Esab India Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2018 • Consumables: 68.5% • Equipment: 31.5%
AI Sector View
AI GENERATEDCapital Goods
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.
PROS
- Company has delivered good profit growth of 28.4% CAGR over last 5 years
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 73.2%
- Company has a good return on equity (ROE) track record: 3 Years ROE 54.1%
- Latest quarter profit grew 37.1% YoY, showing strong momentum
- Company has delivered good sales growth of 17.2% CAGR over last 5 years
CONS
- Stock is trading at 17.8x its book value
- Growth is decelerating - 3Y profit CAGR (15.1%) trails the 5Y trend (28.4%)
- Expensive relative to growth - PEG of 2.7
- Rich enterprise valuation - EV/EBITDA of 27.3x
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| GRAPHITE | 825.00 | 75.67 | 16118.49 | 0.85 | 171.00 | 28.57 | 842.00 | 26.62 | 4.39 | 17.10 |
| ESABINDIA | 5831.70 | 167.36 | 8976.75 | 1.29 | 56.14 | 37.13 | 421.12 | 19.63 | 69.97 | 18.80 |
| ADOR | 1622.05 | 24.86 | 2822.82 | 1.42 | 27.60 | 798.73 | 309.46 | 22.88 | 22.31 | 11.54 |
| DIFFNKG | 452.95 | 30.97 | 1695.22 | 0.33 | 16.68 | 35.97 | 110.11 | 36.49 | 16.27 | 16.90 |
| DENORA | 808.25 | 35.18 | 429.07 | 0.49 | 6.39 | 96.62 | 35.27 | -15.96 | 9.67 | 16.14 |
| PANCARBON | 435.80 | 10.90 | 209.18 | 2.75 | 42.57 | 575.93 | 111.01 | 599.06 | 16.80 | 23.34 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 298 | 303 | 301 | 341 | 330 | 339 | 337 | 368 | 352 | 382 | 379 | 396 | 421 | |
| 240 | 249 | 248 | 277 | 268 | 277 | 282 | 302 | 293 | 309 | 303 | 333 | 347 | |
| Operating Profit | 58 | 54 | 54 | 64 | 62 | 61 | 55 | 66 | 59 | 72 | 76 | 63 | 74 |
| OPM % | 19.38% | 17.82% | 17.81% | 18.75% | 18.83% | 18.15% | 16.37% | 17.88% | 16.80% | 18.93% | 19.99% | 15.86% | 17.63% |
| 3 | 2 | 1 | 1 | 1 | 1 | 3 | 2 | 1 | 33 | -13 | 2 | 2 | |
| Interest | 0 | 0 | 0 | 2 | 0 | 0 | 0 | 1 | 1 | 0 | 1 | 0 | 0 |
| Depreciation | 3 | 3 | 4 | 4 | 3 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 5 |
| Profit before Tax | 57 | 52 | 51 | 60 | 60 | 59 | 55 | 63 | 55 | 101 | 58 | 60 | 76 |
| Tax % | 25.49% | 26.21% | 25.75% | 26.15% | 25.72% | 26.64% | 25.94% | 24.15% | 25.70% | 21.61% | 26.09% | 27.04% | 26.16% |
| Net Profit | 42 | 38 | 38 | 44 | 44 | 43 | 40 | 47 | 41 | 79 | 43 | 44 | 56 |
| 27.54 | 24.96 | 24.66 | 28.75 | 28.88 | 28.04 | 26.24 | 30.82 | 26.60 | 51.46 | 27.94 | 28.30 | 36.48 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 466 | 532 | 672 | 698 | 689 | 908 | 1,104 | 1,259 | 1,390 | 1,525 | 1,577 | |
| 422 | 480 | 593 | 601 | 606 | 787 | 918 | 1,030 | 1,145 | 1,255 | 1,292 | |
| Operating Profit | 44 | 52 | 79 | 97 | 83 | 121 | 187 | 229 | 245 | 270 | 285 |
| OPM % | 9.45% | 9.76% | 11.77% | 13.92% | 12.02% | 13.31% | 16.92% | 18.22% | 17.62% | 17.73% | 18.07% |
| 4 | 11 | 16 | 14 | 11 | 5 | 8 | 6 | 8 | 23 | 24 | |
| Interest | 0 | 0 | 0 | 1 | 2 | 1 | 0 | 2 | 2 | 3 | 2 |
| Depreciation | 10 | 10 | 11 | 13 | 12 | 11 | 12 | 14 | 15 | 17 | 17 |
| Profit before Tax | 38 | 53 | 84 | 97 | 81 | 114 | 182 | 220 | 236 | 274 | 295 |
