Salzer Electronics Ltd.

•

salzergroup.net/BSE: 517059NSE: SALZERELEC

Market Cap₹ 973 Cr.

Current Price

High / Low₹ 952 / 489

Stock P/E22.3

Book Value₹ 340

Price to Book1.46

Dividend Yield0.45 %

ROCE11.4 %

ROE9.7 %

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%

View full sector analysis →

PROS

Company has delivered good profit growth of 20.8% CAGR over last 5 years
Company has consistently been profitable over the last 5 years
Company has delivered good sales growth of 23.0% CAGR over last 5 years
Stock looks reasonably valued - P/E of 22.3 is below its historical median
Company has a consistent dividend-paying track record
Institutional investors have been accumulating - FII+DII up 2.2pp

CONS

Recent results are weak - TTM profit is down 20.3% versus prior year
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.36x)
Free cash flow has been persistently negative
Though reporting repeated profits, the company pays out little dividend (8.4%)
Growth is decelerating - 3Y profit CAGR (11.6%) trails the 5Y trend (20.8%)

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

Peer comparison

Capital GoodsCapital GoodsElectric Equipment

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

S.No.	Name
1.	ABB	7419.90	52.62	157233.90	0.53	3623.00	930.02	35588.70	1110.31	30.18	12.56
2.	SIEMENS	3976.00	43.23	141593.51	0.45	214.31	-49.38	4713.70	8.44	21.42	9.14
3.	POWERINDIA	31650.00	122.63	141071.53	0.03	2941.50	2135.18	24936.90	1586.18	28.73	14.58
4.	CGPOWER	893.95	112.67	140837.36	0.15	308.28	15.52	3280.81	13.99	27.94	12.11
5.	ENRIN	3114.90	74.55	110927.98	0.13	440.90	67.83	2485.60	39.28	40.19	23.56
6.	GVT&D	4325.00	593.01	110740.13	0.23	362.99	24.65	1836.14	38.04	75.51	25.10
7.	WAAREEENER	2636.00	19.87	75824.89	0.15	8918.70	1053.94	79317.90	1692.16	37.92	18.15
8.	APARINDS	17412.20	61.71	72908.95	0.34	467.45	77.80	6591.06	29.64	31.84	11.50
9.	HAVELLS	1156.00	44.42	72546.13	0.87	289.71	-16.64	6518.19	19.48	25.74	7.15
10.	SUZLON	45.38	19.84	62377.70	0.00	305.22	-5.89	3829.09	22.83	35.79	15.55
11.	SCHNEIDER	1233.30	160.47	29488.70	0.00	12.44	-69.84	651.36	4.78	31.01	5.23
12.	SALZERELEC	550.15	22.26	972.82	0.45	8.33	-51.65	498.02	12.90	11.40	6.07

Detailed Comparison with:

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
	289	281	270	327	357	344	341	376	441	419	424	474	498
	263	254	239	293	323	309	305	347	399	382	387	443	486
Operating Profit	26	27	31	33	33	35	36	29	42	37	37	31	12
OPM %	9.03%	9.54%	11.47%	10.13%	9.37%	10.25%	10.54%	7.76%	9.47%	8.73%	8.83%	6.59%	2.47%
	1	0	1	0	1	-0	2	2	1	0	0	0	0
Interest	8	8	9	9	10	10	11	11	12	11	12	12	12
Depreciation	5	5	5	5	6	6	6	6	6	7	7	7	7
Profit before Tax	14	14	18	19	19	19	21	15	24	19	18	12	12
Tax %	28.18%	25.74%	25.57%	29.37%	23.89%	40.47%	27.10%	27.02%	28.44%	26.67%	27.08%	13.33%	28.31%
Net Profit	0	0	0	0	15	273	16	11	17	13	13	10	8
	6.10	5.99	7.98	7.42	7.57	6.25	8.48	6.19	9.74	7.35	7.01	5.81	4.55

