Esab India Ltd.

•

₹ 6,2100.91%

2026-08-21

esabindia.comBSE: 500133NSE: ESABINDIA

Market Cap₹ 9,448 Cr.

Current Price₹ 6,210

High / Low₹ 7,320 / 4,710

Stock P/E0.0

Book Value₹ 315

Price to Book17.76

Dividend Yield1.22 %

ROCE70.0 %

ROE52.3 %

Face Value₹ 10

Add ratio to table

ABOUT

KEY POINTS

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

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 2.4
Rich enterprise valuation - EV/EBITDA of 27.3x

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

Peer comparison

EDIT COLUMNS

Capital GoodsCapital GoodsElectrodes & Welding Equipment

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

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %	OPM %
1.	GRAPHITE	716.75	65.74	14003.55	0.98	171.00	28.57	842.00	26.62	4.39	17.10
2.	HEG	711.85	38.28	13737.11	0.48	122.34	16.70	680.79	10.35	8.34	26.60
3.	ESABINDIA	6137.55	176.14	9447.54	1.22	56.14	37.13	421.12	19.63	69.97	18.80
4.	ADOR	1684.70	25.82	2931.85	1.37	27.60	798.73	309.46	22.88	22.31	11.54
5.	DIFFNKG	401.95	27.48	1504.35	0.37	16.68	35.97	110.11	36.49	16.27	16.90
6.	DENORA	839.05	0.00	445.42	0.48	6.39	96.62	35.27	-15.96	2.42	16.14
7.	PANCARBON	434.95	0.00	208.78	2.76	42.57	575.93	111.01	599.06	16.80	23.34

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
	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	—	—	—	—	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Income	3	2	1	1	1	1	3	2	1	2	1	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
	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
	28	25	25	29	29	28	26	31	27	51	28	28	4
Equity Capital	15	15	15	15	15	15	15	15	15	15	15	15	15
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%
Equity Capital	15	15	15	15	15	15	15	15	15	15	15	15	15
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%

Jun 2023

: 298
: 240
Operating Profit: —
OPM %: —
Other Income: 3
Interest: 0
Depreciation: 3
: 57
Tax %: 25.49%
Net Profit: 42
: 28
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2023

: 303
: 249
Operating Profit: —
OPM %: —
Other Income: 2
Interest: 0
Depreciation: 3
: 52
Tax %: 26.21%
Net Profit: 38
: 25
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2023

: 301
: 248
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 0
Depreciation: 4
: 51
Tax %: 25.75%
Net Profit: 38
: 25
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2024

: 341
: 277
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 2
Depreciation: 4
: 60
Tax %: 26.15%
Net Profit: 44
: 29
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2024

: 330
: 268
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 0
Depreciation: 3
: 60
Tax %: 25.72%
Net Profit: 44
: 29
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2024

: 339
: 277
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 0
Depreciation: 4
: 59
Tax %: 26.64%
Net Profit: 43
: 28
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2024

: 337
: 282
Operating Profit: —
OPM %: —
Other Income: 3
Interest: 0
Depreciation: 4
: 55
Tax %: 25.94%
Net Profit: 40
: 26
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2025

: 368
: 302
Operating Profit: —
OPM %: —
Other Income: 2
Interest: 1
Depreciation: 4
: 63
Tax %: 24.15%
Net Profit: 47
: 31
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2025

: 352
: 293
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 1
Depreciation: 4
: 55
Tax %: 25.70%
Net Profit: 41
: 27
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2025

: 382
: 309
Operating Profit: —
OPM %: —
Other Income: 2
Interest: 0
Depreciation: 4
: 101
Tax %: 21.61%
Net Profit: 79
: 51
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2025

: 379
: 303
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 1
Depreciation: 4
: 58
Tax %: 26.09%
Net Profit: 43
: 28
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 396
: 333
Operating Profit: —
OPM %: —
Other Income: 2
Interest: 0
Depreciation: 4
: 60
Tax %: 27.04%
Net Profit: 44
: 28
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2026

