Electric Equipment · Founded 1988 · www.rexnordindia.com · BSE 531888 · · ISIN INE687C01012
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Business
Rexnord Electronics & Controls Ltd. operates in the Electric Equipment sector in India. Based on its name and industry, the company is primarily involved in the design, manufacturing, and sale of electrical and electronic control equipment. This likely includes products such as industrial control panels, switchgear, motor control centers, automation solutions, power distribution units, protective relays, and other components used for managing and controlling electrical power and industrial processes. Its core business model appears to be Business-to-Business (B2B), supplying its products and solutions to various industries (e.g., manufacturing, infrastructure, power utilities), original equipment manufacturers (OEMs), and potentially directly to large-scale projects. The company makes money through the sale of these manufactured products and potentially through associated services like design, installation, and after-sales support.
Revenue Mix
Without specific financial reports, the exact revenue mix cannot be determined. However, typical segments for a company in this industry might include:
Industrial Automation & Control Systems: Solutions for automating manufacturing processes, including PLCs, drives, and integrated control panels.
Power Distribution & Switchgear: Products related to the safe and efficient distribution of electricity, such as low voltage and medium voltage switchgear, circuit breakers, and busbar systems.
Electronic Components & Instrumentation: Potentially discrete electronic components, sensors, or specialized instrumentation for control applications.
Project-based Solutions/Services: Custom solutions, engineering, procurement, and construction (EPC) support for specific client projects.
After-sales Service & Maintenance: Revenue from maintenance contracts and spare parts.
Industry
The Electric Equipment industry in India is dynamic and competitive, characterized by robust growth driven by infrastructure development, industrial expansion, and power sector reforms. The market includes a mix of large global players (e.g., Siemens, ABB, Schneider Electric), established Indian conglomerates (e.g., L&T, Havells), and numerous smaller and medium-sized enterprises. Rexnord Electronics & Controls Ltd. likely positions itself by catering to specific niches, offering customized solutions, focusing on cost-effectiveness, or building strong regional distribution and service networks. Its positioning would depend on its scale, technological capabilities, and target customer base within this diverse landscape.
MOAT
Potential competitive advantages for Rexnord Electronics & Controls Ltd. could include:
Switching Costs: For highly integrated industrial control systems, switching suppliers can be expensive and disruptive for clients due to re-engineering, re-testing, and training costs.
Reputation & Reliability: In electrical equipment, proven reliability and a track record of performance are critical, building trust with industrial clients over time.
Customer Relationships & Service: Strong, long-standing relationships with key industrial clients and an efficient after-sales service network can create loyalty.
Domain Expertise: Specialized engineering and application knowledge in specific industrial control or power distribution segments.
Cost Efficiency: Ability to manufacture and deliver products at a competitive price point, particularly for standard or high-volume items.
The strength of these advantages would depend on the company's specific market share, product differentiation, and operational excellence.
Growth Drivers
Infrastructure Development: Government initiatives in smart cities, industrial corridors, railways, and power transmission/distribution upgrades.
Industrialization & Automation: Increasing capital expenditure by manufacturing industries to modernize facilities and improve efficiency through automation.
Power Sector Modernization: Investment in grid modernization, renewable energy integration, and upgrading aging electrical infrastructure.
"Make in India" Initiatives: Government push for domestic manufacturing, which can favor local suppliers over imports.
Digital Transformation: Demand for IoT-enabled devices, smart controls, and data analytics in industrial settings.
Risks
Economic Slowdown: Reduced industrial capital expenditure and project delays during economic downturns can directly impact demand.
Raw Material Price Volatility: Fluctuations in prices of key raw materials like copper, steel, and electronic components can affect profitability.
Intense Competition: The presence of large domestic and international players can lead to pricing pressures and market share erosion.
Technological Obsolescence: Rapid advancements in control technology and power electronics necessitate continuous R&D investment to remain competitive.