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	584	626	804	1,037	1,166	1,418	1,758	1,815
	518	563	738	942	1,051	1,284	1,612	1,698
Operating Profit	67	63	66	96	116	134	146	118
OPM %	11.40%	10.06%	8.21%	9.22%	9.92%	9.44%	8.33%	6.48%
	1	2	3	2	3	5	2	1
Interest	21	21	20	26	34	41	48	48
Depreciation	15	16	16	17	20	23	27	28
Profit before Tax	32	28	33	55	65	75	73	61
Tax %	14.06%	23.67%	25.54%	27.83%	27.29%	29.72%	25.12%	24.41%
Net Profit	27	21	24	40	47	52	55	46
EPS	16.96	12.84	14.14	21.90	26.39	28.75	29.94	—
Dividend Payout %	0.00%	12.46%	12.73%	9.20%	9.47%	8.69%	8.35%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 23%
3 Years:: 19%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 21%
3 Years:: 11%

STOCK PRICE CAGR

10 Years:: 10%
5 Years:: 27%
3 Years:: 12%
1 Year:: -32%

RETURN ON EQUITY

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

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	16	16	16	16	17	18	18
Minority Interest	4	4	4	6	7	9	10
	294	316	338	379	454	526	575
	174	200	248	277	307	452	523
Trade Payables	54	63	76	112	104	112	179
	74	85	70	106	104	64	68
Total Liabilities	617	685	752	895	993	1,180	1,372
	217	220	224	245	269	309	340
Capital Work in Progress	3	1	1	1	2	3	7
	3	5	4	5	7	20	23
	161	181	227	274	293	368	468
	0	0	0	0	343	405	446
Cash & Bank	12	14	12	17	12	9	10
	222	264	285	353	66	66	77
Total Assets	617	685	752	895	993	1,180	1,372

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	38	19	-2	35	21	-11	46
Cash from Investing	-49	-16	-16	-35	-42	-79	-66
Cash from Financing	12	4	26	18	17	90	21
	-5	2	-2	6	-4	0	1

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	16.96	12.84	14.14	23.92	26.39	28.75	29.94
Book Value (₹)	193.98	207.99	221.42	244.04	271.17	307.62	335.16
Dividend per Share (₹)	0.00	1.60	1.80	2.20	2.50	2.50	2.50
Cash EPS (₹)	26.38	23.39	25.36	34.74	38.65	42.93	46.56
PROFITABILITY
Operating Margin %	11.65%	10.42%	8.55%	9.41%	9.92%	9.44%	8.33%
Net Margin %	4.69%	3.42%	3.01%	3.82%	4.04%	3.70%	3.13%
ROE %	16.30%	6.66%	7.05%	10.58%	10.87%	10.34%	9.68%
ROCE %	19.93%	9.63%	9.17%	12.55%	13.48%	12.99%	11.40%
	8.22%	3.29%	3.37%	4.81%	4.98%	4.83%	4.31%
EFFICIENCY
Debtor Days	50	99	92	89	99	96	88
Inventory Days	53	100	93	88	89	85	87
Payable Days	25	45	41	44	46	38	40
	78	154	144	134	142	144	135
FINANCIAL HEALTH
Debt to Equity (x)	0.58x	0.61x	0.71x	0.70x	0.65x	0.84x	0.90x
Interest Coverage (x)	2.50x	2.31x	2.64x	3.10x	2.90x	2.82x	2.54x
	1.39x	1.38x	1.38x	1.41x	1.52x	1.48x	1.41x
GROWTH
Revenue Growth %	1326.11%	7.08%	28.42%	29.08%	12.45%	21.61%	23.98%
Operating Profit Growth %	912.09%	-4.26%	5.44%	42.03%	21.85%	17.08%	6.69%
Net Profit Growth %	1080.57%	-22.01%	13.22%	63.68%	18.80%	11.52%	4.82%
	0.00%	0.00%	0.00%	0.00%	10.34%	8.95%	4.13%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	31.76x	37.41x	16.38x
P/B (x)	0.00x	0.00x	0.00x	0.00x	3.09x	3.50x	1.46x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.30%	0.23%	0.51%
	0.00x	0.00x	0.00x	0.00x	14.74x	16.88x	9.35x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	37.53	37.53	37.54	37.54	37.54	37.47	37.48	37.48	37.48
	2.81	2.65	3.97	2.58	2.35	2.39	2.56	4.45	4.51
	0.11	0.11	0.39	0.10	0.01	0.02	0.02	0.01	0.10
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	59.55	59.71	58.10	59.78	60.10	60.13	59.95	58.06	57.91

