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Electrotherm Q3 FY26 results: net loss of ₹35.42 crore vs ₹88.34 crore profit, revenue down 16.4%
Electrotherm (India) Limited reported consolidated revenue of ₹903.79 crore in Q3 FY26, down 16.4% from ₹1,081 crore in the year-ago quarter. EBITDA moved to ₹30.64 crore from ₹107.48 crore, and the company reported a net loss of ₹35.42 crore compared with ₹88.34 crore of profit in Q3 FY25.
Key points
- Consolidated revenue was ₹903.79 crore in Q3 FY26, down 16.4% from ₹1,081 crore in Q3 FY25.
- EBITDA was ₹30.64 crore, with an EBITDA margin of -3.4% against 9.9% in the year-ago quarter.
- The company reported a net loss of ₹35.42 crore in Q3 FY26, compared with ₹88.34 crore of net profit in Q3 FY25.
- Basic EPS was ₹27.8, compared with ₹69.34 in Q3 FY25.
- Revenue was ₹903.79 crore, up 11.0% from ₹814.26 crore in Q2 FY26, while the net loss widened from ₹21.62 crore to ₹35.42 crore.
How did Electrotherm perform in Q3 FY26?
Electrotherm reported consolidated revenue of ₹903.79 crore in Q3 FY26, down 16.4% from ₹1,081 crore in Q3 FY25. Total income fell 16.6% to ₹904.18 crore from ₹1,084.69 crore. The results were also presented on a standalone basis, with revenue of ₹903.79 crore and a net loss of ₹35.5 crore.
EBITDA was ₹30.64 crore in Q3 FY26, compared with ₹107.48 crore in Q3 FY25, while the EBITDA margin moved to -3.4% from 9.9%. The company reported a loss before tax of ₹46.28 crore and a net loss of ₹35.42 crore, against profit before tax of ₹88.27 crore and net profit of ₹88.34 crore in the year-ago quarter. Basic EPS was ₹27.8, compared with ₹69.34.
Against Q2 FY26, revenue rose 11.0% to ₹903.79 crore from ₹814.26 crore, but EBITDA widened to ₹30.64 crore from ₹12.13 crore and the EBITDA margin fell to -3.4% from -1.5%. The net loss widened to ₹35.42 crore from ₹21.62 crore, and basic EPS was ₹27.8 against ₹16.97.
| ₹ crore | Q3 FY26 | Q2 FY26 | Q3 FY25 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 903.79 | 814.26 | 1,081 | −16.4% | +11.0% |
| Other income | 0.39 | 1.35 | 3.46 | −88.7% | −71.1% |
| Total expenses | 950.46 | 844.10 | 996.42 | −4.6% | +12.6% |
| EBITDA | −30.64 | −12.13 | 107.48 | turned to loss | |
| EBITDA margin | -3.4% | -1.5% | 9.9% | −13.3 pp | −1.9 pp |
| Profit before tax | −46.28 | −28.49 | 88.27 | turned to loss | |
| Tax | −10.79 | −6.81 | 0 | ||
| Net profit | −35.42 | −21.62 | 88.34 | turned to loss | |
| EPS (₹) | −27.80 | −16.97 | 69.34 | turned to loss |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Electrotherm's costs and profit?
Total expenses fell 4.6% to ₹950.46 crore in Q3 FY26 from ₹996.42 crore in Q3 FY25. Cost of materials declined 10.0% to ₹645.24 crore from ₹717.01 crore, and finance costs fell 59.0% to ₹4.91 crore from ₹11.99 crore. Employee costs increased 34.0% to ₹62 crore from ₹46.27 crore, while other expenses rose 1.1% to ₹181.69 crore from ₹179.66 crore and depreciation rose 4.1% to ₹11.12 crore from ₹10.68 crore.
Other income fell 88.7% to ₹0.39 crore from ₹3.46 crore, and there was no exceptional item in either quarter. Tax was ₹10.79 crore in Q3 FY26 against no tax in Q3 FY25. EBITDA margin declined by 13.3 percentage points to -3.4% from 9.9%, while the net profit margin declined by 12.1 percentage points to -3.9% from 8.2%.
