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Electrotherm (India) Ltd.

•
electrotherm.comBSE: 526608NSE: ELECTHERM
Market Cap₹ 1,274 Cr.
Current Price
High / Low₹ 1,277 / 551
Stock P/E0.0
Book Value₹ -96
Price to Book-9.42
Dividend Yield0.00 %
ROCE43.0 %
ROE0.0 %
Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2017 • Special Steel Division: 70.0% • Engineering & Projects Division: 29.3% • Electric Vehicle Division: 1.2%

AI Sector View

AI GENERATED

Metals & Mining

Hold

The sector backdrop is mixed. Iron ore output was very strong at 29.5% YoY (2026-07), but steel slowed to 2.9% YoY (2026-07), finished steel consumption was 8.0% YoY (2026-06), and headline mining production was still -0.9% (Jul/26). FPI outflows of INR -2349 crore over 3 months to 2026-08-31 also argue against an aggressive overweight.

Confidence
61%
View full sector analysis →

PROS

  • Company has delivered good profit growth of 57.0% CAGR over last 5 years
  • Company is almost debt free
  • Company has a healthy return on capital (ROCE) of 28.0%
  • Operating margins have improved to 7.0% from 3.5%
  • Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.17x)

CONS

  • Net worth is negative - accumulated losses have eroded equity
  • Recent results are weak - TTM profit is down 108.7% versus prior year
  • Company has a low return on equity of 0.0% over last 3 years
  • Receivables are growing faster than sales - a possible quality concern
  • Effective tax rate is unusually low at -8.1% - earnings may be flattered
  • Recurring exceptional / one-off items are inflating headline profit

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

Peer comparison

Metals & MiningIron & SteelSteel & Iron Products
Part ofNIFTY 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.JSWSTEEL1306.0012.89319376.290.544696.00112.5847364.0011.5520.6719.60
2.TATASTEEL183.6020.77229196.252.182385.2418.8260794.2915.2612.7015.40
3.SAIL196.3518.9881102.861.201644.05120.8026245.671.257.0815.92
4.WELCORP2522.0028.8166528.000.201047.88200.114081.1214.9123.9432.17
5.APLAPOLLO2217.8050.1061579.080.38263.1110.945606.7112.0731.837.34
6.JSL733.5518.6260475.300.55768.667.5611278.5410.5019.1912.09
7.SHYAMMETL1072.4026.6529934.100.423507.301106.6354550.901133.3513.8814.03
8.JINDALSAW309.5530.2919795.980.6590.79-78.154452.319.0010.388.79
9.RATNAMANI2629.0542.5718427.540.38107.03-15.82971.63-15.6318.0116.69
10.SARDAEN490.9015.3117298.400.41478.139.501608.04-1.0717.7641.59
11.GPIL239.7520.0116140.900.42222.372.751750.4732.2920.2019.36
12.ELECTHERM999.650.001273.840.006.93-75.03913.389.5143.112.46
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
9319851,1371,2181,0598141,0811,1618348149041,140913
8608941,0111,0869277469731,0977828269341,115906
Operating Profit72911261311326710827852-12-313622
OPM %7.72%9.22%11.07%10.80%12.49%8.27%9.99%23.95%6.20%-1.49%-3.39%3.18%2.45%
Other Income0202123211022
Interest2213817141212887544
Depreciation12121111111111121111111111
3968108105109468815334-29-46189
Tax %0.00%0.00%0.00%0.00%0.00%0.00%0.00%-20.96%17.99%23.88%23.31%24.26%21.96%
Net Profit3968108105109468818528-22-36137
3153848285366914622-17-28101
Equity Capital13131313131313131313131313
Reserves0000000000000
Promoter Pledge %0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
1,8621,9702,7353,4622,8362,5272,8303,0744,2724,1153,771
1,9411,8942,5803,1762,7032,3012,7352,9403,8513,8293,782
Operating Profit-718816131815923099141424380—
OPM %-44696945109—
Other Income711631264474935
Interest4653819504566604620
Depreciation1431441451381301178647454444
-218-77111414563-54-77319396-48
Tax %000000000-824
Net Profit-218-77111414563-54-77319429-37
EPS00003550-43-60251336—
Dividend Payout %0000000000—
Minority Interest00000000000
Share of Associates00000000000
Adjusted EPS-190-6091113550-43-60251336—

COMPOUNDED SALES GROWTH

10 Years:
8%
5 Years:
8%
3 Years:
13%

COMPOUNDED PROFIT GROWTH

10 Years:
—
5 Years:
57%
3 Years:
—

STOCK PRICE CAGR

10 Years:
20%
5 Years:
51%
3 Years:
91%
1 Year:
20%

RETURN ON EQUITY

10 Years:
0%
5 Years:
0%
3 Years:
0%
Last Year:
0%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Corporate actions

No bonus data found

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
LIABILITIES----------
11131313131313131313
-1,255-1,285-1,273-1,134-984-920-973-1,052-735-126
1,2761,1761,1651,0999581,1441,6261,6441414
Trade Payables231332421435431387385375426458
1,8881,9211,7661,6971,5011,2737167302,0821,506
Total Liabilities2,1532,1572,0912,1111,9181,8971,7651,7091,8011,865
ASSETS----------
1,1501,026939862764680641620596600
Capital Work in Progress11201627272733264498
49464646464646101010
241333427526477495542566613593
00000000213246
Cash & Bank68334859469771726272
634700615590557551432414262247
Total Assets2,1532,1572,0912,1111,9181,8971,7651,7091,8011,865
Total Debt3,0262,9552,7352,5052,2012,1361,9881,8891,6731,220
Net Working Capital-787-636-734-702-593-738-1,348-1,464-808-523
Contingent Liabilities484458410449408438434412403407
Book Value per Share-1111.39-998.62-989.37-879.92-762.50-711.77-754.10-815.86-566.89-89.03
Face Value10.0010.0010.0010.0010.0010.0010.0010.0010.0010.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
3164155336177225179106351328
Cash from Investing-12-30-38-67-6-63-14-2-68-105
Cash from Financing-26-50-103-253-184-104-189-102-294-270
-8-161316-1459-242-11-46
Free Cash Flow146410126314819212787312231
OCF / Net Profit-0.14-0.8413.822.393.933.55-3.30-1.381.100.77
Cumulative 5-Year FCF0000591768831817866948

