Elpro International Limited (ELPROINTL)

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Elpro International Limited (ELPROINTL) · mywealthgrid

About

Elpro International operates in residential and commercial real estate projects, with a market cap of ₹2,963.71 Cr and recent momentum of 95.47% over one year. A mid-sized realty developer with 75% promoter ownership, the company's revenue is project-cycle dependent.

Founded: 2011
Face value: ₹1

Market cap

₹2,955 Cr

P/E

44.7×

P/B

1.5×

Dividend yield

0.4%

ROE

3.6%

ROCE

6.2%

Debt / equity

0.48

OPM

20.7%

EPS (TTM)

₹3.9

Book value

₹120.1

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Revenue highly lumpy: quarterly standalone revenue ranged from ₹27.78 Cr (Dec 2024) to ₹108.98 Cr (Sep 2024), indicating strong project-cycle dependence and visibility challenges.

Profitability volatile: net profit swung from -₹1.52 Cr loss (Mar 2025) to ₹21.03 Cr (Jun 2025) and down to ₹1.35 Cr (Sep 2025), with OPM narrowing sharply in Sep 2024 to 5.93% from typical 26–34%.

Valuation premium at PE 44.83 against cyclical earnings stability and ROE of only 3.63% — verify whether recent 1y return reflects sustainable project pipeline or market re-rating.

Minimal institutional participation (DII 0.06%, FII 7.05% in Jun 2026) — verify stock liquidity depth and whether recent momentum masks thin research coverage or execution risks.

Generated analysis · source review pending

Growth drivers

Mar 2026 revenue of ₹59.67 Cr (highest visible quarter) — verify if reflects pipeline acceleration and sustainable execution.

Operating margins of 26–34% in most periods show model scales efficiently — verify pre-sales and project quality trends.

Profitability recovery from -₹1.52 Cr loss (Mar 2025) to ₹5.50 Cr (Mar 2026) — verify if project selection or execution improved.

Recent revenue recovery from ₹32.5 Cr (Dec 2025) to ₹59.67 Cr (Mar 2026) — verify if new project launches or receipts from previously announced projects.

Generated analysis · source review pending

2,176 historical price candles were omitted because the exchange source has not been verified.

₹174.3+2.3%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 20.7%
+Profit CAGR of 59.7% over the last 5 years
+Revenue CAGR of 28.9% over the last 5 years
+High promoter holding of 75% with no pledge

Cons

−Low return on equity of 4.5% (3-yr avg)

Research score

Structured signal from quality, growth, valuation and momentum.

38/100

Business quality: 28
Growth: 50
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 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	52	58	41	110	63	72	123	257	390
COGS	3	3	3	2	2	2	16	81	236
Gross profit	49	55	38	107	61	70	107	175	154
	28	21	33	76	35	35	62	68	73
Operating profit (EBITDA)	22	34	6	31	26	35	45	107	81
OPM %	41.8%	59.5%	13.8%	28.6%	41.6%	48%	36.8%	41.8%	20.7%
Depreciation	0	1	1	2	0	5	5	5	10
Interest	30	34	25	27	25	23	5	25	67
	1	1	120	4	3	1,273	30	30	71
Profit before tax	6	19	—	—	—	1,272	66	107	74
Tax	-0	0	16	2	-2	215	18	22	8
Tax %	-2.3%	0.5%	—	—	—	16.9%	27.4%	20.1%	11%
	6	18	100	6	20	1,057	48	85	66
PAT margin %	11.4%	31.9%	242.6%	5.8%	31.3%	—	38.9%	33.3%	16.9%
EPS (₹)	0.4	1.3	5.9	0.8	1.2	62.4	2.8	5	3.9
EPS adjusted (₹)	0.4	1.3	5.9	0.4	1.2	62.3	2.8	5	3.9
	0%	0%	0%	0%	0%	0%	0%	16.5%	17.9%
Annual report	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 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity capital	14	14	17	17	17	17	17	17	17
Reserves	-19	-20	123	118	—	1,215	1,247	1,590	2,019
Minority interest	4	—	—	—	—	—	—	—	—
	192	260	148	215	—	56	128	365	987
	67	63	142	91	—	92	122	154	378
Total equity & liabilities	258	316	430	441	—	1,380	1,513	2,127	3,401
	3	3	2	2	2	2	229	253	420
CWIP	—	—	—	—	—	3	5	0	6
Investments	0	0	7	12	—	1,264	1,196	1,782	2,830
	254	314	422	427	—	110	83	93	145
Total assets	258	316	430	441	—	1,380	1,513	2,127	3,401

