Elin Electronics (ELIN) Q4 24/25 earnings summary

Executive summary

• Achieved record quarterly and annual results since IPO, with strong revenue, EBITDA, and PAT growth in Q4 FY25, driven by robust performance in fans, home appliances, and motors, despite weakness in LED lighting.

• Operational efficiency initiatives and automation drove significant cost savings and margin expansion.

• Maintains a leading position in EMS, serving marquee clients across lighting, fans, home appliances, and motors, with a highly integrated manufacturing base.

• Audited standalone and consolidated financial results for FY25 were approved with unmodified opinions from statutory auditors.

• No deviation or variation in the utilization of IPO proceeds was reported for FY25.

Financial highlights

• Q4 FY25 operating revenue: INR 315.7 crores (INR 3,157 million), up 14% YoY and 19% QoQ; FY25 consolidated revenue: INR 1,180 crores (INR 11,802 million), up from INR 10,417 million in FY24.

• Q4 consolidated EBITDA: INR 20.3 crores (INR 203 million, 6.4% margin), up ~63% YoY; FY25 EBITDA: INR 52 crores (INR 524 million, 4.4% margin).

• Q4 profit after tax: INR 17.2 crores (INR 172 million), up ~387% YoY, including INR 7.5 crores (INR 75 million) from subsidiary share sale.

• Net cash position: INR 75 crores (INR 748 million) as of March 2025; net working capital days stable at ~52.

• Standalone and consolidated net profit for FY25: INR 201.72 million and INR 293.22 million, respectively, both up significantly YoY.

Outlook and guidance

• FY26 revenue guidance: INR 1,350–1,400 crores (15–18% growth); EBITDA margin: 6–6.5%.

• CapEx for FY26: INR 100–125 crores (INR 1,000–1,250 million), with major investment in new Bhiwadi plant and scaling existing business.

• Targeting 7–7.5% EBITDA margin by FY27 and ROCE of 20% pre-tax at Bhiwadi plant.

• Working capital cycle targeted to improve to 40–45 days.

• Ongoing investments in technology and capacity to enhance profitability.