Documents

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

2026-08-21

Copy of Newspaper Publication

2026-08-21 - Salzer Electronics Limited has informed the Exchange about Copy of Newspaper Publication - Notice of 41st AGM to the shareholders

2026-08-20

Shareholders meeting

2026-08-20 - Salzer Electronics Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 12, 2026

2026-08-13

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-13 - Salzer Electronics Limited has informed the Exchange about Transcript

2026-08-10

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-10 - Salzer Electronics Limited has informed the Exchange about Link of Recording

2026-08-10

Copy of Newspaper Publication

2026-08-10 - Salzer Electronics Limited has informed the Exchange about Copy of Newspaper Publication of Un-audited Results of Q1FY27

2026-08-09

Investor Presentation

2026-08-09 - Salzer Electronics Limited has informed the Exchange about Investor Presentation

2026-08-09

Press Release

2026-08-09 - Salzer Electronics Limited has informed the Exchange regarding a press release dated August 09, 2026, titled "Filing of Media Release on the results of Q1FY27".

2026-08-08

Change in Management

2026-08-08 - Salzer Electronics Limited has informed the Exchange about change in Management

2026-08-08

Outcome of Board Meeting

2026-08-08 - Salzer Electronics Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026

News

Recent coverage and analyst commentary for SALZERELEC

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Salzer Electronics Ltd.

