ESABINDIA
Esab India share price & financials
- Price
- ₹5,829
- Market cap
- ₹9.0k Cr
- Sector
- Capital Goods
What Esab India does
Esab India Limited manufactures and sells welding and cutting equipment and consumables used in industrial fabrication, infrastructure and engineering applications. It is part of the global ESAB group, with ESAB Europe GmbH, Switzerland as a Group Company, and is affiliated in India with EWAC Alloys Limited, a fellow group company that makes welding alloys. The company is registered in Ambattur, Chennai, Tamil Nadu, and earns revenue mainly from selling its equipment and consumable products to industrial customers across India.
- Group affiliation
- Subsidiary within the global ESAB group (ESAB Europe GmbH, Switzerland is a Group Company)
- Related India group entity
- EWAC Alloys Limited (fellow subsidiary, welding alloys)
Quarterly results
Q1 FY27: revenue up 19.6%, net profit up 36.6% 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 | 339 | 337 | 368 | 352 | 382 +13% | 379 +12% | 396 +8% | 421 +20% |
| EBITDA | 61 | 55 | 66 | 59 | 72 +18% | 76 +38% | 63 −5% | 79 +34% |
| Net profit | 43 | 40 | 47 | 41 | 79 +84% | 43 +8% | 44 −6% | 56 +37% |
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 +14.5% 1Y
1Y: ₹5,137 on 10 Sept 2025 → ₹5,884. High ₹7,150.5 (6 May 2026), low ₹4,761.8 (7 Nov 2025).
Financials, as filed
Revenue grew 11.5% a year over 3 years, FY23 to FY26. Operating margin widened to 17.9%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹1.1k Cr | ₹1.2k Cr | ₹1.4k Cr | ₹1.5k Cr |
| Operating profit | ₹186 Cr | ₹228 Cr | ₹244 Cr | ₹270 Cr |
| Operating margin | 17.1% | 18.3% | 17.8% | 17.9% |
| Interest | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹2 Cr |
| Depreciation | ₹12 Cr | ₹14 Cr | ₹15 Cr | ₹16 Cr |
| Net profit | ₹136 Cr | ₹162 Cr | ₹174 Cr | ₹207 Cr |
| Net margin | 12.5% | 13.0% | 12.7% | 13.7% |
| Cash from operations | ₹129 Cr | ₹141 Cr | ₹199 Cr | ₹181 Cr |
| Free cash flow | ₹98 Cr | ₹115 Cr | ₹171 Cr | ₹150 Cr |
| ROCE | 71.0% | 77.0% | 70.0% | 65.0% |
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 | ₹15 Cr | ₹15 Cr | ₹15 Cr | ₹15 Cr | ₹15 Cr | ₹15 Cr |
| Reserves | ₹244 Cr | ₹229 Cr | ₹245 Cr | ₹291 Cr | ₹401 Cr | ₹414 Cr |
| Borrowings | ₹3 Cr | ₹3 Cr | ₹4 Cr | ₹5 Cr | ₹4 Cr | ₹3 Cr |
| Other liabilities | ₹126 Cr | ₹189 Cr | ₹210 Cr | ₹240 Cr | ₹216 Cr | ₹266 Cr |
| Total liabilities | ₹388 Cr | ₹436 Cr | ₹474 Cr | ₹551 Cr | ₹637 Cr | ₹699 Cr |
| Fixed assets | ₹90 Cr | ₹90 Cr | ₹95 Cr | ₹125 Cr | ₹140 Cr | ₹148 Cr |
| Capital work in progress | ₹3 Cr | ₹3 Cr | ₹20 Cr | ₹4 Cr | ₹5 Cr | ₹6 Cr |
| Investments | ₹41 Cr | ₹31 Cr | ₹0 Cr | ₹0 Cr | ₹19 Cr | ₹44 Cr |
| Other assets | ₹255 Cr | ₹312 Cr | ₹359 Cr | ₹421 Cr | ₹473 Cr | ₹502 Cr |
| Total assets | ₹388 Cr | ₹436 Cr | ₹474 Cr | ₹551 Cr | ₹637 Cr | ₹699 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 trimmed −0.11 pp. The shareholder count shrank 7% to 20,083.