Regulatory Changes: Shifts in electrical safety standards, import duties, or environmental regulations could impact operations and costs.
Supply Chain Disruptions: Reliance on global supply chains for certain components can lead to production delays and cost increases.
Management & Ownership
As an Indian-listed company, it is likely promoter-driven, meaning the founding family or group holds a significant stake and plays a crucial role in strategic decision-making. The quality of management would depend on their experience in the electrical equipment sector, their vision for growth, their ability to execute projects efficiently, and their adherence to corporate governance standards. A stable and experienced management team with a clear strategic direction is vital in this capital-intensive and technologically evolving industry. The ownership structure typically includes promoter holdings, institutional investors, and public shareholders.
Outlook
Rexnord Electronics & Controls Ltd. operates in a sector with significant long-term growth tailwinds in India, driven by the country's economic expansion, infrastructure push, and industrial modernization. The company has the potential to benefit from increased demand for electrical and electronic control equipment. Its success will depend on its ability to navigate the highly competitive landscape, effectively manage raw material costs, invest in R&D to stay technologically relevant, and maintain strong customer relationships. Challenges include intense pricing pressure from larger players, the need for continuous product innovation, and potential economic cyclicality affecting industrial CAPEX. A balanced outlook suggests that while the market opportunities are robust, the company's performance will hinge on its strategic execution, operational efficiency, and ability to differentiate itself in a crowded market.
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| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 25 | 26 | 27 | 24 | 32 | 32 | 27 | 30 | 34 | 34 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 26 | 26 | 27 | 24 | 32 | 32 | 27 | 30 | 34 | 34 |
| Total Expenditure | 22 | 22 | 23 | 21 | 27 | 27 | 23 | 29 | 25 | 28 |
| Operating Profit | 4 | 4 | 4 | 4 | 5 | 5 | 3 | 1 | 9 | 6 |
| Interest | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | -0 | 0 | 0 | -1 | -0 | 0 |
| Profit Before Tax | 2 | 2 | 2 | 1 | 1 | 2 | 0 | -2 | 6 | 3 |
| Provision for Tax | 1 | 1 | 0 | 0 | 0 | 1 | 0 | -1 | 2 | 1 |
| Profit After Tax | 2 | 2 | 1 | 1 | 1 | 2 | 0 | -2 | 5 | 2 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 |
| Profit After Adjustments | 2 | 2 | 1 | 1 | 1 | 2 | 0 | -2 | 5 | 2 |
| Adjusted Earnings Per Share | 1.6 | 1.6 | 1.2 | 0.6 | 0.8 | 1.2 | 0.2 | -1.2 | 3.6 | 1.9 |
| #(Fig in Cr.) | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 57 | 63 | 65 | 50 | 71 | 88 | 96 | 108 | 125 |
| Other Income | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 0 |
