Electrotherm (India) Limited (ELECTHERM)

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Electrotherm (India) Limited (ELECTHERM) · mywealthgrid

About

Electrotherm manufactures Iron & Steel Products for the Industrials sector, with quarterly revenue of ₹814–1,140 Cr. The company suffered significant losses in Sep–Dec 2025 but has returned to profitability in Mar–Jun 2026 with net profit of ₹6.93–13.63 Cr. Current operations remain volatile across profitability and revenue, reflecting exposure to cost and demand sensitivity.

Face value: ₹10

Market cap

₹944 Cr

P/E

—

P/B

—

Dividend yield

ROE

—

ROCE

8.2%

Debt / equity

—

OPM

1.2%

EPS (TTM)

₹-28.6

Book value

₹-120.8

52-week high

—

52-week low

—

Key insights

Company research notes and source-linked reviews

Key risks

Operating margins of 1.16% average and quarterly range of -3.39% to +2.45%—thin cushion means raw material inflation or pricing pressure can flip profitable quarters into losses, as occurred in Sep–Dec 2025
Profitability swung from -₹35.5 Cr loss (Dec 2025) to +₹13.63 Cr profit (Mar 2026) in two quarters—sustainability of current recovery unclear; verify what operational or external factors drive these swings
No dividends since 2010 and D/E ratio unavailable (likely debt-stressed)—verify balance-sheet leverage, debt-to-EBITDA, and whether financial constraints limit cash returns
Revenue volatile across ₹814–1,140 Cr quarterly range—determine whether swings reflect demand cycles, operational disruptions, or seasonal factors, and assess forward predictability

Generated analysis · source review pending

Growth drivers

Revenue increased from ₹814 Cr (Sep 2025) to ₹1,140 Cr (Mar 2026); verify whether this reflects recovery in sector demand (infrastructure, capital goods) or company-specific operational gains
Profitability recovery from -₹35.5 Cr to +₹13.63 Cr in two quarters; verify which drivers—improved capacity utilization, cost control, pricing, or one-time adjustments—underpin the reversal
Operating margins reached 2.45% in Jun 2026, above 1.16% average; if recent losses were cost-driven and now fixed, margin expansion could amplify earnings on existing revenue
FII stake grew from 5.86% (Mar 2026) to 9.28% (Jun 2026) in three months; verify whether this reflects institutional confidence in fundamental recovery or trading sentiment alone

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹743.6-4.5%1Y

Quick read

rule-based

Pros

+High return on capital employed of 64.4%

Cons

−Low return on equity of -316.8% (3-yr avg)
−Thin operating margin of 1.2%
−Modest revenue growth of 8% a year over the last 5 years
−Weak interest coverage of 0.2×

Research score

Structured signal from quality, growth, valuation and momentum.

9/100

Business quality: 4
Growth: 25
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,272	2,433	2,977	4,040	3,200	2,518	2,831	3,074	4,272	4,115	3,692
COGS	1,452	-71	64	78	2,284	1,667	2,082	2,295	2,973	2,807	2,710
Gross profit	820	—	2,913	3,962	916	851	749	779	1,298	1,308	982
	—	2,443	2,765	3,659	804	631	663	645	879	936	939
	—	61	149	303	112	220	86	134	420	372	43
OPM %	—	2.5%	5%	7.5%	3.5%	8.7%	3.1%	4.4%	9.8%	9%	1.2%
Depreciation	154	148	149	143	134	121	88	49	47	44	43
Interest	14	4	5	38	16	54	45	67	60	46	24
	8	1	9	56	62	4	7	-30	5	128	1
Profit before tax	-180	-91	3	142	24	50	-40	-12	317	410	-23
Tax	-0	0	0	0	0	0	0	0	0	-32	-7
Tax %	-0%	0%	1%	0.1%	0.1%	0%	0%	0.1%	0%	-7.8%	-31.7%
	-180	-91	3	142	24	49	-40	-12	317	442	-16
PAT margin %	-7.9%	-3.8%	0.1%	3.5%	0.8%	2%	-1.4%	-0.4%	7.4%	10.7%	-0.4%
EPS (₹)	—	—	—	—	18.9	38.9	-31.7	-9.3	249.1	347.1	-12.3
EPS adjusted (₹)	-34.5	—	—	—	—	38.9	-31.7	-9.3	249.1	347.1	-12.3
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2016	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	52	13	13	13	13	13	13
Reserves	-1,268	-1,055	—	-1,109	-794	-172	-167
	3,075	1,046	—	1,985	1,769	1,283	1,060
	370	1,894	—	863	853	794	1,106
Total equity & liabilities	2,230	1,897	—	1,752	1,841	1,918	2,013
	1,321	738	661	638	613	601	626
CWIP	21	27	—	26	44	98	138
Investments	2	7	—	8	8	8	8
	886	1,124	—	1,081	1,177	1,212	1,240
Total assets	2,230	1,897	—	1,752	1,841	1,918	2,013

