Classic Electrodes (India) Q4 FY26 Share Price & Earnings Call Analysis
- Market cap
- ₹83 Cr
- P/E
- 6.59
- ROE
- 17.90%
- PEG
- 0.08
- Price to sales
- 0.34
- Debt to equity
- 0.20
- 52W high / low
- ₹90.0 / ₹36.0
- Sales growth (5Y)
- 22.01%
- EBITDA margin
- 9.31%
- Net profit margin
- 5.17%
- Promoter holding
- 72.01%
- Sales (last year)
- ₹243 Cr
Established in 1997, Classic Electrodes (India) Limited is a prominent Indian manufacturer specialising in welding consumables, including electrodes and MIG wires.[1]
Guidance scorecard · Q4 FY26 call
What Classic Electrod's management guided
and where it ranks in Industrial Products
Industrial Products
RevenueQ4 FY26 call
10–20%- FY27 revenue guidance is INR 330-350 crores, driven by growth in welding consumables, primarily electrodes and MIG wire.
- Flux-cored wire business expected to contribute around INR 20 crores in FY27 with potential capacity expansion depending on market response.
- Elastic Railway Clips (ERC) business anticipated to start in July FY27, targeting INR 30-35 crores revenue in current year and full-year operations in FY28.
- Volume growth in FY26 reflected by increased capacity utilization: MIG wire capacity utilization improved from 68% to 74%, electrode segment from 74% to 86%.
2 more points from Classic Electrod's call on revenue
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MarginsQ4 FY26 call
Up 2%+See what Classic Electrod said on margins — free account, 30 seconds.
CapexQ4 FY26 call
Planned- Classic Electrodes is in the process of identifying land parcels for new manufacturing facilities in West India and South India, though no finalization has occurred yet. These expansions are not expected to become operational before FY28.
- The company has made strategic investments in related companies, including investing approximately INR 1.8-1.9 crores in HM Power, an associate engaged in manufacturing aluminum conductors and cables.
- Capacity expansion plans include increasing production in electrodes, MIG wire, flux-cored wire, and ERC (Elastic Railway Clips) businesses depending on market response.
- Flux-cored wire capacity utilization is expected to improve, targeting turnover of INR 25-30 crores at full capacity.
2 more points from Classic Electrod's call on capex
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FundraisingQ4 FY26 call
See what Classic Electrod said on fundraising — free account, 30 seconds.
Order bookQ4 FY26 call
- Management mentioned ongoing discussions about potential new announcements regarding company developments, which may include orders.
- There is an emphasis on improving corporate governance and timely quarterly disclosures to keep investors informed.
- Management is cautiously optimistic about revenue growth driven by new products like Elastic Railway Clips (ERC) and flux-cored wire.
- External factors such as global geopolitical tensions have affected sales, especially in the last part of FY26.
Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Industrial Products
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Industrial Products companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹532 Cr | 21.2 | |
| 2 | 40%+ | Up 2%+ | ₹450 Cr | 13.2 | |
| 3 | 40%+ | Up 2%+ | ₹371 Cr | 26.1 | |
| 4 | 40%+ | Up 0–2% | ₹1,340 Cr | 32.9 | |
| 5 | 40%+ | Up 0–2% | ₹1,196 Cr | 14.1 | |
| 6 | 40%+ | Flat | ₹966 Cr | 25.0 |
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Pro shows every company guiding 40%+ revenue growth →Full Industrial Products rankingFinancials of Classic Electrod
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Classic Electrod
Quarterly Results
Quarter-by-quarter operating performance
Financials of Classic Electrod
Profit & Loss
Annual income statement trend
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Feb 2025 11m | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Sales + | 83 | 90 | 134 | 151 | 194 | 188 | 206 | 243 |
| Expenses + | 78 | 85 | 128 | 142 | 173 | 168 | 184 | 220 |
| Operating Profit | 6 | 5 | 6 | 8 | 21 | 19 | 22 | 23 |
| OPM % | 7% | 5% | 4% | 6% | 11% | 10% | 11% | 9% |
| Other Income + | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 1 |
| Interest | 3 | 3 | 3 | 4 | 5 | 5 | 5 | 4 |
| Depreciation | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 3 |
| Profit before tax | 2 | 2 | 2 | 3 | 15 | 13 | 15 | 17 |
| Tax % | 25% | 25% | 27% | 25% | 34% | 26% | 22% | 26% |
| Net Profit + | 2 | 1 | 1 | 2 | 10 | 10 | 12 | 13 |
| EPS in Rs | 3.35 | 2.33 | 2.75 | 3.94 | 18.11 | 7.25 | 8.81 | 7.04 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Classic Electrod
Balance Sheet
Capital structure and asset base
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Feb 2025 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 5 | 5 | 5 | 5 | 5 | 13 | 13 | 18 |
| Reserves | 14 | 15 | 14 | 16 | 28 | 30 | 32 | 77 |
| Borrowings + | 9 | 19 | 39 | 43 | 46 | 54 | 54 | 20 |
| Other Liabilities + | 26 | 21 | 16 | 12 | 13 | 19 | 16 | 19 |
| Total Liabilities | 54 | 60 | 75 | 77 | 92 | 116 | 115 | 134 |
| Fixed Assets + | 12 | 15 | 13 | 17 | 16 | 17 | 17 | 31 |
| CWIP | 0 | 0 | 4 | 0 | 0 | 0 | 0 | 0 |
| Investments | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 2 |
| Other Assets + | 41 | 44 | 58 | 60 | 76 | 99 | 98 | 101 |
| Total Assets | 54 | 60 | 75 | 77 | 92 | 116 | 115 | 134 |
Financials of Classic Electrod
Cash Flows
Operating, investing and financing cash movement
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Feb 2025 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 3 | -4 | 8 | 2 | 3 | 1 | 8 | 19 |
| Cash from Investing Activity + | -1 | -4 | -4 | -2 | -1 | -3 | -11 | -15 |
| Cash from Financing Activity + | -1 | 8 | -4 | 0 | -2 | 2 | 4 | -1 |
| Net Cash Flow | 0 | 0 | -0 | 0 | -0 | 0 | -0 | 3 |
| Free Cash Flow | 1 | -8 | 3 | -0 | 2 | -2 | 4 | 2 |
| CFO/OP | 53% | -72% | 139% | 25% | 18% | 16% | 52% | 81% |
Financials of Classic Electrod
Ratios
Working capital efficiency and return ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Feb 2025 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 102 | 83 | 75 | 80 | 64 | 96 | 75 | 72 |
| Inventory Days | 54 | 85 | 67 | 58 | 75 | 91 | 86 | 69 |
| Days Payable | 34 | 13 | 33 | 16 | 12 | 33 | 19 | 18 |
| Cash Conversion Cycle | 122 | 155 | 109 | 122 | 127 | 154 | 142 | 122 |
| Working Capital Days | 37 | 77 | 14 | 15 | 35 | 50 | 50 | 85 |
| ROCE % | 12% | 10% | 10% | 29% | 22% | 22% | 19% |
Guidance history
How Classic Electrod's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q4 FY26 call → | 10–20% | Up 2%+ | Planned | — | — |
| Q2 FY26 call → | 10–20% | Up 0–2% | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Continue your research
What Classic Electrod's management said in earlier quarters
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