Elin Electronics Ltd - Stock Valuation and Financial Performance

BSE: 543725 | NSE: ELIN | Engineering - Industrial Equipments | Small Cap

Elin Electronics Share Price

133 -3.70 -2.71%
as on 28-Mar'24 16:01

DeciZen - make an informed investing decision on Elin Electronics

Overall Rating
Bole Toh

1. Quality

2. Valuation

Fair

3. Price Trend

Elin Electronics stock performance -

mw4me loader
P/E Ratio (SA):
64.10
Market Cap:
678.8 Cr.
52-wk low:
116.7
52-wk high:
194.2

Is Elin Electronics Ltd an attractive stock to invest in?

1. Is Elin Electronics Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Elin Electronics Ltd is a average quality company.

2. Is Elin Electronics Ltd undervalued or overvalued?

The key valuation ratios of Elin Electronics Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

3. Is Elin Electronics Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Elin Electronics Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Elin Electronics:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Elin Electronics Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 15.4%14%15.6%10.6%10.4%10.7%9.1%12.5%12.8%7.4%-
Value Creation
Index
0.1-00.1-0.2-0.3-0.2-0.4-0.1-0.1-0.5-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 375392475438494618611712892867825
Sales YoY Gr.-4.6%21.2%-7.8%12.8%25%-1%16.4%25.2%-2.8%-
Adj EPS 3.13.14.73.33.43.93.16.47.54.22.1
YoY Gr.-1%49.5%-29.9%4.6%13.8%-19.6%106.4%16%-43.4%-
BVPS (₹) 20.323.32831.334.838.738.34855.88586.1
Adj Net
Profit
11.611.717.612.312.914.713.327.431.82111
Cash Flow from Ops. 9.521.416.73643.815.459.8-25.87250.2-
Debt/CF from Ops. 4.52.14.21.61.451.1-3.91.21.3-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 9.8%11.9%12.4%-2.8%
Adj EPS 3.6%4.4%10.7%-43.4%
BVPS17.2%19.5%30.5%52.2%
Share Price - - - 7.8%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
16.414.218.11110.310.68.614.914.46.42.5
Op. Profit
Mgn %
7.57.68.38.17.66.97.37.87.66.33.9
Net Profit
Mgn %
3.133.72.82.62.42.23.93.62.41.3
Debt to
Equity
0.60.50.70.50.50.50.40.50.40.2-
Working Cap
Days
1041119710811111011411410911680
Cash Conv.
Cycle
4650505853495360605949

Recent Performance Summary

Sales growth is growing at healthy rate in last 3 years 12.35%

Net Profit is growing at healthy rate in last 3 years 10.68%

Return on Equity has declined versus last 3 years average to 2.50%

Sales growth is not so good in last 4 quarters at -7.66%

Latest Financials - Elin Electronics Ltd.

Standalone Consolidated
TTM EPS (₹) 2.1 2.4
TTM Sales (₹ Cr.) 825 1,033
BVPS (₹.) 86.1 100.7
Reserves (₹ Cr.) 403 475
P/BV 1.59 1.36
PE 64.10 56.88
From the Market
52 Week Low / High (₹) 116.70 / 194.20
All Time Low / High (₹) 116.70 / 244.75
Market Cap (₹ Cr.) 679
Equity (₹ Cr.) 24.8
Face Value (₹) 5
Industry PE 45.7

Management X-Ray of Elin Electronics:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Elin Electronics

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Sales375392475438494618611712892867
Operating Expenses 347362436403457575567657824812
Manufacturing Costs37434847455149495759
Material Costs269276338305345443421510653632
Employee Cost 3535404359718490104106
Other Costs 6898810148916
Operating Profit 28303935384244556755
Operating Profit Margin (%) 7.5%7.6%8.3%8.1%7.6%6.9%7.2%7.8%7.6%6.3%
Other Income 1111111202
Interest 89999111091213
Depreciation 79911121418101316
Exceptional Items 0000000000
Profit Before Tax 14142316171817384328
Tax 225443410117
Profit After Tax 12121813131513283221
PAT Margin (%) 3.1%3.0%3.7%2.9%2.7%2.4%2.1%3.9%3.6%2.4%
Adjusted EPS (₹)3.13.14.73.33.53.93.16.67.54.3
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%13%23%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund 7788106118131146163204238422
Share Capital 666666772125
Reserves 708299112125140156197216397
Minority Interest0000000000
Debt38426156597355826946
Long Term Debt4122531323939373340
Short Term Debt3430362528341645367
Trade Payables363335396073558681102
Others Liabilities 20221810252933423950
Total Liabilities 171184219223276321306414428621

Fixed Assets

Gross Block113111135157173198226238275320
Accumulated Depreciation726269788998113102114121
Net Fixed Assets414866798499113136161199
CWIP 0010200000
Investments 22221212164328
Inventories3746444153656694104102
Trade Receivables605480788310676152122144
Cash Equivalents 3332112435100
Others Assets30312422313532253347
Total Assets 171184219223276321306414428621

