Consumer Durables - Electronics · Founded 1982 · www.elinindia.com · BSE 543725 · NSE ELIN · ISIN INE050401020
No Notes Added Yet
Business
Elin Electronics Ltd. is an Indian Electronics Manufacturing Services (EMS) provider and Original Design Manufacturer (ODM). The company is primarily engaged in the manufacturing and assembly of a wide range of electronic components and finished products across various product categories, particularly for consumer durables. This includes products like fractional horsepower motors, kitchen appliances, personal care products, lighting products, and components for medical diagnostic equipment and automotive sector. They operate on a business-to-business (B2B) model, providing manufacturing solutions to other brands, and generate revenue through the sale of these manufactured goods and associated services.
Revenue Mix
Specific detailed segment-wise revenue contribution is not available in the provided information. However, based on their operations as an EMS provider, their revenue typically comes from manufacturing and assembly across diverse product categories such as:
Home Appliances (e.g., kitchen appliances, personal care)
Lighting Products
Automotive Components
Medical Diagnostic Components
Fractional Horsepower Motors
The company likely derives revenue from both pure manufacturing services and ODM services where they also contribute to product design and development.
Industry
The Indian Consumer Durables - Electronics industry is characterized by strong domestic demand, a push for localization ("Make in India"), and increasing outsourcing trends by brand owners. It is a competitive industry with both organized and unorganized players, as well as significant import competition. Elin Electronics positions itself as an established and diversified EMS/ODM player with capabilities across multiple product categories. They serve a range of large, well-known brands, which indicates a reputation for quality and reliability in the outsourcing space. Their broad product portfolio helps them mitigate risks associated with over-reliance on a single product segment.
MOAT
Elin's competitive advantages likely stem from:
Established Manufacturing Infrastructure & Scale: Multiple manufacturing facilities and years of operational experience provide economies of scale and efficient production capabilities.
Design & Engineering Capabilities (ODM): Ability to offer not just manufacturing but also product design and development, adding value to clients beyond pure assembly.
Long-Standing Client Relationships: Established relationships with various prominent brands can lead to repeat business and deeper integration into client supply chains, creating switching costs.
Diversified Product Portfolio: Expertise across various electronic products and components reduces dependence on any single product category.
Quality & Reliability: Demonstrated ability to meet the stringent quality and volume requirements of large brands.
Growth Drivers
"Make in India" & Production Linked Incentive (PLI) Schemes: Government initiatives promoting domestic manufacturing reduce reliance on imports and provide incentives for local production.
Increasing Outsourcing by Brands: Global and domestic brands increasingly outsource manufacturing to focus on core competencies like marketing and R&D.
Growing Domestic Demand: Rising disposable incomes and urbanization in India drive demand for consumer durables and electronics.
Expansion into New Product Categories/Clients: Diversification into emerging electronic product segments or acquiring new clients can fuel growth.
Technological Upgrades & Automation: Investment in advanced manufacturing technologies can improve efficiency and expand capabilities.
Risks
Client Concentration: Over-reliance on a few large clients could lead to significant revenue volatility if a major client scales back orders or switches manufacturers.
Input Cost Volatility: Fluctuations in prices of raw materials (e.g., electronic components, plastics, metals) can impact profit margins.
Technological Obsolescence: Rapid changes in technology in the electronics sector necessitate continuous R&D and capital expenditure to remain competitive.
Intense Competition: The EMS sector is highly competitive with both domestic and international players, leading to pressure on pricing.
Supply Chain Disruptions: Geopolitical events, natural disasters, or global shortages (e.g., semiconductor chips) can disrupt production.
Forex Fluctuations: Exposure to currency movements if importing raw materials or exporting finished goods.
Management & Ownership
Elin Electronics is an Indian publicly listed company, likely led by a professional management team. In India, promoter groups typically hold a significant stake and play a crucial role in the company's strategic direction. While specific names are not provided in the prompt, the company's long operational history suggests an experienced leadership team guiding its manufacturing and business development efforts.
Outlook
Elin Electronics is positioned to capitalize on India's burgeoning consumer electronics market and the government's strong impetus for domestic manufacturing through schemes like "Make in India" and PLIs. Its established position as a diversified EMS/ODM provider with strong client relationships provides a foundation for growth. The company's ability to innovate, expand its product portfolio, and acquire new clients will be key to leveraging these tailwinds. However, the business faces inherent risks from intense competition, volatility in raw material prices, potential client concentration, and the need for continuous technological upgrades. Effective supply chain management and strategic diversification will be critical for sustained profitability and market leadership in this dynamic industry.