| Total Income | 57 | 63 | 66 | 51 | 72 | 90 | 98 | 110 | 125 |
| Total Expenditure | 50 | 55 | 58 | 43 | 59 | 75 | 82 | 93 | 105 |
| Operating Profit | 7 | 8 | 8 | 8 | 14 | 15 | 15 | 17 | 19 |
| Interest | 1 | 1 | 2 | 1 | 1 | 2 | 2 | 3 | 4 |
| Depreciation | 1 | 2 | 2 | 2 | 2 | 2 | 4 | 7 | 8 |
| Exceptional Income / Expenses | 0 | 0 | 0 | -2 | 1 | -2 | 0 | -0 | -1 |
| Profit Before Tax | 5 | 5 | 5 | 4 | 12 | 9 | 10 | 7 | 7 |
| Provision for Tax | 1 | 2 | 1 | 1 | 3 | 2 | 3 | 2 | 2 |
| Profit After Tax | 3 | 4 | 4 | 3 | 9 | 6 | 7 | 5 | 5 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 3 | 4 | 4 | 3 | 9 | 6 | 7 | 5 | 5 |
| Adjusted Earnings Per Share | 3.1 | 3.5 | 3.1 | 2.4 | 8.2 | 5.7 | 6.7 | 3.8 | 4.5 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 13% | 15% | 11% | 0% |
| Operating Profit CAGR | 13% | 7% | 16% | 0% |
| PAT CAGR | -29% | -18% | 5% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 6% | -10% | 13% | 9% |
| ROE Average | 6% | 10% | 11% | 11% |
| ROCE Average | 10% | 14% | 16% | 15% |
| #(Fig in Cr.) | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 31 | 35 | 39 | 41 | 50 | 57 | 70 | 92 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 1 | 1 | 3 | 2 | 1 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 3 | 3 | 2 | 1 | 9 | 10 | 7 | 17 |
| Total Current Liabilities | 16 | 13 | 19 | 12 | 16 | 14 | 16 | 28 |
| Total Liabilities | 51 | 52 | 62 | 56 | 76 | 81 | 93 | 138 |
| Fixed Assets | 17 | 18 | 20 | 21 | 33 | 29 | 34 | 69 |
| Other Non-Current Assets | 2 | 5 | 4 | 4 | 1 | 7 | 3 | 7 |
| Total Current Assets | 32 | 30 | 37 | 31 | 41 | 45 | 56 | 61 |
| Total Assets | 51 | 52 | 62 | 56 | 76 | 81 | 93 | 138 |
| #(Fig in Cr.) | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 1 | 2 | 2 | 1 | 4 | 1 | 2 | 1 |
| Cash Flow from Operating Activities | 0 | 2 | 6 | 12 | 11 | 3 | 4 | 4 |
| Cash Flow from Investing Activities | -4 | -1 | -4 | -6 | -13 | -0 | -10 | -25 |
| Cash Flow from Financing Activities | 4 | -1 | -2 | -4 | -0 | -3 | 4 | 21 |
| Net Cash Inflow / Outflow | 0 | -0 | -0 | 2 | -2 | 0 | -1 | 0 |
| Closing Cash & Cash Equivalent | 2 | 2 | 1 | 4 | 1 | 2 | 1 | 1 |
| # | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 3.08 | 3.51 | 3.15 | 2.44 | 8.17 | 5.69 | 6.66 | 3.76 |
| CEPS(Rs) | 4.41 | 4.9 | 4.62 | 3.91 | 9.85 | 7.92 | 10.03 | 8.9 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 27.88 | 31.38 | 34.55 | 37.02 | 45.17 | 50.86 | 57.5 | 69.43 |
| Core EBITDA Margin(%) | 11.48 | 11.84 | 11.36 | 14.23 | 17.63 | 15.57 | 14.62 | 14.04 |
| EBIT Margin(%) | 9.92 | 10.71 | 9.7 | 9.11 | 18.45 | 11.49 | 12.09 | 8.82 |
| Pre Tax Margin(%) | 8.33 | 8.73 | 7.29 | 7.81 | 17.2 | 9.67 | 10.41 | 6.21 |
| PAT Margin (%) | 5.92 | 6.26 | 5.39 | 5.41 | 12.82 | 7.16 | 7.69 | 4.59 |
| Cash Profit Margin (%) | 8.48 | 8.73 | 7.9 | 8.68 | 15.46 | 9.96 | 11.57 | 10.85 |
| ROA(%) | 6.67 | 7.54 | 6.16 | 4.61 | 13.82 | 8.08 | 8.52 | 4.33 |
