Elin Electronics Limited (ELIN) AI Stock Analysis

• Market Cap: ₹6.32B
• Dividend Yield: N/A
• Average Volume (3M): 12.69K
• Price to Earnings (P/E): 15.6
• Beta (1Y): 1.08
• Revenue Growth: 12.53%
• EPS Growth: 119.28%
• Country: IN
• Employees: 2,276
• Sector: Technology
• Sector Strength: 88
• Industry: Electrical Equipment & Parts
• EPS (TTM): 0.74
• Shares Outstanding: 49,659,220
• 10 Day Avg. Volume: 4,677
• 30 Day Avg. Volume: 12,686
• PEG Ratio: 0.19
• Price to Book (P/B): 1.15
• Price to Sales (P/S): 0.52
• P/FCF Ratio: -25.77
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 57 Neutral
• Price Target: ₹132.00 ▼(-20.91% Downside)
• Action: Reiterated Date: 03/03/26
• Date: Action: Reiterated 03/03/26

The score is driven primarily by moderate financial performance (strong balance sheet and improved net profitability, but weak free cash flow) and is weighed down by bearish technical signals (below key moving averages and negative MACD). A reasonable P/E provides some support, but not enough to offset the weak trend and cash flow pressure.

Positive Factors

Strong balance sheet and low leverage

A low debt-to-equity ratio and high equity ratio provide durable financial flexibility, reducing refinancing and solvency risk. This strengthens the firm's ability to fund capex, absorb demand shocks, and pursue strategic investments without eroding liquidity, supporting long-term stability.

Sustained top-line and EPS improvement

Double-digit revenue growth and substantial EPS improvement signal improving demand or efficiency gains. Consistent top-line momentum combined with EPS expansion indicates the business can scale profitably, supporting reinvestment and long-term earnings improvement if trends persist.

Diversified OEM/ODM manufacturing model

A mixed OEM/ODM model across lighting, appliances and sub-assemblies creates recurring contract revenues, customer stickiness and product diversification. This structural positioning in EMS supports steady order flow and outlet for scale benefits across manufacturing footprint in India.

Negative Factors

Declining free cash flow

A decline in free cash flow and a negative FCF-to-net-income ratio reduce internal financing capacity for capex, working capital, or shareholder returns. Over months this constrains strategic flexibility and may force external financing or slower investment despite healthy accounting profits.

Low operating (EBIT/EBITDA) margins

Persistently low operating margins limit the company's ability to build sustainable operating leverage and reinvest in growth. This narrows cushions against competitive pressure, input cost rises, or customer pricing pressure and may cap long-term free cash flow generation.

Profitability sensitive to scale and procurement

Dependence on utilization, procurement and yield makes margins vulnerable to raw material swings, supply disruptions, and seasonality. In the competitive EMS industry this structural sensitivity can compress margins and cash flow over multiple quarters if scale or sourcing advantages slip.

Elin Electronics Limited Business Overview & Revenue Model

Company Description

Elin Electronics Limited provides design and manufacturing services for electric motors, tools, moulds, dies, kitchen appliances, personal care and lighting products, and automotive components in India and internationally. The company offers LED lightings and flashlights, modular switches, and sockets; ceiling and fresh air fans, etc.; small appliances such as dry and steam irons, toasters, hand blenders, and mixer grinders; personal care products includes hair dryer and straightener, trimmers, and heated straightening brushes; and fractional horsepower motors, which are used in mixer grinder, hand blender, wet grinder, chimney, air conditioner, heat convector, and TPW fans. It also provides stainless steel blades for mixer grinders; manufactures medical diagnostic cartridges for use in diagnostic devices; and plastic molded and sheet metal parts and components. The company serves original equipment manufacturers and original design manufacturers. Elin Electronics Limited was founded in 1969 and is based in New Delhi, India.

