ELIN
Elin Electronics financials
- Market cap
- ₹486 Cr
- Sector
- Consumer Durables
- Calls analysed
- 5
Elin Electronics Limited Q1 FY27
What went well
- Operating revenues for Q1 FY27 were ₹362.8 crores, up 23% YoY from ₹295.5 crores.
- Fans business grew 75% YoY, from ₹27.8 crores to ₹43 crores.
- Home appliance segment revenues increased from ₹68.6 crores to ₹110.6 crores.
What to watch
- Consolidated EBITDA for Q1 FY27 declined to ₹4 crores from ₹17.6 crores YoY.
- EBITDA margin declined significantly from 5.9% to 1.1% YoY.
What Elin Electronics Limited does
Elin Electronics manufactures end-to-end product solutions for international and domestic brands of lighting, fans and home appliances under both OEM (builds to customer designs) and ODM (designs, develops and manufactures) models. It is one of India's largest producers of fractional horsepower (FHP) motors, which are used internally in appliances such as mixer grinders and also sold to third parties. A separate Non-EMS line makes medical diagnostic cartridges for diagnostic devices and plastic moulded/sheet-metal components for auto-ancillary and consumer-durables customers. The company is highly backward-integrated, running its own SMT (surface-mount) lines, tool room, press shop, injection-moulding shop, aluminium die-casting and paint/coating facilities to support final assembly.
Segments
- LED Lighting, Fans & Switches
- Home/Small Appliances
- Fractional Horsepower (FHP) Motors
- Medical Diagnostic Cartridges
- Moulded & Sheet-Metal Components
- Manufacturing plants
- 3 (Ghaziabad-UP, Verna-Goa, Baddi-HP), plus a new facility under construction at Bhiwadi, Rajasthan
- Downstream customer base
- 381
- SMT (surface-mount) lines
- 10 fully automatic lines, capacity 3,93,200 components/hour
- EMS assembly capacity
- ~600,000 components per hour (CPH)
- Press shop capacity
- 15T to 350T
- Injection moulding shop capacity
- 50T to 700T
Guidance record · Q1 FY27
what the last two calls moved 10 tracked 0 delivered 4 missed 6 open- Revenue Growth missed said Q4 FY25 Promised: 15% to 18% growth over FY '25 (INR 1,350 - 1,400 crores) Q1 FY27: FY26 period is complete. No final number provided, but consistent downward revisions and challenging environment suggest a miss.
- Plant Commissioning delayed said Q4 FY25 Promised: March 2026 Q1 FY27: Plant is ready, but commercial production will start in Q2 FY27, a further delay from the revised May 2026 timeline.
- Bhiwadi Plant EBITDA Margin on track said Q4 FY25 Promised: 7% to 7.5% Q1 FY27: No new information on steady-state margin. Plant commercial production to start in Q2 FY27.
All 10 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 14.1%, net profit down 322.2% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 237 | 225 | 244 | 241 | 280 +18% | 250 +11% | 245 +0% | 275 +14% |
| EBITDA | 8 | 8 | 16 | 16 | 17 +113% | 11 +38% | 5 −69% | 4 −75% |
| Net profit | 4 | 3 | 9 | 9 | 9 +125% | 4 +33% | -1 −111% | -20 −322% |
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 −58.6% 1Y
1Y: ₹219.74 on 10 Sept 2025 → ₹90.96. High ₹224.83 (24 Sept 2025), low ₹90.96 (11 Sept 2026).
How the price took the results
close before → close after
- Q1 FY27
- +0.3%
- 6 Aug
- Q3 FY26
- +1.6%
- 6 Feb
- Q2 FY26
- +4.8%
- 10 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.