- Promoters
- 73.7%
- FIIs
- 1.6%
- DIIs
- 12.9%
- Public
- 11.8%
Since Jun 2025
- Public −0.11 pp
- FIIs +0.06 pp
- DIIs +0.05 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 73.7%, FIIs 1.1%, DIIs 13.0%, Public 12.2%.Dec '23: Promoters 73.7%, FIIs 1.1%, DIIs 13.0%, Public 12.2%.Mar '24: Promoters 73.7%, FIIs 1.3%, DIIs 13.0%, Public 12.0%.Jun '24: Promoters 73.7%, FIIs 1.5%, DIIs 13.0%, Public 11.7%.Sep '24: Promoters 73.7%, FIIs 1.7%, DIIs 13.0%, Public 11.6%.Dec '24: Promoters 73.7%, FIIs 1.8%, DIIs 13.1%, Public 11.3%.Mar '25: Promoters 73.7%, FIIs 1.8%, DIIs 12.9%, Public 11.6%.Jun '25: Promoters 73.7%, FIIs 1.6%, DIIs 12.8%, Public 11.9%.Sep '25: Promoters 73.7%, FIIs 1.5%, DIIs 12.8%, Public 12.0%.Dec '25: Promoters 73.7%, FIIs 1.5%, DIIs 12.9%, Public 11.8%.Mar '26: Promoters 73.7%, FIIs 1.6%, DIIs 12.9%, Public 11.8%.Jun '26: Promoters 73.7%, FIIs 1.6%, DIIs 12.9%, Public 11.8%.
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.
- Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund +0.14 pp 5.49% held
The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Esab India above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| ESAB Holdings Limited | 37.31% | unchanged |
| Exelvia Group India BV | 36.41% | unchanged |
| SBI Retirement Benefit Fund- Conservative Plan Mutual fund | 6.38% | −0.18 pp |
| Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund | 5.49% | +0.14 pp |
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 ESABINDIA
Filings to Aug 2026
0 new, 1 added, 4 trimmed, 0 sold out — net −0.14 L shares (−0.8%).
- Held by funds
- ₹1.1k Cr
- 6 schemes
- Biggest holder
- SBI Smallcap Fund
- ₹551 Cr · 1.3% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Smallcap Fund SBI Mutual Fund | ₹551 Cr | held | Aug '21 |
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹522 Cr | +0.08 L | Apr '23 |
| SBI Retirement Benefit Fund - Aggressive Plan SBI Mutual Fund | ₹22 Cr | −0.15 L | Aug '21 |
| SBI Retirement Benefit Fund - Aggressive Hybrid Plan SBI Mutual Fund | ₹9 Cr | −0.07 L | Aug '21 |
| SBI Retirement Benefit Fund - Conservative Hybrid Plan SBI Mutual Fund | ₹0 Cr | −0.01 L | Aug '21 |
| SBI Retirement Benefit Fund - Conservative Plan SBI Mutual Fund | ₹0 Cr | −0.00 L | Aug '21 |
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
1 added, 4 trimmed — net −14,370 shares (−0.8%)
- Funds are sitting on
- +70%
- vs est. average cost
- Held by funds
- ₹1.1k Cr
- 6 schemes · ≈ 12% of the company
- Biggest holder
- SBI Smallcap Fund
- ₹551 Cr · 1.3% of that fund
Shares held by these funds −1%
Aug '23 18.19 L shares Jul '26
What the price assumes
Growth trapTo justify its price of ₹5884, this stock must grow earnings at 28% every year for 7 years. Our analysis caps realistic growth at ~9%. At that growth it is worth ₹2207 — downside of 62%.
- Growth the price implies
- 28.0% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 9.0% a year
- net profit, FY23–FY26 · EPS 9.0%
- The gap
- 0.2 pp
- -62% downside if it only repeats history
Learn to analyse Esab India
Guides on how to read this kind of business and the numbers that matter.