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Special Steel Division	2,465.65	-10.44	1,211.57	1,454.73	—	—
Engineering & Technologies Division	1,208.94	23.81

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	98.1%	28.6%	33.8%	26.5%	25.3%	30.4%	31.8%	26.6%
EBITDA margin %	7.5%	3.5%	8.7%	3.1%	4.4%	9.8%	9%	1.2%
EBIT margin %	4%	-0.7%	3.9%	-0.1%	2.8%	8.7%	7.9%	-0%
PAT margin %	3.5%	0.8%	2%	-1.4%	-0.4%	7.4%	10.7%	-0.4%
Working capital
Receivable days	—	—	40	—	25	19	23	26
Inventory days	—	—	110	—	91	76	77	77
Payable days	—	—	93	—	60	52	60	65
NWC days	—	—	58	—	56	42	40	38
Leverage
Current ratio	—	—	0.54	—	0.4	0.55	0.66	0.53
Debt to EBITDA	—	—	4.76	—	14.78	4.22	3.45	24.75
Debt to equity	—	—	-1	—	-1.81	-2.27	-8.08	-6.89
Interest coverage	4.7	0.3	1.9	0.1	1.4	6.3	7.4	0.2
Asset turnover	—	—	1.33	—	1.75	2.32	2.15	1.83
Return ratios
Return on assets %	—	—	2.6%	—	-0.7%	17.2%	23%	-0.8%
Return on capital employed %	—	—	-783.4%	—	-11.1%	-251.7%	148.4%	8.2%
Return on equity %	—	—	-4.7%	—	1.1%	-40.6%	-278.5%	10.2%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	31.04%	31.04%	31.04%	31.04%	30.69%	29.9%	29.9%	29.9%	29.9%	29.9%	29.9%	29.87%
	4.94%	4.94%	4.95%	4.99%	4.81%	4.61%	4.55%	4.61%	5.07%	5.89%	5.86%	9.28%
	0.08%	0.08%	0.08%	0.08%	0.08%	0.08%	0.39%	1.01%	0.97%	0.85%	0.8%	0.78%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	63.94%	63.94%	63.93%	63.89%	64.42%	65.41%	65.16%	64.48%	64.06%	63.36%	63.44%	60.07%
No. of shareholders	—	—	—	—	—	—	—	—	9,010	9,445	9,635	8,907

Promoter holding down 1.17 percentage points since Sep 2023.