Price goes above X
Price falls below X
PE goes above X
PE falls below X
| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 237 | 278 | 294 | 305 | 266 | 316 | 295 | 375 | 294 | 324 |
| Other Income | 2 | 2 | 2 | 3 | 2 | 11 | 3 | 2 | 2 | 1 |
| Total Income | 239 | 280 | 296 | 307 | 268 | 327 | 298 | 376 | 295 | 325 |
| Total Expenditure | 228 | 265 | 280 | 293 | 259 | 296 | 278 | 354 | 282 | 318 |
| Operating Profit | 10 | 15 | 16 | 14 | 10 | 31 | 21 | 22 | 13 | 7 |
| Interest | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Depreciation | 5 | 7 | 6 | 5 | 6 | 7 | 6 | 6 | 6 | 6 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 | 0 |
| Profit Before Tax | 4 | 5 | 8 | 6 | 2 | 22 | 13 | 14 | 5 | -2 |
| Provision for Tax | 1 | 2 | 2 | 2 | 1 | 5 | 3 | 4 | 1 | -1 |
| Profit After Tax | 3 | 4 | 6 | 5 | 1 | 17 | 9 | 10 | 4 | -1 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 3 | 4 | 6 | 5 | 1 | 17 | 9 | 10 | 4 | -1 |
| Adjusted Earnings Per Share | 0.6 | 0.7 | 1.2 | 1 | 0.3 | 3.5 | 1.9 | 2.1 | 0.8 | -0.2 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 475 | 438 | 494 | 618 | 786 | 862 | 1094 | 1075 | 1042 | 1180 | 1288 |
| Other Income | 1 | 1 | 1 | 1 | 1 | 3 | 1 | 2 | 9 | 18 | 8 |
| Total Income | 476 | 439 | 495 | 618 | 787 | 865 | 1095 | 1078 | 1051 | 1199 | 1294 |
| Total Expenditure | 436 | 403 | 457 | 575 | 730 | 796 | 1015 | 1010 | 1001 | 1128 | 1232 |
| Operating Profit | 41 | 37 | 38 | 43 | 56 | 69 | 80 | 67 | 50 | 71 | 63 |
| Interest | 9 | 9 | 9 | 11 | 12 | 10 | 13 | 13 | 8 | 8 | 8 |
| Depreciation | 9 | 11 | 12 | 14 | 20 | 12 | 14 | 19 | 22 | 25 | 24 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 |
| Profit Before Tax | 23 | 16 | 17 | 18 | 24 | 47 | 53 | 36 | 20 | 39 | 30 |
| Provision for Tax | 5 | 4 | 4 | 3 | 6 | 13 | 14 | 9 | 6 | 9 | 7 |
| Profit After Tax | 18 | 13 | 13 | 15 | 19 | 35 | 39 | 27 | 14 | 29 | 22 |
| Adjustments | 2 | 2 | 2 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 20 | 14 | 15 | 18 | 19 | 35 | 39 | 27 | 14 | 29 | 22 |
| Adjusted Earnings Per Share | 5.2 | 3.7 | 4.1 | 4.7 | 4.6 | 8.5 | 9.6 | 5.6 | 2.9 | 6 | 4.6 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 13% | 3% | 8% | 0% |
| Operating Profit CAGR | 42% | -4% | 5% | 0% |
| PAT CAGR | 107% | -9% | 9% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -35% | -9% | NA% | NA% |
| ROE Average | 6% | 5% | 9% | 10% |
| ROCE Average | 9% | 8% | 12% | 13% |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 116 | 130 | 145 | 163 | 209 | 262 | 303 | 493 | 503 | 534 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 25 | 31 | 32 | 39 | 40 | 37 | 34 | 40 | 0 | 0 |
| Other Non-Current Liabilities | -0 | 0 | 1 | 0 | 1 | 9 | 10 | 12 | 12 | 14 |
| Total Current Liabilities | 89 | 74 | 112 | 136 | 126 | 200 | 185 | 190 | 154 | 186 |
| Total Liabilities | 229 | 235 | 289 | 337 | 376 | 508 | 533 | 734 | 669 | 734 |
| Fixed Assets | 66 | 79 | 84 | 99 | 134 | 161 | 188 | 232 | 224 | 246 |
| Other Non-Current Assets | 27 | 26 | 41 | 47 | 17 | 21 | 23 | 41 | 22 | 12 |