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
PER SHARE
EPS (₹)-190.17-60.268.79110.5135.3149.69-42.64-60.17250.73336.42
Book Value (₹)-1111.39-998.62-989.37-879.92-762.50-711.77-754.10-815.86-566.89-89.03
Dividend per Share (₹)0.000.000.000.000.000.000.000.000.000.00
Cash EPS (₹)-65.5552.85122.53219.19137.34141.4124.69-23.22286.23371.26
PROFITABILITY
Operating Margin %-3.57%4.17%5.82%9.17%5.60%9.10%3.50%4.59%9.84%6.96%
Net Margin %-10.93%-3.66%0.40%4.07%1.59%2.51%-1.92%-2.49%7.48%10.41%
ROE %0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
ROCE %-11.26%-4.09%1.03%12.53%4.92%9.21%-0.79%-1.13%42.14%42.97%
-9.67%-3.56%0.53%6.70%2.23%3.32%-2.97%-4.41%18.20%23.38%
EFFICIENCY
Debtor Days60574839454630221820
Inventory Days47505050657067665053
Payable Days60817164808867604957
47252825292830281916
FINANCIAL HEALTH
Debt to Equity (x)-2.45x-2.32x-2.17x-2.23x-2.27x-2.36x-2.07x-1.82x-2.32x-10.75x
Interest Coverage (x)-55.70x-12.42x3.19x4.67x3.33x2.27x-0.20x-0.16x6.34x9.71x
0.53x0.61x0.59x0.61x0.64x0.59x0.42x0.41x0.57x0.68x
GROWTH
Revenue Growth %1.80%5.78%38.83%26.61%-18.08%-10.91%12.01%8.61%38.95%-3.66%
Operating Profit Growth %75.07%222.55%84.25%96.99%-50.02%44.93%-56.90%42.47%200.54%-10.58%
Net Profit Growth %50.44%64.83%114.59%1157.05%-68.05%40.73%-185.81%-41.13%516.68%34.18%
0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%516.68%34.18%
VALUATION
P/E (x)0.00x0.00x0.00x0.00x0.00x0.00x0.00x0.00x2.16x2.49x
P/B (x)0.00x0.00x0.00x0.00x0.00x0.00x0.00x0.00x-0.96x-9.42x
Dividend Yield %0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
0.00x0.00x0.00x0.00x0.00x0.00x0.00x0.00x5.42x5.84x

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
31.0430.6929.9029.9029.9029.9029.9029.9029.87
4.994.814.614.544.605.065.895.869.28
0.080.080.080.391.010.970.850.800.78
Government0.000.000.000.000.000.000.000.000.00
63.8964.4365.4165.1664.4864.0663.3663.4360.07

Documents

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

2026-09-03
Shareholders meeting

2026-09-03 - Electrotherm (India) Limited has informed the Exchange regarding Notice of 40th Annual General Meeting to be held on Monday, 28th September, 2026

2026-08-29
Copy of Newspaper Publication

2026-08-29 - Electrotherm (India) Limited has informed the Exchange about Copy of Newspaper Advertisement 40th Annual General Meeting through Video Conferencing / Other Audio Visual Means (VC / OAVM) facility

2026-08-26
Appointment

2026-08-26 - Electrotherm (India) Limited has informed the Exchange regarding Appointment of Mr. Rajesh Bhalchandra Patel (DIN: 02735027) as an Additional Director in the category of Non-Executive Non-Independent Director of the Company w.e.f. August 26, 2026.

2026-08-26
Appointment

2026-08-26 - Electrotherm (India) Limited has informed the Exchange regarding Appointment of Mr. Davesh Khandelwal (DIN: 02997266) as an Additional Director and Whole Time Director of the company w.e.f. August 26, 2026.

2026-08-26
Outcome of Board Meeting

2026-08-26 - Electrotherm (India) Limited has informed the Exchange regarding Outcome of Board Meeting held on 26th August, 2026.

2026-08-15
Copy of Newspaper Publication

2026-08-15 - Electrotherm (India) Limited has informed the Exchange about Copy of Newspaper Publication of Unaudited Financial Results for the quarter ended on 30th June, 2026

2026-08-14
Allotment of Securities

2026-08-14 - Electrotherm (India) Limited has informed the Exchange regarding Allotment of 1,09,50,000 6% Non-Cumulative Redeemable Preference Shares of Rs. 10/- each, to the existing preference shareholders pursuant to to Hon ble NCLT Order dated 21st July, 2026 and in accordance with the provisions of Section 55(3) of the Companies Act, 2013.

2026-08-14
Outcome of Board Meeting

2026-08-14 - Electrotherm (India) Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

2026-08-04
General Updates

2026-08-04 - Electrotherm (India) Limited has informed the Exchange about General Updates - Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

News

Recent coverage and analyst commentary for ELECTHERM

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