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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹294 Cr
verified against source
Revenue YoY
10%
reported change
EBITDA
₹11.9 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Elin Electronics reported Q3 FY26 revenue of ₹294 crore (+10% YoY), driven by strong growth in appliances (OFR +330% YoY) and fans (+100% YoY). EBITDA surged 57% YoY to ₹11.9 crore, with margins expanding ~120bps to 4.05%, despite raw material cost headwinds. PAT tripled to ₹3.8 crore. The lighting segment declined due to lower Signify volumes, but five new customers now contribute 50% of monthly lighting revenue. Management guided FY26 revenue growth of 9-10% and EBITDA margin of 5.3-5.8%, impacted by nil US exports due to tariffs. The new Biwari plant is on track for May 2026 commissioning, targeting ₹140 crore revenue in FY27. Key risks include sustained commodity inflation and delayed US export recovery.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided 9-10% revenue growth for FY26, excluding US exports which have been nil since August 2025 due to tariffs.
- EBITDA margin forecast at 5.3-5.8% for FY26, impacted by higher raw material costs and nil US exports.
- Biwari plant expected to generate ₹140 crore in FY27 and ₹250 crore in FY28, with steady-state EBITDA margin of 7-7.5% and ROCE of 20%.
- Capex for FY26 estimated at ₹100-110 crore, split between Biwari plant (₹60-65 crore) and existing business growth (₹35-40 crore).
Risks flagged
- Sharp surge in copper, steel, and aluminum prices impacted gross margins by ~40bps; further increases could compress margins if not passed through.
- Exports to USA have been nil since August 2025 due to tariffs; resumption is hopeful but not certain, impacting revenue and margin guidance.
- New plant may face lower initial utilization and margins; management declined to provide specific EBITDA margin guidance for FY27, citing uncertainty.
- Personal care revenue declined 10% YoY due to weak demand in hair straighteners and trimmers; no new customers added, though three new subcategories are in pipeline.
Key quotes
- We are the only company in India who is doing the complete fin assembly locally; the rest is being either imported in kit form.
- Price erosion in lighting business is going to stop. The prices are going to head north for sure.
- We are very hopeful of restarting fan export to USA. Discussions will now commence given the easing of the tariff situation.
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