Elin Electronics Ltd(ELIN)

NSE: ELINBSE: 543725

₹ 69.27-4.06%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 344 crNext results: 5 Nov 2026Website: www.elinindia.comUpdated: 24 Oct 2026

About

Elin Electronics is a Delhi-NCR based electronics manufacturing services (EMS) company founded in 1969 by the Sethia family. It makes home and small appliances, personal care products, lighting, fans, switches, fractional horsepower (FHP) motors, medical diagnostic cartridges and moulded and sheet-metal components, working under both OEM and ODM models. It describes itself as India's largest FHP motor manufacturer. Revenue was Rs 1287.73 crore in FY26.^[1][2][3]

Business segments

Small appliances revenue was INR 4,059 million in FY26, up from INR 2,859 million in FY25.^[4]
FHP motors revenue was INR 2,262 million in FY26, down from INR 2,466 million in FY25.^[4]
Lighting revenue was INR 1,652 million in FY26, down from INR 2,147 million in FY25.^[4]
Fans revenue was INR 1,072 million in FY26, up about 79.56% from INR 597 million in FY25, driven by BLDC ceiling fan volumes.^[4][2]
Medical diagnostic cartridge revenue was Rs 395 million in FY26, up from Rs 204 million in FY25, with high capacity utilisation.^[2]
By geography, India revenue was Rs 12,755.73 million in FY26 vs Rs 11,765.22 million in FY25; outside India was Rs 119.79 million vs Rs 36.40 million.^[2]

Products and business model

Products span home and small appliances, personal care, lighting, fans, switches, FHP motors, medical diagnostic cartridges, moulded and sheet-metal components (FY26).^[2]
Small appliances include kettles, mixer grinders, irons, toasters, hair dryers and trimmers (FY25).^[1]
Works under OEM and ODM models, with customers selling products under their own brands; ODM was about 25% of the appliances segment in H1 FY26.^[2][5]
FHP motors are sold to third parties under the flagship 'Elin' brand and also used captively in its own appliances and fans (FY26).^[2]
Medium-sized appliances (air fryers, OTGs, chimneys, coolers) sell at ₹2,100 - 5,000 per unit, against ₹300 - 600 for current products (FY25).^[1]
Battens make up about 50%+ of lighting revenue; monthly volume was about 10-12 lakh units at around Rs 65 each before the planned scale-down from August 2026 (Q1 FY27).^[6]
Says it is the only company in India doing complete local fin assembly for OFR heaters, giving a 6-8% edge over imports; in-house parts give chimneys at least a 5% price advantage (FY26).^[2]
Wholly-owned subsidiary Elin Appliances Private Limited makes home appliances, personal care products and electric components (FY26).^[2]

Plants and operations

Ghaziabad, UP (est. 1970, 19,869 sq. m) is the main hub for FHP motors, LED lighting, fans and switches, and holds all TPW fan manufacturing (FY26).^[2]
The Ghaziabad plant is the largest and accounts for about 65-70% of turnover (Q1 FY27).^[6]
Baddi, HP (est. 2004, 20,882 sq. m) makes small home appliances and personal care products (FY26).^[2]
Verna, Goa (est. 1995, 7,500 sq. m) makes medical diagnostic cartridges under an exclusive partnership with Molbio (FY26).^[2]
Runs 10 fully automated SMT lines with capacity of up to 600,000 components per hour (FY26).^[2]
Injection moulding presses range from 50 to 700 tonnes, with 1,200-tonne machines planned at the new facility (FY26).^[2]
Motor plant utilisation, counting captive and third-party use, was about 75-80% in H1 FY26.^[5]
Key raw materials are copper, steel, aluminium, imported electronic components and crude-linked polymers; commodity price changes are passed to customers (FY26).^[2]

