CLASSICEIL

Classic Electrodes (India) financials

Kolkata-based manufacturer of welding electrodes, MIG/flux-cored wires and railway track components, serving industrial customers in India and overseas

Market cap: ₹101 Cr
Sector: Capital Goods
Calls analysed: 2

Latest concall · Q4 FY26 · call held 21 May 2026

CLASSICEIL Q4 FY26

EBITDA ₹23.87 cr EBITDA Margin 9.78% Net Profit ₹12.64 cr Total Income ₹244.21 cr +18%

What went well

Full Year FY26 Total Income of INR 244.21 crores, up 18.48% YoY
H2 FY26 Total Income of INR 121 crores, up 20.68% YoY
EBITDA margins for FY26 stood at 9.78%, with H2 at 9.85%

What to watch

Gross margins dipped from 14.6% to 12.8% in FY26 due to metal price volatility and customer resistance
H2 FY26 sales were slightly less than H1, partly due to impact of 'the war' in March 2026

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What Classic Electrodes (India) Ltd does

Classic Electrodes (India) Limited manufactures welding consumables — general-purpose, low-hydrogen, low-heat-input, low-alloy, stainless-steel, cast-iron, hard-facing, cutting & gauging, solid MIG and non-ferrous electrodes and wires — for structural, shipbuilding, earth-moving, pressure-vessel, railway and process-industry customers. It operates manufacturing units in West Bengal and Haryana, and has recently expanded into railway infrastructure components (Elastic Rail Clips) and flux-cored wires to diversify beyond its traditional electrode and trading business.

Segments

Welding electrodes
MIG / Solid wires
Flux-Cored Wires
ERC Mk-V Railway Components

Manufacturing units: 2 fully-equipped units (Dhulagarh, West Bengal and Jhajjar, Haryana)
Electrodes installed capacity: 10,608 MT/yr (86.24% utilized FY26)
MIG Wire installed capacity (West Bengal): 7,000 MT/yr (74.38% utilized FY26)
MIG Wire installed capacity (Bahadurgarh/Jhajjar): 3,600 MT/yr (65.64% utilized FY26)
Flux-Cored Wire installed capacity: 2,500 MT/yr (13.98% utilized, first year FY26)
Quality/product certifications: CE, ISO 9001, ISO 14001, ISO 45001, BIS, IRS, Lloyd's Register, IBR, RDSO, MN Dastur & Co, ONGC registered vendor

Founded 1997Headquarters Kolkata, West Bengal, India Company website

Guidance record · Q4 FY26

what the last two calls moved 15 tracked 0 delivered 4 missed 11 open

Total Revenue missed said Q2 FY26 Promised: ₹260-275 crores Q4 FY26: Full year FY26 total income reported at ₹244.21 crores, falling short of the guided range of ₹260-275 crores.
Revenue Growth revised up said Q2 FY26 Promised: 20% minimum growth over FY26 Q4 FY26: Management guided for FY27 revenue of ₹330-350 crores, which implies a 35-43% growth over FY26's ₹244.21 crores, significantly higher than the original 20% minimum target.
Flux-Cored Wire Revenue on track said Q2 FY26 Promised: ₹25-30 crores at 100% capacity Q4 FY26: The product contributed ₹4 crores in FY26 and is targeted to contribute ₹20 crores in FY27, showing a clear ramp-up towards its full potential.

All 15 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q4 FY26: revenue up 21.0%, net profit up 0.0% against the same quarter last year.

₹ Cr · quarterly

Line item	Q4 FY24	Q2 FY25	Q4 FY25	Q2 FY26	Q4 FY26
Revenue	100	106	100	122	121 +21%
Expenses	89	95	89	111	109
EBITDA	11	10	11	11	12 +9%
Margin	11%	10%	11%	9%	10%
Other income	2	0	0	1	0
Interest	3	2	3	2	1
Depreciation	1	1	1	1	2
Profit before tax	9	8	7	8	9 +0%
Tax rate	35%	19%	25%	23%	28%
Net profit	6	6	5	6	6 +0%
EPS	10.54	4.65	4.16	3.61	3.45

How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −32.8% 1Y

1Y: ₹83.65 on 10 Sept 2025 → ₹56.25. High ₹107.95 (25 Sept 2025), low ₹36 (30 Mar 2026).

