SALZERELEC

Salzer Electronics share price & financials

Price
₹652.7
Market cap
₹1.0k Cr
Sector
Capital Goods
Calls analysed
6
Latest concall · Q1 FY27 · call held 10 Aug 2026

Salzer Electronics Limited Q1 FY27

Revenue ₹498 cr +13%EBITDA ₹31 cr −26%EBITDA Margin 6% PAT ₹8 cr −53%

What went well

  • Revenue increased by 13% YoY to INR498 crores, primarily driven by higher demand for industrial switchgear, wires, cables, and the Building Products division.
  • The Building Products division demonstrated robust growth of 48% YoY in Q1 FY27, contributing 6% to total revenue.
  • Kaycee Industries, a subsidiary, reported an 8% YoY top-line growth and a 27% PAT CAGR over the last four years, reaching INR5 crores PAT.

What to watch

  • EBITDA declined to INR31 crores in Q1 FY27 from INR42 crores in Q1 FY26, with EBITDA margin contracting to 6% from 9.5% YoY.
  • PAT significantly decreased to INR8 crores in Q1 FY27 from INR17 crores in Q1 FY26, resulting in a PAT margin of 2%.
Read the full call →

What Salzer Electronics Limited does

Salzer Electronics designs and manufactures industrial switchgear (transformers, rotary/load-break switches, isolators, control panels), wires & cables, building electrical products (modular switches, MCBs), smart energy meters and energy-management systems from seven manufacturing units in Tamil Nadu. It is India's largest maker of cam-operated rotary switches with about 25% market share, and supplies switchgear to Indian Railways and to global majors such as GE and Schneider through technical/OEM relationships. The company also holds a 30% strategic stake in EV-charger maker Ultrafast Chargers and is scaling smart-meter and energy-management businesses, including a Bengaluru street-lighting project executed through its Effilume SPV. It reaches customers via a 350+ dealer network (through L&T) domestically and exports to about 50 countries through 40 international distributors.

Segments

  • Industrial Switchgear
  • Wire & Cable
  • Building Electrical Products
  • Smart Meters
  • Energy Management
  • EV Charging
Manufacturing units
7 (Tamil Nadu, incl. Coimbatore & Hosur)
Smart meter manufacturing capacity
4 million units/year
Product families
20+
Export markets
50 countries
International distributors
40
Domestic dealer network (via L&T)
350+
Founded 1985Headquarters Coimbatore, Tamil Nadu Company website

Guidance record · Q1 FY27

what the last two calls moved 16 tracked 1 delivered 4 missed 11 open
  • Overall Revenue Growth (ex-smart meters) delivered said Q1 FY26 Promised: achieving INR 1,600 crore of revenue in this financial year without the smart meters (18-22% growth) Q1 FY27: No new update on this historical promise. It remains achieved.
  • Smart Meter Revenue missed said Q4 FY25 Promised: at least INR 500 crores of revenue this financial year for smart meters in FY '26 Q1 FY27: Management acknowledges the business is a 'drag on the balance sheet' and is under strategic review. The original promise remains missed.
  • EBITDA Margin revised down said Q4 FY26 Promised: 9.5% is what we expect for this year (FY27). Q1 FY27: Guidance significantly cut from 9.5% to a range of 8% to 8.5% for FY27, citing margin pressure from raw materials. Q1 margin was only 6%.

All 16 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 12.4%, net profit down 51.9% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue336 334 366 432 409 +22%412 +23%462 +26%486 +12%
EBITDA33 34 26 41 35 +5%36 +4%30 +13%30 −29%
Net profit26 15 8 18 13 −49%13 −13%10 +22%8 −52%
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 −33.8% 1Y

₹500₹600₹700₹800₹900Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 3 Nov 2025Q3 FY26 — 12 Feb 2026Q4 FY26 — 26 May 2026Q1 FY27 — 10 Aug 2026

1Y: ₹831.7 on 10 Sept 2025 → ₹550.55. High ₹916.9 (8 Oct 2025), low ₹491.1 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−6.2%
10 Aug
Q4 FY26
−1.6%
26 May
Q3 FY26
−0.4%
12 Feb
Q2 FY26
−7.7%
3 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 19.2% a year over 3 years, FY23 to FY26. Operating margin narrowed to 8.2%.

