Elin Electronics (ELIN) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 operating revenue was INR 2,935 million, up 10% year-over-year, led by strong growth in appliances and fans, partially offset by declines in lighting and precision components due to planned maintenance.

• Consolidated EBITDA grew 57% year-over-year to INR 119 million, with PAT up 162% to INR 38 million, despite margin pressure from higher raw material costs.

• Net cash position stood at INR 590 million as of December 2025, with net working capital days at 68, up from 59 days year-over-year.

• Liquidity remains strong, and working capital days are expected to normalize soon.

• Full utilization of IPO proceeds for debt repayment, capex, and general corporate purposes as of December 31, 2025.

Financial highlights

• Q3 FY26 revenue: INR 2,935 million, up 10% year-over-year; 9MFY26 revenue: INR 9,635 million, up 10% year-over-year.

• Q3 consolidated EBITDA: INR 119 million, up 57% year-over-year; Q3 PAT: INR 38 million, up 162% year-over-year.

• Q3 tax expense: INR 3.8 crores vs INR 1.4 crores last year.

• Exceptional items of INR 9 million due to new labour code provisions.

• CapEx for nine months FY26: INR 24.5 crores.

Outlook and guidance

• FY26 revenue growth guidance is 9%-10%, led by Home Appliances, Fans, and Motors, with potential resumption of US exports.

• EBITDA margin forecast for the year is 5.3%-5.8%, with higher margins expected from export sales.

• CapEx for FY26 projected at INR 1,050 million, mainly for the new Bhiwandi/Bhiwadi plant and business expansion.

• Bhiwandi/Bhiwadi plant expected operational by May 2026, with revenue potential of INR 550-600 crores at steady state.

• Targeting net working capital days of 45-50, with improvements from inventory and payables management.