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Ratios

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

Consolidated Standalone

Consolidated figures

Ratio	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Margins
Gross margin %	95%	93.4%	97.8%	96.8%	96.7%	86.8%	68.4%	39.6%
EBITDA margin %	59.5%	13.8%	28.6%	41.6%	48%	36.8%	41.8%	20.7%
EBIT margin %	57.9%	11.6%	26.4%	41.5%	41.3%	32.8%	39.7%	18.1%
PAT margin %	31.9%	242.6%	5.8%	31.3%	1,459.2%	38.9%	33.3%	16.9%
Working capital
Receivable days	16	26	12	—	62	54	10	6
Inventory days	661	5,976	124	—	132	32	4	1
Payable days	—	—	—	—	2,242	778	78	15
NWC days	—	—	—	—	-2,048	-692	-65	-7
Leverage
Current ratio	0.08	0.42	0.49	—	8.65	1.18	0.79	0.52
Debt to EBITDA	7.54	26.16	6.85	—	1.62	2.82	3.41	12.2
Debt to equity	-40.41	1.06	1.59	—	0.05	0.1	0.23	0.48
Interest coverage	1	4.9	1.2	1.2	57.4	15.3	5.2	2.1
Asset turnover	0.18	0.1	0.25	—	0.05	0.08	0.12	0.11
Return ratios
Return on assets %	5.8%	23.2%	1.4%	—	76.6%	3.2%	4%	1.9%
Return on capital employed %	41.5%	66.8%	10.7%	—	101.9%	5.4%	8.2%	6.2%
Return on equity %	-287.1%	71.5%	4.7%	—	85.8%	3.8%	5.3%	3.2%

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
	74.99%	75%	75%	75%	75%	75%	75%	75%	75%	75%	75%	75%
	12.03%	11.33%	11.22%	11.22%	10.45%	8.47%	7.8%	8.36%	8.25%	8.22%	7.99%	7.05%
	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.06%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	12.97%	13.66%	13.77%	13.77%	14.54%	16.52%	17.19%	16.63%	16.74%	16.77%	17%	17.89%
No. of shareholders	—	—	—	—	—	—	—	—	17,384	16,657	15,801	12,807

Promoter holding up 0.01 percentage points since Sep 2023.

16 deals · 6 Sept 2021 – 13 Mar 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
13 Mar 2024	THE JUPITER GLOBAL FUND-JUPITER INDIA SELECT	Block	BSE	Buy	16,22,750	₹80.30	₹13.03 Cr
13 Mar 2024	JUPITER SOUTH ASIA INVESTMENT COMPANY LIMITED	Block	BSE	Sell	16,22,750	₹80.30	₹13.03 Cr
13 Mar 2024	THE JUPITER GLOBAL FUND-JUPITER INDIA SELECT	Bulk	BSE	Buy	16,22,750	₹80.30	₹13.03 Cr
13 Mar 2024	JUPITER SOUTH ASIA INVESTMENT COMPANY LIMITED	Bulk	BSE	Sell	16,22,750	₹80.30	₹13.03 Cr
17 Mar 2023	I G E (INDIA) PRIVATE LIMITED	Bulk	BSE	Buy	21,00,000	₹59.14	₹12.42 Cr
17 Mar 2023	I G E (INDIA) PRIVATE LIMITED	Block	BSE	Buy	18,00,000	₹59.00	₹10.62 Cr
17 Mar 2023	YAMINI DABRIWALA	Bulk	BSE	Sell	18,00,000	₹59.00	₹10.62 Cr
17 Mar 2023	YAMINI DABRIWALA	Block	BSE	Sell	18,00,000	₹59.00	₹10.62 Cr
16 Nov 2021	INTERNATIONAL CONVEYORS LIMITED	Block	BSE	Sell	1,34,80,000	₹60.50	₹81.55 Cr
16 Nov 2021	I G E (INDIA) PRIVATE LIMITED	Block	BSE	Buy	1,34,80,000	₹60.50	₹81.55 Cr

