Electrotherm (India) Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Special Steel Division: 70.6% • Engineering & Projects Division: 28.8% • Electric Vehicle Division: 0.6%
AI Sector View
AI GENERATEDMetals & Mining
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.
PROS
- Company has delivered good profit growth of 78.9% CAGR over last 5 years
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 29.7%
- Operating margins have improved to 7.6% from 3.3%
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.05x)
CONS
- Net worth is negative - accumulated losses have eroded equity
- Recent results are weak - TTM profit is down 108.6% 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 -7.8% - earnings may be flattered
- Company has delivered a poor sales growth of 5.1% over past five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| JSWSTEEL | 1325.00 | 13.07 | 324022.65 | 0.54 | 4696.00 | 112.58 | 47364.00 | 11.55 | 20.67 | 19.60 |
| TATASTEEL | 189.00 | 21.38 | 235937.32 | 2.12 | 2385.24 | 18.82 | 60794.29 | 15.26 | 12.70 | 15.40 |
| SAIL | 197.10 | 19.06 | 81412.65 | 1.19 | 1644.05 | 120.80 | 26245.67 | 1.25 | 7.08 | 15.92 |
| WELCORP | 2591.20 | 29.60 | 68353.43 | 0.19 | 1047.88 | 200.11 | 4081.12 | 14.91 | 23.94 | 32.17 |
| APLAPOLLO | 2250.00 | 50.83 | 62473.14 | 0.38 | 263.11 | 10.94 | 5606.71 | 12.07 | 31.83 | 7.34 |
| JSL | 737.70 | 18.72 | 60817.43 | 0.54 | 768.66 | 7.56 | 11278.54 | 10.50 | 19.19 | 12.09 |
| SHYAMMETL | 1066.05 | 26.49 | 29756.85 | 0.42 | 3507.30 | 1106.63 | 54550.90 | 1133.35 | 13.88 | 14.03 |
| JINDALSAW | 305.30 | 29.88 | 19524.19 | 0.66 | 90.79 | -78.15 | 4452.31 | 9.00 | 10.38 | 8.79 |
| RATNAMANI | 2732.25 | 44.24 | 19150.89 | 0.37 | 107.03 | -15.82 | 971.63 | -15.63 | 18.01 | 16.69 |
| SARDAEN | 508.95 | 15.87 | 17934.44 | 0.39 | 478.13 | 9.50 | 1608.04 | -1.07 | 17.76 | 41.59 |
| GPIL | 240.90 | 20.11 | 16218.33 | 0.42 | 222.37 | 2.75 | 1750.47 | 32.29 | 20.20 | 19.36 |
| ELECTHERM | 984.20 | 0.00 | 1254.15 | 0.00 | 6.93 | -75.03 | 913.38 | 9.51 | 43.11 | 2.46 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 931 | 985 | 1,137 | 1,218 | 1,059 | 814 | 1,081 | 1,161 | 834 | 814 | 904 | 1,140 | 913 | |
| 860 | 894 | 1,011 | 1,087 | 927 | 746 | 974 | 1,097 | 782 | 826 | 934 | 1,115 | 906 | |
| Operating Profit | 72 | 91 | 126 | 131 | 132 | 67 | 107 | 64 | 52 | -12 | -31 | 24 | 7 |
| OPM % | 7.72% | 9.21% | 11.08% | 10.75% | 12.48% | 8.27% | 9.94% | 5.55% | 6.21% | -1.49% | -3.39% | 2.15% | 0.80% |
| 0 | 2 | 0 | 2 | 1 | 15 | 3 | 109 | 1 | 1 | 0 | 8 | 2 | |
| Interest | 22 | 13 | 8 | 18 | 14 | 12 | 12 | 8 | 8 | 7 | 5 | 4 | 4 |
| Depreciation | 12 | 12 | 12 | 11 | 11 | 11 | 11 | 12 | 11 | 11 | 11 | 11 | 11 |
| Profit before Tax | 39 | 68 | 107 | 104 | 109 | 59 | 88 | 153 | 34 | -28 | -46 | 18 | 9 |
| Tax % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -20.97% | 17.98% | 23.90% | 23.31% | 23.98% | 21.78% |
