EEPL
Eppeltone Engineers financials
- Market cap
- ₹177 Cr
- Sector
- Capital Goods
- Calls analysed
- 1
EEPL Q2 FY26
What went well
- H1 FY26 EBITDA margin expanded to 18.4%, a significant increase from the previous 13.8%.
- Net Profit Margin for H1 FY26 was 13.5%, reflecting improved profitability.
- Current order book of ₹416 crores provides strong revenue visibility for the next 18-24 months.
What to watch
- H1 FY26 revenue was muted at ₹46 crores, attributed to prolonged monsoon and field-level execution delays.
- Receivables as a percentage of sales significantly increased to 99.22% in H1 FY26, up from 69% in H1 FY25.
What Eppeltone Engineers Ltd does
Eppeltone Engineers, founded in 1977, began by manufacturing SMPS and power-conditioning products before diversifying into energy meter manufacturing in 1999. It designs and manufactures single- and three-phase static and smart energy meters, multifunction meters and metering accessories from its facility in Greater Noida, Uttar Pradesh, serving DISCOMs, CPSUs, AMISPs and turnkey contractors as well as private B2B and B2C customers. The company has since diversified into power & energy systems (UPS, battery chargers), electronics & lighting, and software/analytics platforms, including its proprietary MidasEpp IoT-enabled Head-End System (HES) for AMI/smart-grid deployments, and has newly launched gas and water meters and a railway underslung charger.
Segments
- Metering Solutions
- Power & Energy Systems
- Electronics & Lighting
- Software & Digital Platforms
- Customized Engineering Solutions
- IoT & Analytics
- Manufacturing plants
- Existing facility at Greater Noida (Surajpur, UP) plus a proposed second facility at Kasna, Greater Noida
- Existing manufacturing facility size
- 36,000 sq.ft. (Greater Noida)
- New automated facility (under construction)
- 60,000 sq.ft., expected operational Q3 FY27
- Geographic reach
- 20 states across India
- DISCOMs / CPSUs / turnkey contractors empanelled
- 36+
- Clients served
- 300+
Guidance record · Q2 FY26
what the last two calls moved 7 tracked 0 delivered 0 missed 7 open- FY26 Revenue Growth open said Q2 FY26 Promised: 30% - 40% increase from our last year's financial turnover Q2 FY26: Target set for FY26 despite muted H1 performance.
All 7 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
| Line item | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|
| Revenue | 50 | 74 | 46 | 88 |
| EBITDA | 7 | 11 | 9 | 11 |
| Net profit | 4 | 7 | 6 | 6 |
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 −30.3% 1Y
1Y: ₹190.85 on 10 Sept 2025 → ₹133.05. High ₹221.35 (1 Dec 2025), low ₹91.1 (29 Jun 2026).
How the price took the results
close before → close after
- Q2 FY26
- +5.3%
- 17 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 | ₹4 Cr | ₹4 Cr | ₹4 Cr | ₹4 Cr | ₹13 Cr | ₹13 Cr |
| Reserves | ₹6 Cr | ₹6 Cr | ₹8 Cr | ₹20 Cr | ₹72 Cr | ₹78 Cr |
| Borrowings | ₹11 Cr | ₹11 Cr | ₹13 Cr | ₹16 Cr | ₹30 Cr | ₹39 Cr |
| Other liabilities | ₹17 Cr | ₹12 Cr | ₹20 Cr | ₹30 Cr | ₹55 Cr | ₹57 Cr |
| Total liabilities | ₹39 Cr | ₹34 Cr | ₹44 Cr | ₹70 Cr | ₹170 Cr | ₹186 Cr |
| Fixed assets | ₹7 Cr | ₹8 Cr | ₹9 Cr | ₹13 Cr | ₹33 Cr | ₹37 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹2 Cr | ₹2 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹32 Cr | ₹26 Cr | ₹35 Cr | ₹57 Cr | ₹136 Cr | ₹148 Cr |
| Total assets | ₹39 Cr | ₹34 Cr | ₹44 Cr | ₹70 Cr | ₹170 Cr | ₹186 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 Jun 2025, the public added +8.03 pp while DIIs trimmed −7.03 pp. The shareholder count shrank 49% to 860.
- Promoters
- 61.8%
- FIIs
- 0.0%
- DIIs
- 3.7%
- Public
- 34.5%
Since Jun 2025
- Public +8.03 pp
- DIIs −7.03 pp
- FIIs −1.27 pp
How it drifted, 4 quarters
Over this window the public went from 26.4% to 34.5% — +8.0 pp.
Ownership split by quarter, oldest first. Jun '25: Promoters 61.5%, FIIs 1.3%, DIIs 10.8%, Public 26.4%.Sep '25: Promoters 61.7%, FIIs 0.0%, DIIs 3.1%, Public 35.3%.Dec '25: Promoters 61.7%, FIIs 0.0%, DIIs 3.5%, Public 34.8%.Mar '26: Promoters 61.8%, FIIs 0.0%, DIIs 3.7%, Public 34.5%.
Who bought this quarter
since Dec 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Vinod Somani newly disclosed 1.24% held
- Aarth AIF Growth Fund AIF +0.39 pp 3.40% held
- Divya Sharma +0.12 pp 0.27% held
The same filing shows 0 holders trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of Eppeltone Engineers Ltd above SEBI's 1% disclosure line, and what changed since Dec 2025.
| Holder | Stake | Change |
|---|---|---|
| Rohit Chowdhary | 39.72% | unchanged |
| Deven Chowdhary | 21.64% | unchanged |
| Aarth AIF Growth Fund AIF | 3.40% | +0.39 pp |
| Ava Paisa Growth Private Limited | 3.10% | unchanged |
| Vinod Somani | 1.24% | newly disclosed |
| Divya Sharma | 0.27% | +0.12 pp |
| Reshu Chowdhary | 0.15% | unchanged |
| Amit Chowdhary | 0.00% | unchanged |
| Yuvraj Chowdhary | 0.00% | unchanged |
| Jahnvi Chowdhary | 0.00% | unchanged |
| Atul Yadav | 0.00% | unchanged |
| M/s. Amit Export (Partnership Firm) | 0.00% | 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
- -5.2% 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
Learn to analyse Eppeltone Engineers Ltd
Guides on how to read this kind of business and the numbers that matter.