| Total Current Assets | 136 | 130 | 164 | 191 | 225 | 326 | 322 | 461 | 423 | 476 |
| Total Assets | 229 | 235 | 289 | 337 | 376 | 508 | 533 | 734 | 669 | 734 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 3 | 3 | 2 | 11 | 3 | 9 | 5 | 4 | 0 | 0 |
| Cash Flow from Operating Activities | 17 | 36 | 44 | 15 | 83 | -34 | 57 | 62 | 43 | 17 |
| Cash Flow from Investing Activities | -27 | -23 | -30 | -27 | -43 | -5 | -28 | -197 | 36 | -21 |
| Cash Flow from Financing Activities | 10 | -14 | -5 | 3 | -33 | 34 | -30 | 131 | -79 | 4 |
| Net Cash Inflow / Outflow | 0 | -1 | 9 | -8 | 6 | -4 | -1 | -4 | -0 | -0 |
| Closing Cash & Cash Equivalent | 3 | 2 | 11 | 2 | 9 | 5 | 4 | 0 | 0 | 0 |
| # | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 5.25 | 3.72 | 4.06 | 4.68 | 4.55 | 8.53 | 9.59 | 5.59 | 2.89 | 6.02 |
| CEPS(Rs) | 7.03 | 6.28 | 6.73 | 7.62 | 9.51 | 11.43 | 13.11 | 9.48 | 7.45 | 11.07 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 |
| Book NAV/Share(Rs) | 30.63 | 34.35 | 38.41 | 43.09 | 51.13 | 64.22 | 74.22 | 102.89 | 104.97 | 109.64 |
| Core EBITDA Margin(%) | 7.5 | 7.26 | 7.44 | 6.87 | 7.05 | 7.71 | 7.22 | 6.05 | 3.89 | 4.44 |
| EBIT Margin(%) | 6.08 | 5.2 | 5.15 | 4.72 | 4.6 | 6.63 | 6 | 4.53 | 2.67 | 3.91 |
| Pre Tax Margin(%) | 4.32 | 3.36 | 3.4 | 2.95 | 3.11 | 5.51 | 4.83 | 3.32 | 1.89 | 3.26 |
| PAT Margin (%) | 3.37 | 2.57 | 2.59 | 2.39 | 2.37 | 4.04 | 3.58 | 2.49 | 1.33 | 2.48 |
| Cash Profit Margin (%) | 5.05 | 4.86 | 5.01 | 4.65 | 4.95 | 5.41 | 4.89 | 4.22 | 3.43 | 4.57 |
| ROA(%) | 7.72 | 5.4 | 5.01 | 4.71 | 5.21 | 7.88 | 7.53 | 4.23 | 1.98 | 4.18 |
| ROE(%) | 15.31 | 10.21 | 9.56 | 9.59 | 10.01 | 14.8 | 13.86 | 6.73 | 2.79 | 5.65 |
| ROCE(%) | 17.29 | 13.67 | 13.3 | 13.06 | 13.94 | 17.46 | 16.78 | 9.99 | 5.09 | 8.5 |
| Receivable days | 55.54 | 58.96 | 57.78 | 55.86 | 45.82 | 57.89 | 60.07 | 63.6 | 69.53 | 65.87 |
| Inventory Days | 30.55 | 31.93 | 33.87 | 34.84 | 33.72 | 41.24 | 39.16 | 41.26 | 40.99 | 36.87 |
| Payable days | 37.33 | 44.05 | 52.57 | 54.77 | 46.42 | 50.46 | 45.6 | 51.8 | 55.75 | 48.61 |
| PER(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 21.59 | 45.94 | 19.74 |
| Price/Book(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.17 | 1.27 | 1.08 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.83 | 0 | 0 |
| EV/Net Sales(x) | 0.15 | 0.14 | 0.12 | 0.13 | 0.08 | 0.13 | 0.11 | 0.52 | 0.63 | 0.49 |
| EV/Core EBITDA(x) | 1.78 | 1.67 | 1.49 | 1.87 | 1.18 | 1.67 | 1.47 | 8.27 | 13.2 | 8.15 |
| Net Sales Growth(%) | 0 | -7.79 | 12.83 | 24.95 | 27.18 | 9.78 | 26.83 | -1.68 | -3.13 | 13.29 |
| EBIT Growth(%) | 0 | -20.66 | 2.9 | 11.58 | 23.99 | 58.31 | 14.71 | -25.64 | -42.99 | 65.83 |
| PAT Growth(%) | 0 | -29.29 | 4.82 | 12.41 | 26.02 | 87.57 | 12.41 | -31.59 | -48.24 | 111.35 |
| EPS Growth(%) | 0 | -29.13 | 9.22 | 15.3 | -2.82 | 87.57 | 12.41 | -41.71 | -48.24 | 107.97 |
| Debt/Equity(x) | 0.6 | 0.44 | 0.42 | 0.47 | 0.34 | 0.43 | 0.34 | 0.16 | 0.04 | 0.05 |
| Current Ratio(x) | 1.53 | 1.75 | 1.47 | 1.41 | 1.78 | 1.63 | 1.74 | 2.43 | 2.74 | 2.56 |
