NSE: SALZERELEC · BSE: 517059
SALZER ELECTRONICS LTD
Manufactures and sells industrial electrical equipment, with industrial switchgear accounting for 56% of FY26 revenue (₹1,758 crore) and growing 20% year-on-year at an 11% segment EBITDA margin, and wires and cables contributing 39% of revenue, growing 30% year-on-year at a 5% segment EBITDA margin. Building products make up the remaining 5%. Beyond these three core lines, the company is building newer businesses: a smart electricity meter vertical (₹45 crore executed in FY26 with a ₹200 crore Bangalore EMS project revenue expected from Q2 FY27), an EV charging subsidiary (~100 chargers sold for ₹9 crore in FY26), and a Saudi Arabia manufacturing facility targeting September–October 2026 commissioning with ₹100 crore GCC revenue planned in its first year. Costs are dominated by raw materials at 77.7% of revenue, primarily plastics, copper and silver, which compressed consolidated EBITDA margin to 8.36% in FY26 from 9.44% in FY25 and prompted February 2026 and planned June 2026 price hikes of 7–10%. Exports contribute about 21% of revenue with a stated target of returning to 25%, while working capital stands at ~30% of revenue against a 25% target. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Industrial switchgear (56%), Wires and cables (39%), Building products (5%), Smart meters and EV charging. Cyclical, commodity-input-exposed industrial electrical equipment manufacturer with emerging smart meter and EV charging adjacencies
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 804 | 1,037 | 1,166 | 1,418 | 1,758 |
| EBITDA (ex other income) | 66 | 96 | 117 | 134 | 147 |
| margin % | 8.2 | 9.2 | 10.0 | 9.4 | 8.4 |
| Owners' profit | 23 | 39 | 46 | 46 | 53 |
| EPS, as reported (₹) | 14.14 | 24.21 | 27.38 | 35.30 | 29.94 |
| ROE % · ROCE % | 6.8 · 13.4 | 9.6 · 18.1 | 9.8 · 18.9 | 9.5 · 19.1 | 8.9 · 18.2 |
| Debt / equity (x) | 0.69 | 0.66 | 0.64 | 0.76 | 0.88 |
| Cash from operations | (12) | 25 | 24 | (22) | 46 |
| Capex | (20) | (38) | (46) | (68) | (58) |
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 | 344 | 334 | 376 | 441 | 419 | 424 | 474 | 498 |
| Profit before tax | 35 | 20 | 15 | 24 | 19 | 18 | 12 | 13 |
| Net profit | 27 | 15 | 11 | 17 | 13 | 13 | 10 | 8 |
| EPS (₹) | 15.43 | 8.22 | 6.19 | 9.74 | 7.35 | 7.01 | 5.81 | 4.55 |
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. % |
|---|---|---|---|---|---|---|---|---|
| APAR INDUSTRIES LTD. | 71,483 | 60.5 | 13.25 | 37.5 | 18.1 | 21.9 | 29.1 | 12.0 |
| WAAREE ENERGIES LIMITED | 66,649 | 17.4 | 4.44 | 10.8 | 25.9 | 29.0 | — | 20.3 |
| PREMIER ENERGIES LIMITED | 40,159 | 23.8 | 9.32 | 16.4 | 35.0 | 25.7 | — | 30.8 |
| MTAR TECHNOLOGIES LIMITED | 24,146 | 180.9 | 29.35 | 128.7 | 11.4 | 12.4 | 28.9 | 25.8 |
| EMMVEE PHOTOVOLTAIC PWR L | 20,798 | 15.6 | 5.63 | 11.6 | 29.3 | 31.2 | — | 36.3 |
| DIAMOND POWER INFRA LTD | 19,761 | 100.5 | — | 96.1 | (26.2) | 8.6 | — | 12.3 |
| AVALON TECHNOLOGIES LTD | 15,353 | 114.8 | 21.27 | 76.5 | 15.6 | 20.0 | — | 12.5 |
| GENUS POWER INFRASTRU LTD | 8,790 | 12.3 | 3.96 | 11.0 | 26.7 | 22.7 | 50.8 | 22.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 20.6 | 24.6 | 24 of 52 | 55% |
| P/B | 1.5 | 3.4 | 10 of 49 | 81% |
| ROCE | 11.0 | 12.4 | 32 of 55 | 43% |
| ROE | 8.9 | 12.4 | 33 of 50 | 35% |
| Debt / Equity | 0.9 | 0.3 | 40 of 50 | 20% |
| EBITDA margin | 6.4 | 12.6 | 41 of 51 | 20% |
| Revenue growth | 12.9 | 20.7 | 29 of 46 | 38% |
| Profit growth | (51.6) | 37.7 | 33 of 45 | 27% |
| Market cap | 899 | 611 | 23 of 56 | 60% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 5 Oct 2026 · RTA Certificate under SEBI Regulation 74(5) for Q2 FY26-27 | compliance | minimal | — | — |
| 26 Sept 2026 · Trading window closed from Oct 1 until 48 hours after Q2 FY26-27 results | compliance | minimal | — | — |
| 12 Sept 2026 · Salzer Electronics 41st AGM - All 6 resolutions approved by shareholders | compliance | minimal | — | — |
| 12 Sept 2026 · Salzer Electronics 41st AGM: dividend declared, Joint MD re-appointed | board shareholder meetings | medium | — | — |
| 21 Aug 2026 · Salzer Electronics files newspaper clippings of 43rd AGM notice | compliance | minimal | — | — |
| 20 Aug 2026 · Salzer Electronics 41st AGM notice: Rs 2.50 dividend, key appointments | board shareholder meetings | low | — | — |
| 20 Aug 2026 · Salzer Electronics files FY26 Annual Report; 41st AGM on September 12 | compliance | medium | — | — |
| 13 Aug 2026 · Salzer Q1 FY27: Revenue up 13% but margins shrink on raw material costs | investor communications | medium | — | — |
| 10 Aug 2026 · Audio Recording of Q1 FY27 Earnings Call Uploaded on Website | investor communications | low | — | — |
| 10 Aug 2026 · Newspaper clippings of Q1 FY27 unaudited results filed with BSE and NSE | 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.