MoneyWorks4Me

Elpro International Ltd (ELPROINTL)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 504000 NSE: ELPROINTL Construction - Real Estate | Small Cap | Elpro International Share Price

₹173.55 -0.20 (-0.12%)

As on 11-Sep'26 16:59

Elpro International Ltd (ELPROINTL)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 504000 NSE: ELPROINTL Construction - Real Estate | Small Cap | Elpro International Share Price

₹173.55 -0.20 (-0.12%)

As on 11-Sep'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹2,941 Cr.
Current Price
₹173.6
52-Week Low / High
₹71 / 183
TTM EPS
₹7.6
TTM Sales
₹567 Cr.
Book Value per Share
₹126.7
P/E Ratio
22.77
Lower than its 5-year historical median
Industry PE
43.4
Price to Book (P/B)
1.37
Higher than its 5-year historical median
Price to Sales (P/S)
5.19
Lower than its 5-year historical median
EV/EBITDA
13.74
Lower than its 5-year historical median
Dividend Yield
0.4%
Profitability Efficiency
Return on Equity (ROE)
3.63%
Outperforms industry median
Return on Capital Employed (ROCE)
5.66%
Outperforms industry median
Return on Assets (ROA)
2.39%
Operating Profit Margin
20.7%
Net Profit Margin
16.94%
Gross Profit Margin
21.6%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
86.23%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
1.74%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
-22.67%
Asset Quality
Promoter Holding
75.00%
Pledged shares (%) of Promoter's holding (%)
77.33%
Reserves
₹2,130 Cr.
Equity
₹17 Cr.
Face Value
₹1
All Time Low / High
₹0.49 / 183.35

Elpro International stock performance

Key Ratios
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Check Before You Invest

Quality

Somewhat Good

Valuation

Fair

Price Trend

Semi Strong
Q.1 Is Elpro International Ltd a good quality company?
Elpro International Ltd is a weak quality company, based on a inconsistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Elpro International Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Elpro International Ltd vs industry peers?
Elpro International Ltd revenue CAGR is 13.72%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Elpro International Ltd?
Promoters hold 75.00% of the Elpro International Ltd, with 77.33% of their stake pledged, indicating high pledge risk.
Q.1 Stock return of Elpro International Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 20.7% based on the current price.

10 Year X-Ray :

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.
Elpro International Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 5.4%7.7%10.2%28.7%8.5%6.6%141.1%4.7%4.8%4.1%-
Value Creation
Index
-0.6-0.5-0.31.1-0.4-0.59.1-0.7-0.7-0.7-

Growth Parameters

Sales 44.852.961.141.211063.272.497.5112209165
Sales YoY Gr.-18%15.5%-32.6%166.7%-42.5%14.7%34.6%15.1%86.2%-
Adj EPS -0.2-0.40.3-0.20.30.412.91.92.72.21.3
YoY Gr.-NANA-180%NA46.4%3039%-85.6%47.3%-21.2%-
BVPS (₹) 9.59.110.313.412.613.572.47491.9115.6124.5
Adj Net
Profit
-3.6-5.64.2-44.7721831.546.536.721
Cash Flow from Ops. 26.834.157.5-76.32515.7-1623011.255.9-
Debt/CF from Ops. 5.55.84.5-2.29.214-0.44.33316.4-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 18.7%13.7%42.4%86.2%
Adj EPS NA50.5%-44.8%-21.2%
BVPS32%55.9%16.9%25.8%
Share Price 20.6% 24.3% 33% 88.7%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
-2.4-3.93-2.22.23.129.82.53.32.11.1
Op. Profit
Mgn %
34.146.562.315.53148.14836.639.32133.4
Net Profit
Mgn %
-8-10.66.8-9.74.311.1301.232.341.417.613
Debt to
Equity
11.41.80.71.110.10.10.20.5-
Working Cap
Days
562540473730239346311570613358346
Cash Conv.
Cycle
16445-707-6-155-118-125-146-19-351