| Tax % | 28.70% | 29.43% | 31.55% | 26.56% | 26.38% | 25.76% | 25.57% | 25.90% | 25.58% | 24.57% | 24.77% |
| Net Profit | 27 | 37 | 58 | 71 | 59 | 84 | 136 | 163 | 175 | 207 | 222 |
| EPS | 17.45 | 24.13 | 37.41 | 46.40 | 38.52 | 54.78 | 88.16 | 105.90 | 113.98 | 134.30 | — |
| Dividend Payout % | 5.73% | 4.14% | 240.51% | 150.86% | 114.21% | 109.52% | 88.47% | 81.21% | 78.96% | 55.84% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 13%
- 5 Years:
- 17%
- 3 Years:
- 11%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 22%
- 5 Years:
- 28%
- 3 Years:
- 15%
STOCK PRICE CAGR
- 10 Years:
- 26%
- 5 Years:
- 22%
- 3 Years:
- 4%
- 1 Year:
- 14%
RETURN ON EQUITY
- 10 Years:
- 33%
- 5 Years:
- 50%
- 3 Years:
- 54%
- Last Year:
- 52%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 |
| 327 | 363 | 251 | 322 | 244 | 229 | 245 | 291 | 346 | 414 | |
| 0 | 0 | 0 | 3 | 2 | 1 | 5 | 4 | 4 | 3 | |
| Trade Payables | 58 | 74 | 84 | 88 | 96 | 144 | 152 | 133 | 195 | 207 |
| 26 | 26 | 26 | 27 | 29 | 46 | 56 | 106 | 78 | 50 | |
| Total Liabilities | 426 | 479 | 377 | 457 | 387 | 434 | 473 | 549 | 638 | 690 |
| 76 | 80 | 83 | 86 | 90 | 90 | 95 | 125 | 136 | 148 | |
| Capital Work in Progress | 7 | 8 | 3 | 7 | 3 | 3 | 20 | 4 | 9 | 6 |
| 147 | 125 | 30 | 70 | 41 | 31 | 0 | 0 | 24 | 44 | |
| 63 | 73 | 68 | 78 | 73 | 105 | 123 | 111 | 131 | 141 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 189 | 226 | 254 | |
| Cash & Bank | 41 | 64 | 56 | 100 | 42 | 45 | 56 | 87 | 79 | 75 |
| 92 | 130 | 137 | 115 | 138 | 161 | 178 | 31 | 33 | 23 | |
| Total Assets | 426 | 479 | 377 | 457 | 387 | 434 | 473 | 549 | 638 | 690 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 48 | 46 | 91 | 82 | 95 | 113 | 172 | 141 | 199 | 181 | |
| Cash from Investing | -23 | 9 | 102 | -120 | 66 | 20 | 5 | -55 | -15 | -46 |
| Cash from Financing | -2 | -41 | -163 | 39 | -139 | -102 | -122 | -81 | -157 | -143 |
| 12 | -2 | 6 | -24 | -0 | 3 | 12 | 5 | 27 | -8 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-28 - Esab India Limited has informed the Exchange regarding 'Further to your e mail dated 27th August 2026, we hereby submit the machine readable format of financial results'.
2026-08-21 - Esab India Limited has informed the Exchange about Action(s) initiated or orders passed
2026-08-11 - Esab India Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-31 - Esab India Limited has informed the Exchange about change in Management
2026-07-30 - Esab India Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on July 29, 2026. Further, the company has informed the Exchange regarding voting results.
2026-07-29 - Esab India Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on July 29, 2026
2026-07-07 - Esab India Limited has informed the Exchange regarding Corrigendum to Other
2026-07-06 - Esab India Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018
2026-07-03 - Esab India Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on July 29, 2026
News
Recent coverage and analyst commentary for ESABINDIA
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Esab India Ltd.
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