| ROE(%) | 11.04 | 11.85 | 9.55 | 6.8 | 19.88 | 11.85 | 12.3 | 6.39 |
| ROCE(%) | 14.19 | 15.85 | 13.91 | 9.75 | 25.3 | 16.93 | 16.41 | 9.97 |
| Receivable days | 50.93 | 43.15 | 43.06 | 40.85 | 13.7 | 17.97 | 23.47 | 27.58 |
| Inventory Days | 107.34 | 103.05 | 111.59 | 139.52 | 89.29 | 84.2 | 92.38 | 99.26 |
| Payable days | 76.23 | 51.98 | 62.08 | 92.34 | 41.59 | 32.12 | 24.13 | 20.93 |
| PER(x) | 19.96 | 9.16 | 6.37 | 12.32 | 8.01 | 17.16 | 15.42 | 21.79 |
| Price/Book(x) | 2.2 | 1.02 | 0.58 | 0.81 | 1.45 | 1.92 | 1.79 | 1.18 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 1.32 | 0.67 | 0.42 | 0.62 | 0.9 | 1.14 | 1.09 | 1.06 |
| EV/Core EBITDA(x) | 10.31 | 5.05 | 3.41 | 3.82 | 4.71 | 6.71 | 6.78 | 6.86 |
| Net Sales Growth(%) | 0 | 10.71 | 4.19 | -23.11 | 41.68 | 24.48 | 8.84 | 12.67 |
| EBIT Growth(%) | 0 | 16.47 | -5.6 | -27.75 | 186.86 | -22.32 | 14.68 | -17.85 |
| PAT Growth(%) | 0 | 14.04 | -10.28 | -22.69 | 235.57 | -30.35 | 17.06 | -32.86 |
| EPS Growth(%) | 0 | 14.04 | -10.28 | -22.68 | 235.57 | -30.35 | 17.06 | -43.49 |
| Debt/Equity(x) | 0.3 | 0.26 | 0.22 | 0.13 | 0.13 | 0.12 | 0.14 | 0.23 |
| Current Ratio(x) | 2.03 | 2.27 | 1.98 | 2.61 | 2.64 | 3.14 | 3.53 | 2.16 |
| Quick Ratio(x) | 0.96 | 0.89 | 0.82 | 1.2 | 1.49 | 1.55 | 1.89 | 0.99 |
| Interest Cover(x) | 6.24 | 5.42 | 4.02 | 7.02 | 14.8 | 6.33 | 7.2 | 3.38 |
| Total Debt/Mcap(x) | 0.14 | 0.25 | 0.38 | 0.16 | 0.09 | 0.06 | 0.08 | 0.2 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 69.3 | 69.3 | 69.3 | 73.41 | 73.41 | 73.41 | 73.4 | 73.4 | 73.4 | 73.4 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Public | 30.69 | 30.69 | 30.69 | 26.59 | 26.59 | 26.59 | 26.59 | 26.59 | 26.59 | 26.59 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.77 | 0.77 | 0.77 | 0.97 | 0.97 | 0.97 | 0.97 | 0.97 | 0.97 | 0.97 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.34 | 0.34 | 0.34 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.12 | 1.12 | 1.12 | 1.33 | 1.33 | 1.33 | 1.33 | 1.33 | 1.33 | 1.33 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +13% | +15% | +11% | — |
| Operating Profit CAGR | +13% | +7% | +16% | — |
| PAT CAGR | -29% | -18% | +5% | — |
| Share Price CAGR | +6% | -10% | +13% | +9% |
| ROE Average | +6% | +10% | +11% | +11% |
| ROCE Average | +10% | +14% | +16% | +15% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 69.3 | 69.3 | 69.3 | 73.41 | 73.41 | 73.41 | 73.4 | 73.4 | 73.4 | 73.4 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Public | 30.69 | 30.69 | 30.69 | 26.59 | 26.59 | 26.59 | 26.59 | 26.59 | 26.59 | 26.59 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.77 | 0.77 | 0.77 | 0.97 | 0.97 | 0.97 | 0.97 | 0.97 | 0.97 | 0.97 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.34 | 0.34 | 0.34 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.12 | 1.12 | 1.12 | 1.33 | 1.33 | 1.33 | 1.33 | 1.33 | 1.33 | 1.33 |
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