: 421
: 347
Operating Profit: —
OPM %: —
Other Income: 2
Interest: 0
Depreciation: 5
: 76
Tax %: 26.16%
Net Profit: 56
: 4
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 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
	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	57	65	96	111	94	126	195	236	253	276	—
OPM %	12	12	14	16	14	14	18	19	18	18	—
Other Income	13	13	17	14	11	5	8	6	8	6	7
Interest	0	0	0	1	2	1	0	2	2	3	2
Depreciation	10	10	11	13	12	11	12	14	15	17	17
	38	53	84	97	81	114	182	220	236	274	295
Tax %	29	29	32	27	26	26	26	26	26	25	25
Net Profit	27	37	58	71	59	84	136	163	175	207	222
EPS	17	24	37	46	39	55	88	106	114	134	—
Dividend Payout %	6	4	241	151	114	110	88	81	79	56	—
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	17	24	37	46	39	55	88	106	114	134	—
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	17	24	37	46	39	55	88	106	114	134	—

Mar 2017

: 466
: 422
Operating Profit: 57
OPM %: 12
Other Income: 13
Interest: 0
Depreciation: 10
: 38
Tax %: 29
Net Profit: 27
EPS: 17
Dividend Payout %: 6
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 17
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 17

Mar 2018

: 532
: 480
Operating Profit: 65
OPM %: 12
Other Income: 13
Interest: 0
Depreciation: 10
: 53
Tax %: 29
Net Profit: 37
EPS: 24
Dividend Payout %: 4
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 24
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 24

Mar 2019

: 672
: 593
Operating Profit: 96
OPM %: 14
Other Income: 17
Interest: 0
Depreciation: 11
: 84
Tax %: 32
Net Profit: 58
EPS: 37
Dividend Payout %: 241
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 37
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 37

Mar 2020

: 698
: 601
Operating Profit: 111
OPM %: 16
Other Income: 14
Interest: 1
Depreciation: 13
: 97
Tax %: 27
Net Profit: 71
EPS: 46
Dividend Payout %: 151
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 46
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 46

Mar 2021

: 689
: 606
Operating Profit: 94
OPM %: 14
Other Income: 11
Interest: 2
Depreciation: 12
: 81
Tax %: 26
Net Profit: 59
EPS: 39
Dividend Payout %: 114
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 39
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 39

Mar 2022

: 908
: 787
Operating Profit: 126
OPM %: 14
Other Income: 5
Interest: 1
Depreciation: 11
: 114
Tax %: 26
Net Profit: 84
EPS: 55
Dividend Payout %: 110
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 55
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 55

Mar 2023

: 1,104
: 918
Operating Profit: 195
OPM %: 18
Other Income: 8
Interest: 0
Depreciation: 12
: 182
Tax %: 26
Net Profit: 136
EPS: 88
Dividend Payout %: 88
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 88
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 88

Mar 2024

: 1,259
: 1,030
Operating Profit: 236
OPM %: 19
Other Income: 6
Interest: 2
Depreciation: 14
: 220
Tax %: 26
Net Profit: 163
EPS: 106
Dividend Payout %: 81
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 106
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 106

Mar 2025

: 1,390
: 1,145
Operating Profit: 253
OPM %: 18
Other Income: 8
Interest: 2
Depreciation: 15
: 236
Tax %: 26
Net Profit: 175
EPS: 114
Dividend Payout %: 79
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 114
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 114

Mar 2026

: 1,525
: 1,255
Operating Profit: 276
OPM %: 18
Other Income: 6
Interest: 3
Depreciation: 17
: 274
Tax %: 25
Net Profit: 207
EPS: 134
Dividend Payout %: 56
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 134
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 134

TTM

: 1,577
: 1,292
Operating Profit: —
OPM %: —
Other Income: 7
Interest: 2
Depreciation: 17
: 295
Tax %: 25
Net Profit: 222
EPS: —
Dividend Payout %: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —

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:: 27%
5 Years:: 27%
3 Years:: 3%
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