| Net Profit | 0 | 0 | 0 | 0 | 109 | 59 | 88 | 186 | 28 | -22 | -35 | 14 | 7 |
| 30.37 | 53.01 | 84.05 | 81.66 | 85.43 | 46.68 | 69.34 | 145.60 | 21.78 | -16.97 | -27.80 | 10.70 | 5.44 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,101 | 2,259 | 2,927 | 4,040 | 3,212 | 2,518 | 2,831 | 3,074 | 4,272 | 4,115 | 3,771 | |
| 2,133 | 2,203 | 2,779 | 3,753 | 3,096 | 2,298 | 2,745 | 2,940 | 3,852 | 3,801 | 3,782 | |
| Operating Profit | -32 | 56 | 149 | 288 | 116 | 220 | 86 | 134 | 419 | 315 | -11 |
| OPM % | -1.53% | 2.48% | 5.07% | 7.12% | 3.60% | 8.73% | 3.05% | 4.37% | 9.82% | 7.64% | -0.29% |
| 11 | 6 | 9 | 36 | 62 | 4 | 7 | -30 | 5 | 185 | 12 | |
| Interest | 4 | 4 | 5 | 38 | 19 | 54 | 45 | 67 | 60 | 46 | 20 |
| Depreciation | 154 | 148 | 149 | 143 | 134 | 121 | 88 | 49 | 47 | 44 | 44 |
| Profit before Tax | -180 | -91 | 3 | 142 | 24 | 49 | -40 | -12 | 317 | 410 | -48 |
| Tax % | -0.01% | -0.03% | 1.00% | 0.06% | 0.08% | 0.02% | -0.00% | -0.08% | 0.00% | -7.84% | 23.70% |
| Net Profit | -180 | -91 | 3 | 142 | 24 | 49 | -40 | -12 | 317 | 442 | -37 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 18.92 | 38.85 | -31.68 | -9.28 | 249.08 | 347.06 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 7%
- 5 Years:
- 5%
- 3 Years:
- 13%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 79%
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- 20%
- 5 Years:
- 51%
- 3 Years:
- 90%
- 1 Year:
- 18%
RETURN ON EQUITY
- 10 Years:
- 0%
- 5 Years:
- 0%
- 3 Years:
- 0%
- Last Year:
- 0%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 11 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | |
| Minority Interest | 6 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| -1,268 | -1,379 | -1,375 | -1,235 | -1,106 | -1,055 | -1,095 | -1,109 | -794 | -172 | |
| 3,078 | 3,073 | 2,851 | 2,616 | 2,297 | 2,232 | 2,086 | 1,985 | 639 | 355 | |
| Trade Payables | 261 | 367 | 475 | 476 | 449 | 423 | 387 | 376 | 427 | 459 |
| 211 | 145 | 196 | 299 | 267 | 284 | 355 | 487 | 1,555 | 1,231 | |
| Total Liabilities | 2,300 | 2,219 | 2,160 | 2,169 | 1,920 | 1,897 | 1,745 | 1,752 | 1,841 | 1,886 |
| 1,321 | 1,118 | 1,027 | 949 | 825 | 738 | 698 | 638 | 613 | 601 | |
| Capital Work in Progress | 21 | 22 | 17 | 29 | 28 | 27 | 33 | 26 | 44 | 98 |
| 2 | 7 | 7 | 7 | 7 | 7 | 8 | 8 | 8 | 8 | |
| 271 | 353 | 448 | 563 | 490 | 503 | 546 | 571 | 618 | 593 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 224 | 257 | |
| Cash & Bank | 81 | 40 | 54 | 63 | 47 | 97 | 72 | 73 | 62 | 72 |
| 605 | 680 | 606 | 557 | 523 | 523 | 389 | 437 | 273 | 258 | |
| Total Assets | 2,300 | 2,219 | 2,160 | 2,169 | 1,920 | 1,897 | 1,745 | 1,752 | 1,841 | 1,886 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 53 | 59 | 162 | 344 | 182 | 225 | 181 | 109 | 351 | 329 | |
| Cash from Investing | -42 | -25 | -46 | -67 | 5 | -62 | -14 | -2 | -68 | -72 |
| Cash from Financing | -12 | -52 | -106 | -262 | -203 | -104 | -189 | -103 | -294 | -303 |
