Electrotherm (I) Ltd.
NSE: ELECTHERM · Iron & Steel Products · sector
₹622.40NSE close 2026-10-26
Key numbers
Market cap₹793 cr
Price₹622.40
52w high / low₹1,277 / ₹551
P/E–Sector median 15.5x
P/B–Sector median 1.7x
Book value₹-120.8
Dividend yield–Sector median 0.60%
ROE–Sector median 11.1%
ROCE-3.1%Sector median 11.9%
OPM0.3%Sector median 6.7%
Debt / equity–Sector median 0.21x
EV/EBITDA178.7xSector median 11.8x
Interest cover-1.4x
Current ratio0.53x
Sales growth 3y+6.3%Sector median +2.1%
Profit growth 3y–Sector median +13.0%
PEG–
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 118 companies in Iron & Steel Products (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹91 cr vs borrowings ₹1,060 cr (FY26): borrowings are higher by ₹969 cr.
- Borrowings fell in each of the last 3 years (₹1,985 cr → ₹1,060 cr).
- Operating profit covered interest -1.4x in the last 12 months.
- 7.89% of the promoters' shares are pledged (2.4% of all shares).
- Operating cash flow was below net profit in 1 of the last 5 years (FY25).
- Net loss in 2 of the last 8 quarters.
- Revenue was higher than a year earlier in 2 of the last 4 quarters.
- No dividend in the last 5 financial years.
- Price ₹622.40 on 2026-10-26: -51.3% from the 52-week high, +13.0% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹1,415.15 · low ₹577.95
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 814 | 1,081 | 1,161 | 834 | 814 | 904 | 1,140 | 913 |
| EBITDA | 80 | 107 | 171 | 52 | -12 | -31 | 30 | 22 |
| OPM % | 9.9% | 9.9% | 14.7% | 6.2% | -1.5% | -3.4% | 2.7% | 2.5% |
| Other income | 2 | 3 | 2 | 1 | 1 | 0 | 3 | 2 |
| Net profit | 59 | 88 | 186 | 28 | -22 | -35 | 14 | 7 |
| EPS (₹) | 46.68 | 69.34 | 145.60 | 21.78 | -16.97 | -27.80 | 10.70 | 5.44 |
| Revenue YoY | +0.1% | -16.4% | -1.8% | +9.5% | ||||
| Profit YoY | -136.4% | -140.1% | -92.7% | -75.0% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 2,831 | 3,074 | 4,272 | 4,115 | 3,692 | 3,771 |
| EBITDA | 86 | 98 | 419 | 491 | 39 | 10 |
| Net profit | -40 | -12 | 317 | 442 | -16 | -36 |
| EPS (₹) | -31.68 | -9.28 | 249.08 | 347.06 | -12.29 | -28.63 |
| Revenue growth | +8.6% | +39.0% | -3.7% | -10.3% | -3.0% | |
| Profit growth | – | – | +39.3% | -103.5% | -110.1% | |
| Dividend / share (₹) | – | – | – | – | – |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +6.3% | +8.0% | -3.0% |
| Net profit | – | – | -110.1% |
| EPS | – | – | – |
| Share price | – | -17.9% (2y) | -37.0% |
Balance sheet
| ₹ cr | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Shareholders' equity | – | – | -1,096 | -781 | -159 | -154 |
| Borrowings | – | – | 1,985 | 1,769 | 1,283 | 1,060 |
| Cash & equivalents | – | – | 73 | 62 | 72 | 91 |
| Total assets | – | – | 1,752 | 1,841 | 1,918 | 2,013 |
| Fixed assets | – | – | 632 | 609 | 595 | 621 |
| Capital work in progress | – | – | 26 | 44 | 98 | 138 |
| Investments | – | – | 7 | 8 | 8 | 8 |
| Receivables | – | – | 208 | 224 | 257 | 259 |
| Inventory | – | – | 571 | 618 | 593 | 571 |
| Payables | – | – | 376 | 427 | 459 | 481 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Cash from operations | 225 | 179 | 107 | 351 | 329 | 351 |
| Cash from investing | -62 | -14 | -2 | -68 | -72 | -99 |
| Cash from financing | -104 | -189 | -103 | -294 | -303 | -227 |
| Capex | 41 | 40 | 17 | 69 | 89 | 98 |
| Free cash flow | 184 | 139 | 90 | 283 | 240 | 253 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| ROE % | – | – | 1.1% | -40.6% | -278.5% | 10.2% |
| ROCE % | – | – | 6.2% | 38.2% | 40.5% | 0.1% |
| Debtor days | – | – | 25 | 19 | 23 | 26 |
| Inventory days | – | – | 91 | 76 | 77 | 77 |
| Payable days | – | – | 60 | 52 | 60 | 65 |
| Cash conversion cycle (days) | – | – | 56 | 43 | 40 | 38 |
