Elin Electronics Ltd, incorporated in 1982, is a prominent player in the Electronics Manufacturing Services (EMS) industry, trading on NSE under the symbol ELIN and BSE under code 543725. The company is part of the Elin group run by the Sethia family, which held 57.4% shareholding in the company as of December 31, 2022. Originally established as Elin Electronics Private Limited on March 26, 1982, with registration from the RoC, West Bengal at Kolkata, the company's legal structure was changed to Public Limited Company on July 27, 1987, and renamed to Elin Electronics Limited.
Elin Electronics is engaged in the business of Electronics Manufacturing Services (EMS) with end-to-end product solutions for major brands of lighting, fans, and small/kitchen appliances in India, and is one of the largest fractional horsepower motors manufacturers in India. The company began operations by manufacturing electric motors and diversified into making tape recorders, currently manufacturing universal motors, FHP motors, electrical appliances, LEDs, fans, etc.
The company's capabilities include development and engineering, electronics manufacturing services, motors manufacturing, tools manufacturing, press shop, injection molding and die casting. It is a one-stop solution provider of diverse offerings including EMS, design and manufacturing of electric motors, tools/molds/dies, domestic kitchen appliances, personal care products, lighting products and automotive components. The company provides design and manufacturing services for electric motors, tools, moulds, dies, kitchen appliances, personal care and lighting products, and automotive components both in India and internationally. Their product range includes LED fittings fixture, solar device, LED flashlights, fans, light fitting/switch, mixer grinder, bar blender, hair straightener and dryer, trimmer, iron, toasters, hand blender, wet grinder, chimney, air conditioner, heat convector, and TPW fans.
The company serves under both original equipment manufacturer (OEM) and original design manufacturer (ODM) business models. Under the OEM model, it manufactures and supplies products based on designs developed by customers, who then distribute these products under their own brands. Under the ODM model, it conceptualizes and designs products which are then marketed to customers' prospective customers under their brands. The company manufactures fractional horsepower (FHP) motors, catering to diverse products such as mixer grinders, hand blenders, ventilation fans, kitchen chimneys, air conditioners and air cooling systems.
As of May 26, 2025, the market cap of Elin Electronics Ltd stood at ₹877.23 Crore. The company has a market cap of ₹880 Crore (down -15.2% in 1 year) with revenue of ₹1,180 Crore and profit of ₹29.3 Crore. The company has an operating revenue of ₹1,180.21 Crore on a trailing 12-month basis.
- Q3 FY25 Results: Net profit declined 46.97% to ₹1.40 Crore (vs. ₹2.64 Crore in Q3 FY24). Sales rose 12.38% to ₹260.08 Crore (vs. ₹231.42 Crore in Q3 FY24).
- Q2 FY25 Results: Net profit rose 21.94% to ₹4.78 Crore (vs. ₹3.92 Crore in Q2 FY24).
- FY24 Annual Performance: Revenues stood at ₹10,508 million, down -2.5% compared to ₹10,777 million in FY23. Net profit for the year declined by 48.2% YoY. Net profit margins declined from 2.5% in FY23 to 1.3% in FY24.
- Market Capitalization: ₹877.23 Crore (as of May 26, 2025)
- Trailing 12-Month Revenue: ₹1,180.21 Crore
- Trailing 12-Month Profit: ₹29.3 Crore
- PE Ratio (May 26, 2025): 59.02
- PB Ratio (May 26, 2025): 0.56
- Dividend Yield: 0.73%
- 52-Week Range: High ₹281.95, Low ₹108.65
- Promoter Holding: 33.0% (decreased by -0.43% over the last quarter)
Promoter Holding: 33.0%, showing a change from the earlier reported promoter holding that has decreased over the last quarter by -0.43%. This indicates evolving ownership patterns within the company structure.
ELIN Electronics has added two new lighting business customers post exclusivity with Signify India, indicating expansion in the lighting segment. The company will release its next earnings report on August 05, 2025.
The company shows an annual revenue growth of 14% which is considered good, though the pre-tax margin of 3% needs improvement, and ROE of 5% is fair but needs improvement. The company is debt-free and has a strong balance sheet enabling it to report stable earnings growth across business cycles. However, the company has delivered a poor sales growth of 8.48% over the past five years.
Elin Electronics continues to navigate the competitive electronics manufacturing landscape while focusing on expanding its customer base and improving operational efficiency. The company's diversified product portfolio and debt-free status provide a solid foundation for future growth, though recent financial performance indicates the need for strategic improvements to enhance profitability margins.
