Salzer Electronics Ltd.

•

₹ 569.550.18%

2026-08-21

salzergroup.net/BSE: 517059NSE: SALZERELEC

Market Cap₹ 1,012 Cr.

Current Price₹ 569

High / Low₹ 952 / 489

Stock P/E0.0

Book Value₹ 332

Price to Book3.59

Dividend Yield0.44 %

ROCE14.3 %

ROE12.5 %

Face Value₹ 10

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ABOUT

KEY POINTS

PROS

Company has delivered good sales growth of 19.5% CAGR over last 5 years
Company has a consistent dividend-paying track record
Institutional investors have been accumulating - FII+DII up 2.2pp
Attractively priced for its growth - PEG of 0.8

CONS

Operating cash flow has been negative in recent years
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 0.18x)
Free cash flow has been persistently negative
Total debt has risen sharply - up 35.7% year on year
Recurring exceptional / one-off items are inflating headline profit

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

Peer comparison

EDIT COLUMNS

Capital GoodsCapital GoodsElectric 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.	ABB	7400.00	52.48	156812.20	0.53	3623.00	930.02	35588.70	1110.31	30.18	12.56
2.	POWERINDIA	33550.00	0.00	149540.28	0.02	294.15	123.52	2493.69	74.46	28.73	14.58
3.	SIEMENS	3880.10	42.19	138178.32	0.46	214.31	-49.38	4713.70	8.44	21.42	9.14
4.	CGPOWER	862.90	108.75	135945.59	0.15	308.28	15.52	3280.81	13.99	27.94	12.11
5.	ENRIN	3483.60	0.00	124058.14	0.11	4409.00	1578.34	24856.00	1292.81	40.19	23.56
6.	GVT&D	4119.00	564.77	105465.57	0.24	362.99	24.65	1836.14	38.04	75.51	25.10
7.	HAVELLS	1278.00	49.11	80202.38	0.78	2897.10	733.63	65181.90	1094.83	25.74	7.15
8.	WAAREEENER	2688.00	20.26	77320.68	0.15	891.87	15.39	7931.79	79.22	34.71	18.15
9.	APARINDS	16607.65	58.86	69540.11	0.36	467.45	77.80	6591.06	29.64	33.47	11.50
10.	SUZLON	46.78	20.45	64302.09	0.00	305.22	-5.89	3829.09	22.83	35.79	15.55
11.	SCHNEIDER	1254.75	0.00	30001.58	0.00	124.40	201.65	6513.60	947.83	31.01	5.23
12.	SALZERELEC	572.30	23.16	1011.98	0.44	8.33	-51.65	498.02	12.90	13.28	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	—	—	—	—	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—	—	—	—	—
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%
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%

Jun 2023

: 282
: 257
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 8
Depreciation: 4
: 13
Tax %: 27.91%
Net Profit: 9
: 6
Equity Capital: 16
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 16
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2023

: 274
: 248
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 8
Depreciation: 5
: 13
Tax %: 25.38%
Net Profit: 9
: 6
Equity Capital: 17
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 17
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2023

: 262
: 233
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 9
Depreciation: 5
: 17
Tax %: 25.66%
Net Profit: 12
: 7
Equity Capital: 17
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 17
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2024

: 318
: 287
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 9
Depreciation: 5
: 17
Tax %: 29.81%
Net Profit: 12
: 7
Equity Capital: 17
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 17
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2024

: 347
: 316
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 10
Depreciation: 5
: 17
Tax %: 23.68%
Net Profit: 13
: 8
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2024

: 336
: 303
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 10
Depreciation: 5
: 34
Tax %: 21.88%
Net Profit: 26
: 15
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2024

: 334
: 299
Operating Profit: —
OPM %: —
Other Income: 2
Interest: 10
Depreciation: 6
: 20
Tax %: 26.78%
Net Profit: 15
: 8
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2025

: 366
: 339
Operating Profit: —
OPM %: —
Other Income: 3
Interest: 11
Depreciation: 6
: 12
Tax %: 29.36%
Net Profit: 8
: 5
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2025

: 432
: 391
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 12
Depreciation: 6
: 24
Tax %: 26.67%
Net Profit: 18
: 10
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2025

: 409
: 374
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 11
Depreciation: 7
: 18
Tax %: 24.79%
Net Profit: 13
: 8
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2025

