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Swing Capital

Esab India Ltd

NSE: ESABINDIA BSE: 500133

ESAB India Ltd is a leading supplier of welding and cutting products in India. It is a subsidiary of ESAB Group which was ultimately owned by the Colfax Corporation of USA.[1]

₹6,517
52W: ₹4710 — ₹7325
PE 51.3 · Book ₹271 · +2305% vs book
Market Cap₹10,032 Cr
Stock P/E51.3Price to Earnings
ROCE70%Return on Capital
ROE52.3%Return on Equity
Div. Yield1.01%Face Value ₹10

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company has delivered good profit growth of 19.7% CAGR over last 5 years
  • +Company has a good return on equity (ROE) track record: 3 Years ROE 54.1%
  • +Company has been maintaining a healthy dividend payout of 82.9%

Weaknesses

  • −Stock is trading at 23.9 times its book value

Shareholding Pattern

Promoters73.72%
FIIs1.56%
DIIs12.88%
Public11.84%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters73.72%73.72%73.72%73.72%73.72%73.72%73.72%73.72%
FIIs1.54%1.66%▲0.11.84%▲0.21.79%▼0.11.56%▼0.21.53%▼0.01.51%▼0.01.56%▲0.1
DIIs13.03%13.03%13.1%▲0.112.87%▼0.212.82%▼0.012.77%▼0.112.93%▲0.212.88%▼0.0
Public11.69%11.59%▼0.111.33%▼0.311.6%▲0.311.89%▲0.311.98%▲0.111.84%▼0.111.84%

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales303301341330339337368352382379
Expenses249248279268277282302293309303
Operating Profit54546262615566597276
OPM %18%18%18%19%18%16%18%17%19%20%
Net Profit38384444434047417943
EPS ₹24.9524.6528.7528.8828.0426.2330.8126.651.4527.93

AI Insights

Revenue Trend

TTM revenue at ₹1,480Cr, up 7.8% YoY. OPM at 18%.

Debt Position

Borrowings at ₹4Cr. Debt-to-equity ratio: 0.01x. Healthy balance sheet.

Capex Cycle

CWIP at ₹5Cr (4% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 12.88% (-0.13pp change). FIIs: 1.56% (+0.61pp change). Promoters hold 73.72%.

Margin & Efficiency

ROCE improving from 19% (Dec 2013) to 70% (Mar 2025). Working capital days: 26.

Valuation

PE 51.3x with 70% ROCE. Price is 2305% above book value of ₹271. Dividend yield: 1.01%.

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