1–10 of 16

1 / 2

Mr. Deepak KumarExecutive Director-Chairperson-MD
Mr. Surbhit DabriwalaNon-Executive - Non Independent Director
Mrs. Shruti MimaniNon-Executive - Independent Director
Mr. Sunil KhandelwalNon-Executive - Non Independent Director
Mr. Naresh AgarwalNon-Executive - Independent Director
Mr. K. R. Anil KumarNon-Executive - Independent Director
Mr. Deepak Kumar AjmeraChief Financial Officer
Mr. Rushabh AjmeraCompany 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

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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 Elpro International 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

Credit ratings

Intimation under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Reaffirmation of Credit Rating of the Company.2 Apr 2026

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

Interim dividend26 Nov 2024 · ex-date₹0.7
Interim dividend13 Nov 2023 · ex-date₹0.6
Interim dividend9 Jun 2023 · ex-date₹0.23

1

Board meeting to consider results14 Aug 2026

2

Face value ₹2 → ₹127 Sept 2017 · ex-date
Face value ₹10 → ₹24 Jun 2015 · ex-date

1–3 of 4

1 / 2

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

8 announcementsExport CSV

30 Sept 2026, 3:53 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

30 Sept 2026, 2:39 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

9 Sept 2026, 3:14 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

8 Sept 2026, 9:50 pmCorp. Action

Intimation Of Book Closure And Sixty-Third (63Rd) Annual General Meeting Of The Company.

Book Closure PDF

8 Sept 2026, 9:47 pmCompany Update

Intimation Of Book Closure And Sixty-Third (63Rd) Annual General Meeting (''AGM'') Of The Company.

General PDF

8 Sept 2026, 9:42 pmOthers

Business Responsibility and Sustainability Reporting (BRSR)

Business Responsibility and Sustainability Reporting (BRSR) PDF

8 Sept 2026, 9:39 pmAGM/EGM

Notice Of Sixty-Third (63Rd) Annual General Meeting (''AGM'') Along With Annual Report For The Financial Year 2025-26.

AGM PDF

8 Sept 2026, 9:32 pmOthers

Reg. 34 (1) Annual Report.

Reg. 34 (1) Annual Report PDF

Date	Category	Subject	Filing
30 Sept 2026, 3:53 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
30 Sept 2026, 2:39 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF

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Ratio	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Margins
Gross margin %	95%	93.4%	97.8%	96.8%	96.7%	86.8%	68.4%	39.6%
EBITDA margin %	59.5%	13.8%	28.6%	41.6%	48%	36.8%	41.8%	20.7%
EBIT margin %	57.9%	11.6%	26.4%	41.5%	41.3%	32.8%	39.7%	18.1%
PAT margin %	31.9%	242.6%	5.8%	31.3%	1,459.2%	38.9%	33.3%	16.9%
Working capital
Receivable days	16	26	12	—	62	54	10	6
Inventory days	661	5,976	124	—	132	32	4	1
Payable days	—	—	—	—	2,242	778	78	15
NWC days	—	—	—	—	-2,048	-692	-65	-7
Leverage
Current ratio	0.08	0.42	0.49	—	8.65	1.18	0.79	0.52
Debt to EBITDA	7.54	26.16	6.85	—	1.62	2.82	3.41	12.2
Debt to equity	-40.41	1.06	1.59	—	0.05	0.1	0.23	0.48
Interest coverage	1	4.9	1.2	1.2	57.4	15.3	5.2	2.1
Asset turnover	0.18	0.1	0.25	—	0.05	0.08	0.12	0.11
Return ratios
Return on assets %	5.8%	23.2%	1.4%	—	76.6%	3.2%	4%	1.9%
Return on capital employed %	41.5%	66.8%	10.7%	—	101.9%	5.4%	8.2%	6.2%
Return on equity %	-287.1%	71.5%	4.7%	—	85.8%	3.8%	5.3%	3.2%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Lodha Developers LimitedLODHALODHA	₹1,10,460 Cr	₹1,20,344 Cr	₹18,181 Cr	₹5,859 Cr	29.5%	₹4,126 Cr	20.6%	20.1%	15.8%	1,405
The Phoenix Mills LimitedPHOENIXLTDPHOENIXLTD	₹69,017 Cr	₹74,313 Cr	₹4,545 Cr	₹2,714 Cr	59.6%	₹1,280 Cr	35.2%	12.4%	11.4%	734
Prestige Estates Projects LimitedPRESTIGEPRESTIGE	₹64,006 Cr	₹78,992 Cr	₹13,053 Cr	₹3,675 Cr	29.2%	₹1,139 Cr	10.3%	13.6%	7.5%	2,755
Oberoi Realty LimitedOBEROIRLTYOBEROIRLTY	₹63,797 Cr	₹66,613 Cr	₹6,322 Cr	₹3,572 Cr	55.9%	₹2,630 Cr	41.7%	17.5%	14.9%	1,581
Godrej Properties LimitedGODREJPROPGODREJPROP	₹48,065 Cr	₹63,680 Cr	₹5,203 Cr	₹-458 Cr	-8.1%	₹1,600 Cr	35.9%	12.5%	10.1%	6,464
Anant Raj LimitedANANTRAJANANTRAJ	₹20,797 Cr	₹21,403 Cr	₹2,551 Cr	₹688 Cr	26.1%	₹579 Cr	22.2%	12%	11.2%	236
Brigade Enterprises LimitedBRIGADEBRIGADE	₹18,579 Cr	₹24,688 Cr	₹5,532 Cr	₹1,465 Cr	25.1%	₹695 Cr	12.7%	11.1%	10.3%	938
Horizon Industrial Parks LimitedHORIZONINDHORIZONIND	₹14,025 Cr	₹20,910 Cr	₹691 Cr	₹531 Cr	76.9%	₹-198 Cr	-29.5%	3.3%	-5.9%	-46
Sobha LimitedSOBHASOBHA	₹12,968 Cr	₹13,970 Cr	₹5,617 Cr	₹364 Cr	6%	₹231 Cr	3.7%	7.4%	4.2%	17,827
Aditya Birla Real Estate LimitedABRELABREL	₹12,293 Cr	₹17,929 Cr	₹450 Cr	₹-375 Cr	-88.2%	₹-116 Cr	-83%	-4.4%	-2.7%	22,467
Sri Lotus Developers And Realty LimitedLOTUSDEVLOTUSDEV	₹11,244 Cr	₹11,374 Cr	₹840 Cr	₹299 Cr	36.5%	₹257 Cr	31.6%	22.3%	16.7%	840
Signatureglobal (India) LimitedSIGNATURESIGNATURE	₹10,376 Cr	₹13,317 Cr	₹2,282 Cr	₹-126 Cr	-1.9%	₹1,044 Cr	42.2%	3.4%	85%	1,407

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	34	57	-76	25	16	-162	-136	141	219
	-13	-68	100	-82	20	387	34	-345	-767
	-25	12	-24	57	-33	-185	60	202	548
Net cash flow	-4	2	-1	0	3	40	-42	-1	-1
Free cash flow	—	23	—	—	—	-164	-366	98	-53
CFO / Operating profit %	157.9%	166.2%	—	79.6%	59.8%	-465.5%	-300%	131.2%	270.2%

Elpro International Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Credit ratings

Events

3

1

2

Announcements

Not in the F&O segment

No fund holdings on record

3

1

2

Announcements

Annual reports

Credit ratings

Compounded sales growth

Compounded profit growth

Return on equity

Elpro International Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

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

Credit ratings

Events

Dividends3

Board meetings1

Stock splits2

Announcements

Ratio timeline

Not in the F&O segment

No fund holdings on record

Dividends3

Board meetings1

Stock splits2

Announcements

Annual reports

Credit ratings

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

3

1

2

3

1

2