Salzer Electronics Ltd.

•

salzergroup.net/BSE: 517059NSE: SALZERELEC

Market Cap₹ 952 Cr.

Current Price

High / Low₹ 952 / 489

Stock P/E21.3

Book Value₹ 332

Price to Book1.50

Dividend Yield0.46 %

ROCE11.2 %

ROE9.7 %

Face Value₹ 10

Add ratio to table

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 21.1% CAGR over last 5 years
Company has delivered good sales growth of 23.1% CAGR over last 5 years
Stock looks reasonably valued - P/E of 21.3 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 17.8% versus prior year
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.26x)
Free cash flow has been persistently negative
Recurring exceptional / one-off items are inflating headline profit
Though reporting repeated profits, the company pays out little dividend (8.2%)

* 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	7439.00	52.76	157638.64	0.53	3623.00	930.02	35588.70	1110.31	30.18	12.56
2.	POWERINDIA	32200.00	124.76	143523.01	0.02	2941.50	2135.18	24936.90	1586.18	28.73	14.58
3.	SIEMENS	4025.00	43.76	143338.50	0.45	214.31	-49.38	4713.70	8.44	21.42	9.14
4.	CGPOWER	878.80	110.76	138450.55	0.15	308.28	15.52	3280.81	13.99	27.94	12.11
5.	ENRIN	3119.50	74.66	111091.79	0.13	440.90	67.83	2485.60	39.28	40.19	23.56
6.	GVT&D	4230.00	579.99	108307.68	0.24	362.99	24.65	1836.14	38.04	75.51	25.10
7.	HAVELLS	1195.00	45.92	74993.62	0.84	2897.10	733.63	65181.90	1094.83	25.74	7.15
8.	WAAREEENER	2583.00	19.47	74300.34	0.15	891.87	15.39	7931.79	79.22	39.73	18.15
9.	APARINDS	16805.15	59.56	70367.09	0.36	467.45	77.80	6591.06	29.64	31.84	11.50
10.	SUZLON	45.50	19.89	62542.65	0.00	305.22	-5.89	3829.09	22.83	35.79	15.55
11.	SCHNEIDER	1167.70	151.94	27920.18	0.00	12.44	-69.84	651.36	4.78	31.01	5.23
12.	SALZERELEC	538.15	21.78	951.60	0.46	8.33	-51.65	498.02	12.90	11.40	6.07

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	282	274	262	318	347	336	334	366	432	409	412	462	486
	257	248	233	287	316	303	299	339	391	374	376	432	475
Operating Profit	25	25	29	31	31	65	35	25	41	36	36	30	30
OPM %	8.73%	9.24%	11.21%	9.74%	9.01%	19.22%	10.44%	6.71%	9.56%	8.80%	8.69%	6.41%	6.07%
Other Income	1	0	1	0	1	0	2	3	1	1	0	0	0
Interest	8	8	9	9	10	10	10	11	12	11	12	12	12
Depreciation	4	5	5	5	5	5	6	6	6	7	7	6	7
	13	13	17	17	17	34	20	12	24	18	17	11	11
Tax %	27.91%	25.38%	25.66%	29.81%	23.68%	21.88%	26.78%	29.36%	26.67%	24.79%	25.89%	11.56%	24.55%
Net Profit	9	9	12	12	13	26	15	8	18	13	13	10	8
	6	6	7	7	8	15	8	5	10	8	7	6	0
Equity Capital	16	17	17	17	18	18	18	18	18	18	18	18	18
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
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 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	385	443	560	567	606	784	1,013	1,136	1,383	1,715	1,769
	341	389	496	502	544	720	922	1,027	1,258	1,574	1,658
Operating Profit	50	56	64	66	64	66	93	112	130	143	—
OPM %	13	13	11	12	11	8	9	10	9	8	—
Other Income	5	3	1	1	2	2	1	3	5	2	1
Interest	15	15	20	21	21	20	26	34	41	47	47
Depreciation	9	11	12	14	16	16	16	19	22	26	27
	26	31	32	30	27	30	50	59	82	70	58
Tax %	34	35	26	13	23	25	28	27	24	24	22
Net Profit	17	20	24	26	21	22	36	43	62	54	45
EPS	0	0	0	0	13	14	21	25	35	30	—
Dividend Payout %	13	12	11	0	12	13	10	10	7	8	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	12	13	15	17	13	14	22	25	35	30	—