| Working capital days | – | – | -183 | -76 | -51 | -99 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 29.83% |
| FIIs | 11.14% |
| DIIs | 0.78% |
| of which Mutual funds | 0.08% |
| Public (non-institutions) | 58.26% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 29.90% | 29.90% | 29.90% | 29.90% | 29.90% | 29.90% | 29.87% | 29.83% |
| Promoter group | % |
|---|---|
| Western India Speciality Hospital Limited | 7.65% |
| Shailesh Bhandari | 6.66% |
| Mukesh Bhandari | 6.35% |
| Bhandari Rakesh | 2.69% |
| Ritu Nagesh Bhandari | 1.69% |
| Reema Bhandari | 1.58% |
| Nagesh Bhanwarlal Bhandari | 1.53% |
| Suraj Shailesh Bhandari | 1.26% |
| Late Indubala Bhandari | 0.40% |
| Anurag Mukesh Bhandari | 0.00% |
| Siddharth Mukesh Bhandari | 0.00% |
| Mukesh Bhanwarlal Bhandari (HUF) | 0.00% |
| Jyoti Bhandari | 0.00% |
| Dalal Narendrakumar Babubhai | 0.00% |
| Public holders above 1% | % |
|---|---|
| Castleshine Pte Limited | 7.85% |
| Leadhaven Pte Limited | 7.85% |
| Artiben Jagdishbhai Akhani | 4.59% |
| Habrok India Master Lp | 3.97% |
| Radiant Global Fund-Class B Participating Shares | 3.91% |
| Web Businesses.Com Global Ltd. | 2.34% |
| Cassini Partners, L.P. Managed By Habrok Capital Management Llp | 2.04% |
| Komalay Investrade Private Limited | 1.75% |
| Arjun Leasing And Finance Pvt Ltd | 1.64% |
| Lavish Packagers Limited | 1.50% |
| Jaideep Narendra Sampat | 1.49% |
| Kiritkumar Amrutlal Akhani | 1.49% |
| Winspire Project Consultants Private | 1.35% |
| Patel Jayeshkumar Kantilal | 1.00% |
8,925 shareholders. Pledged: 7.89% of promoter shares.
Peers in Iron & Steel Products
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| WELCORP | ₹61,798 cr | 26.7x | 6.8x | 27.8% | 19.2% | 13.9% | +19.8% | 0.21% |
| APLAPOLLO | ₹57,703 cr | 46.9x | 10.9x | 25.9% | 30.1% | 8.0% | +12.6% | 0.28% |
| SHYAMMETL | ₹31,351 cr | 28.0x | 2.7x | 7.8% | 14.2% | 12.9% | +13.7% | 0.36% |
| RATNAMANI | ₹16,345 cr | 37.8x | 4.0x | 11.2% | 15.7% | 16.7% | +0.1% | 0.60% |
| JINDALSAW | ₹14,824 cr | 26.9x | 1.2x | 4.4% | 7.2% | 9.5% | +0.1% | 0.86% |
| USHAMART | ₹14,192 cr | 27.9x | 4.3x | 16.8% | 20.1% | 19.6% | +4.1% | 0.64% |
| GALLANTT | ₹12,989 cr | 31.9x | 3.7x | 12.4% | 14.2% | 13.8% | +3.1% | 0.08% |
| GPIL | ₹11,769 cr | 14.6x | 2.0x | 15.1% | 18.7% | 21.4% | -2.2% | 0.54% |
| JAYNECOIND | ₹8,607 cr | 12.5x | 2.6x | 23.4% | 25.6% | 18.9% | +4.0% | – |
| ELECTHERM | ₹793 cr | – | – | – | -3.1% | 0.3% | +6.3% | – |
Business segments (FY26)
| Segment | Revenue | Share | EBIT | Margin |
|---|---|---|---|---|
| Special Steel Division | ₹2,466 cr | 66.4% | ₹-10 cr | -0.4% |
| Engineering & Technologies Division | ₹1,209 cr | 32.5% | ₹24 cr | 2.0% |
| Electric Vehicle Division | ₹40 cr | 1.1% | ₹-9 cr | -22.4% |
| Others | ₹0 cr | – | ₹0 cr | – |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2015-09-23 | Other | Annual General Meeting |
| 2014-09-24 | Other | Annual General Meeting |
| 2013-12-23 | Other | Annual General Meeting |
| 2012-12-20 | Other | Annual General Meeting |
| 2011-09-22 | Other | Annual General Meeting |
| 2010-09-16 | Dividend | Annual General Meeting And Dividend Rs.2.50 Per Share |
| 2009-09-03 | Other | Agm/Div-Rs.2.50 Per Share |
| 2008-06-12 | Dividend | Agm/Dividend - 25% |
| 1997-09-03 | Other | Agm (Start/End Date Revised) |
| 1996-09-11 | Dividend | Dividend -7.5% |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
| Sector | Industrials |
| Industry | Iron & Steel Products |
| Sub-industry | Iron & Steel Products |
| Symbol | ELECTHERM |
| BSE code | 526608 |
| ISIN | INE822G01016 |
| Face value | ₹10.0 |
| Incorporated | – |
| Website | – |
| Plants (India / abroad) | – |
Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.