Electro Force (India) Ltd.

•

electroforceindia.comBSE: -NSE: EFORCE

Market Cap₹ 47 Cr.

Current Price

High / Low₹ 47 / 16

Stock P/E74.2

Book Value₹ 31

Price to Book0.96

Dividend Yield0.00 %

ROCE2.8 %

ROE1.8 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

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PROS

Company is almost debt free
Company has a healthy return on capital (ROCE) of 26.9%
Company has a good return on equity (ROE) track record: 3 Years ROE 22.9%
Working capital cycle has improved - days down from 661 to 352

CONS

Receivables are growing faster than sales - a possible quality concern
A large part of profit comes from other income (53.8% of PBT)
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -1.89x)
Operating cash flow has been negative in recent years
Equity base is being diluted - shares outstanding up 368.0%
Operating margins have contracted to 3.0% from 33.3%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsElectricalsElectronics - Components

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	SYRMA	1458.95	76.42	28133.00	0.10	105.69	111.72	1588.62	68.29	17.70	10.17
2.	KAYNES	3590.00	69.61	24065.44	0.00	56.43	-24.37	946.02	40.47	13.38	15.60
3.	AVALON	2196.75	109.97	14692.37	0.00	34.87	145.31	484.41	49.83	20.34	11.96
4.	UTLSOLAR	433.60	44.77	13178.36	0.00	577.94	—	13456.93	—	40.63	18.94
5.	CYIENTDLM	856.20	82.78	6796.80	0.00	16.29	118.21	373.80	34.25	10.41	9.93
6.	VIKRAMSOLR	168.45	17.11	6103.86	0.00	19.78	-85.17	1563.09	37.89	34.07	8.06
7.	SAATVIKGL	422.55	21.65	5370.82	0.00	5.36	-95.49	511.01	-44.20	55.18	6.62
8.	WEBELSOLAR	74.65	10.70	3241.03	0.33	77.79	—	372.60	115.39	63.74	33.70
9.	KERNEX	1812.80	15.97	3046.16	0.00	109.85	1382.00	503.58	800.38	23.69	32.33
10.	MODINSULAT	437.70	21.91	2063.49	0.00	29.60	94.43	188.30	33.19	10.53	16.89
11.	INA	90.28	9.94	1990.24	0.00	380.25	796.94	7406.98	1766.82	34.98	9.74
12.	EFORCE	20.05	74.24	46.92	0.00	—	—	—	—	2.77	—

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

No standalone quarterly results found

We don't have this information yet. Please check back later.

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	16	34	30	36	52
	17	23	19	28	51
Operating Profit	-2	11	12	9	2
OPM %	-9.82%	33.16%	38.68%	24.40%	2.98%
	0	0	0	0	1
Interest	0	0	0	0	0
Depreciation	1	1	1	1	1
Profit before Tax	-2	11	11	8	2
Tax %	1.53%	18.42%	27.77%	27.05%	26.39%
Net Profit	-2	9	8	6	1
EPS	-4.47	17.28	4.44	2.46	0.55
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: —
3 Years:: 15%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: -47%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: -52%

RETURN ON EQUITY

10 Years:: —
5 Years:: 16%
3 Years:: 23%
Last Year:: 2%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	5	5	17	23	23
	-3	5	1	47	48
	6	9	0	0	0
Trade Payables	4	4	4	4	4
	5	24	50	11	1
Total Liabilities	17	47	72	85	76
	7	3	3	3	2
Capital Work in Progress	0	0	0	0	18
	2	2	13	10	13
	0	0	0	4	21
Cash & Bank	1	10	1	1	2
	7	32	55	67	20
Total Assets	17	47	72	85	76

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	3	4	2	-45	17
Cash from Investing	-4	3	-0	-1	-16
Cash from Financing	0	3	-9	46	-0
	-0	10	-9	0	1

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	-4.47	17.29	4.44	2.46	0.55
Book Value (₹)	3.43	20.71	10.55	30.00	30.55
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	-0.83	5.45	1.39	2.74	0.78
PROFITABILITY
Operating Margin %	-9.01%	33.28%	38.81%	24.40%	2.98%
Net Margin %	-14.21%	25.13%	25.51%	15.79%	2.44%
ROE %	-130.45%	143.18%	53.76%	12.99%	1.81%
ROCE %	-29.15%	79.41%	58.89%	18.92%	2.77%
	-13.03%	26.77%	12.94%	7.33%	1.59%
EFFICIENCY
Debtor Days	130	51	64	55	87
Inventory Days	48	22	89	113	81
Payable Days	99	75	96	64	30
	79	-3	57	103	138
FINANCIAL HEALTH
Debt to Equity (x)	3.42x	0.85x	0.00x	0.00x	0.00x
Interest Coverage (x)	-35.70x	757.76x	31.07x	17.04x	8.84x
	1.01x	1.53x	1.27x	5.30x	11.47x
GROWTH
Revenue Growth %	0.00%	118.49%	-12.05%	20.45%	43.78%
Operating Profit Growth %	0.00%	907.27%	2.57%	-23.06%	-72.35%
Net Profit Growth %	0.00%	486.37%	-10.70%	-25.46%	-77.74%
	0.00%	0.00%	0.00%	-44.58%	-77.74%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	33.36x	53.83x
P/B (x)	0.00x	0.00x	0.00x	2.73x	0.96x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	21.12x	26.85x

Shareholding Pattern

Numbers in percentages

	Dec 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025	Mar 2026
	62.93	62.93	62.93	62.93	62.89	62.89
	0.00	0.03	0.03	0.03	0.00	0.00
DIIs	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00
	37.07	37.04	37.04	37.04	37.11	37.11

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

No announcements filed.

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Recent coverage and analyst commentary for EFORCE

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