Versus Q2 FY26, cost of materials rose 9.4% to ₹645.24 crore and employee costs rose 6.7% to ₹62 crore. Other expenses increased 4.0% to ₹181.69 crore and depreciation rose 5.6% to ₹11.12 crore, while finance costs fell 31.6% to ₹4.91 crore. Other income declined 71.1% to ₹0.39 crore, and there was no exceptional item.
| ₹ crore | Q3 FY26 | Q3 FY25 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 645.24 | 717.01 | −71.77 | −10.0% |
| Employee cost | 62 | 46.27 | +15.73 | +34.0% |
| Finance costs | 4.91 | 11.99 | −7.08 | −59.0% |
| Depreciation | 11.12 | 10.68 | +0.44 | +4.1% |
| Other expenses | 181.69 | 179.66 | +2.03 | +1.1% |
| Total expenses | 950.46 | 996.42 | −45.96 | −4.6% |
| Other income | 0.39 | 3.46 | −3.07 | −88.7% |
| Tax | −10.79 | 0 | −10.79 |
Source: Company's results filing (XBRL).
How did the first nine months of FY26 go?
For the first nine months of FY26, consolidated revenue was ₹2,552.1 crore, down 13.6% from ₹2,954.29 crore in 9M FY25. Total income fell 13.7% to ₹2,554.61 crore from ₹2,960.18 crore. The company reported a loss before tax of ₹41.01 crore against profit before tax of ₹256.46 crore in the year-ago period.
The company reported a net loss of ₹29.29 crore for 9M FY26, compared with net profit of ₹256.65 crore in 9M FY25. EPS was -₹22.99, compared with ₹201.45 in the year-ago period. On the standalone basis, revenue was ₹2,552.10 crore and the loss before tax was ₹41.07 crore.
| ₹ crore | 9M FY26 | 9M FY25 | Change |
|---|---|---|---|
| Revenue from operations | 2,552 | 2,954 | −13.6% |
| Profit before tax | −41.01 | 256.46 | turned to loss |
| Net profit | −29.29 | 256.65 | turned to loss |
| EPS (₹) | −22.99 | 201.45 |
Source: Company's results filing (XBRL).
How has Electrotherm done over the last 8 quarters?
Revenue reached its highest level in the reported period in Q4 FY24 at ₹1,217.57 crore and its lowest in Q2 FY26 at ₹814.26 crore. It recovered to ₹903.79 crore in Q3 FY26, up 11.0% from Q2 FY26 but still below ₹1,081.23 crore in Q3 FY25.
Profit peaked in Q4 FY25 at ₹185.5 crore and was lowest in Q3 FY26 at a net loss of ₹35.42 crore. Q3 FY26 followed a net loss of ₹21.62 crore in Q2 FY26, while EBITDA margin reached its lowest point at -3.4% after -1.5% in Q2 FY26. Earlier, the margin had peaked at 12.5% in Q1 FY25.
Which businesses drove the quarter?
The Engineering & Technologies Division reported revenue of ₹287.31 crore in Q3 FY26, down 13.0% from ₹330.23 crore in Q3 FY25. Its EBIT moved to ₹15.36 crore from ₹39.9 crore, with an EBIT margin of -5.3%.
The Special Steel Division reported revenue of ₹613.28 crore, down 18.3% from ₹750.52 crore in the year-ago quarter. Its EBIT moved to ₹24.1 crore from ₹62.77 crore, with an EBIT margin of -3.9%. The Electric Vehicle Division reported revenue of ₹6.63 crore and EBIT of ₹1.94 crore, with an EBIT margin of -29.3%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Engineering & Technologies Division | 287.31 | −13.0% | −15.36 | -5.3% |
| Engineering & Technologies Division | 287.31 | −13.0% | −15.36 | -5.3% |
| Special Steel Division | 613.28 | −18.3% | −24.10 | -3.9% |
| Special Steel Division | 613.28 | −18.3% | −24.10 | -3.9% |
| Electric Vehicle Divion | 6.63 | −1.94 | -29.3% | |
| Electric Vehicle Divion | 6.63 | −1.94 | -29.3% | |
| Others | 0 | 0.03 | ||
| Others | 0 | 0.03 |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
In its same-day filing dated 11 February 2026, the company said the board approved the unaudited standalone and consolidated financial results for the quarter and nine months ended 31 December 2025. It also reported the appointment of M/s. G. K. Choksi & Co., Chartered Accountants, Ahmedabad, as internal auditor with effect from 1 April 2026 to 31 March 2027.