Valuation of Elpro International - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.0077.33
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales455158411106372123229390
Operating Expenses + 3029233576333878149309
Manufacturing Costs23211412571720362728
Material Costs23332221681236
Employee Cost 2222584334
Other Costs 3351812612223841
Operating Profit 1523346333035458081
Operating Profit Margin (%) 33.5%44.1%59.7%15.5%30.4%48.1%48.0%36.8%34.8%20.7%
Other Income + 011120431,273305871
Exceptional Items 0000000000
Interest 1930342629252352567
Depreciation 01112455510
Profit Before Tax -4-81996181,2726610774
Tax -0-00162-221518228
Profit After Tax -4-70834201,057488566
PAT Margin (%) -8.3%-14.4%0.8%201.3%3.6%31.3%1,459.2%38.9%37.4%16.9%
Adjusted EPS (₹)-0.20.41.35.90.81.262.42.85.03.9
Dividend Payout Ratio (%)0%0%0%0%0%0%0%8.10%11.90%17.90%
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 1721-61401341651,2321,2641,6072,036
Share Capital 18141417171717171717
Reserves 154-13-201231171481,2151,2471,5902,019
Debt +1472042601482152005125348962
Long Term Debt197010910819719153185349
Short Term Debt128133151411891123163613
Minority Interest4400000000
Trade Payables89101518171535179
Others Liabilities 975150118687212889154393
Total Liabilities 4282693144214364541,3801,5132,1273,401

Fixed Assets

Net Fixed Assets +9332222229253420
Gross Block32335556233257428
Accumulated Depreciation23003334448
CWIP 105000000006
Investments 2692332843333711931,0771,0121,5782,539
Inventories2013544111111
Trade Receivables5433412121876
Cash Equivalents 51323645343
Others Assets 1614173656240242250284425
Total Assets 4282693144214364541,3801,5132,1273,401
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 203157-762516-162-13658219
PBT -461911616181,2726610774
Adjustment 191716-1111517-1,238-18-205
Changes in Working Capital 5923-82-6-15-11-177-18160
Tax Paid 0-1000-4-185-6-11-21
Cash Flow From Investing Activity + -22-12-68100-822038734-262-767
Capex -20-14-34-41-26-2-2-230-43-271
Net Investments 03-30139-456381242-216-469
Others -2-1-42-1116822-3-27
Cash Flow From Financing Activity 7-2312-2457-33-18560202548
Net Proceeds from Shares + 0000000000
Net Proceeds from Borrowing 0000000000
Interest Paid -19-18-20-13-23-21-19-3-21-62
Dividend Paid 00000000-14-12
Others 25-532-1180-12-16663238621
Net Cash Flow 5-42-10340-42-1-1
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)-2.2-8.75N/A124.432.8613.22151.343.845.963.63
ROCE (%)4.828.42N/A44.5410.4611.13154.155.277.865.66
Asset Turnover Ratio0.110.150.20.110.260.140.080.090.130.14
PAT to CFO Conversion(x)N/AN/AN/A-0.926.250.8-0.15-2.830.683.32
Working Capital Days
Receivable Days43.103221.6024.4010.9045.7061.5045.20206.10
Inventory Days191.10116.5057.40219.9075.104.303.903.401.900.90
Payable Days1,254.801,256.301,236.901,729.702,549.703,242.202,421.70554.7011720.70

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Elpro International Ltd FAQs

The current trading price of Elpro International on 11-Sep-2026 16:59 is ₹173.6.

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 10-Sep-2026 the market cap of Elpro International stood at ₹2,941.3 Cr

The latest P/E ratio of Elpro International as of 10-Sep-2026 is 137.4.

The latest P/B ratio of Elpro International as of 10-Sep-2026 is 1.39.

The 52-week high of Elpro International is ₹183.3 and the 52-week low is ₹71.20.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Elpro International is ₹165 ( Cr.) .

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

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

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Elpro International Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About Elpro International Ltd

Elpro International Limited was incorporated in July 1962 as a public limited company, in technical and financial collaboration with General Electric, USA. The company is the only one outside the United States to manufacture surge arresters and zinc oxide discs with GE technology, acknowledged to be the best in the world.

