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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

₹174.25 0.25 (0.14%)

As on 01-Oct'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

₹174.25 0.25 (0.14%)

As on 01-Oct'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹2,953 Cr.
Current Price
₹174.3
52-Week Low / High
₹71 / 183
TTM EPS
₹7.6
TTM Sales
₹567 Cr.
Book Value per Share
₹126.7
P/E Ratio
22.86
Lower than its 5-year historical median
Industry PE
42.8
Price to Book (P/B)
1.38
Higher than its 5-year historical median
Price to Sales (P/S)
5.21
Lower than its 5-year historical median
EV/EBITDA
13.78
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
4.30%
Outperforms industry median
Return on Capital Employed (ROCE)
6.62%
Outperforms industry median
Return on Assets (ROA)
2.49%
Operating Profit Margin
29.9%
Net Profit Margin
16.54%
Gross Profit Margin
21.9%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-19.08%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
93.77%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
32.16%
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

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 52.92%, compared to the industry median CAGR of 0.00%, 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 23% 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 not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % ⓘ7.7%10.2%28.7%8.5%6.6%141.1%4.7%4.8%4.1%4.1%-
Value Creation
Index ⓘ
-0.5-0.31.1-0.4-0.59.1-0.7-0.7-0.7-0.7-

Growth Parameters ⓘ

Sales ⓘ52.961.141.211063.272.497.5112209169165
Sales YoY Gr.-15.5%-32.6%166.7%-42.5%14.7%34.6%15.1%86.2%-19.1%-
Adj EPS ⓘ-0.40.3-0.20.30.412.91.92.82.221.3
YoY Gr.-NA-180%NA46.4%3039%-85.6%47.9%-18.9%-10.8%-
BVPS (₹) ⓘ9.110.313.412.613.572.47491.9115.6124124.5
Adj Net
Profit ⓘ
-5.64.2-44.7721831.546.637.733.721
Cash Flow from Ops. ⓘ34.157.5-76.32515.7-1623011.255.9-35.2-
Debt/CF from Ops. ⓘ5.84.5-2.29.214-0.44.33316.4-30.1-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ13.8%21.8%20.1%-19.1%
Adj EPS ⓘNA37.2%2.3%-10.8%
BVPSⓘ33.6%55.8%18.8%7.3%
Share Price 23% 23.8% 30.2% 97.5%

Key Financial Parameters ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity % ⓘ
-3.93-2.22.23.129.82.53.32.21.71
Op. Profit
Mgn % ⓘ
46.562.315.53148.14836.639.32128.933.4
Net Profit
Mgn % ⓘ
-10.66.8-9.74.311.1301.232.341.518.119.913
Debt to
Equity ⓘ
1.41.80.71.110.10.10.20.50.5-
Working Cap
Days ⓘ
540473730239346311570613358778346
Cash Conv.
Cycle ⓘ
45-707-6-155-118-125-146-19-22-351

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
mw4me loader

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'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales5158411106372123229390528
Operating Expenses ⓘ + 29233576333878149309371
Manufacturing Costs21141257172036272829
Material Costs3332221681236285
Employee Cost 2225843345
Other Costs ⓘ 35181261222384152
Operating Profit ⓘ 23346333035458081157
Operating Profit Margin (%) 44.1%59.7%15.5%30.4%48.1%48.0%36.8%34.8%20.7%29.7%
Other Income ⓘ + 11120431,27330587165
Exceptional Items ⓘ 0000000000
Interest ⓘ 30342629252352567106
Depreciation ⓘ 111245551015
Profit Before Tax ⓘ -81996181,2726610774100
Tax ⓘ -00162-22151822813
Profit After Tax -70834201,05748856687
PAT Margin (%) -14.4%0.8%201.3%3.6%31.3%1,459.2%38.9%37.4%16.9%16.5%
Adjusted EPS (₹)0.41.35.90.81.262.42.85.03.95.2
Dividend Payout Ratio (%)0%0%0%0%0%0%8.10%11.90%18%0%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 1-61401341651,2321,2641,6072,0362,030
Share Capital ⓘ 13.8413.8416.9516.9516.9516.9516.9516.9516.9516.95
Reserves ⓘ -13-201231171481,2151,2471,5902,0192,014
Debt +20426014821520051253489621,153
Long Term Debt7010910819719153185349430
Short Term Debt133151411891123163613724
Minority Interest4000000000
Trade Payables910151817153517912
Others Liabilities ⓘ 5150118687212889154393422
Total Liabilities ⓘ 2693144214364541,3801,5132,1273,4013,618

Fixed Assets

Net Fixed Assets ⓘ +332222229253420626
Gross Block335556233257428645
Accumulated Depreciation00333444818
CWIP ⓘ 00000000631
Investments ⓘ 2332843333711931,0771,0121,5782,5392,388
Inventories135441111111
Trade Receivables4334121218765
Cash Equivalents 132364534341
Others Assets ⓘ 14173656240242250284425527
Total Assets ⓘ 2693144214364541,3801,5132,1273,4013,618
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity ⓘ + 3157-762516-162-1365821969
PBT ⓘ 61911616181,2726610774100
Adjustment ⓘ 1716-1111517-1,238-18-20557
Changes in Working Capital ⓘ 923-82-6-15-11-177-18160-20
Tax Paid ⓘ -1000-4-185-6-11-21-69
Cash Flow From Investing Activity ⓘ + -12-68100-822038734-262-767-19
Capex -14-34-41-26-2-2-230-43-271-122
Net Investments 3-30139-456381242-216-469116
Others ⓘ -1-42-1116822-3-27-13
Cash Flow From Financing Activity ⓘ -2312-2457-33-18560202548-13
Net Proceeds from Shares ⓘ + 0000000000
Net Proceeds from Borrowing ⓘ 0000000000
Interest Paid ⓘ -18-20-13-23-21-19-3-21-62-104
Dividend Paid ⓘ 0000000-14-120
Others ⓘ -532-1180-12-1666323862191
Net Cash Flow ⓘ -42-10340-42-1-137
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)-8.75N/A124.432.8613.22151.343.845.963.634.3
ROCE (%)8.42N/A44.5410.4611.13154.155.277.865.666.62
Asset Turnover Ratio0.150.20.110.260.140.080.090.130.140.15
PAT to CFO Conversion(x)N/AN/A-0.926.250.8-0.15-2.830.683.320.79
Working Capital Days
Receivable Days3221.6024.4010.9045.7061.5045.20206.103.80
Inventory Days116.5057.40219.9075.104.303.903.401.900.900.70
Payable Days1,256.301,236.901,729.702,549.703,242.202,421.70554.7011720.7013.70

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Announcements

Elpro International Ltd FAQs

The current trading price of Elpro International on 01-Oct-2026 16:59 is ₹174.2.

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 30-Sep-2026 the market cap of Elpro International stood at ₹2,953.2 Cr

The latest P/E ratio of Elpro International as of 30-Sep-2026 is 138.0.

The latest P/B ratio of Elpro International as of 30-Sep-2026 is 1.40.

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 below 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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