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity 9211736441560-267250
PBT 14142316171817384328
Adjustment 14171719202432182427
Changes in Working Capital -16-5-19510-2315-76164
Tax Paid -3-4-4-4-3-4-4-6-12-9
Cash Flow From Investing Activity -8-17-27-23-30-27-32-3-36-188
Capex -8-17-27-23-19-27-31-17-37-42
Net Investments 0000-110-2141-147
Others 0000001001
Cash Flow From Financing Activity -2-410-14-53-2828-34135
Net Proceeds from Shares 000000000175
Net Proceeds from Borrowing 0813517037-16-21
Interest Paid -7-8-9-9-9-11-10-9-12-13
Dividend Paid 000000000-4
Others 6-46-1126-170-6-3
Net Cash Flow -100-19-80-12-4
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)16.6114.2918.2711.1710.5110.638.4415.1914.46.41
ROCE (%)19.7717.6720.7114.514.214.0112.1817.517.5610
Asset Turnover Ratio2.542.382.682.22.032.071.951.982.121.65
PAT to CFO Conversion(x)0.751.750.942.773.3814.62-0.932.252.38
Working Capital Days
Receivable Days51494759585654585656
Inventory Days32363132343539414143
Payable Days48463644535555504753

Elin Electronics Ltd Stock News

Elin Electronics Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Elin Electronics on 28-Mar-2024 16:01 is ₹133.0.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 28-Mar-2024 16:01 the market cap of Elin Electronics stood at ₹678.8.
The latest P/E ratio of Elin Electronics as of 28-Mar-2024 16:01 is 64.10.
The latest P/B ratio of Elin Electronics as of 28-Mar-2024 16:01 is 1.59.
The 52-week high of Elin Electronics is ₹194.2 and the 52-week low is ₹116.7.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Elin Electronics is ₹824.9 ( Cr.) .

About Elin Electronics Ltd

Elin Electronics Limited was originally incorporated on March 26, 1982 at Kolkata, West Bengal as a private limited company under the Companies Act, 1956, with the name ‘Elin Electronics Private Limited’ pursuant to a certificate of incorporation granted by the Registrar of the Companies, West Bengal at Kolkata (“RoC”). Subsequently, the name of the Company was changed to ‘Elin Electronics Limited’ upon conversion of the Company into a public company pursuant to a special resolution passed by the shareholders on July 27, 1987 and the certificate of incorporation was amended by the RoC consequent upon change of name on conversion to public limited company on November 22, 1987.

Elin Electronics is a leading electronics manufacturing services (EMS) manufacturer of end-to-end product solutions for major brands of lighting, fans, and small/ kitchen appliances in India, and is one of the largest fractional horsepower motors manufacturers in India. In addition, it is one of the key players in LED lighting and flashlight and is also one of the key players in small appliances vertical. The company manufactures and assembles a wide array of products and provides end-to-end product solutions. It serves under both original equipment manufacturers (OEM) and original design manufacturer (ODM) business models. Under the OEM model, it manufactures and supply products basis designs developed by its customers, who then further distribute these products under their own brands. Under the ODM model, in addition to manufacturing, it conceptualizes and designs the products which are then marketed to its customers’ prospective customers under their brands. It has developed ODM capabilities with respect to lighting products and small appliances.

Business area of the company

The company’s key diversified product portfolio in EMS includes (i) LED lighting, fans and switches including lighting products, ceiling, fresh air and TPW fans, and modular switches and sockets; (ii) small appliances such as dry and steam irons, toasters, hand blenders, mixer grinders, hair dryer and hair straightener; (iii) fractional horsepower motors, which is used in mixer grinder, hand blender, wet grinder, chimney, air conditioner, heat convector, TPW fans etc.; and (iv) other miscellaneous products such as terminal block for air conditioners, stainless steel blade for mixer grinders, die casting, radio sets. In addition to its EMS offerings, it also manufactures medical diagnostic cartridges for use in diagnostic devices, and plastic moulded and sheet metal parts and components, largely for customers in the auto ancillary and consumer durables sectors. It manufactures and sells fractional horsepower motors in its own brand name “Elin”. The company offers innovative solutions to its customers, which include leading international and national consumer electronics brands. Its comprehensive solution suite includes global sourcing, fabrication of components and parts, captive manufacturing and assembly, quality testing, packaging and logistics support, which enables it to partner with leading consumer electronics and appliances brands in India.

Key Awards, Accreditations and Recognition

  • 2014: 2013 Regional Cooperation Award by Denso Corporation.
  • 2014: Bronze Supplier Award by IFB Appliances.
  • 2014: Certificate of Appreciation presented by Denso Haryana Private Limited in the category of “Regional Best Supplier”.
  • 2016: Certificate of Appreciation by IFB Appliances in recognition of Company’s Unflinching Support”.
  • 2016: ELCINA-EFYGROUP award for Excellence in Electronics.
  • 2018: Customer First Award presented by Philips at the Philips Lightning Supplier Event India.
  • 2018: Best Supplier Quality Award - Certificate of Appreciation, presented by Daikin Airconditioning India Private Limited, in recognition of outstanding efforts to achieve “Quality Target for FY 2017”.
  • 2022: Appreciation certificate for achieving the stable quality in selected parts from Direct on Line Business Partner from Denso.

Major events and milestones

  • 1969: Establishment of ‘Electronic Industries of India’.
  • 1996: Established plants in Goa for manufacturing appliances for Philips.
  • 2001: Diversified into various categories of motors and started manufacturing luminaires for Philips.
  • 2004: Inaugurated a plant in Baddi for manufacturing appliances.
  • 2007: Manufactured flashlights for Eveready.
  • 2019: Commenced production of fans.
  • 2019: Commenced production of medical diagnostic cartridges.
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