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	15	15	15	15	15	15	15	15	15	15
	327	363	251	322	244	229	245	291	346	414
Trade Payables	58	74	84	88	96	144	152	133	195	207
	26	26	26	31	31	46	61	110	82	53
Total Liabilities	426	479	377	457	387	434	473	549	638	690
ASSETS	-	-	-	-	-	-	-	-	-	-
	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
Total Debt	0	0	0	0	0	0	0	0	0	0
Net Working Capital	230	286	172	244	167	149	145	173	200	280
Contingent Liabilities	35	41	31	38	42	30	30	32	26	25
Book Value per Share	222.58	245.78	173.22	219.46	168.43	158.69	169.12	198.87	234.73	279.00
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00
Total Debt	0	0	0	0	0	0	0	0	0	0
Net Working Capital	230	286	172	244	167	149	145	173	200	280
Contingent Liabilities	35	41	31	38	42	30	30	32	26	25
Book Value per Share	222.58	245.78	173.22	219.46	168.43	158.69	169.12	198.87	234.73	279.00
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00

Mar 2017

Equity Capital: 15
: 327
Trade Payables: 58
: 26
Total Liabilities: 426
: 76
Capital Work in Progress: 7
: 147
: 63
: 0
Cash & Bank: 41
: 92
Total Assets: 426
Total Debt: 0
Net Working Capital: 230
Contingent Liabilities: 35
Book Value per Share: 222.58
Face Value: 10.00
Total Debt: 0
Net Working Capital: 230
Contingent Liabilities: 35
Book Value per Share: 222.58
Face Value: 10.00

Mar 2018

Equity Capital: 15
: 363
Trade Payables: 74
: 26
Total Liabilities: 479
: 80
Capital Work in Progress: 8
: 125
: 73
: 0
Cash & Bank: 64
: 130
Total Assets: 479
Total Debt: 0
Net Working Capital: 286
Contingent Liabilities: 41
Book Value per Share: 245.78
Face Value: 10.00
Total Debt: 0
Net Working Capital: 286
Contingent Liabilities: 41
Book Value per Share: 245.78
Face Value: 10.00

Mar 2019

Equity Capital: 15
: 251
Trade Payables: 84
: 26
Total Liabilities: 377
: 83
Capital Work in Progress: 3
: 30
: 68
: 0
Cash & Bank: 56
: 137
Total Assets: 377
Total Debt: 0
Net Working Capital: 172
Contingent Liabilities: 31
Book Value per Share: 173.22
Face Value: 10.00
Total Debt: 0
Net Working Capital: 172
Contingent Liabilities: 31
Book Value per Share: 173.22
Face Value: 10.00

Mar 2020

Equity Capital: 15
: 322
Trade Payables: 88
: 31
Total Liabilities: 457
: 86
Capital Work in Progress: 7
: 70
: 78
: 0
Cash & Bank: 100
: 115
Total Assets: 457
Total Debt: 0
Net Working Capital: 244
Contingent Liabilities: 38
Book Value per Share: 219.46
Face Value: 10.00
Total Debt: 0
Net Working Capital: 244
Contingent Liabilities: 38
Book Value per Share: 219.46
Face Value: 10.00

Mar 2021

Equity Capital: 15
: 244
Trade Payables: 96
: 31
Total Liabilities: 387
: 90
Capital Work in Progress: 3
: 41
: 73
: 0
Cash & Bank: 42
: 138
Total Assets: 387
Total Debt: 0
Net Working Capital: 167
Contingent Liabilities: 42
Book Value per Share: 168.43
Face Value: 10.00
Total Debt: 0
Net Working Capital: 167
Contingent Liabilities: 42
Book Value per Share: 168.43
Face Value: 10.00