: 412
: 376
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 12
Depreciation: 7
: 17
Tax %: 25.89%
Net Profit: 13
: 7
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 462
: 432
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 12
Depreciation: 6
: 11
Tax %: 11.56%
Net Profit: 10
: 6
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2026

: 486
: 475
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 12
Depreciation: 7
: 11
Tax %: 24.55%
Net Profit: 8
: 0
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	361	385	443	560	567	606	784	1,013	1,136	1,383	1,769
	318	341	389	496	502	544	720	922	1,027	1,258	1,658
Operating Profit	46	50	56	64	66	64	66	93	112	130	—
OPM %	13	13	13	11	12	11	8	9	10	9	—
Other Income	3	5	3	1	1	2	2	1	3	5	1
Interest	13	15	15	20	21	21	20	26	34	41	47
Depreciation	8	9	11	12	14	16	16	16	19	22	27
	24	26	31	32	30	27	30	50	59	82	58
Tax %	30	34	35	26	13	23	25	28	27	24	22
Net Profit	17	17	20	24	26	21	22	36	43	62	45
EPS	0	0	0	0	0	13	14	21	25	35	—
Dividend Payout %	13	13	12	11	0	12	13	10	10	7	—
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	12	13	15	17	13	14	22	25	35	—
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	12	13	15	17	13	14	22	25	35	—

Mar 2016

: 361
: 318
Operating Profit: 46
OPM %: 13
Other Income: 3
Interest: 13
Depreciation: 8
: 24
Tax %: 30
Net Profit: 17
EPS: 0
Dividend Payout %: 13
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 12
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 12

Mar 2017

: 385
: 341
Operating Profit: 50
OPM %: 13
Other Income: 5
Interest: 15
Depreciation: 9
: 26
Tax %: 34
Net Profit: 17
EPS: 0
Dividend Payout %: 13
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 12
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 12

Mar 2018

: 443
: 389
Operating Profit: 56
OPM %: 13
Other Income: 3
Interest: 15
Depreciation: 11
: 31
Tax %: 35
Net Profit: 20
EPS: 0
Dividend Payout %: 12
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 13
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 13

Mar 2019

: 560
: 496
Operating Profit: 64
OPM %: 11
Other Income: 1
Interest: 20
Depreciation: 12
: 32
Tax %: 26
Net Profit: 24
EPS: 0
Dividend Payout %: 11
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 15
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 15

Mar 2020

: 567
: 502
Operating Profit: 66
OPM %: 12
Other Income: 1
Interest: 21
Depreciation: 14
: 30
Tax %: 13
Net Profit: 26
EPS: 0
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 17
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 17

Mar 2021

: 606
: 544
Operating Profit: 64
OPM %: 11
Other Income: 2
Interest: 21
Depreciation: 16
: 27
Tax %: 23
Net Profit: 21
EPS: 13
Dividend Payout %: 12
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 13
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 13

Mar 2022

: 784
: 720
Operating Profit: 66
OPM %: 8
Other Income: 2
Interest: 20
Depreciation: 16
: 30
Tax %: 25
Net Profit: 22
EPS: 14
Dividend Payout %: 13
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 14
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 14

Mar 2023

: 1,013
: 922
Operating Profit: 93
OPM %: 9
Other Income: 1
Interest: 26
Depreciation: 16
: 50
Tax %: 28
Net Profit: 36
EPS: 21
Dividend Payout %: 10
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 22
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 22

Mar 2024

: 1,136
: 1,027
Operating Profit: 112
OPM %: 10
Other Income: 3
Interest: 34
Depreciation: 19
: 59
Tax %: 27
Net Profit: 43
EPS: 25
Dividend Payout %: 10
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 25
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 25

Mar 2025

: 1,383
: 1,258
Operating Profit: 130
OPM %: 9
Other Income: 5
Interest: 41
Depreciation: 22
: 82
Tax %: 24
Net Profit: 62
EPS: 35
Dividend Payout %: 7
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 35
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 35

TTM

: 1,769
: 1,658
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 47
Depreciation: 27
: 58
Tax %: 22
Net Profit: 45
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:: 17%
5 Years:: 20%
3 Years:: 21%