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Free 5nance Account

Name

ABB

7419.90

52.62

157233.90

0.53

3623.00

930.02

35588.70

1110.31

30.18

12.56

SIEMENS

3976.00

43.23

141593.51

0.45

214.31

-49.38

4713.70

8.44

21.42

9.14

POWERINDIA

31650.00

122.63

141071.53

0.03

2941.50

2135.18

24936.90

1586.18

28.73

14.58

CGPOWER

893.95

112.67

140837.36

0.15

308.28

15.52

3280.81

13.99

27.94

12.11

ENRIN

3114.90

74.55

110927.98

0.13

440.90

67.83

2485.60

39.28

40.19

23.56

GVT&D

4325.00

593.01

110740.13

0.23

362.99

24.65

1836.14

38.04

75.51

25.10

WAAREEENER

2636.00

19.87

75824.89

0.15

8918.70

1053.94

79317.90

1692.16

37.92

18.15

APARINDS

17412.20

61.71

72908.95

0.34

467.45

77.80

6591.06

29.64

31.84

11.50

HAVELLS

1156.00

44.42

72546.13

0.87

289.71

-16.64

6518.19

19.48

25.74

7.15

SUZLON

45.38

19.84

62377.70

0.00

305.22

-5.89

3829.09

22.83

35.79

15.55

SCHNEIDER

1233.30

160.47

29488.70

0.00

12.44

-69.84

651.36

4.78

31.01

5.23

SALZERELEC

550.15

22.26

972.82

0.45

8.33

-51.65

498.02

12.90

11.40

6.07

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

289

281

270

327

357

344

341

376

441

419

424

474

498

263

254

239

293

323

309

305

347

399

382

387

443

486

Operating Profit

OPM %

9.03%

9.54%

11.47%

10.13%

9.37%

10.25%

10.54%

7.76%

9.47%

8.73%

8.83%

6.59%

2.47%

-0

Interest

Depreciation

Profit before Tax

Tax %

28.18%

25.74%

25.57%

29.37%

23.89%

40.47%

27.10%

27.02%

28.44%

26.67%

27.08%

13.33%

28.31%

Net Profit

273

6.10

5.99

7.98

7.42

7.57

6.25

8.48

6.19

9.74

7.35

7.01

5.81

4.55

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

584

626

804

1,037

1,166

1,418

1,758

1,815

518

563

738

942

1,051

1,284

1,612

1,698

Operating Profit

116

134

146

118

OPM %

11.40%

10.06%

8.21%

9.22%

9.92%

9.44%

8.33%

6.48%

Interest

Depreciation

Profit before Tax

Tax %

14.06%

23.67%

25.54%

27.83%

27.29%

29.72%

25.12%

24.41%

Net Profit

EPS

16.96

12.84

14.14

21.90

26.39

28.75

29.94

—

Dividend Payout %

0.00%

12.46%

12.73%

9.20%

9.47%

8.69%

8.35%

—

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Minority Interest

294

316

338

379

454

526

575

174

200

248

277

307

452

523

Trade Payables

112

104

112

179

106

104

Total Liabilities

617

685

752

895

993

1,180

1,372

217

220

224

245

269

309

340

Capital Work in Progress

161

181

227

274

293

368

468

343

405

446

Cash & Bank

222

264

285

353

Total Assets

617

685

752

895

993

1,180

1,372

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-2

-11

Cash from Investing

-49

-16

-35

-42

-79

-66

Cash from Financing

-5

-2

-4

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

PER SHARE

EPS (₹)

16.96

12.84

14.14

23.92

26.39

28.75

29.94

Book Value (₹)

193.98

207.99

221.42

244.04

271.17

307.62

335.16

Dividend per Share (₹)

0.00

1.60

1.80

2.20

2.50

Cash EPS (₹)

26.38

23.39

25.36

34.74

38.65

42.93

46.56

PROFITABILITY

Operating Margin %

11.65%

10.42%

8.55%

9.41%

9.92%

9.44%

8.33%

Net Margin %

4.69%

3.42%

3.01%

3.82%

4.04%

3.70%

3.13%

ROE %

16.30%

6.66%

7.05%

10.58%

10.87%

10.34%

9.68%

ROCE %

19.93%

9.63%

9.17%

12.55%

13.48%

12.99%

11.40%

8.22%

3.29%

3.37%

4.81%

4.98%

4.83%

4.31%

EFFICIENCY

Debtor Days

Inventory Days

100

Payable Days

154

144

134

142

144

135

FINANCIAL HEALTH

Debt to Equity (x)

0.58x

0.61x

0.71x

0.70x

0.65x

0.84x

0.90x

Interest Coverage (x)

2.50x

2.31x

2.64x

3.10x

2.90x

2.82x

2.54x

1.39x

1.38x

1.41x

1.52x

1.48x

1.41x

GROWTH

Revenue Growth %

1326.11%

7.08%

28.42%

29.08%

12.45%

21.61%

23.98%

Operating Profit Growth %

912.09%

-4.26%

5.44%

42.03%

21.85%

17.08%

6.69%

Net Profit Growth %

1080.57%

-22.01%

13.22%

63.68%

18.80%

11.52%

4.82%

0.00%

10.34%

8.95%

4.13%

VALUATION

P/E (x)

0.00x

31.76x

37.41x

16.38x

P/B (x)

0.00x

3.09x

3.50x

1.46x

Dividend Yield %

0.00%

0.30%

0.23%

0.51%

0.00x

14.74x

16.88x

9.35x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

37.53

37.54

37.47

37.48

2.81

2.65

3.97

2.58

2.35

2.39

2.56

4.45

4.51

0.11

0.39

0.10

0.01

0.02

0.01

0.10

Government

0.00

59.55

59.71

58.10

59.78

60.10

60.13

59.95

58.06

57.91

Salzer Electronics Ltd.

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Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

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Salzer Electronics Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI