Salzer Electronics Limited (SALZERELEC)

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Salzer Electronics Limited (SALZERELEC) · mywealthgrid

About

Salzer Electronics manufactures electrical equipment for India's industrial sector. With a market cap of ₹1,009 crore, it is a mid-sized player in industrial electrical equipment, serving customers across control, switching, and related applications. The company maintains moderate leverage (D/E 0.9) and has a track record of annual dividend distributions.

Face value: ₹10

Market cap

₹940 Cr

P/E

21.5×

P/B

1.6×

Dividend yield

0.9%

ROE

9.3%

ROCE

19.1%

Debt / equity

0.9

OPM

8.4%

EPS (TTM)

₹24.7

Book value

₹335.2

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margins compressed 244 basis points from 8.73% (Sep 2025) to 6.29% (Jun 2026)—verify root cause (cost inflation, pricing pressure, or mix shift) and probability of stabilization
Net profit declined 38% year-over-year (₹13.39 Cr standalone Sep 2025 to ₹8.33 Cr Jun 2026) despite relatively flat revenue, indicating operating leverage working in reverse
Stock price down 33% in one year (₹916.9 to ₹571.75) while trading at 23.1x PE; verify whether valuation reflects permanent profitability reset or near-term recovery is priced in
Margin compression to 6.29% combined with D/E of 0.9 reduces financial flexibility if deterioration continues—monitor dividend sustainability and debt refinancing needs

Generated analysis · source review pending

Growth drivers

Operating margin recovery from current 6.29% to prior 8.7% level would expand net profit ~35% without revenue growth; verify root cause of 244 bps compression and mean-reversion likelihood
Revenue stabilization above ₹485 Cr quarterly run rate if sustained into FY2027; verify whether recent quarter reflects cyclical trough or structural weakness
D/E of 0.9 and four-year dividend payment history indicate underlying cash generation; verify if management plans capex investment or capacity expansion in high-growth verticals
Electrical equipment demand tied to industrial capex cycles in power, automation, and infrastructure—verify company's end-market exposure and order pipeline trends

Generated analysis · source review pending

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

₹530.9-0.9%1Y

Quick read

rule-based

Pros

+Profit CAGR of 20.9% over the last 5 years
+Revenue CAGR of 23% over the last 5 years

Cons

−Low return on equity of 9.6% (3-yr avg)

Research score

Structured signal from quality, growth, valuation and momentum.

48/100

Business quality: 28
Growth: 43
Valuation: 73

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 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	584	626	804	1,037	1,166	1,418	1,758
COGS	428	481	630	807	881	1,062	1,351
Gross profit	157	145	173	230	285	356	408
	90	82	107	134	168	223	262
	67	63	66	96	117	134	146
OPM %	11.4%	10.1%	8.2%	9.3%	10%	9.4%	8.3%
Depreciation	15	16	16	17	20	23	27
Interest	21	21	20	26	34	41	48
	1	2	2	2	2	5	1
Profit before tax	32	28	33	55	65	75	72
Tax	4	7	8	15	18	22	18
Tax %	14%	23.7%	25.5%	27.8%	27.3%	29.7%	25.5%
	27	21	24	40	47	52	54
PAT margin %	4.7%	3.4%	3%	3.8%	4%	3.7%	3.1%
EPS (₹)	17	12.9	14.1	24.2	27.4	29.8	29.9
EPS adjusted (₹)	17	12.8	14.1	23.9	26.4	26	29.9
	0%	12.4%	12.7%	9.1%	9.1%	8.4%	8.4%
Annual report	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 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	14	0	16	16	16	16	17	18	18
Reserves	218	11	294	316	338	392	456	527	575
Minority interest	—	—	4	4	4	6	7	8	10
	115	0	174	200	248	273	308	422	531
	106	12	129	149	146	209	205	205	238
Total equity & liabilities	454	23	617	685	752	895	993	1,180	1,372
	139	18	217	220	224	245	269	309	340
CWIP	9	0	3	1	1	1	2	3	7
Investments	5	0	3	5	4	5	7	20	23
	301	4	394	459	523	644	715	848	1,002
Total assets	454	23	617	685	752	895	993	1,180	1,372

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Ratios

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

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	26.8%	23.1%	21.6%	22.2%	24.5%	25.1%	23.2%
EBITDA margin %	11.4%	10.1%	8.2%	9.3%	10%	9.4%	8.4%
EBIT margin %	8.9%	7.5%	6.2%	7.6%	8.3%	7.8%	6.8%
PAT margin %	4.7%	3.4%	3%	3.8%	4%	3.7%	3.1%
Working capital
Receivable days	95	110	99	101	104	104	92
Inventory days	137	137	131	124	122	126	127
Payable days	46	48	44	51	43	52	48
NWC days	186	199	187	174	183	179	171
Leverage
Current ratio	1.39	1.38	1.38	1.4	1.5	1.47	1.41
Debt to EBITDA	2.61	3.17	3.74	2.84	2.63	3.15	3.61
Debt to equity	0.56	0.6	0.7	0.67	0.65	0.77	0.9
Interest coverage	2.5	2.3	2.6	3.1	2.9	2.8	2.5
Asset turnover	0.95	0.91	1.07	1.16	1.17	1.2	1.28
Return ratios
Return on assets %	4.4%	3.1%	3.2%	4.4%	4.7%	4.4%	3.9%
Return on capital employed %	15.2%	13.6%	13.7%	19.3%	20.4%	20.5%	19.1%
Return on equity %	8.8%	6.4%	6.8%	9.7%	9.9%	9.6%	9.1%

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
	35.13%	37.21%	37.32%	37.53%	37.53%	37.54%	37.54%	37.54%	37.47%	37.48%	37.48%	37.48%
	6.06%	3.7%	3.2%	2.81%	2.65%	3.97%	2.58%	2.35%	2.39%	2.56%	4.45%	4.51%
	0.14%	0.14%	0.12%	0.11%	0.11%	0.39%	0.1%	0.01%	0.02%	0.02%	0.01%	0.1%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	58.67%	58.95%	59.36%	59.55%	59.71%	58.1%	59.78%	60.1%	60.12%	59.94%	58.06%	57.91%
No. of shareholders	—	—	—	—	—	—	—	—	51,669	51,709	48,817	48,818

Promoter holding up 2.35 percentage points since Sep 2023.

4 disclosures

Person	Deal	Shares	Value	Holding	Filed
Ramaswamy PappammalPromoter Group	SellMarket Sale	12,622	₹1.04 cr	0.07% → 0.00%	18 Sept 20257(2)
Samhita RajeshPromoter Group	Buy	10,000	₹1.35 cr	0.28%

104 deals · 3 Nov 2021 – 1 Dec 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
1 Dec 2025	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	1,37,492	₹773.88	₹10.64 Cr
1 Dec 2025	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	1,37,492	₹774.28	₹10.65 Cr
1 Dec 2025	VARANIUM CAPITAL ADVISORS PRIVATE LIMITED	Bulk	NSE	Sell	1,12,446	₹783.00	₹8.80 Cr
1 Dec 2025	QE SECURITIES LLP	Bulk	NSE	Buy	1,05,272	₹775.59	₹8.16 Cr
1 Dec 2025	QE SECURITIES LLP	Bulk	NSE	Sell	1,03,971	₹775.18	₹8.06 Cr
1 Dec 2025	ALPHAGREP SECURITIES PRIVATE LIMITED	Bulk	NSE	Sell	1,01,166	₹776.09	₹7.85 Cr
1 Dec 2025	ALPHAGREP SECURITIES PRIVATE LIMITED	Bulk	NSE	Buy	1,01,166	₹775.63	₹7.85 Cr
13 Nov 2025	VARANIUM CAPITAL ADVISORS PRIVATE LIMITED	Bulk	NSE	Buy	1,60,000	₹772.62	₹12.36 Cr
13 Nov 2025	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	95,185	₹777.93	₹7.40 Cr
13 Nov 2025	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	91,264	₹768.94	₹7.02 Cr

1–10 of 104

1 / 11

Mr. N.RANGACHARYNon-Executive - Non Independent Director-Chairperson
Mr. R.DORAISWAMYExecutive Director-MD
Mr. D.RAJESHKUMARExecutive Director-CEO
Mr. V.SANKARANNon-Executive - Non Independent Director
Mr. VISHNU RANGASWAMYNon-Executive - Non Independent Director
Mrs. PRIYA BHANSALINon-Executive - Independent Director-Shareholder Director
Mr. SHARAT CHANDRA BHARGAVANon-Executive - Independent Director-Shareholder Director
Mr. SUNDER RAJAN RAMANNon-Executive - Independent Director-Shareholder Director
Mr. K M MurugesanCompany 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 Salzer Electronics 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

Filing Credit rating given by CRISIL on our bank loan facilities.26 Jul 2025 from CRISIL

Investor Presentation and earnings call

Aug 2026TranscriptAI SummaryPPT REC
May 2026Transcript AI Summary PPT

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

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Events

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

19

Dividend dividend28 Aug 2026 · ex-date₹2.5
Final dividend29 Aug 2025 · ex-date₹2.5
Dividend dividend30 Aug 2024 · ex-date₹2.5
Final dividend25 Aug 2023 · ex-date₹2.2
Dividend dividend25 Aug 2022 · ex-date₹1.8
Dividend dividend26 Aug 2021 · ex-date₹1.6
Dividend dividend7 Aug 2019 · ex-date₹1.6
Dividend dividend12 Sept 2018 · ex-date₹1.6
Dividend dividend31 Aug 2017 · ex-date₹1.6
Dividend dividend9 Jun 2016 · ex-date₹1.6
Dividend dividend30 Jul 2015 · ex-date₹1.5
Dividend dividend30 Jul 2014 · ex-date₹1.5
Dividend dividend1 Aug 2013 · ex-date₹1.2
Dividend dividend30 Jul 2012 · ex-date₹1.2
Dividend dividend15 Sept 2011 · ex-date₹1.6
Dividend dividend30 Aug 2010 · ex-date₹1.6
Dividend dividend24 Dec 2009 · ex-date₹1.6
Dividend dividend13 Aug 2008 · ex-date₹1.8
Dividend dividend10 Aug 2007 · ex-date₹1.8

1

Board meeting to consider results8 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

14 announcementsExport CSV

12 Sept 2026, 7:32 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	26.8%	23.1%	21.6%	22.2%	24.5%	25.1%	23.2%
EBITDA margin %	11.4%	10.1%	8.2%	9.3%	10%	9.4%	8.4%
EBIT margin %	8.9%	7.5%	6.2%	7.6%	8.3%	7.8%	6.8%
PAT margin %	4.7%	3.4%	3%	3.8%	4%	3.7%	3.1%
Working capital
Receivable days	95	110	99	101	104	104	92
Inventory days	137	137	131	124	122	126	127
Payable days	46	48	44	51	43	52	48
NWC days	186	199	187	174	183	179	171
Leverage
Current ratio	1.39	1.38	1.38	1.4	1.5	1.47	1.41
Debt to EBITDA	2.61	3.17	3.74	2.84	2.63	3.15	3.61
Debt to equity	0.56	0.6	0.7	0.67	0.65	0.77	0.9
Interest coverage	2.5	2.3	2.6	3.1	2.9	2.8	2.5
Asset turnover	0.95	0.91	1.07	1.16	1.17	1.2	1.28
Return ratios
Return on assets %	4.4%	3.1%	3.2%	4.4%	4.7%	4.4%	3.9%
Return on capital employed %	15.2%	13.6%	13.7%	19.3%	20.4%	20.5%	19.1%
Return on equity %	8.8%	6.4%	6.8%	9.7%	9.9%	9.6%	9.1%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Apar Industries LimitedAPARINDSAPARINDS	₹70,945 Cr	₹71,785 Cr	₹24,389 Cr	₹2,159 Cr	8.2%	₹1,182 Cr	4.3%	32.6%	19.7%	30
Waaree Energies LimitedWAAREEENERWAAREEENER	₹67,322 Cr	₹69,813 Cr	₹30,043 Cr	₹6,351 Cr	22.3%	₹2,763 Cr	14.6%	39.7%	30.9%	95
Premier Energies LimitedPREMIERENEPREMIERENE	₹39,863 Cr	₹43,480 Cr	₹8,466 Cr	₹2,543 Cr	30.4%	₹1,665 Cr	19.3%	36.3%	42.4%	115
Mtar Technologies LimitedMTARTECHMTARTECH	₹24,015 Cr	₹24,384 Cr	₹1,080 Cr	₹228 Cr	19.5%	₹133 Cr	10.7%	17.2%	12.1%	419
Emmvee Photovoltaic Power LimitedEMMVEEEMMVEE	₹21,177 Cr	₹21,355 Cr	₹5,578 Cr	₹1,932 Cr	34.3%	₹1,274 Cr	21.4%	43.6%	51.1%	159
Diamond Power Infrastructure LimitedDIACABSDIACABS	₹18,182 Cr	₹20,711 Cr	₹2,298 Cr	₹270 Cr	11.7%	₹197 Cr	8.3%	12.4%	—	93
Avalon Technologies LimitedAVALONAVALON	₹15,232 Cr	₹15,415 Cr	₹1,764 Cr	₹201 Cr	10.8%	₹134 Cr	7.1%	23.4%	16.9%	160
Fujiyama Power Systems LimitedUTLSOLARUTLSOLAR	₹12,327 Cr	₹12,788 Cr	₹3,403 Cr	₹639 Cr	18.5%	₹294 Cr	11.5%	29.6%	23.9%	123
Genus Power Infrastructures LimitedGENUSPOWERGENUSPOWER	₹8,518 Cr	₹10,817 Cr	₹5,173 Cr	₹973 Cr	19.2%	₹652 Cr	12.5%	31%	29%	188
Waaree Renewable Technologies LimitedWAAREERTLWAAREERTL	₹8,436 Cr	₹8,517 Cr	₹3,652 Cr	₹697 Cr	19.2%	₹511 Cr	14.4%	84.1%	68.9%	37
Ram Ratna Wires LimitedRAMRATRAMRAT	₹5,752 Cr	₹6,407 Cr	₹6,047 Cr	₹310 Cr	5.1%	₹127 Cr	2.1%	30.4%	20.1%	33
Vikram Solar LimitedVIKRAMSOLRVIKRAMSOLR	₹5,594 Cr	₹5,694 Cr	₹5,232 Cr	₹800 Cr	19.1%	₹357 Cr	9.8%	31.4%	21.3%	11

Date	Category	Subject	Filing
12 Sept 2026, 7:32 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
12 Sept 2026, 7:06 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
21 Aug 2026, 1:29 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
20 Aug 2026, 12:59 pm	AGM/EGM AGM	Notice Calling AGM	PDF
20 Aug 2026, 12:50 pm	Others Reg. 34 (1) Annual Report	Reg. 34 (1) Annual Report.	PDF
10 Aug 2026, 5:03 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome	PDF
10 Aug 2026, 2:48 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
9 Aug 2026, 7:28 pm	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management	PDF

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	14	-12	25	24	-22	46
	-16	-16	-37	-45	-84	-66
	4	26	18	16	91	21
Net cash flow	2	-2	6	-5	-15	1
Free cash flow	-5	-32	-13	-22	-90	-13
CFO / Operating profit %	21.9%	-18.5%	26.2%	20.3%	-16.6%	31.3%

Salzer Electronics 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

Investor Presentation and earnings call

Events

19

1

Announcements

19

1

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Compounded sales growth

Compounded profit growth

Return on equity

Salzer Electronics 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

Insider dealing

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

Investor Presentation and earnings call

Events

Dividends19

Board meetings1

Announcements

Dividends19

Board meetings1

Ratio timeline

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

19

1

19

1