COMPOUNDED PROFIT GROWTH

10 Years:: 18%
5 Years:: 19%
3 Years:: 40%

STOCK PRICE CAGR

10 Years:: 10%
5 Years:: 30%
3 Years:: 12%
1 Year:: -34%

RETURN ON EQUITY

10 Years:: 9%
5 Years:: 9%
3 Years:: 11%
Last Year:: 13%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
LIABILITIES	-	-	-	-	-	-	-	-	-	-
	14	14	15	16	16	16	16	16	17	18
	177	218	254	271	293	315	335	374	447	513
	81	103	128	136	156	183	235	265	290	386
Trade Payables	33	28	36	54	50	59	74	110	145	165
	71	90	104	89	91	101	81	112	71	84
Total Liabilities	375	454	537	566	607	674	742	876	970	1,165
ASSETS	-	-	-	-	-	-	-	-	-	-
	102	139	166	183	207	211	214	231	254	295
Capital Work in Progress	8	9	6	6	3	1	1	1	2	3
	18	5	3	4	20	21	21	22	25	26
	67	93	139	143	157	177	224	270	290	364
	0	0	0	0	0	0	0	0	332	409
Cash & Bank	13	12	10	14	9	10	8	13	4	5
	168	196	213	216	212	253	274	341	64	63
Total Assets	375	454	537	566	607	674	742	876	970	1,165
Total Debt	109	126	146	148	178	204	252	277	308	418
Net Working Capital	82	80	91	96	92	106	122	165	223	254
Contingent Liabilities	32	24	33	41	56	72	55	42	37	75
Book Value per Share	139.73	161.72	179.57	179.57	193.57	207.28	219.90	241.22	266.92	299.89
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00
Total Debt	109	126	146	148	178	204	252	277	308	418
Net Working Capital	82	80	91	96	92	106	122	165	223	254
Contingent Liabilities	32	24	33	41	56	72	55	42	37	75
Book Value per Share	139.73	161.72	179.57	179.57	193.57	207.28	219.90	241.22	266.92	299.89
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00

Mar 2016

: 14
: 177
: 81
Trade Payables: 33
: 71
Total Liabilities: 375
: 102
Capital Work in Progress: 8
: 18
: 67
: 0
Cash & Bank: 13
: 168
Total Assets: 375
Total Debt: 109
Net Working Capital: 82
Contingent Liabilities: 32
Book Value per Share: 139.73
Face Value: 10.00
Total Debt: 109
Net Working Capital: 82
Contingent Liabilities: 32
Book Value per Share: 139.73
Face Value: 10.00

Mar 2017

: 14
: 218
: 103
Trade Payables: 28
: 90
Total Liabilities: 454
: 139
Capital Work in Progress: 9
: 5
: 93
: 0
Cash & Bank: 12
: 196
Total Assets: 454
Total Debt: 126
Net Working Capital: 80
Contingent Liabilities: 24
Book Value per Share: 161.72
Face Value: 10.00
Total Debt: 126
Net Working Capital: 80
Contingent Liabilities: 24
Book Value per Share: 161.72
Face Value: 10.00

Mar 2018

: 15
: 254
: 128
Trade Payables: 36
: 104
Total Liabilities: 537
: 166
Capital Work in Progress: 6
: 3
: 139
: 0
Cash & Bank: 10
: 213
Total Assets: 537
Total Debt: 146
Net Working Capital: 91
Contingent Liabilities: 33
Book Value per Share: 179.57
Face Value: 10.00
Total Debt: 146
Net Working Capital: 91
Contingent Liabilities: 33
Book Value per Share: 179.57
Face Value: 10.00

Mar 2019

: 16
: 271
: 136
Trade Payables: 54
: 89
Total Liabilities: 566
: 183
Capital Work in Progress: 6
: 4
: 143
: 0
Cash & Bank: 14
: 216
Total Assets: 566
Total Debt: 148
Net Working Capital: 96
Contingent Liabilities: 41
Book Value per Share: 179.57
Face Value: 10.00
Total Debt: 148
Net Working Capital: 96
Contingent Liabilities: 41
Book Value per Share: 179.57
Face Value: 10.00

