.2 | — | 16.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 36.8 | 19.3 | 23 of 27 | 15% |
| P/B | 19.0 | 2.5 | 23 of 24 | 4% |
| ROCE | 60.4 | 12.3 | 1 of 31 | 100% |
| ROE | 48.1 | 10.3 | 1 of 24 | 100% |
| Debt / Equity | 0.0 | 0.2 | 1 of 24 | 96% |
| EBITDA margin | 19.2 | 10.8 | 5 of 23 | 82% |
| Revenue growth | 19.6 | (5.5) | 7 of 23 | 73% |
| Profit growth | 37.1 | (5.0) | 7 of 23 | 73% |
| Market cap | 8153 | 103 | 3 of 31 | 93% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 5 Oct 2026 · ESAB India files routine dematerialization compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 25 Sept 2026 · Board meeting on 4 Nov 2026 to consider Q2 FY27 results and interim dividend | results | low | — | — |
| 28 Aug 2026 · ESAB India Q1 PAT up 37%, revenue up 20%; to invest in solar SPV | results | high | — | — |
| 21 Aug 2026 · Tax appeal dismissed; company to file further appeal | regulatory legal | high | — | — |
| 11 Aug 2026 · ESAB India Q1 FY27: PAT up 37% YoY, revenue up 20%; approves Rs 40L SPV investment | results | high | — | — |
| 31 Jul 2026 · Senior Manager retires; internal successor appointed as SMP | management changes | medium | — | — |
| 30 Jul 2026 · ESAB India 39th AGM: All 6 resolutions passed, Rs 25 dividend approved | board shareholder meetings | low | — | — |
| 29 Jul 2026 · ESAB India 39th AGM concludes; Rs 25 dividend declared, new Chairman appointed | board shareholder meetings | low | — | — |
| 7 Jul 2026 · Esab India files corrigendum to FY26 Annual Report for errors | compliance | low | — | — |
| 6 Jul 2026 · Esab India Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018 | 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.