28 deals · 23 Sept 2021 – 11 Sept 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
11 Sept 2026	8 SQUARE CAPITAL	Bulk	NSE	Sell	2,15,725	₹951.82	₹20.53 Cr
11 Sept 2026	RADIANT GLOBAL FUND-CLASS B PARTICIPATING SHARES	Bulk	NSE	Buy	2,15,725	₹951.83	₹20.53 Cr
10 Jun 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	93,739	₹1,140.63	₹10.69 Cr
10 Jun 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	93,739	₹1,139.53	₹10.68 Cr
10 Jun 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Sell	75,850	₹1,139.06	₹8.64 Cr
10 Jun 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Buy	75,173	₹1,138.41	₹8.56 Cr
22 May 2026	8 SQUARE CAPITAL	Bulk	NSE	Sell	65,000	₹785.46	₹5.11 Cr
22 May 2026	RADIANT GLOBAL FUND-CLASS B PARTICIPATING SHARES	Bulk	NSE	Buy	65,000	₹785.53	₹5.11 Cr
22 Nov 2024	MULTIPLIER SHARE & STOCK ADVISORS PRIVATE LIMITED	Bulk	NSE	Buy	64,868	₹899.95	₹5.84 Cr
22 Nov 2024	MULTIPLIER SHARE & STOCK ADVISORS PRIVATE LIMITED	Bulk	NSE	Sell	5,000	₹993.08	₹0.50 Cr

1–10 of 28

1 / 3

Mr. Dinesh Shankar MukatiNon-Executive - Independent Director-Chairperson
Mr. Shailesh Bhanwarlal BhandariExecutive Director-MD
Mr. Suraj Shailesh BhandariExecutive Director-MD
Mr. Mohan PratapNon-Executive - Independent Director
Ms. Nivedita Ravindra SardaNon-Executive - Independent Director
Mr. Harish MukatiWhole Time Director & Chief Executive Officer
Mr. Tushar Kantilal JaniExecutive Director
Mr. Raj Kumar BansalNon - Executive Independent Director
Mr. Amit Kumar PatwarikaChief Financial Officer
Mr. Fageshkumar R SoniCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Electrotherm (India) Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

3

Dividend dividend16 Sept 2010 · ex-date₹2.5
Dividend dividend3 Sept 2009 · ex-date₹2.5
Dividend dividend12 Jun 2008 · ex-date₹2.5

1

Board meeting to consider results14 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

59 announcementsExport CSV

29 Sept 2026, 4:39 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

28 Sept 2026, 1:27 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

10 Sept 2026, 1:10 pmInsider Trading / SAST

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 PDF

5 Sept 2026, 11:59 amCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

3 Sept 2026, 5:38 pmOthers

Reg. 34 (1) Annual Report.