Mar 2022

Equity Capital: 15
: 229
Trade Payables: 144
: 46
Total Liabilities: 434
: 90
Capital Work in Progress: 3
: 31
: 105
: 0
Cash & Bank: 45
: 161
Total Assets: 434
Total Debt: 0
Net Working Capital: 149
Contingent Liabilities: 30
Book Value per Share: 158.69
Face Value: 10.00
Total Debt: 0
Net Working Capital: 149
Contingent Liabilities: 30
Book Value per Share: 158.69
Face Value: 10.00

Mar 2023

Equity Capital: 15
: 245
Trade Payables: 152
: 61
Total Liabilities: 473
: 95
Capital Work in Progress: 20
: 0
: 123
: 0
Cash & Bank: 56
: 178
Total Assets: 473
Total Debt: 0
Net Working Capital: 145
Contingent Liabilities: 30
Book Value per Share: 169.12
Face Value: 10.00
Total Debt: 0
Net Working Capital: 145
Contingent Liabilities: 30
Book Value per Share: 169.12
Face Value: 10.00

Mar 2024

Equity Capital: 15
: 291
Trade Payables: 133
: 110
Total Liabilities: 549
: 125
Capital Work in Progress: 4
: 0
: 111
: 189
Cash & Bank: 87
: 31
Total Assets: 549
Total Debt: 0
Net Working Capital: 173
Contingent Liabilities: 32
Book Value per Share: 198.87
Face Value: 10.00
Total Debt: 0
Net Working Capital: 173
Contingent Liabilities: 32
Book Value per Share: 198.87
Face Value: 10.00

Mar 2025

Equity Capital: 15
: 346
Trade Payables: 195
: 82
Total Liabilities: 638
: 136
Capital Work in Progress: 9
: 24
: 131
: 226
Cash & Bank: 79
: 33
Total Assets: 638
Total Debt: 0
Net Working Capital: 200
Contingent Liabilities: 26
Book Value per Share: 234.73
Face Value: 10.00
Total Debt: 0
Net Working Capital: 200
Contingent Liabilities: 26
Book Value per Share: 234.73
Face Value: 10.00

Mar 2026

Equity Capital: 15
: 414
Trade Payables: 207
: 53
Total Liabilities: 690
: 148
Capital Work in Progress: 6
: 44
: 141
: 254
Cash & Bank: 75
: 23
Total Assets: 690
Total Debt: 0
Net Working Capital: 280
Contingent Liabilities: 25
Book Value per Share: 279.00
Face Value: 10.00
Total Debt: 0
Net Working Capital: 280
Contingent Liabilities: 25
Book Value per Share: 279.00
Face Value: 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
	36	30	67	57	72	85	129	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
Free Cash Flow	36	14	61	40	64	75	96	113	174	158
OCF / Net Profit	1.36	0.80	1.17	0.80	1.22	1.00	0.95	0.87	1.13	0.87
Cumulative 5-Year FCF	0	0	0	0	215	253	336	388	522	617
OCF / Net Profit	1.36	0.80	1.17	0.80	1.22	1.00	0.95	0.87	1.13	0.87
Cumulative 5-Year FCF	0	0	0	0	215	253	336	388	522	617

Mar 2017

: 36
Cash from Investing: -23
Cash from Financing: -2
: 12
Free Cash Flow: 36
OCF / Net Profit: 1.36
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.36
Cumulative 5-Year FCF: 0

Mar 2018

: 30
Cash from Investing: 9
Cash from Financing: -41
: -2
Free Cash Flow: 14
OCF / Net Profit: 0.80
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.80
Cumulative 5-Year FCF: 0

Mar 2019

: 67
Cash from Investing: 102
Cash from Financing: -163
: 6
Free Cash Flow: 61
OCF / Net Profit: 1.17
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.17
Cumulative 5-Year FCF: 0

Mar 2020

: 57
Cash from Investing: -120
Cash from Financing: 39
: -24
Free Cash Flow: 40
OCF / Net Profit: 0.80
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.80
Cumulative 5-Year FCF: 0

Mar 2021

: 72
Cash from Investing: 66
Cash from Financing: -139
: -0
Free Cash Flow: 64
OCF / Net Profit: 1.22
Cumulative 5-Year FCF: 215
OCF / Net Profit: 1.22
Cumulative 5-Year FCF: 215