Financials, as filed
Revenue grew 0.1% a year over 3 years, FY23 to FY26. Operating margin narrowed to 4.8%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹1.0k Cr | ₹835 Cr | ₹945 Cr | ₹1.0k Cr |
| Operating profit | ₹62 Cr | ₹37 Cr | ₹43 Cr | ₹49 Cr |
| Operating margin | 6.1% | 4.4% | 4.6% | 4.8% |
| Interest | ₹13 Cr | ₹8 Cr | ₹6 Cr | ₹7 Cr |
| Depreciation | ₹18 Cr | ₹18 Cr | ₹20 Cr | ₹20 Cr |
| Net profit | ₹25 Cr | ₹13 Cr | ₹21 Cr | ₹21 Cr |
| Net margin | 2.5% | 1.6% | 2.2% | 2.1% |
| Cash from operations | ₹50 Cr | ₹34 Cr | ₹20 Cr | ₹44 Cr |
| Free cash flow | ₹8 Cr | ₹15 Cr | ₹-11 Cr | ₹-9 Cr |
| ROCE | 10.0% | 6.0% | 7.0% | 8.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹7 Cr | ₹21 Cr | ₹25 Cr | ₹25 Cr | ₹24 Cr | ₹25 Cr |
| Reserves | ₹197 Cr | ₹216 Cr | ₹397 Cr | ₹405 Cr | ₹530 Cr | ₹447 Cr |
| Borrowings | ₹102 Cr | ₹86 Cr | ₹65 Cr | ₹1 Cr | ₹15 Cr | ₹8 Cr |
| Other liabilities | ₹108 Cr | ₹104 Cr | ₹134 Cr | ₹112 Cr | ₹245 Cr | ₹140 Cr |
| Total liabilities | ₹414 Cr | ₹428 Cr | ₹621 Cr | ₹543 Cr | ₹815 Cr | ₹619 Cr |
| Fixed assets | ₹136 Cr | ₹161 Cr | ₹199 Cr | ₹186 Cr | ₹248 Cr | ₹211 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹12 Cr | ₹11 Cr | ₹28 Cr |
| Investments | ₹4 Cr | ₹3 Cr | ₹28 Cr | ₹65 Cr | ₹102 Cr | ₹84 Cr |
| Other assets | ₹274 Cr | ₹264 Cr | ₹394 Cr | ₹281 Cr | ₹454 Cr | ₹296 Cr |
| Total assets | ₹414 Cr | ₹428 Cr | ₹621 Cr | ₹543 Cr | ₹815 Cr | ₹619 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 Jun 2026
Since Jun 2025, the public added +4.85 pp while DIIs trimmed −4.71 pp. The shareholder count shrank 10% to 52,035.
- Promoters
- 33.0%
- FIIs
- 0.6%
- DIIs
- 2.9%
- Public
- 63.6%
Since Jun 2025
- Public +4.85 pp
- DIIs −4.71 pp
- FIIs −0.11 pp
How it drifted, 12 quarters
Over this window the public went from 52.3% to 63.6% — +11.3 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 33.0%, FIIs 1.0%, DIIs 13.7%, Public 52.3%.Dec '23: Promoters 33.0%, FIIs 0.6%, DIIs 11.9%, Public 54.5%.Mar '24: Promoters 33.4%, FIIs 0.3%, DIIs 11.9%, Public 54.3%.Jun '24: Promoters 33.4%, FIIs 1.0%, DIIs 13.1%, Public 52.5%.Sep '24: Promoters 33.4%, FIIs 0.9%, DIIs 12.6%, Public 53.1%.Dec '24: Promoters 33.4%, FIIs 0.4%, DIIs 12.1%, Public 54.1%.Mar '25: Promoters 33.0%, FIIs 0.4%, DIIs 10.8%, Public 55.8%.Jun '25: Promoters 33.0%, FIIs 0.7%, DIIs 7.6%, Public 58.7%.Sep '25: Promoters 33.0%, FIIs 0.8%, DIIs 5.5%, Public 60.7%.Dec '25: Promoters 33.0%, FIIs 0.7%, DIIs 6.1%, Public 60.2%.Mar '26: Promoters 33.0%, FIIs 0.7%, DIIs 5.4%, Public 60.9%.Jun '26: Promoters 33.0%, FIIs 0.6%, DIIs 2.9%, Public 63.6%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Zaki Abbas Nasser newly disclosed 1.50% held
- Kanchan Sethia +0.76 pp 2.16% held
The same filing shows 4 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Elin Electronics Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Kamal Sethia | 9.21% | unchanged |
| Kishore Sethia | 5.04% | unchanged |
| Gaurav Sethia | 4.49% | unchanged |
| Prem Lata Sethia | 3.77% | unchanged |
| Priyanka Sethia | 2.56% | unchanged |
| Kanchan Sethia | 2.16% | +0.76 pp |
| Sanjeev Sethia | 2.12% | unchanged |
| Elin Appliances Private Limited | 1.92% | unchanged |
| Manju Sethia | 1.89% | unchanged |
| Vasudha Sethia | 1.67% | unchanged |
| Rakesh Sethia Individual | 1.63% | unchanged |
| Raghav Sethia | 1.54% | 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.
Mutual funds in ELIN
Filings to Aug 2026
0 new, 0 added, 0 trimmed, 1 sold out — net −0.93 L shares (−12.3%).
- Held by funds
- ₹7 Cr
- 1 schemes
- Biggest holder
- SBI Multi Asset Allocation Fund
- ₹7 Cr · 0.0% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Multi Asset Allocation Fund SBI Mutual Fund | ₹7 Cr | held | Dec '22 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
0 added, 0 trimmed — net −92,791 shares (−12.3%)
- Held by funds
- ₹7 Cr
- 1 schemes
Shares held by these funds −81%
Aug '23 7.52 L shares Jul '26
All earnings calls (5)
Read the Q1 FY27 call →Learn to analyse Elin Electronics Limited
Guides on how to read this kind of business and the numbers that matter.