| Quick Ratio(x) | 1.04 | 1.19 | 1 | 0.93 | 1.15 | 1.05 | 1.09 | 1.78 | 2.03 | 1.87 |
| Interest Cover(x) | 3.45 | 2.83 | 2.94 | 2.67 | 3.1 | 5.91 | 5.16 | 3.73 | 3.43 | 6.08 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.13 | 0.03 | 0.05 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 32.99 | 33.41 | 33.41 | 33.41 | 33.41 | 32.98 | 32.98 | 32.98 | 32.98 | 32.95 |
| FII | 0.55 | 0.35 | 0.97 | 0.86 | 0.38 | 0.41 | 0.69 | 0.78 | 0.68 | 0.74 |
| DII | 11.93 | 11.9 | 13.1 | 12.58 | 12.06 | 10.77 | 7.61 | 5.53 | 6.14 | 5.4 |
| Public | 54.53 | 54.34 | 52.52 | 53.14 | 54.15 | 55.84 | 58.73 | 60.71 | 60.2 | 60.91 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.64 | 1.66 | 1.66 | 1.66 | 1.66 | 1.64 | 1.64 | 1.64 | 1.64 | 1.64 |
| FII | 0.03 | 0.02 | 0.05 | 0.04 | 0.02 | 0.02 | 0.03 | 0.04 | 0.03 | 0.04 |
| DII | 0.59 | 0.59 | 0.65 | 0.62 | 0.6 | 0.53 | 0.38 | 0.27 | 0.3 | 0.27 |
| Public | 2.71 | 2.7 | 2.61 | 2.64 | 2.69 | 2.77 | 2.92 | 3.01 | 2.99 | 3.03 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 4.97 | 4.97 | 4.97 | 4.97 | 4.97 | 4.97 | 4.97 | 4.97 | 4.97 | 4.97 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +13% | +3% | +8% | — |
| Operating Profit CAGR | +42% | -4% | +5% | — |
| PAT CAGR | +107% | -9% | +9% | — |
| Share Price CAGR | -35% | -9% | — | — |
| ROE Average | +6% | +5% | +9% | +10% |
| ROCE Average | +9% | +8% | +12% | +13% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 32.99 | 33.41 | 33.41 | 33.41 | 33.41 | 32.98 | 32.98 | 32.98 | 32.98 | 32.95 |
| FII | 0.55 | 0.35 | 0.97 | 0.86 | 0.38 | 0.41 | 0.69 | 0.78 | 0.68 | 0.74 |
| DII | 11.93 | 11.9 | 13.1 | 12.58 | 12.06 | 10.77 | 7.61 | 5.53 | 6.14 | 5.4 |
| Public | 67.01 | 66.59 | 66.59 | 66.59 | 66.59 | 67.02 | 67.02 | 67.02 | 67.02 | 67.05 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.64 | 1.66 | 1.66 | 1.66 | 1.66 | 1.64 | 1.64 | 1.64 | 1.64 | 1.64 |
| FII | 0.03 | 0.02 | 0.05 | 0.04 | 0.02 | 0.02 | 0.03 | 0.04 | 0.03 | 0.04 |
| DII | 0.59 | 0.59 | 0.65 | 0.62 | 0.6 | 0.53 | 0.38 | 0.27 | 0.3 | 0.27 |
| Public | 3.33 | 3.31 | 3.31 | 3.31 | 3.31 | 3.33 | 3.33 | 3.33 | 3.33 | 3.33 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 4.97 | 4.97 | 4.97 | 4.97 | 4.97 | 4.97 | 4.97 | 4.97 | 4.97 | 4.97 |
* The pros and cons are machine generated.
Our experts help you choose the right stocks based on performance, risk, and growth potential.
Looking to buy unlisted shares or need guidance on the investment process? Our expert Private Equity Advisors are here to assist you with accurate information, real-time pricing, and seamless execution.
Want to sell unlisted shares, liquidate your ESOPs, or understand the step-by-step process of liquidation? Connect with our Buying Team for smooth coordination, quick evaluations, and end-to-end support.
Planning to build or grow your portfolio? For Mutual Fund investments, PMS solutions, tailored portfolio creation, and overall wealth management, our dedicated Wealth Team is ready to guide you.