Mar 2022

: 85
Cash from Investing: 20
Cash from Financing: -102
: 3
Free Cash Flow: 75
OCF / Net Profit: 1.00
Cumulative 5-Year FCF: 253
OCF / Net Profit: 1.00
Cumulative 5-Year FCF: 253

Mar 2023

: 129
Cash from Investing: 5
Cash from Financing: -122
: 12
Free Cash Flow: 96
OCF / Net Profit: 0.95
Cumulative 5-Year FCF: 336
OCF / Net Profit: 0.95
Cumulative 5-Year FCF: 336

Mar 2024

: 141
Cash from Investing: -55
Cash from Financing: -81
: 5
Free Cash Flow: 113
OCF / Net Profit: 0.87
Cumulative 5-Year FCF: 388
OCF / Net Profit: 0.87
Cumulative 5-Year FCF: 388

Mar 2025

: 199
Cash from Investing: -15
Cash from Financing: -157
: 27
Free Cash Flow: 174
OCF / Net Profit: 1.13
Cumulative 5-Year FCF: 522
OCF / Net Profit: 1.13
Cumulative 5-Year FCF: 522

Mar 2026

: 181
Cash from Investing: -46
Cash from Financing: -143
: -8
Free Cash Flow: 158
OCF / Net Profit: 0.87
Cumulative 5-Year FCF: 617
OCF / Net Profit: 0.87
Cumulative 5-Year FCF: 617

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 (₹)	17.45	24.14	37.42	46.40	38.52	54.78	88.16	105.90	113.98	134.30
Book Value (₹)	222.58	245.78	173.22	219.46	168.43	158.69	169.12	198.87	234.73	279.00
Dividend per Share (₹)	1.00	1.00	90.00	70.00	44.00	60.00	78.00	86.00	90.00	75.00
Cash EPS (₹)	24.13	30.70	44.37	54.57	46.13	62.14	95.88	114.86	123.68	145.39
PROFITABILITY	-	-	-	-	-	-	-	-	-	-
Operating Margin %	11.25%	11.88%	14.22%	15.80%	13.57%	13.76%	17.55%	18.10%	17.41%	17.51%
Net Margin %	5.27%	6.81%	8.55%	10.19%	8.56%	9.24%	12.23%	12.85%	12.47%	13.39%
ROE %	8.16%	10.31%	17.86%	23.63%	19.86%	33.49%	53.79%	57.56%	52.58%	52.28%
ROCE %	11.56%	14.67%	26.18%	32.46%	27.57%	45.36%	72.47%	78.45%	71.26%	69.97%
	6.63%	8.21%	13.45%	17.12%	14.06%	20.53%	29.90%	31.90%	29.57%	31.15%
EFFICIENCY	-	-	-	-	-	-	-	-	-	-
Debtor Days	33	35	33	39	48	47	47	49	54	57
Inventory Days	43	45	38	38	40	36	38	34	31	32
Payable Days	62	70	67	72	77	78	80	70	73	83
	14	11	4	5	12	5	5	13	12	5
FINANCIAL HEALTH	-	-	-	-	-	-	-	-	-	-
Debt to Equity (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
Interest Coverage (x)	105.64x	240.27x	301.50x	115.40x	47.02x	187.16x	365.58x	101.44x	117.12x	106.79x
	3.78x	3.88x	2.59x	3.15x	2.37x	1.80x	1.71x	1.74x	1.72x	2.14x
GROWTH	-	-	-	-	-	-	-	-	-	-
Revenue Growth %	3.42%	14.02%	26.29%	3.92%	-1.27%	31.74%	21.65%	14.04%	10.35%	9.75%
Operating Profit Growth %	5.36%	12.92%	47.77%	15.52%	-15.07%	33.52%	55.12%	21.20%	7.09%	9.39%
Net Profit Growth %	-5.22%	38.31%	55.02%	24.00%	-16.97%	42.20%	60.93%	20.12%	7.63%	17.83%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	20.12%	7.63%	17.83%
VALUATION	-	-	-	-	-	-	-	-	-	-
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	49.64x	39.90x	36.90x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	26.44x	19.37x	17.76x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.64%	1.98%	1.51%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	33.92x	27.39x	27.32x