Mar 2020

: 16
: 293
: 156
Trade Payables: 50
: 91
Total Liabilities: 607
: 207
Capital Work in Progress: 3
: 20
: 157
: 0
Cash & Bank: 9
: 212
Total Assets: 607
Total Debt: 178
Net Working Capital: 92
Contingent Liabilities: 56
Book Value per Share: 193.57
Face Value: 10.00
Total Debt: 178
Net Working Capital: 92
Contingent Liabilities: 56
Book Value per Share: 193.57
Face Value: 10.00

Mar 2021

: 16
: 315
: 183
Trade Payables: 59
: 101
Total Liabilities: 674
: 211
Capital Work in Progress: 1
: 21
: 177
: 0
Cash & Bank: 10
: 253
Total Assets: 674
Total Debt: 204
Net Working Capital: 106
Contingent Liabilities: 72
Book Value per Share: 207.28
Face Value: 10.00
Total Debt: 204
Net Working Capital: 106
Contingent Liabilities: 72
Book Value per Share: 207.28
Face Value: 10.00

Mar 2022

: 16
: 335
: 235
Trade Payables: 74
: 81
Total Liabilities: 742
: 214
Capital Work in Progress: 1
: 21
: 224
: 0
Cash & Bank: 8
: 274
Total Assets: 742
Total Debt: 252
Net Working Capital: 122
Contingent Liabilities: 55
Book Value per Share: 219.90
Face Value: 10.00
Total Debt: 252
Net Working Capital: 122
Contingent Liabilities: 55
Book Value per Share: 219.90
Face Value: 10.00

Mar 2023

: 16
: 374
: 265
Trade Payables: 110
: 112
Total Liabilities: 876
: 231
Capital Work in Progress: 1
: 22
: 270
: 0
Cash & Bank: 13
: 341
Total Assets: 876
Total Debt: 277
Net Working Capital: 165
Contingent Liabilities: 42
Book Value per Share: 241.22
Face Value: 10.00
Total Debt: 277
Net Working Capital: 165
Contingent Liabilities: 42
Book Value per Share: 241.22
Face Value: 10.00

Mar 2024

: 17
: 447
: 290
Trade Payables: 145
: 71
Total Liabilities: 970
: 254
Capital Work in Progress: 2
: 25
: 290
: 332
Cash & Bank: 4
: 64
Total Assets: 970
Total Debt: 308
Net Working Capital: 223
Contingent Liabilities: 37
Book Value per Share: 266.92
Face Value: 10.00
Total Debt: 308
Net Working Capital: 223
Contingent Liabilities: 37
Book Value per Share: 266.92
Face Value: 10.00

Mar 2025

: 18
: 513
: 386
Trade Payables: 165
: 84
Total Liabilities: 1,165
: 295
Capital Work in Progress: 3
: 26
: 364
: 409
Cash & Bank: 5
: 63
Total Assets: 1,165
Total Debt: 418
Net Working Capital: 254
Contingent Liabilities: 75
Book Value per Share: 299.89
Face Value: 10.00
Total Debt: 418
Net Working Capital: 254
Contingent Liabilities: 75
Book Value per Share: 299.89
Face Value: 10.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-15	1	4	52	36	14	-14	23	20	-17
Cash from Investing	-45	-13	-33	-28	-50	-17	-18	-32	-39	-55
Cash from Financing	64	12	26	-19	9	4	29	14	15	72
	5	-0	-2	4	-5	2	-2	5	-5	0
Free Cash Flow	-46	1	-31	24	1	-4	-33	-9	-26	-76
OCF / Net Profit	-0.85	0.05	0.21	2.16	1.35	0.68	-0.62	0.63	0.46	-0.27
Cumulative 5-Year FCF	0	0	0	0	-51	-9	-42	-21	-71	-148
OCF / Net Profit	-0.85	0.05	0.21	2.16	1.35	0.68	-0.62	0.63	0.46	-0.27
Cumulative 5-Year FCF	0	0	0	0	-51	-9	-42	-21	-71	-148

Mar 2016

: -15
Cash from Investing: -45
Cash from Financing: 64
: 5
Free Cash Flow: -46
OCF / Net Profit: -0.85
Cumulative 5-Year FCF: 0
OCF / Net Profit: -0.85
Cumulative 5-Year FCF: 0

Mar 2017

: 1
Cash from Investing: -13
Cash from Financing: 12
: -0
Free Cash Flow: 1
OCF / Net Profit: 0.05
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.05
Cumulative 5-Year FCF: 0

