Elin Electronics Q2 FY27 results: net profit down 72.3% to ₹2.85 crore, revenue up 10.4%

How did Elin Electronics perform in Q2 FY27?

Elin Electronics reported consolidated revenue of ₹413.37 crore for Q2 FY27, the July–September 2026 quarter, up 10.4% from ₹374.54 crore in Q2 FY26 and 13.9% from ₹362.80 crore in Q1 FY27. EBITDA was ₹14.08 crore, down 30.8% from ₹20.35 crore a year earlier, and the EBITDA margin narrowed to 3.4% from 5.4%, a fall of 2.0 percentage points.

Profit before tax was ₹4.07 crore against ₹13.87 crore in Q2 FY26, down 70.7%. After tax of ₹1.22 crore, net profit was ₹2.85 crore, down 72.3% from ₹10.30 crore, and basic EPS was ₹0.58 against ₹2.11. Against Q1 FY27, which had a net loss of ₹21.41 crore and basic EPS of ₹4.39 negative, the company returned to profit. On a standalone basis, revenue was ₹289.54 crore, up 3.3%, and net profit was ₹1.41 crore.

What changed in Elin Electronics' costs and profit?

Total expenses were ₹409.99 crore in Q2 FY27, up 13.1% from ₹362.44 crore in Q2 FY26. Cost of materials was the largest increase, up 11.0% to ₹311.10 crore from ₹280.15 crore. Employee cost rose 9.2% to ₹49.23 crore, depreciation rose 28.4% to ₹7.74 crore, finance costs rose 32.7% to ₹2.96 crore and other expenses rose 11.3% to ₹27.39 crore.

Other income fell to ₹0.43 crore from ₹1.77 crore in Q2 FY26, a decline of 75.7%. Tax was ₹1.22 crore, down 65.8% from ₹3.57 crore. Q2 FY27 included an exceptional gain of ₹0.26 crore, while Q2 FY26 had no exceptional item. Management said the fall in EBITDA margin was largely due to its inability to fully pass on the increase in raw-material costs to customers.

Management attributed gross margin pressure of about 190 bps to inflation in polymers and metals and depreciation of the rupee against the dollar, and said adverse sales mix also weighed on margins. It said revenue growth was largely driven by higher sales realisations arising from material-price inflation, with the home appliances segment leading the increase.

How did the first half of FY27 go?

For the first half of FY27, Elin Electronics reported consolidated revenue of ₹776.16 crore, up 15.8% from ₹670.02 crore in H1 FY26. Total income was ₹779.08 crore, up 15.5% from ₹674.78 crore, while the EBITDA margin fell to 2.3% from 5.7%.

Profit before tax moved to a loss of ₹24.35 crore from a profit of ₹26.53 crore in H1 FY26, and the company reported a net loss of ₹18.56 crore against a net profit of ₹19.69 crore. Basic EPS was ₹3.81 negative, compared with ₹4.04 in H1 FY26. Management said profit before exceptional items for H1 FY27 was INR 0 million.

What do the balance sheet and cash flow show?

Total assets rose to ₹858.01 crore as of 30 September 2026 from ₹765.81 crore at 31 March 2026, while total equity fell to ₹538.01 crore from ₹556.50 crore. Borrowings were higher at ₹40.84 crore against ₹15.99 crore, and cash was ₹9.23 crore against ₹4.14 crore. Inventories rose to ₹200.51 crore from ₹160.37 crore, trade receivables to ₹267.68 crore from ₹206.58 crore and trade payables to ₹191.82 crore from ₹137.75 crore.

For H1 FY27, operating cash flow was negative ₹34.80 crore, compared with ₹36.01 crore in H1 FY26. Investing cash flow was ₹21.02 crore against negative ₹15.65 crore, and financing cash flow was ₹18.88 crore against negative ₹12.93 crore. Capital expenditure was ₹38.01 crore, compared with ₹19.19 crore a year earlier. Management said the balance-sheet snapshot moved from INR 59 million net cash to INR 64 million net debt.

How has Elin Electronics done over the last 8 quarters?

Revenue has risen year on year in each of the last eight quarters. It reached ₹413.37 crore in Q2 FY27, the highest in the reported series, against a low of ₹266.31 crore in Q3 FY25. Profit has followed a less settled path, peaking at ₹17.22 crore in Q4 FY25 and falling to a loss of ₹21.41 crore in Q1 FY27 before recovering to ₹2.85 crore.

The EBITDA margin peaked at 6.4% in Q4 FY25 and fell to 1.1% in Q1 FY27, the lowest in the series. It recovered to 3.4% in Q2 FY27, still below the 5.4% recorded in Q2 FY26 and 5.9% in Q1 FY26. On the figures given, the latest quarter shows revenue and profit rising from the Q1 FY27 low, with margin also higher.

What else did the company announce?

The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended on 30 September 2026, as recommended by the audit committee, along with a limited review report from S. R. Batliboi & Co. LLP, chartered accountants. The board also approved a request from Kamexim Private Limited for reclassification from the promoter group to the public category shareholder under Regulation 31A of the SEBI listing requirements.

No dividend, fund raise or appointment was disclosed in the filings excerpted for 5 November 2026. The company had earlier intimated on 24 October 2026 that the board would meet on 5 November 2026 to consider the results and that the trading window for insiders would remain closed until 9 November 2026.

What did Elin Electronics' management say?

Management said revenue growth was led by the home appliances segment, with kitchen and home care revenue up about 25% year on year and personal care up about 25% on better volumes in hair dryers, sterilisers and heated hair brushes. It said fans revenue was flat overall, with better volumes primarily in BLDC ceiling fans and traction in the TPW category. For lighting, management said five customers had been added and were expected to ramp up over the next several quarters.

Management guided to revenue growth of 10-15% over FY26, largely led by the Home Appliances and Fans segment, and capex of INR 22cr for the full year towards scaling up the existing business, with marginal incremental capex towards Bhiwadi. It set a target of about 50 net working-capital days, with improvement largely led by inventory and payables, compared with about 52 days in Q2 FY27 and about 53 days in Q2 FY26.

Management did not provide EBITDA margin guidance because geopolitical volatility is causing fluctuations in raw-material costs. It said the newest plant in Bhiwadi was capitalised in September 2026, with the manufacturing location commencing in 2026 for large appliances, and that H1 FY27 total capex was INR 775 million, including INR 648 million at Bhiwadi. It said Plant & Machinery additions of INR 232 million were primarily for OFR and OTG and automation of the motor assembly line.

How did Elin Electronics shares react?

The filing appeared in market hours and the stock moved up 3.1% within 5 minutes and 3.8% within 15 minutes of the price when the news appeared. From the previous close of ₹73.59, the stock rose 7.7% on the reaction day, closing the first session that could trade on the result at ₹75.69. The median move for other Household Appliances stocks over the same close was 0.6%, so the stock exceeded the industry median by 7.2 percentage points.

Earlier results-day moves were mixed. The reaction-day move was 0.5% on 6 August 2026, 1.8% on 25 May 2026, 1.0% on 6 February 2026 and 5.0% on 10 November 2025. Earlier still, the stock fell 7.2% on 8 February 2025 and 4.0% on 12 November 2024.

How did other Household Appliances companies do?

Twelve other Household Appliances companies had filed results for the quarter by 5 November 2026. Their median revenue growth was 16.6%, above Elin Electronics' revenue growth of 10.4%. Three peers grew more slowly than Elin Electronics, while nine grew faster.

Eight of the twelve peers reported higher profit, based on a comparison of 12 peers for profit. The peer set used for the comparison is the Household Appliances industry as of 5 November 2026.