Mar 2017

EPS (₹): 17.45
Book Value (₹): 222.58
Dividend per Share (₹): 1.00
Cash EPS (₹): 24.13
Operating Margin %: 11.25%
Net Margin %: 5.27%
ROE %: 8.16%
ROCE %: 11.56%
: 6.63%
Debtor Days: 33
Inventory Days: 43
Payable Days: 62
: 14
Debt to Equity (x): 0.00x
Interest Coverage (x): 105.64x
: 3.78x
Revenue Growth %: 3.42%
Operating Profit Growth %: 5.36%
Net Profit Growth %: -5.22%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2018

EPS (₹): 24.14
Book Value (₹): 245.78
Dividend per Share (₹): 1.00
Cash EPS (₹): 30.70
Operating Margin %: 11.88%
Net Margin %: 6.81%
ROE %: 10.31%
ROCE %: 14.67%
: 8.21%
Debtor Days: 35
Inventory Days: 45
Payable Days: 70
: 11
Debt to Equity (x): 0.00x
Interest Coverage (x): 240.27x
: 3.88x
Revenue Growth %: 14.02%
Operating Profit Growth %: 12.92%
Net Profit Growth %: 38.31%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2019

EPS (₹): 37.42
Book Value (₹): 173.22
Dividend per Share (₹): 90.00
Cash EPS (₹): 44.37
Operating Margin %: 14.22%
Net Margin %: 8.55%
ROE %: 17.86%
ROCE %: 26.18%
: 13.45%
Debtor Days: 33
Inventory Days: 38
Payable Days: 67
: 4
Debt to Equity (x): 0.00x
Interest Coverage (x): 301.50x
: 2.59x
Revenue Growth %: 26.29%
Operating Profit Growth %: 47.77%
Net Profit Growth %: 55.02%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2020

EPS (₹): 46.40
Book Value (₹): 219.46
Dividend per Share (₹): 70.00
Cash EPS (₹): 54.57
Operating Margin %: 15.80%
Net Margin %: 10.19%
ROE %: 23.63%
ROCE %: 32.46%
: 17.12%
Debtor Days: 39
Inventory Days: 38
Payable Days: 72
: 5
Debt to Equity (x): 0.00x
Interest Coverage (x): 115.40x
: 3.15x
Revenue Growth %: 3.92%
Operating Profit Growth %: 15.52%
Net Profit Growth %: 24.00%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2021

EPS (₹): 38.52
Book Value (₹): 168.43
Dividend per Share (₹): 44.00
Cash EPS (₹): 46.13
Operating Margin %: 13.57%
Net Margin %: 8.56%
ROE %: 19.86%
ROCE %: 27.57%
: 14.06%
Debtor Days: 48
Inventory Days: 40
Payable Days: 77
: 12
Debt to Equity (x): 0.00x
Interest Coverage (x): 47.02x
: 2.37x
Revenue Growth %: -1.27%
Operating Profit Growth %: -15.07%
Net Profit Growth %: -16.97%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2022

EPS (₹): 54.78
Book Value (₹): 158.69
Dividend per Share (₹): 60.00
Cash EPS (₹): 62.14
Operating Margin %: 13.76%
Net Margin %: 9.24%
ROE %: 33.49%
ROCE %: 45.36%
: 20.53%
Debtor Days: 47
Inventory Days: 36
Payable Days: 78
: 5
Debt to Equity (x): 0.00x
Interest Coverage (x): 187.16x
: 1.80x
Revenue Growth %: 31.74%
Operating Profit Growth %: 33.52%
Net Profit Growth %: 42.20%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2023