How the price took the results

close before → close after

Q4 FY26: +5.0%; 21 May
Q2 FY26: −1.1%; 20 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Balance sheet

Year ending	FY21	FY22	FY23	FY24	FY25	FY26
Equity capital	₹5 Cr	₹5 Cr	₹5 Cr	₹5 Cr	₹18 Cr	₹18 Cr
Reserves	₹15 Cr	₹14 Cr	₹16 Cr	₹28 Cr	₹70 Cr	₹77 Cr
Borrowings	₹19 Cr	₹39 Cr	₹43 Cr	₹46 Cr	₹32 Cr	₹20 Cr
Other liabilities	₹21 Cr	₹16 Cr	₹12 Cr	₹13 Cr	₹13 Cr	₹19 Cr
Total liabilities	₹60 Cr	₹75 Cr	₹77 Cr	₹92 Cr	₹133 Cr	₹134 Cr
Fixed assets	₹15 Cr	₹13 Cr	₹17 Cr	₹16 Cr	₹21 Cr	₹31 Cr
Capital work in progress	₹0 Cr	₹4 Cr	₹0 Cr	₹0 Cr	₹3 Cr	₹0 Cr
Investments	₹1 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹2 Cr
Other assets	₹44 Cr	₹58 Cr	₹60 Cr	₹76 Cr	₹109 Cr	₹101 Cr
Total assets	₹60 Cr	₹75 Cr	₹77 Cr	₹92 Cr	₹133 Cr	₹134 Cr

How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Mar 2026

Since Sep 2025, the public added +5.66 pp while DIIs trimmed −2.22 pp. The shareholder count grew 27% to 548.

Promoters: 72.0%
FIIs: 5.6%
DIIs: 4.5%
Public: 17.9%

Since Sep 2025

Public +5.66 pp
DIIs −2.22 pp
FIIs −2.02 pp

Who was buying across the market this quarter →

Who bought this quarter

since Sep 2025

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

Mohta Agencies newly disclosed 3.34% held
Vorton Capital Alternative Investment Trust-Vorton Opportunities Fund AIF newly disclosed 1.65% held
Hanuman Prasad Agarwal +0.24 pp 3.86% held
Pooja Agarwal newly disclosed 0.01% held
Anil Mittal newly disclosed 0.00% held
Yogesh Gupta newly disclosed 0.00% held
Soniya Bansal newly disclosed 0.00% held
Kritika Agarwal newly disclosed 0.00% held

The same filing shows 1 holder trimming and 4 off the list — both are in the register beside this.

Who is on the register

Named in the Mar 2026 filing

Every holder of Classic Electrodes (India) Ltd above SEBI's 1% disclosure line, and what changed since Sep 2025.

Holder	Stake	Change
Alltime Suppliers Private Limited	16.16%	unchanged
Panchshul Merchants Private Limited	12.25%	unchanged
Gunnayak Commercial Private Limited	11.13%	unchanged
Balaji Electrodes Pvt Ltd	5.01%	unchanged
Blue Bird Dealers Private Limited	4.17%	unchanged
Hanuman Prasad Agarwal	3.86%	+0.24 pp
Sushil Kumar Agarwal	3.83%	unchanged
Mohta Agencies	3.34%	newly disclosed
Santosh Agarwal	2.88%	unchanged
Naresh Kumar Agarwal - 2	2.44%	unchanged
Astorne Capital Vcc - Arven FPI fund	2.29%	unchanged
Sanjeev Kumar Binani .	1.67%	unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Growth the price implies: -15.3% a year; for 7 years, fading to 4%
It has actually compounded at: Not enough history
The gap: —; between what it did and what it must do

Price today ₹56.25

Change the assumptions yourself →

All earnings calls (2)

Read the Q4 FY26 call →

Learn to analyse Classic Electrodes (India) Ltd

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