Key operating numbers

Fans revenue rose from Rs 27.8 crores in Q1 FY26 to Rs 43 crores in Q1 FY27, led by BLDC ceiling fans.^[6]
Kitchen and home care revenue rose from Rs 42.4 crores in Q1 FY26 to Rs 73.2 crores in Q1 FY27; personal care grew 43% over the same period.^[6]
FHP motors revenue fell to INR 456 million in Q1 FY27 from INR 614 million in Q1 FY26 after price hikes led some customers to defer orders.^[6]
Gross margin fell about 390 bps in Q4 FY26 on polymer prices, the rupee and a UP minimum wage hike, and by about 640 bps year on year in Q1 FY27.^[2][6]
Net working capital was about 54 days in Q1 FY27, against about 59 days in Q4 FY26; the target is about 50 days.^[6][2]
Kitchen and home care revenue was INR 768 million in Q3 FY26 vs INR 232 million in Q3 FY25, driven by OFR heaters.^[7]

Customers and distribution

Had 300 clients per the FY26 annual report, including Signify, Versuni/Philips, Bosch, Havells, Panasonic, Usha, Eveready, Crompton, Molbio, Faber, Denso, Preethi, Maharaja Whiteline and IFB.^[2]
Two customers made up about 35% of revenue, approximately Rs 4,110 million (FY26).^[2]
Anchor accounts Signify, Philips and Versuni made up about 43% of revenue as of H1 FY26, down from about 55-56% three to five years earlier.^[5]
10 of its top 15 clients have been with the company for over a decade (FY25).^[1]
Five new lighting customers made up about 50% of monthly lighting revenue as of Q3 FY26 and are expected to contribute Rs 150-170 crore in FY27.^[7][2]
US recreational-vehicle fan exports were suspended in August 2025 on tariffs and resumed in May 2026.^[2]
In Q1 FY27 the company was in talks with Eveready, a 20-year supplier relationship, to supply downlights and emergency lights.^[6]

Expansion and capex

The Bhiwadi plant for medium appliances began construction in July 2025; the Rs 100 crore project is internally funded, with targeted ROCE of 20% and EBITDA of 7-7.5%.^[5][2]
Bhiwadi capex of INR 260 million, excluding land, was in CWIP at end-FY26. FY27 capex is planned at about Rs 70 crore: Bhiwadi 45, existing operations 25.^[4][2]
Bhiwadi commissioning moved from March 2026 to July-August 2026; commercial production starts in Q2 FY27 with OFR, chimneys the next quarter; FY27 revenue guide cut to Rs 70-90 crores from about Rs 140 crores.^[2][6]
Bhiwadi's steady-state revenue potential is reaffirmed at INR 550-600 crores (Q1 FY27).^[6]
Machinery has been ordered for a 15-18% output expansion at the Goa medical cartridge site, which ran at full capacity of about INR 9-9.5 crores per quarter (Q2 FY26).^[2][5]
Air fryers and kettles are to be added as product categories in the coming months (Q1 FY27).^[6]
Cooler and BLDC chimney motors are planned for FY27; washing machine and AC motor trial lines are running ahead of BIS restrictions from August-September 2026.^[7][2]

Recent developments

The Chief Executive Officer resigned with effect from February 11, 2026, and the promoter family took direct charge.^[2]
A fire at the Ghaziabad plant in late May 2026 hit induction motor capacity; Rs 24.6 crores was provisioned and an insurance claim is being filed, with recovery expected in 4-5 months (Q1 FY27).^[6]
A minimum wage hike of almost 25% in Ghaziabad took effect in April 2026; the company aims to pass 50-60% of it to customers over 3-4 months (Q1 FY27).^[6]
From August 2026, batten production is being scaled down until pricing improves, giving up about Rs 6.5 crores of monthly revenue.^[6]
FY27 revenue is guided at about Rs 1,375 crores, down from the earlier guide of about 15% growth; EBITDA margin guidance is withheld (Q1 FY27).^[6]
Synchronous motor and terminal block sales fell after customers shut production in March 2026 during a war-related gas crisis.^[4]

Market Cap

₹344 Cr

High / Low

₹223 / 68

Stock P/E

-42.2

Price / Book

0.6

Book Value

₹112

EPS

₹4.5

No. of Shares

4.97 Cr

ROCE

6.9%

ROE

4.1%

OPM

3.0%

Debt / Equity

0.03

Sales

₹1,288 Cr

Net Profit

₹23 Cr

Promoter holding

33.0%

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