| -1 | -19 | 9 | 15 | -17 | 58 | -24 | 2 | -11 | -46 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | -156.67 | -71.64 | 2.32 | 111.34 | 18.92 | 38.85 | -31.68 | -9.28 | 249.08 | 347.06 |
| Book Value (₹) | -1123.89 | -1072.15 | -1069.37 | -959.16 | -858.18 | -818.19 | -849.58 | -860.45 | -613.12 | -124.63 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | -22.18 | 44.89 | 119.47 | 223.43 | 124.25 | 133.45 | 37.31 | 29.32 | 285.71 | 381.70 |
| PROFITABILITY | ||||||||||
| Operating Margin % | -0.93% | 3.13% | 5.29% | 8.00% | 4.43% | 8.90% | 3.28% | 4.59% | 9.82% | 7.64% |
| Net Margin % | -7.89% | -3.75% | 0.10% | 3.51% | 0.75% | 1.96% | -1.43% | -0.38% | 7.43% | 10.74% |
| ROE % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| ROCE % | -8.92% | -4.82% | 0.51% | 12.51% | 3.36% | 8.66% | 0.46% | 5.85% | 40.22% | 43.11% |
| -7.53% | -4.04% | 0.14% | 6.55% | 1.18% | 2.59% | -2.22% | -0.68% | 17.66% | 23.71% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 47 | 42 | 41 | 32 | 37 | 43 | 29 | 22 | 18 | 21 |
| Inventory Days | 49 | 47 | 49 | 46 | 60 | 72 | 68 | 66 | 51 | 54 |
| Payable Days | 60 | 77 | 73 | 60 | 74 | 95 | 71 | 61 | 49 | 58 |
| 35 | 12 | 17 | 18 | 23 | 20 | 25 | 28 | 20 | 17 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | -2.52x | -2.25x | -2.09x | -2.14x | -2.10x | -2.14x | -1.93x | -1.81x | -2.27x | -8.08x |
| Interest Coverage (x) | -41.32x | -19.79x | 1.58x | 4.69x | 2.24x | 1.92x | 0.11x | 0.82x | 6.28x | 10.00x |
| 0.51x | 0.57x | 0.55x | 0.58x | 0.58x | 0.54x | 0.39x | 0.40x | 0.55x | 0.66x | |
| GROWTH | ||||||||||
| Revenue Growth % | 2.60% | 7.51% | 29.62% | 38.01% | -20.50% | -21.60% | 12.44% | 8.57% | 38.95% | -3.66% |
| Operating Profit Growth % | 93.06% | 458.92% | 106.81% | 105.36% | -55.99% | 57.53% | -58.50% | 51.65% | 200.81% | -10.45% |
| Net Profit Growth % | 62.52% | 49.25% | 103.24% | 4691.55% | -83.01% | 105.35% | -181.61% | 70.70% | 2782.16% | 39.27% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 2784.68% | 39.33% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 2.17x | 2.42x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | -0.88x | -6.73x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 5.65x | 6.00x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-05 - Electrotherm (India) Limited has informed the Exchange about Copy of Newspaper Publication for Notice of 40th Annual General 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 - 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 - 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 - 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 - Electrotherm (India) Limited has informed the Exchange regarding Outcome of Board Meeting held on 26th August, 2026.
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 - 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 - Electrotherm (India) Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
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