How the Company Makes Money

Elin Electronics Limited generates revenue primarily through the sale of its electronic components and assemblies to various sectors, including consumer electronics manufacturers and industrial clients. The company's revenue model is based on direct sales, contracts for custom manufacturing, and long-term supply agreements. Key revenue streams include bulk orders from original equipment manufacturers (OEMs) and partnerships with technology firms for collaborative product development. Additionally, ELIN benefits from economies of scale and efficient production processes, which enhance profit margins. Strategic partnerships with leading tech companies also contribute to its earnings by expanding its market reach and facilitating access to new technologies.

Elin Electronics Limited Financial Statement Overview

Summary

Moderate overall financial health: revenue growth and improved net margin support profitability progress, and the balance sheet is strong with low leverage and a high equity base. Offsetting this, operating profitability (EBIT/EBITDA margins) remains low and free cash flow has declined, signaling cash generation pressure.

Income Statement

Elin Electronics has shown moderate revenue growth with a noticeable increase from 2024 to 2025. The gross profit margin declined due to a reduction in gross profit, while the net profit margin improved significantly, indicating better cost management. However, EBIT and EBITDA margins are relatively low, suggesting limited profitability after operating expenses.

Balance Sheet

The company's debt-to-equity ratio is quite low, indicating conservative leverage and strong equity financing. Return on Equity (ROE) has improved, showcasing efficient equity utilization. The equity ratio is high, reflecting financial stability with a solid asset base funded by equity.

Cash Flow

Elin Electronics experienced a decline in free cash flow, highlighting potential cash management challenges. The operating cash flow to net income ratio is positive, which is a good sign, but the free cash flow to net income ratio is negative, indicating issues with capital expenditures or cash generation efficiency.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	11.55B	11.80B	10.42B	10.75B	10.66B	8.43B
Gross Profit	2.83B	1.14B	2.71B	739.91M	1.96B	1.80B
EBITDA	756.47M	707.10M	496.48M	673.74M	794.29M	690.03M
Net Income	327.95M	293.22M	138.74M	268.03M	391.81M	348.57M
Balance Sheet
Total Assets	0.00	7.28B	6.69B	7.34B	5.33B	5.08B
Cash, Cash Equivalents and Short-Term Investments	982.79M	982.79M	620.63M	513.34M	60.90M	182.36M
Total Debt	0.00	240.56M	119.92M	783.62M	1.03B	1.14B
Total Liabilities	-5.34B	1.94B	1.66B	2.41B	2.30B	2.46B
Stockholders Equity	5.34B	5.34B	5.03B	4.93B	3.03B	2.62B
Cash Flow
Free Cash Flow	0.00	-238.17M	96.15M	99.54M	147.09M	-540.77M
Operating Cash Flow	0.00	167.36M	426.68M	623.19M	571.06M	-336.43M
Investing Cash Flow	0.00	-213.65M	364.28M	-1.97B	-278.11M	-49.48M
Financing Cash Flow	0.00	44.82M	-792.68M	1.31B	-299.57M	341.94M

Elin Electronics Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 166.90
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ELIN, the sentiment is Negative. The current price of 166.9 is above the 20-day moving average (MA) of 143.64, above the 50-day MA of 151.10, and below the 200-day MA of 178.71, indicating a bearish trend. The MACD of -6.85 indicates Positive momentum. The RSI at 29.93 is Positive, neither overbought nor oversold. The STOCH value of 11.82 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:ELIN.

Elin Electronics Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ADSL	67 Neutral	₹6.38B	18.42	―	0.96%	20.23%	-17.78%
ONWARDTEC	62 Neutral	₹6.07B	13.37	―	1.84%	10.49%	69.49%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
INSPIRISYS	61 Neutral	₹3.52B	7.92	―	―	-1.07%	187.83%
KELLTONTEC	58 Neutral	₹9.52B	9.97	―	―	13.11%	19.26%
ELIN	57 Neutral	₹6.32B	15.57	―	―	12.53%	119.28%
TVSELECT	41 Neutral	₹6.85B	-317.29	―	0.22%	9.71%	14.13%