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Swing Capital

Electrotherm (India) Ltd

NSE: ELECTHERM BSE: 526608Metal

Incorporated in 1983, Electrotherm Ltd is in the business of Engineering & Technologies, Special Steel and Electric Vehicles[1]

₹706
52W: ₹550 — ₹1280
PE 18.3 · Book ₹85.4 · +727% vs book
Market Cap₹900 Cr
Stock P/E18.3Price to Earnings
ROCE32.5%Return on Capital
ROE0%Return on Equity
Div. Yield0%Face Value ₹10

Strengths

  • +Company has reduced debt.
  • +Company has delivered good profit growth of 103% CAGR over last 5 years

Weaknesses

  • −Company has low interest coverage ratio.
  • −The company has delivered a poor sales growth of 7.73% over past five years.
  • −Promoter holding is low: 29.9%
  • −Contingent liabilities of Rs.407 Cr.
  • −Earnings include an other income of Rs.112 Cr.

Shareholding Pattern

Promoters29.9%
FIIs5.86%
DIIs0.8%
Public63.45%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters31.04%30.69%▼0.329.9%▼0.829.9%29.9%29.9%29.9%29.9%
FIIs4.99%4.81%▼0.24.61%▼0.24.54%▼0.14.6%▲0.15.06%▲0.55.89%▲0.85.86%▼0.0
DIIs0.08%0.08%0.08%0.39%▲0.31.01%▲0.60.97%▼0.00.85%▼0.10.8%▼0.0
Public63.89%64.43%▲0.565.42%▲1.065.17%▼0.364.49%▼0.764.07%▼0.463.36%▼0.763.45%▲0.1

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales9851,1371,2181,0598141,0811,161834814904
Expenses8941,0111,0869277469731,097782826934
Operating Profit91126131132671086452-12-31
OPM %9%11%11%12%8%10%6%6%-1%-3%
Net Profit68108105109468818528-22-36
EPS ₹53.1184.482.3885.3936.3369.1145.5321.71-17.04-27.86

AI Insights

Revenue Trend

TTM revenue at ₹3,713Cr, down 9.8% YoY. OPM at 2%.

Debt Position

Borrowings at ₹1,107Cr. Debt-to-equity ratio: N/Ax. High leverage — monitor closely.

Capex Cycle

CWIP at ₹114Cr (19% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0.8% (+0.72pp change). FIIs: 5.86% (+0.92pp change). Promoters hold 29.9%.

Margin & Efficiency

ROCE improving from 0% (Mar 2014) to 33% (Mar 2025). Working capital days: -53.

Valuation

PE 18.3x with 32.5% ROCE. Price is 727% above book value of ₹85.4. Dividend yield: 0%.

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