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Swing Capital

Elpro International Ltd

NSE: ELPROINTL BSE: 504000Infra

Elpro International Limited is engaged in manufacturing surge arresters, construction and development of real estate properties, equity investment in third parties and windmill operations. [1]

₹164
52W: ₹71.2 — ₹171
PE 83.7 · Book ₹124 · +32% vs book
Market Cap₹2,786 Cr
Stock P/E83.7Price to Earnings
ROCE4.08%Return on Capital
ROE1.64%Return on Equity
Div. Yield0.43%Face Value ₹1

Weaknesses

  • −Company has low interest coverage ratio.
  • −Tax rate seems low
  • −Company has a low return on equity of 2.23% over last 3 years.
  • −Earnings include an other income of Rs.86.4 Cr.

Shareholding Pattern

Promoters75%
FIIs7.99%
DIIs0.01%
Public17.01%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters75%75%75%75%75%75%75%75%
FIIs11.22%10.45%▼0.88.47%▼2.07.8%▼0.78.36%▲0.68.25%▼0.18.22%▼0.07.99%▼0.2
DIIs0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%
Public13.77%14.54%▲0.816.52%▲2.017.19%▲0.716.63%▼0.616.73%▲0.116.78%▲0.117.01%▲0.2

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales28.3529.1227.64113.7127.7839.4737.5339.3232.559.67
Expenses16.7518.6316.77102.5218.926.8127.2529.0423.7339.16
Operating Profit11.610.4910.8711.198.8812.6610.2810.288.7720.51
OPM %40.92%36.02%39.33%9.84%31.97%32.07%27.39%26.14%26.98%34.37%
Net Profit4.6622.236.5322.5210.24-1.5221.031.355.45.49
EPS ₹0.271.310.391.330.6-0.091.240.080.320.32

AI Insights

Revenue Trend

Mar 2026 revenue at ₹169Cr, down 19.1% YoY. OPM at 28%.

Debt Position

Borrowings at ₹1,077Cr. Debt-to-equity ratio: 0.52x. Moderate leverage.

Capex Cycle

CWIP at ₹31Cr (5% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0.01% (+0.00pp change). FIIs: 7.99% (-4.43pp change). Promoters hold 75%.

Margin & Efficiency

ROCE declining from 6% (Mar 2015) to 4% (Mar 2026). Working capital days: -992.

Valuation

PE 83.7x with 4.08% ROCE. Price is 32% above book value of ₹124. Dividend yield: 0.43%.

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