Mar 2018

: 4
Cash from Investing: -33
Cash from Financing: 26
: -2
Free Cash Flow: -31
OCF / Net Profit: 0.21
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.21
Cumulative 5-Year FCF: 0

Mar 2019

: 52
Cash from Investing: -28
Cash from Financing: -19
: 4
Free Cash Flow: 24
OCF / Net Profit: 2.16
Cumulative 5-Year FCF: 0
OCF / Net Profit: 2.16
Cumulative 5-Year FCF: 0

Mar 2020

: 36
Cash from Investing: -50
Cash from Financing: 9
: -5
Free Cash Flow: 1
OCF / Net Profit: 1.35
Cumulative 5-Year FCF: -51
OCF / Net Profit: 1.35
Cumulative 5-Year FCF: -51

Mar 2021

: 14
Cash from Investing: -17
Cash from Financing: 4
: 2
Free Cash Flow: -4
OCF / Net Profit: 0.68
Cumulative 5-Year FCF: -9
OCF / Net Profit: 0.68
Cumulative 5-Year FCF: -9

Mar 2022

: -14
Cash from Investing: -18
Cash from Financing: 29
: -2
Free Cash Flow: -33
OCF / Net Profit: -0.62
Cumulative 5-Year FCF: -42
OCF / Net Profit: -0.62
Cumulative 5-Year FCF: -42

Mar 2023

: 23
Cash from Investing: -32
Cash from Financing: 14
: 5
Free Cash Flow: -9
OCF / Net Profit: 0.63
Cumulative 5-Year FCF: -21
OCF / Net Profit: 0.63
Cumulative 5-Year FCF: -21

Mar 2024

: 20
Cash from Investing: -39
Cash from Financing: 15
: -5
Free Cash Flow: -26
OCF / Net Profit: 0.46
Cumulative 5-Year FCF: -71
OCF / Net Profit: 0.46
Cumulative 5-Year FCF: -71

Mar 2025

: -17
Cash from Investing: -55
Cash from Financing: 72
: 0
Free Cash Flow: -76
OCF / Net Profit: -0.27
Cumulative 5-Year FCF: -148
OCF / Net Profit: -0.27
Cumulative 5-Year FCF: -148

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE	-	-	-	-	-	-	-	-	-	-
EPS (₹)	12.50	12.09	13.35	14.99	16.51	12.93	14.07	22.47	24.84	35.21
Book Value (₹)	139.73	161.72	179.57	179.57	193.57	207.28	219.90	241.22	266.92	299.89
Dividend per Share (₹)	1.60	1.60	1.60	1.60	0.00	1.60	1.80	2.20	2.50	2.50
Cash EPS (₹)	18.59	18.29	20.37	22.60	25.54	22.70	24.08	32.43	35.81	47.82
PROFITABILITY	-	-	-	-	-	-	-	-	-	-
Operating Margin %	11.11%	11.18%	12.44%	11.50%	11.65%	10.53%	8.42%	9.13%	9.59%	9.03%
Net Margin %	4.14%	3.91%	4.42%	4.28%	4.65%	3.41%	2.87%	3.59%	3.80%	4.50%
ROE %	11.49%	8.21%	7.99%	8.61%	8.85%	6.45%	6.59%	9.80%	10.11%	12.52%
ROCE %	14.67%	12.28%	11.84%	12.27%	11.20%	9.42%	8.77%	11.90%	12.80%	14.31%
	5.24%	4.18%	4.04%	4.34%	4.50%	3.23%	3.18%	4.49%	4.68%	5.83%
EFFICIENCY	-	-	-	-	-	-	-	-	-	-
Debtor Days	79	89	94	86	93	97	90	87	98	98
Inventory Days	59	66	93	92	97	101	93	89	90	86
Payable Days	44	41	38	40	46	43	40	43	55	55
	94	114	150	137	143	154	144	133	133	129
FINANCIAL HEALTH	-	-	-	-	-	-	-	-	-	-
Debt to Equity (x)	0.57x	0.54x	0.54x	0.51x	0.58x	0.62x	0.72x	0.71x	0.66x	0.79x
Interest Coverage (x)	2.85x	2.79x	3.07x	2.62x	2.44x	2.26x	2.52x	2.93x	2.76x	3.02x
	1.52x	1.42x	1.39x	1.38x	1.35x	1.34x	1.34x	1.37x	1.48x	1.43x
GROWTH	-	-	-	-	-	-	-	-	-	-
Revenue Growth %	27.47%	6.60%	15.01%	26.42%	1.28%	6.82%	29.39%	29.29%	12.08%	21.78%
Operating Profit Growth %	25.34%	8.52%	13.71%	14.13%	2.68%	-3.47%	3.41%	40.26%	20.81%	16.64%
Net Profit Growth %	42.29%	1.73%	15.42%	19.69%	10.14%	-21.65%	8.75%	61.74%	18.77%	44.16%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	10.57%	41.72%
VALUATION	-	-	-	-	-	-	-	-	-	-
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	33.74x	30.55x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	3.14x	3.59x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.30%	0.23%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	15.76x	17.76x

