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Swing Capital

Diffusion Engineers Ltd

NSE: DIFFNKG BSE: 544264

Incorporated in 1982, Diffusion Engineers Ltd manufactures welding consumables, wear plates and wear parts, and heavy engineering machinery[1]

₹315
52W: ₹217 — ₹418
PE 26 · Book ₹103 · +206% vs book
Market Cap₹1,178 Cr
Stock P/E26Price to Earnings
ROCE15.2%Return on Capital
ROE12.2%Return on Equity
Div. Yield0.48%Face Value ₹10

Strengths

  • +Company is almost debt free.
  • +Company has delivered good profit growth of 34.0% CAGR over last 5 years

Weaknesses

  • −Company has a low return on equity of 12.4% over last 3 years.
  • −Earnings include an other income of Rs.18.5 Cr.

Shareholding Pattern

Promoters69.76%
FIIs0.41%
DIIs8.13%
Public20.9%
CategoryDec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters69.7%69.7%69.7%69.7%69.7%69.76%▲0.1
FIIs1.38%0.02%▼1.40.67%▲0.70.57%▼0.10.14%▼0.40.41%▲0.3
DIIs8.56%8.98%▲0.47.92%▼1.17.5%▼0.46.8%▼0.78.13%▲1.3
Public20.36%21.31%▲0.921.71%▲0.422.23%▲0.522.55%▲0.320.9%▼1.7

Financial Statements

MetricJun 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales6169677474101738088113
Expenses54605963658765697698
Operating Profit798119149111215
OPM %11%13%12%15%12%13%12%14%13%14%
Net Profit57696121410912
EPS ₹12.552.662.313.111.713.223.792.652.363.12

AI Insights

Revenue Trend

Mar 2026 revenue at ₹354Cr, up 12% YoY. OPM at 13%.

Debt Position

Borrowings at ₹27Cr. Debt-to-equity ratio: 0.08x. Healthy balance sheet.

Capex Cycle

CWIP at ₹22Cr (20% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 8.13% (-0.43pp change). FIIs: 0.41% (-0.97pp change). Promoters hold 69.76%.

Margin & Efficiency

ROCE improving from 0% (Mar 2018) to 15% (Mar 2026). Working capital days: 117.

Valuation

PE 26x with 15.2% ROCE. Price is 206% above book value of ₹103. Dividend yield: 0.48%.

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