The product portfolio of the company includes, surge arresters, distribution class arresters, station class arrestors, secondary surge arresters, under oil surge arrestors, accessories, zinc oxide discs and varistors.

The company’s corporate headquarters are located in Pune, 170 km from India’s financial capital Mumbai, and its multi-manufacturing facilities are based out of Pune and Hyderabad.

Elpro International Ltd. is India's largest and among the leading companies in South Asia in the design, manufacture and supply of distribution, intermediate and station class Metal Oxide Surge Arresters with technology from GE, USA. In tune with changing times and technology, Elpro's products were first upgraded from 2H type Intermediate Arresters to Active- Gap technology and, a few years later, again upgraded to Metal Oxide Arresters, alternatively known as Gapless. Besides technical advantages, Gapless Arresters provide significant cost savings in insulation compared to similar traditional Gap-type Arresters.

An ISO 9001-2000 company, Elpro International is the number one manufacturer of surge arresters in Asia manufactured with technical know how from GE USA. It is the only manufacturer outside the United States manufacturing Surge Arresters and Zinc Oxide Discs with GE technology  acknowledged to be the best in the world.

Elpro’s constant adherence to excellence in quality and expertise in marketing has ensured a reliable brand image and a dominant market share in each of its product lines in India. It is the first company to introduce & produce Surge Arresters as well as Metal Oxide Gapless Surge Arresters in India. Elpro won the ELCINA award in the Research & Development category in 1987and its products have been successfully type tested in renowned laboratories like CESI - Italy, KEMA - Netherlands and CPRI  India. Elpro International is the only manufacturer outside the US that meets IEC as well as ANSI standards.

Elpro International set up a metal oxide varistor manufacturing plant in its Pune facility in 1986 with technical expertise from GE. To enhance its capabilities further, Elpro acquired a Disconnecting Switch (Isolators) manufacturing company in 1994, Switchgear Manufacturing Company, which was set up in Hyderabad via a technical collaboration with ALPHA Switzerland.

Today, Elpro has a presence in international markets including USA, Mexico, Brazil, Columbia, Peru, Italy, France, Turkey, Russia, Ghana, Nigeria, Kenya, Iran, Iraq, Saudi Arabia, Bangladesh, Bhutan, Thailand, Philippines, Vietnam, Taiwan, Korea.

As part of its corporate vision to emerge as the leader in surge arresters, Elpro International acquired the Zinc Oxide Disc (active elements of surge arresters) manufacturing line from Harris, Ireland in 2001 and the same was installed in the company’s Pune facilities in the year 2002.

Harris and Elpro, both use GE’s technical expertise. As a result, the two companies share great synergy, which has translated in speedy absorption of technology and processes. At full operation the plant has an annual capacity to process 300 tonnes of Zinc Oxide Powder. With this new facility, Elpro has a combined annual capacity to produce 450 tonnes of Zinc Oxide Discs, making the Company the leading manufacturer and supplier of Zinc Oxide Discs in Asia.

Elpro continues to be on the fast track to growth with a strong focus on developing niche products and strategic acquisitions in existing, or new-product areas, with potential for global marketing. Some of Elpro’s national clients include ABB India; Bharat Heavy Electricals Limited (BHEL); National Thermal Power Corporation of India (NTPC); Reliance Industries; Siemens India; Tata Power Company and international clients include GE USA; KWPA Iran; Saudi Electric Company and Taiwan Power Company.

Awards/ Achievements

The company received the ‘ELCINA’ award for excellence in the development of high quality electronic components.

One of the few manufacturers, globally, whose Surge Arresters comply to both IEC and ANSI standards.

Recent developments

Elpro International's board at its meeting held on April 20, 2009, has converted the 35000 Convertible warrants of Mavi Investment Fund into 35000 numbers of Equity Shares of Rs 10 each at a premium of Rs 601 and shall rank pari passu to the existing shares of the company.

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