Year endingFY23FY24FY25FY26
Revenue₹1.0k Cr₹1.1k Cr₹1.4k Cr₹1.7k Cr
Operating profit₹91 Cr₹110 Cr₹125 Cr₹141 Cr
Operating margin9.0%9.7%9.0%8.2%
Interest₹27 Cr₹34 Cr₹41 Cr₹47 Cr
Depreciation₹16 Cr₹19 Cr₹22 Cr₹26 Cr
Net profit₹37 Cr₹43 Cr₹62 Cr₹54 Cr
Net margin3.7%3.8%4.5%3.1%
Cash from operations₹23 Cr₹20 Cr₹-17 Cr₹42 Cr
Free cash flow₹-9 Cr₹-25 Cr₹-83 Cr₹-17 Cr
ROCE12.0%13.0%13.0%11.0%
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 endingFY21FY22FY23FY24FY25FY26
Equity capital₹16 Cr₹16 Cr₹16 Cr₹17 Cr₹18 Cr₹18 Cr
Reserves₹315 Cr₹335 Cr₹387 Cr₹449 Cr₹539 Cr₹561 Cr
Borrowings₹204 Cr₹252 Cr₹277 Cr₹308 Cr₹477 Cr₹532 Cr
Other liabilities₹139 Cr₹138 Cr₹196 Cr₹196 Cr₹278 Cr₹228 Cr
Total liabilities₹674 Cr₹742 Cr₹876 Cr₹970 Cr₹1.3k Cr₹1.3k Cr
Fixed assets₹211 Cr₹214 Cr₹231 Cr₹254 Cr₹309 Cr₹323 Cr
Capital work in progress₹1 Cr₹1 Cr₹1 Cr₹2 Cr₹6 Cr₹7 Cr
Investments₹21 Cr₹21 Cr₹22 Cr₹25 Cr₹28 Cr₹31 Cr
Other assets₹441 Cr₹506 Cr₹623 Cr₹689 Cr₹970 Cr₹977 Cr
Total assets₹674 Cr₹742 Cr₹876 Cr₹970 Cr₹1.3k Cr₹1.3k 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 −2.20 pp while FIIs added +2.16 pp. The shareholder count shrank 4% to 48,818.

Promoters
37.5%
FIIs
4.5%
DIIs
0.1%
Public
57.9%

Since Jun 2025

  • Public −2.20 pp
  • FIIs +2.16 pp
  • DIIs +0.09 pp

How it drifted, 12 quarters

Over this window promoters went from 35.1% to 37.5% — +2.3 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 35.1%, FIIs 6.1%, DIIs 0.1%, Public 58.7%.Dec '23: Promoters 37.2%, FIIs 3.7%, DIIs 0.1%, Public 59.0%.Mar '24: Promoters 37.3%, FIIs 3.2%, DIIs 0.1%, Public 59.4%.Jun '24: Promoters 37.5%, FIIs 2.8%, DIIs 0.1%, Public 59.6%.Sep '24: Promoters 37.5%, FIIs 2.6%, DIIs 0.1%, Public 59.7%.Dec '24: Promoters 37.5%, FIIs 4.0%, DIIs 0.4%, Public 58.1%.Mar '25: Promoters 37.5%, FIIs 2.6%, DIIs 0.1%, Public 59.8%.Jun '25: Promoters 37.5%, FIIs 2.4%, DIIs 0.0%, Public 60.1%.Sep '25: Promoters 37.5%, FIIs 2.4%, DIIs 0.0%, Public 60.1%.Dec '25: Promoters 37.5%, FIIs 2.6%, DIIs 0.0%, Public 60.0%.Mar '26: Promoters 37.5%, FIIs 4.5%, DIIs 0.0%, Public 58.1%.Jun '26: Promoters 37.5%, FIIs 4.5%, DIIs 0.1%, Public 57.9%.

Who was buying across the market this quarter →

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.

The same filing shows 0 holders 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 Salzer Electronics Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Quebec Information Services India Limited 6.26%unchanged
Saradha Investments Limited 5.10%unchanged
Srve Industries Limited 4.65%unchanged
Doraiswamy Vishnurangaswamy . 4.58%unchanged
Salzer Exports Ltd 4.16%unchanged
Hmg Globetrotter Global fund house4.11%+0.18 pp
K.R. Health Care (P) Ltd 2.86%unchanged
Salzer Spinners Ltd 2.83%unchanged
R Thilagam . 2.75%unchanged
R Doraiswamy . 1.79%unchanged
Shalu Aggarwal 1.61%unchanged
D Rajeshkumar . 1.48%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

Expensive

To justify its price of ₹551, this stock must grow earnings at 14% every year for 7 years. Our analysis caps realistic growth at ~10%. At that growth it is worth ₹443 — downside of 19%.

Growth the price implies
14.4% a year
for 7 years, fading to 4%
It has actually compounded at
13.3% a year
net profit, FY23–FY26 · EPS 10.3%
The gap
0.0 pp
-19% downside if it only repeats history
Price today ₹550.55 Value at the reference growth ₹443.3

Change the assumptions yourself →

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse Salzer Electronics Limited

Guides on how to read this kind of business and the numbers that matter.