EPS (₹): 88.16
Book Value (₹): 169.12
Dividend per Share (₹): 78.00
Cash EPS (₹): 95.88
Operating Margin %: 17.55%
Net Margin %: 12.23%
ROE %: 53.79%
ROCE %: 72.47%
: 29.90%
Debtor Days: 47
Inventory Days: 38
Payable Days: 80
: 5
Debt to Equity (x): 0.00x
Interest Coverage (x): 365.58x
: 1.71x
Revenue Growth %: 21.65%
Operating Profit Growth %: 55.12%
Net Profit Growth %: 60.93%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 105.90
Book Value (₹): 198.87
Dividend per Share (₹): 86.00
Cash EPS (₹): 114.86
Operating Margin %: 18.10%
Net Margin %: 12.85%
ROE %: 57.56%
ROCE %: 78.45%
: 31.90%
Debtor Days: 49
Inventory Days: 34
Payable Days: 70
: 13
Debt to Equity (x): 0.00x
Interest Coverage (x): 101.44x
: 1.74x
Revenue Growth %: 14.04%
Operating Profit Growth %: 21.20%
Net Profit Growth %: 20.12%
: 20.12%
P/E (x): 49.64x
P/B (x): 26.44x
Dividend Yield %: 1.64%
: 33.92x

Mar 2025

EPS (₹): 113.98
Book Value (₹): 234.73
Dividend per Share (₹): 90.00
Cash EPS (₹): 123.68
Operating Margin %: 17.41%
Net Margin %: 12.47%
ROE %: 52.58%
ROCE %: 71.26%
: 29.57%
Debtor Days: 54
Inventory Days: 31
Payable Days: 73
: 12
Debt to Equity (x): 0.00x
Interest Coverage (x): 117.12x
: 1.72x
Revenue Growth %: 10.35%
Operating Profit Growth %: 7.09%
Net Profit Growth %: 7.63%
: 7.63%
P/E (x): 39.90x
P/B (x): 19.37x
Dividend Yield %: 1.98%
: 27.39x

Mar 2026

EPS (₹): 134.30
Book Value (₹): 279.00
Dividend per Share (₹): 75.00
Cash EPS (₹): 145.39
Operating Margin %: 17.51%
Net Margin %: 13.39%
ROE %: 52.28%
ROCE %: 69.97%
: 31.15%
Debtor Days: 57
Inventory Days: 32
Payable Days: 83
: 5
Debt to Equity (x): 0.00x
Interest Coverage (x): 106.79x
: 2.14x
Revenue Growth %: 9.75%
Operating Profit Growth %: 9.39%
Net Profit Growth %: 17.83%
: 17.83%
P/E (x): 36.90x
P/B (x): 17.76x
Dividend Yield %: 1.51%
: 27.32x

Shareholding Pattern

Numbers in percentages

TRADES

	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	73.72	73.72	73.72	73.72	73.72	73.72	73.72	73.72
	1.66	1.84	1.79	1.56	1.53	1.51	1.56	1.62
	13.03	12.94	12.71	12.66	12.61	12.77	12.72	12.71
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	11.58	11.48	11.77	12.05	12.13	11.99	11.99	11.94

Sep 2024

: 73.72
: 1.66
: 13.03
Government: 0.00
: 11.58

Dec 2024

: 73.72
: 1.84
: 12.94
Government: 0.00
: 11.48

Mar 2025

: 73.72
: 1.79
: 12.71
Government: 0.00
: 11.77

Jun 2025

: 73.72
: 1.56
: 12.66
Government: 0.00
: 12.05

Sep 2025

: 73.72
: 1.53
: 12.61
Government: 0.00
: 12.13

Dec 2025

: 73.72
: 1.51
: 12.77
Government: 0.00
: 11.99

Mar 2026

: 73.72
: 1.56
: 12.72
Government: 0.00
: 11.99

Jun 2026

: 73.72
: 1.62
: 12.71
Government: 0.00
: 11.94

Documents

Announcements

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

Annual Reports

Credit Ratings

Nothing filed yet.

Concalls

Nothing filed yet.