Reg. 34 (1) Annual Report PDF

3 Sept 2026, 5:33 pmAGM/EGM

Notice Of 40Th Annual General Meeting To Be Held On Monday, 28Th September, 2026

AGM PDF

29 Aug 2026, 10:52 amCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

26 Aug 2026, 1:06 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

Date	Category	Subject	Filing
29 Sept 2026, 4:39 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
28 Sept 2026, 1:27 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	98.1%	28.6%	33.8%	26.5%	25.3%	30.4%	31.8%	26.6%
EBITDA margin %	7.5%	3.5%	8.7%	3.1%	4.4%	9.8%	9%	1.2%
EBIT margin %	4%	-0.7%	3.9%	-0.1%	2.8%	8.7%	7.9%	-0%
PAT margin %	3.5%	0.8%	2%	-1.4%	-0.4%	7.4%	10.7%	-0.4%
Working capital
Receivable days	—	—	40	—	25	19	23	26
Inventory days	—	—	110	—	91	76	77	77
Payable days	—	—	93	—	60	52	60	65
NWC days	—	—	58	—	56	42	40	38
Leverage
Current ratio	—	—	0.54	—	0.4	0.55	0.66	0.53
Debt to EBITDA	—	—	4.76	—	14.78	4.22	3.45	24.75
Debt to equity	—	—	-1	—	-1.81	-2.27	-8.08	-6.89
Interest coverage	4.7	0.3	1.9	0.1	1.4	6.3	7.4	0.2
Asset turnover	—	—	1.33	—	1.75	2.32	2.15	1.83
Return ratios
Return on assets %	—	—	2.6%	—	-0.7%	17.2%	23%	-0.8%
Return on capital employed %	—	—	-783.4%	—	-11.1%	-251.7%	148.4%	8.2%
Return on equity %	—	—	-4.7%	—	1.1%	-40.6%	-278.5%	10.2%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Welspun Corp LimitedWELCORPWELCORP	₹68,741 Cr	₹70,904 Cr	₹17,300 Cr	₹2,403 Cr	13.3%	₹2,309 Cr	9.7%	19.2%	19.4%	85
Apl Apollo Tubes LimitedAPLAPOLLOAPLAPOLLO	₹58,753 Cr	₹59,205 Cr	₹22,897 Cr	₹1,841 Cr	7.8%	₹1,229 Cr	5.2%	30.8%	25.3%	-12
Shyam Metalics And Energy LimitedSHYAMMETLSHYAMMETL	₹29,244 Cr	₹30,225 Cr	₹19,574 Cr	₹2,519 Cr	12.6%	₹860 Cr	5.7%	13.5%	9.7%	8
Ratnamani Metals & Tubes LimitedRATNAMANIRATNAMANI	₹18,362 Cr	₹18,666 Cr	₹4,314 Cr	₹732 Cr	16.9%	₹433 Cr	11.9%	17.8%	12.5%	210
Jindal Saw LimitedJINDALSAWJINDALSAW	₹17,286 Cr	₹21,976 Cr	₹18,263 Cr	₹1,941 Cr	12.4%	₹653 Cr	5.2%	11.4%	8.1%	159
Usha Martin LimitedUSHAMARTUSHAMART	₹14,982 Cr	₹15,128 Cr	₹3,837 Cr	₹768 Cr	19.1%	₹507 Cr	12.6%	20%	15.4%	190
Godawari Power And Ispat LimitedGPILGPIL	₹14,517 Cr	₹14,943 Cr	₹5,808 Cr	₹1,263 Cr	23.3%	₹808 Cr	14.9%	20.1%	14.9%	73
Gallantt Ispat LimitedGALLANTTGALLANTT	₹12,793 Cr	₹13,340 Cr	₹4,437 Cr	₹655 Cr	16.2%	₹436 Cr	11%	19.2%	15.7%	58
Maharashtra Seamless LimitedMAHSEAMLESMAHSEAMLES	₹9,363 Cr	₹9,377 Cr	₹4,620 Cr	₹696 Cr	14.6%	₹737 Cr	15%	13.6%	10.6%	153
Jayaswal Neco Industries LimitedJAYNECOINDJAYNECOIND	₹8,863 Cr	₹10,960 Cr	₹7,589 Cr	₹1,409 Cr	18.6%	₹564 Cr	6.5%	22.9%	17.8%	151
Sunflag Iron And Steel Company LimitedSUNFLAGSUNFLAG	₹7,812 Cr	₹8,286 Cr	₹3,995 Cr	₹476 Cr	12.1%	₹206 Cr	5.1%	3.8%	2.3%	95
Man Industries (India) LimitedMANINDSMANINDS	₹6,912 Cr	₹7,411 Cr	₹3,875 Cr	₹532 Cr	12.3%	₹204 Cr	4.8%	18.4%	9.2%	114

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	130	64	161	344	177	225	179	107	351	329	351
	-14	-30	-46	-67	-6	-62	-14	-2	-68	-72	-99
	-95	-50	-106	-262	-184	-105	-189	-103	-294	-303	-227
Net cash flow	22	-16	9	15	-14	58	-24	2	-11	-46	25
Free cash flow	113	33	111	266	154	184	139	90	283	240	253
CFO / Operating profit %	—	106.5%	108.6%	113.4%	157.8%	102.3%	207.4%	79.7%	83.8%	88.5%	819.7%

Electrotherm (India) Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Events

3

1

Announcements

3

1

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Segment results

Compounded sales growth

Return on equity

Electric Vehicle Division · revenue

Electrotherm (India) Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Events

Dividends3

Board meetings1

Announcements

Dividends3

Board meetings1

Ratio timeline

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Return on equity

Electric Vehicle Division · revenue

3

1

3

1