Mar 2016

EPS (₹): 12.50
Book Value (₹): 139.73
Dividend per Share (₹): 1.60
Cash EPS (₹): 18.59
Operating Margin %: 11.11%
Net Margin %: 4.14%
ROE %: 11.49%
ROCE %: 14.67%
: 5.24%
Debtor Days: 79
Inventory Days: 59
Payable Days: 44
: 94
Debt to Equity (x): 0.57x
Interest Coverage (x): 2.85x
: 1.52x
Revenue Growth %: 27.47%
Operating Profit Growth %: 25.34%
Net Profit Growth %: 42.29%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2017

EPS (₹): 12.09
Book Value (₹): 161.72
Dividend per Share (₹): 1.60
Cash EPS (₹): 18.29
Operating Margin %: 11.18%
Net Margin %: 3.91%
ROE %: 8.21%
ROCE %: 12.28%
: 4.18%
Debtor Days: 89
Inventory Days: 66
Payable Days: 41
: 114
Debt to Equity (x): 0.54x
Interest Coverage (x): 2.79x
: 1.42x
Revenue Growth %: 6.60%
Operating Profit Growth %: 8.52%
Net Profit Growth %: 1.73%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2018

EPS (₹): 13.35
Book Value (₹): 179.57
Dividend per Share (₹): 1.60
Cash EPS (₹): 20.37
Operating Margin %: 12.44%
Net Margin %: 4.42%
ROE %: 7.99%
ROCE %: 11.84%
: 4.04%
Debtor Days: 94
Inventory Days: 93
Payable Days: 38
: 150
Debt to Equity (x): 0.54x
Interest Coverage (x): 3.07x
: 1.39x
Revenue Growth %: 15.01%
Operating Profit Growth %: 13.71%
Net Profit Growth %: 15.42%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2019

EPS (₹): 14.99
Book Value (₹): 179.57
Dividend per Share (₹): 1.60
Cash EPS (₹): 22.60
Operating Margin %: 11.50%
Net Margin %: 4.28%
ROE %: 8.61%
ROCE %: 12.27%
: 4.34%
Debtor Days: 86
Inventory Days: 92
Payable Days: 40
: 137
Debt to Equity (x): 0.51x
Interest Coverage (x): 2.62x
: 1.38x
Revenue Growth %: 26.42%
Operating Profit Growth %: 14.13%
Net Profit Growth %: 19.69%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2020

EPS (₹): 16.51
Book Value (₹): 193.57
Dividend per Share (₹): 0.00
Cash EPS (₹): 25.54
Operating Margin %: 11.65%
Net Margin %: 4.65%
ROE %: 8.85%
ROCE %: 11.20%
: 4.50%
Debtor Days: 93
Inventory Days: 97
Payable Days: 46
: 143
Debt to Equity (x): 0.58x
Interest Coverage (x): 2.44x
: 1.35x
Revenue Growth %: 1.28%
Operating Profit Growth %: 2.68%
Net Profit Growth %: 10.14%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2021

EPS (₹): 12.93
Book Value (₹): 207.28
Dividend per Share (₹): 1.60
Cash EPS (₹): 22.70
Operating Margin %: 10.53%
Net Margin %: 3.41%
ROE %: 6.45%
ROCE %: 9.42%
: 3.23%
Debtor Days: 97
Inventory Days: 101
Payable Days: 43
: 154
Debt to Equity (x): 0.62x
Interest Coverage (x): 2.26x
: 1.34x
Revenue Growth %: 6.82%
Operating Profit Growth %: -3.47%
Net Profit Growth %: -21.65%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2022

