Elin Electronics Ltd Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Published 19 Jul 2026 | Consumer Durables | Market Cap: ₹503 Cr
FY26 revenue guidance: 15% growth to approximately INR 1350 crores; current H1 FY26 at 50% of target. FY26 revenue guidance is approximately INR 1,350 crores, targeting 15% growth over FY25, though there is a potential ~3% downside due to stalled exports to the USA (Page 5).
From Elin Electronics Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.
Price
₹101
Market Cap
₹503 Cr
P/E Ratio
21.6
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Elin Electronics Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹324 Cr, net profit ₹-1 Cr.
Full financials →📊 Revenue & Sales Performance
- →FY26 revenue guidance: 15% growth to approximately INR 1350 crores; current H1 FY26 at 50% of target.
- →Potential 3% revenue impact FY26 due to US export tariff uncertainty; hopes to add export projects next 4-6 quarters.
- →FY27 expected revenues around INR 140 crores from new Rewari plant; INR 250 crores in FY28; plant revenue potential INR 500-600 crores.
- →Confidence in strong growth momentum for fan segment (especially BLDC ceiling fans); new customers being added.
- →Personal Care and Home Appliance segments showing robust growth with new product launches; Personal Care up 27% YoY.
- →Medium appliance category to grow from Bhiwadi facility starting next fiscal; exports to the USA on hold due to tariffs.
- →Motor manufacturing capacity expansion planned for washing machine motors and BLDC chimney motors.
- →Aspirations to improve EBITDA margin to 7-7.5% as new plants stabilize.
📈 Profitability & Margins
- →FY26 revenue guidance is approximately INR 1,350 crores, targeting 15% growth over FY25, though there is a potential ~3% downside due to stalled exports to the USA (Page 5).
- →EBITDA margin guidance for FY26 is around 5.5% to 6%, slightly lower than earlier 6%-6.5% guidance mainly due to lower-margin domestic sales replacing higher-margin exports (Page 5).
- →For FY27, revenue from the new Rewari plant is expected around INR 140 crores, with a steady-state EBITDA margin of 7-7.5%, improving return on capital employed to around 20% (Page 5).
- →Management expects sustained growth in fan and appliance segments driven by new product launches, customer additions, and ODM expansion (Pages 6, 7).
- →Operational efficiencies and working capital improvements are expected to support EBITDA margin improvement to 7-7.5% in medium to long term as appliance volumes grow (Page 13).
- →Uncertainty on export recovery remains a risk for near-term profitability (Page 13).
🏗️ Capital Expenditure Plans
- →Current year CapEx guidance: INR 100 to 110 crores.
- → - INR 60 to 65 crores allocated for Phase one of the new plant at Rewari.
- → - INR 35 to 40 crores for growth of existing businesses and factories.
- →Rewari factory:
- → - Total project cost estimated at INR 100 crores.
- → - Construction started in July 2025; expected to be operational by March or April 2026.
- → - Expected revenues: around INR 140 crores in FY 27 and INR 250 crores in FY 28.
- → - Revenue potential at steady state: INR 500 to 600 crores.
- → - Expected steady state EBITDA margin: 7-7.5%; ROCE around 20%.
- →Expansion in medical cartridge capacity by 15-18% underway, with new machinery ordered.
- →Limited CapEx expected for washing machine category motors (tools, moulds, limited machinery), existing facility space deemed sufficient.
💰 Fundraising & Capital Structure
- →The transcript does not mention any current or future plans for fundraising through debt or equity.
- →CapEx for FY26 is planned at INR 100 to 110 crores, funded internally, split between new plant construction at Rewari and growth of existing businesses.
- →There is no discussion or indication of raising capital via equity or new debt during the call.
- →The company highlights a strong liquidity position with net cash of INR 94 crores as of September 2025, suggesting internal funding capability.
- →No explicit comments from management on any planned fundraising activities.
📋 Order Book & Pipeline
- →The company is in the process of getting designs and products approved by customers, especially for air coolers, where there is a slight delay due to the delayed key cooler season.
- →Three out of four products planned to start production at the Bhiwadi facility are pre-approved and ready.
- →The fourth product, air coolers, is still awaiting customer agreement and a small initial order before proceeding with investments.
- →Existing capacity for FHP motors is sufficient, with some capacity diverted for captive use due to increased fan production.
- →Expansion plans include new ranges like cooler motors, BLDC chimney motors, and potentially washing machine motors.
- →Discussions with several OEMs for exports (mainly to the USA) are currently on hold due to tariff uncertainties.
- →Overall, the investment and capacity addition are closely aligned with confirmed customer approvals and market demand.
Key Metrics
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Frequently Asked Questions
What were Elin Electronics Ltd Q2 FY26 results?
FY26 revenue guidance: 15% growth to approximately INR 1350 crores; current H1 FY26 at 50% of target. FY26 revenue guidance is approximately INR 1,350 crores, targeting 15% growth over FY25, though there is a potential ~3% downside due to stalled exports to the USA (Page 5).
What is Elin Electronics Ltd share price analysis?
Elin Electronics Ltd currently shows a neutral. The stock trades at a P/E of 21.6 with a market cap of ₹503 Cr. Investors should review the full earnings analysis for detailed insights.
Is Elin Electronics Ltd planning capital expenditure?
Current year CapEx guidance: INR 100 to 110 crores.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.