COMPOUNDED SALES GROWTH

10 Years:: 17%
5 Years:: 23%
3 Years:: 19%

COMPOUNDED PROFIT GROWTH

10 Years:: 12%
5 Years:: 21%
3 Years:: 14%

STOCK PRICE CAGR

10 Years:: 10%
5 Years:: 26%
3 Years:: 10%
1 Year:: -34%

RETURN ON EQUITY

10 Years:: 9%
5 Years:: 10%
3 Years:: 11%
Last Year:: 10%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
LIABILITIES	-	-	-	-	-	-	-	-	-	-
	14	15	16	16	16	16	16	17	18	18
	218	254	271	293	315	335	374	447	513	561
	103	128	136	156	183	235	265	290	426	491
Trade Payables	28	36	54	50	59	74	110	145	125	174
	90	104	89	91	101	81	112	71	84	94
Total Liabilities	454	537	566	607	674	742	876	970	1,165	1,338
ASSETS	-	-	-	-	-	-	-	-	-	-
	139	166	183	207	211	214	231	254	295	323
Capital Work in Progress	9	6	6	3	1	1	1	2	3	7
	5	3	4	20	21	21	22	25	26	31
	93	139	143	157	177	224	270	290	364	462
	0	0	0	0	0	0	0	332	409	431
Cash & Bank	12	10	14	9	10	8	13	4	5	7
	196	213	216	212	253	274	341	64	63	77
Total Assets	454	537	566	607	674	742	876	970	1,165	1,338
Total Debt	126	146	148	178	204	252	277	308	457	532
Net Working Capital	80	91	96	92	106	122	165	223	256	275
Contingent Liabilities	24	33	41	56	72	55	42	37	75	72
Book Value per Share	161.72	179.57	179.57	193.57	207.28	219.90	241.22	266.92	299.89	327.48
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1	4	52	36	14	-14	23	20	-21	42
Cash from Investing	-13	-33	-28	-50	-17	-18	-32	-39	-51	-62
Cash from Financing	12	26	-19	9	4	29	14	15	72	21
	-0	-2	4	-5	2	-2	5	-5	0	0
Free Cash Flow	1	-31	24	1	-4	-33	-9	-26	-80	-16
OCF / Net Profit	0.05	0.21	2.16	1.35	0.68	-0.62	0.63	0.46	-0.34	0.78
Cumulative 5-Year FCF	0	0	0	0	-9	-42	-21	-71	-152	-164

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	12.09	13.35	14.99	16.51	12.93	14.07	22.47	24.84	35.21	30.44
Book Value (₹)	161.72	179.57	179.57	193.57	207.28	219.90	241.22	266.92	299.89	327.48
Dividend per Share (₹)	1.60	1.60	1.60	0.00	1.60	1.80	2.20	2.50	2.50	2.50
Cash EPS (₹)	18.29	20.37	22.60	25.54	22.70	24.08	32.43	35.81	47.82	45.15
PROFITABILITY
Operating Margin %	11.18%	12.44%	11.50%	11.65%	10.53%	8.42%	9.13%	9.59%	9.03%	8.21%
Net Margin %	3.91%	4.42%	4.28%	4.65%	3.41%	2.87%	3.59%	3.80%	4.50%	3.14%
ROE %	8.21%	7.99%	8.61%	8.85%	6.45%	6.59%	9.80%	10.11%	12.52%	9.71%
ROCE %	12.28%	11.84%	12.27%	11.20%	9.42%	8.77%	11.90%	12.80%	13.99%	11.23%
	4.18%	4.04%	4.34%	4.50%	3.23%	3.18%	4.49%	4.68%	5.83%	4.30%
EFFICIENCY
Debtor Days	89	94	86	93	97	90	87	98	98	89
Inventory Days	66	93	92	97	101	93	89	90	86	88
Payable Days	41	38	40	46	43	40	43	55	48	42
	114	150	137	143	154	144	133	133	136	135
FINANCIAL HEALTH
Debt to Equity (x)	0.54x	0.54x	0.51x	0.58x	0.62x	0.72x	0.71x	0.66x	0.86x	0.92x
Interest Coverage (x)	2.79x	3.07x	2.62x	2.44x	2.26x	2.52x	2.93x	2.76x	3.02x	2.49x
	1.42x	1.39x	1.38x	1.35x	1.34x	1.34x	1.37x	1.48x	1.44x	1.39x
GROWTH
Revenue Growth %	6.60%	15.01%	26.42%	1.28%	6.82%	29.39%	29.29%	12.08%	21.78%	24.03%
Operating Profit Growth %	8.52%	13.71%	14.13%	2.68%	-3.47%	3.41%	40.26%	20.81%	16.64%	9.84%
Net Profit Growth %	1.73%	15.42%	19.69%	10.14%	-21.65%	8.75%	61.74%	18.77%	44.16%	-13.53%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	10.57%	41.72%	-13.53%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	33.74x	30.55x	16.11x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	3.14x	3.59x	1.50x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.30%	0.23%	0.51%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	15.76x	18.06x	9.72x

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

Loading news…

🤖

AI Stock Analyst

Salzer Electronics Ltd.

🔒

Sign in to Chat with AI

✨ Sign In to Chat

Free 5nance Account