EPS (₹): 14.07
Book Value (₹): 219.90
Dividend per Share (₹): 1.80
Cash EPS (₹): 24.08
Operating Margin %: 8.42%
Net Margin %: 2.87%
ROE %: 6.59%
ROCE %: 8.77%
: 3.18%
Debtor Days: 90
Inventory Days: 93
Payable Days: 40
: 144
Debt to Equity (x): 0.72x
Interest Coverage (x): 2.52x
: 1.34x
Revenue Growth %: 29.39%
Operating Profit Growth %: 3.41%
Net Profit Growth %: 8.75%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2023

EPS (₹): 22.47
Book Value (₹): 241.22
Dividend per Share (₹): 2.20
Cash EPS (₹): 32.43
Operating Margin %: 9.13%
Net Margin %: 3.59%
ROE %: 9.80%
ROCE %: 11.90%
: 4.49%
Debtor Days: 87
Inventory Days: 89
Payable Days: 43
: 133
Debt to Equity (x): 0.71x
Interest Coverage (x): 2.93x
: 1.37x
Revenue Growth %: 29.29%
Operating Profit Growth %: 40.26%
Net Profit Growth %: 61.74%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 24.84
Book Value (₹): 266.92
Dividend per Share (₹): 2.50
Cash EPS (₹): 35.81
Operating Margin %: 9.59%
Net Margin %: 3.80%
ROE %: 10.11%
ROCE %: 12.80%
: 4.68%
Debtor Days: 98
Inventory Days: 90
Payable Days: 55
: 133
Debt to Equity (x): 0.66x
Interest Coverage (x): 2.76x
: 1.48x
Revenue Growth %: 12.08%
Operating Profit Growth %: 20.81%
Net Profit Growth %: 18.77%
: 10.57%
P/E (x): 33.74x
P/B (x): 3.14x
Dividend Yield %: 0.30%
: 15.76x

Mar 2025

EPS (₹): 35.21
Book Value (₹): 299.89
Dividend per Share (₹): 2.50
Cash EPS (₹): 47.82
Operating Margin %: 9.03%
Net Margin %: 4.50%
ROE %: 12.52%
ROCE %: 14.31%
: 5.83%
Debtor Days: 98
Inventory Days: 86
Payable Days: 55
: 129
Debt to Equity (x): 0.79x
Interest Coverage (x): 3.02x
: 1.43x
Revenue Growth %: 21.78%
Operating Profit Growth %: 16.64%
Net Profit Growth %: 44.16%
: 41.72%
P/E (x): 30.55x
P/B (x): 3.59x
Dividend Yield %: 0.23%
: 17.76x

Shareholding Pattern

Numbers in percentages

TRADES

	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

Jun 2024

: 37.53
: 2.81
: 0.11
Government: 0.00
: 59.55

Sep 2024

: 37.53
: 2.65
: 0.11
Government: 0.00
: 59.71

Dec 2024

: 37.54
: 3.97
: 0.39
Government: 0.00
: 58.10

Mar 2025

: 37.54
: 2.58
: 0.10
Government: 0.00
: 59.78

Jun 2025

: 37.54
: 2.35
: 0.01
Government: 0.00
: 60.10

Sep 2025

: 37.47
: 2.39
: 0.02
Government: 0.00
: 60.13

Dec 2025

: 37.48
: 2.56
: 0.02
Government: 0.00
: 59.95

Mar 2026

: 37.48
: 4.45
: 0.01
Government: 0.00
: 58.06

Jun 2026

: 37.48
: 4.51
: 0.10
Government: 0.00
: 57.91

Documents

Announcements

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
Analysts/Institutional Investor Meet/Con. Call Updates
2026-08-13 - Salzer Electronics Limited has informed the Exchange about Transcript

Annual Reports

Credit Ratings

Credit Rating
2026-08-05 - Salzer Electronics Limited has informed the Exchange about Credit Rating

Concalls

Aug 2026
Transcript PPTREC
May 2026
Transcript PPTREC
Feb 2026
Transcript PPTREC