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Esab India Ltd.

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esabindia.comBSE: 500133NSE: ESABINDIA
Market Cap₹ 9,137 Cr.
Current Price
High / Low₹ 7,320 / 4,710
Stock P/E41.2
Book Value₹ 315
Price to Book17.76
Dividend Yield1.26 %
ROCE70.0 %
ROE52.3 %
Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2018 • Consumables: 68.5% • Equipment: 31.5%

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%
View full sector analysis →

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

Capital GoodsCapital GoodsElectrodes & Welding Equipment
Part ofNIFTY 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.GRAPHITE845.0577.5116510.210.83171.0028.57842.0026.624.3917.10
2.ESABINDIA5935.75170.359136.911.2656.1437.13421.1219.6369.9718.80
3.ADOR1629.8524.982836.401.4127.60798.73309.4622.8822.3111.54
4.DIFFNKG440.8030.141649.750.3416.6835.97110.1136.4916.2716.90
5.DENORA803.5534.98426.580.506.3996.6235.27-15.969.6716.14
6.PANCARBON437.1010.93209.812.7542.57575.93111.01599.0616.8023.34
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
298303301341330339337368352382379396421
240249248277268277282302293309303333347
Operating Profit58545464626155665972766374
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%
32111132133-1322
Interest0002000110100
Depreciation3344344444445
Profit before Tax575251606059556355101586076
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 Profit42383844444340474179434456
27.5424.9624.6628.7528.8828.0426.2430.8226.6051.4627.9428.3036.48

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
4665326726986899081,1041,2591,3901,5251,577
4224805936016067879181,0301,1451,2551,292
Operating Profit4452799783121187229245270285
OPM %9.45%9.76%11.77%13.92%12.02%13.31%16.92%18.22%17.62%17.73%18.07%
41116141158682324
Interest00012102232
Depreciation1010111312111214151717
Profit before Tax3853849781114182220236274295
Tax %28.70%29.43%31.55%26.56%26.38%25.76%25.57%25.90%25.58%24.57%24.77%
Net Profit273758715984136163175207222
EPS17.4524.1337.4146.4038.5254.7888.16105.90113.98134.30—
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:
2%
1 Year:
13%

RETURN ON EQUITY

10 Years:
33%
5 Years:
50%
3 Years:
54%
Last Year:
52%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Corporate actions

2026

Jul 23

₹ 2.50

Rs.25.0000 per share(250%)Final Dividend

2026

Feb 13

₹ 2.50

Rs.25.0000 per share(250%)Interim Dividend

2025

Nov 14

₹ 2.50

Rs.25.0000 per share(250%)Interim Dividend

2025

Aug 7

₹ 4.20

Rs.42.0000 per share(420%)Final Dividend

2025

Feb 20

₹ 2.30

Interim Dividend

2024

Nov 19

₹ 2.50

Interim Dividend

2024

Aug 1

₹ 3

Rs.30.0000 per share(300%)Final Dividend

2024

Apr 5

₹ 2.40

Second Interim Dividend

2023

Nov 24

₹ 3.20

Rs.32.0000 per share(320%)Interim Dividend

2023

Aug 3

₹ 2

Rs.20.0000 per share(200%)Final Dividend

2023

Feb 20

₹ 2.80

Rs.28.0000 per share (280%) Second Interim D

2022

Nov 18

₹ 3

Interim Dividend

2022

Aug 3

₹ 2

Rs.20.0000 per share(200%)Final Dividend

2022

Feb 17

₹ 1.80

Second Interim Dividend

2021

Nov 17

₹ 2.20

Interim Dividend

2021

Aug 4

₹ 2.50

Rs.25.0000 per share(250%)Dividend

2021

Feb 17

₹ 1.90

Interim Dividend

2018

Aug 1

₹ 0.10

Rs.1.0000 per share(10%)Dividend

2017

Jul 26

₹ 0.10

Rs.1.0000 per share(10%)Dividend

2016

Jul 25

₹ 0.10

Rs.1.0000 per share(10%)Dividend

2020

May 18

Interim Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital15151515151515151515
327363251322244229245291346414
0003215443
Trade Payables5874848896144152133195207
262626272946561067850
Total Liabilities426479377457387434473549638690
76808386909095125136148
Capital Work in Progress78373320496
14712530704131002444
6373687873105123111131141
0000000189226254
Cash & Bank416456100424556877975
92130137115138161178313323
Total Assets426479377457387434473549638690

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
4846918295113172141199181
Cash from Investing-239102-12066205-55-15-46
Cash from Financing-2-41-16339-139-102-122-81-157-143
12-26-24-0312527-8

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
73.7273.7273.7273.7273.7273.7273.7273.72
1.661.841.791.561.531.511.561.62
13.0312.9412.7112.6612.6112.7712.7212.71
Government0.000.000.000.000.000.000.000.00
11.5811.4811.7712.0512.1311.9911.9911.94

Documents

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

2026-08-28
Updates

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
Action(s) initiated or orders passed

2026-08-21 - Esab India Limited has informed the Exchange about Action(s) initiated or orders passed

2026-08-11
Outcome of Board Meeting

2026-08-11 - Esab India Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

2026-07-31
Change in Management

2026-07-31 - Esab India Limited has informed the Exchange about change in Management

2026-07-30
Shareholders meeting

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
Shareholders meeting

2026-07-29 - Esab India Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on July 29, 2026

2026-07-07
Corrigendum

2026-07-07 - Esab India Limited has informed the Exchange regarding Corrigendum to Other

2026-07-06
Certificate under SEBI (Depositories and Participants) Regulations, 2018

2026-07-06 - Esab India Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018

2026-07-03
Shareholders meeting

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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