The filing also said that M/s. N R P S & Associates LLP would cease to be the company’s internal auditor after 31 March 2026, following completion of its appointment term. No dividend or fund-raising announcement was included in the cited same-day filing.
What did the auditors point out?
The statutory auditor’s report was a limited review of the unaudited consolidated financial results. The auditor highlighted a basis for a qualified opinion, stating that interest had not been provisioned on NPA accounts of banks and Asset Reconstruction Companies on an approximate basis of ₹49.55 crore for the quarter and ₹144.06 crore for the nine months ended 31 December 2025.
The auditor stated that the total unprovided interest until that date was ₹1,356.71 crore. It said the exact amount had not been determined and that the net loss for the quarter and nine months was understated by ₹49.55 crore and ₹144.06 crore, respectively. The report also referred to proceedings involving the group and directors, and material uncertainty affecting the going concern of Shree Ram Electro Cast Limited.
How did Electrotherm shares react?
The filing appeared after market hours, with the stock down 6.3% after 5 minutes, 6.0% after 15 minutes and 6.9% after 30 minutes. By the reaction-day close, it was down 4.9% from ₹795.00, the previous close. The Iron & Steel Products industry median fell 0.5% on the reaction day.
By the next day’s close, the stock was down 7.5% from its pre-results close, compared with a 1.9% decline for the industry median. By the fifth session, it was down 8.8%, against a 2.6% industry decline; its move was 6.2 percentage points below the sector median. Earlier reaction-day moves included a 3.3% decline on 10 November 2025 and a 4.6% decline on 29 July 2025.
| After the filing | Stock | Iron & Steel Products median |
|---|---|---|
| 5 minutes | −6.3% | |
| 15 minutes | −6.0% | |
| 30 minutes | −6.9% | |
| Reaction day | −4.9% | −0.5% |
| Next day | −7.5% | −1.9% |
| 5 days | −8.8% | −2.6% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 10 November 2025 | −3.3% |
| 29 July 2025 | −4.6% |
| 20 May 2025 | −2.0% |
| 11 February 2025 | +5.0% |
| 13 November 2024 | −4.8% |
| 10 August 2024 | +2.0% |
| 20 May 2024 | +2.3% |
Source: MarketPing price-reaction measurement.
How did other Iron & Steel Products companies do?
Among 87 other Iron & Steel Products companies that had filed for the quarter, the median revenue growth was 4.2%. Fourteen peers grew slower than Electrotherm, while 73 grew faster than the company. Fifty-six peers reported higher profit, based on a comparison covering 104 peers.
| Electrotherm revenue growth (YoY) | −16.4% |
|---|---|
| Median of 87 other Iron & Steel Products companies | +4.2% |
| Companies with slower revenue growth than Electrotherm | 14 of 87 |
| Companies with faster revenue growth than Electrotherm | 73 of 87 |
| Companies whose net profit rose | 56 of 104 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Electrotherm's revenue in Q3 FY26?
Revenue from operations was ₹903.79 crore, down 16.4% from ₹1,081 crore in Q3 FY25 (consolidated).
Did Electrotherm make a profit in Q3 FY26?
No. It reported a net loss of ₹35.42 crore, against a net profit of ₹88.34 crore in Q3 FY25.
What was Electrotherm's EPS in Q3 FY26?
Basic loss per share was ₹27.80, against ₹69.34 in Q3 FY25.
How did Electrotherm shares react to the Q3 FY26 results?
On the reaction day the stock moved −4.9% from the previous close; the median Iron & Steel Products stock moved −0.5%.
When did Electrotherm announce its Q3 FY26 results?
On 11 February 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for The Unaudited Standalone And Consolidated Financial Results For The Quarter And Nine Months Ended On 31St December, 2025 (BSE, 3 February 2026) · PDF
- Outcome of Board Meeting (NSE, 11 February 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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