Elpro International Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Elpro International Ltd trades at ₹176, in a confirmed uptrend and 14 weeks into that stage. That is +42.1% against its own 200-day average. It sits at 100% of a 52-week range of ₹75 to ₹176. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 2 straight weeks.

Today the stock is in a confirmed uptrend — week 14 of stage 2, confirmed. At ₹176 it trades +42.1% versus its 200-day average and sits at 100% of its 52-week range (₹75–₹176).

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +1,156% while the NIFTY 500 moved +267% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 2 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 53rd percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Elpro International Ltd trades at 34.2× P/E, mid-range by its own standards (53rd percentile). Its long-run median P/E is 32.4×, measured across 8.9 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 34.2× is mid-range by its own standards (53rd percentile), against a long-run median of 32.4× measured over 8.9 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

🚨 Why the multiple sits where it does: over the past year annual EPS moved +32.3% against a +78.8% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the +25.5%/yr price move, ~+34.8%/yr came from earnings growth and ~−9.3 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources disagree by up to 326% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Elpro International Ltd reads as mixed on its fundamental arc. Mixed — revenue growth is rising at +164.3% (single-quarter readings) while profit growth is falling at −1414.3% (single-quarter readings) — the curves disagree, so the per-curve reads carry the story. The read is built from 9 quarters across 3 curves, on partial evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

57.4/100 — rank 2 of 7 in Electronics - Equipment/Components · 76% evidence confidence

Elpro International Ltd scores 57.4 out of 100 against the 7 companies it is compared with in Electronics - Equipment/Components, ranking 2. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 19.5 + 7.9 + 10 + 20 = 57.4. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Elpro International Ltd reported ₹185 Cr of revenue in the Mar 26 quarter, +164.3% year on year. Over 10 years it has compounded at 27.9% a year. The last full year, FY26, came in at ₹528 Cr. The last four reported quarters add to ₹528 Cr.

Elpro International Ltd reported ₹185 Cr of revenue in the Mar 26 quarter, +164.3% year on year. Over 10 years it has compounded at 27.9% a year. The last full year, FY26, came in at ₹528 Cr. The last four reported quarters add to ₹528 Cr.

FY26 revenue came in at ₹528 Cr (+35.4% on the year), capping 10 years at 27.9% compound. The latest quarter (Mar 26) printed ₹185 Cr, +164.3% year on year.

Pace check: the last four quarters averaged +20.8% growth against the decade's 27.9% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +29.1% over the last 4 quarters against +43.9%/yr over the last 8 — rolling over; TTM profit +31.8% vs +0.6%/yr — accelerating.

→ Revenue grew — did margins hold as it scaled? Next: −38.0% this quarter (−83.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Elpro International Ltd's operating margin is −38.0% in the Mar 26 quarter, −83.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 14.0% to 60.0%. The current quarter is running below every full year in that window.

Elpro International Ltd's operating margin is −38.0% in the Mar 26 quarter, −83.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 14.0% to 60.0%. The current quarter is running below every full year in that window.

The latest quarter's operating margin is −38.0%, −83.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 14.0%–60.0%.

🚨 Why the margin moved: operating margin went −83.5 pp year on year while gross margin went −101.5 pp — the loss came mostly from the gross line: input costs and pricing.

→ Margins slipped — did that reach the bottom line? Next: profit −1,414.3% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Elpro International Ltd posted a net loss of ₹92.0 Cr in the Mar 26 quarter. Full-year FY26 profit was ₹87.0 Cr. That loss is 49.7% of the quarter's revenue. The same quarter a year earlier earned ₹7.0 Cr. 2 of the last 12 reported quarters were loss-making.

Elpro International Ltd posted a net loss of ₹92.0 Cr in the Mar 26 quarter. Full-year FY26 profit was ₹87.0 Cr. That loss is 49.7% of the quarter's revenue. The same quarter a year earlier earned ₹7.0 Cr. 2 of the last 12 reported quarters were loss-making.

Mar 26 profit was ₹−92.0 Cr, −1,414.3% year on year. On the full year, FY26 printed ₹87.0 Cr (+31.8%).

🚨 Why profit moved: revenue contributed +164.3% and the margin −83.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit −475.2% vs revenue +20.8%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

→ Profit rose — but did the cash follow? Next: 180% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 180% of Elpro International Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹69.0 Cr of operating cash against ₹87.0 Cr of profit. After ₹243 Cr of capital spending, ₹−174 Cr was left as free cash.

FY26: operating cash of ₹69.0 Cr against reported profit of ₹87.0 Cr, leaving free cash of ₹−174 Cr after ₹243 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 180% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 180%: the cash cycle tightened 81 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: the bigger cash user is investment — capital spending ran 18.6× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹557 Cr of building over 3 years.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Elpro International Ltd's cash conversion cycle runs −11 days in FY26, down from 70 days in FY21. Capital spending ran ₹557 Cr over the last 3 years. At FY26 sales of ₹528 Cr each day of that cycle holds about ₹1.4 Cr, so roughly ₹−16.0 Cr sits inside the business at any moment.

FY26: debtors at 3 days, inventory at 1 days — roughly 0.0 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of −11 days, tighter than FY21's 70.

The full loop: cash goes out to suppliers and production on day 0; stock waits 1 days to sell; customers pay about 3 days after that; and suppliers themselves are paid at 15 days — netting out to the −11-day cycle.

In money terms: at FY26 sales of ₹528 Cr, each day of the cycle holds about ₹1.4 Cr — so the −11-day loop keeps roughly ₹−16.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹557 Cr over the last 3 fiscal years against ₹30.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹31.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 7%.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Elpro International Ltd earns a ROCE of 7% in FY26. That is up from a trough of 3% in FY14. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 16.5% net margin on 0.15× asset turns.

FY26 ROCE is 7%, recovered from a FY14 trough of 3% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 16.5% net margin × 0.15× asset turns × 1.78× balance-sheet leverage ≈ 4.4% on equity. Margin is doing the heavy lifting; leverage is a meaningful part of the equation.

The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 326% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.60.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Elpro International Ltd carries ₹1,209 Cr of borrowings against ₹2,031 Cr of equity in FY26, a debt-to-equity of 0.60. Operating profit covers the interest bill 2×. Over 5 years borrowings went from ₹220 Cr to ₹1,209 Cr. Capital spending ran ₹557 Cr across the last 3 of those years.

FY26: borrowings of ₹1,209 Cr against equity of ₹2,031 Cr — a debt-to-equity of 0.60. Operating profit covers the interest bill 2×. Over 5 years borrowings went from ₹220 Cr to ₹1,209 Cr while capital spending ran ₹557 Cr in just the last 3 — part of the build-out is riding on borrowed money.

The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 326% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Who owns this, and are they adding or leaving? Next: Foreign institutions cut 4.2 points over 8 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions cut 4.2 points of Elpro International Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 7.0% of the company. Promoters moved +0.0 points over the same window, to 75.0%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: −4.2 points over 8 quarters to 7.0%; Promoters: +0.0 points over 8 quarters to 75.0%; Domestic institutions: +0.0 points over 8 quarters to 0.1%.

🚨 Why the register moved: foreign institutions drove it (−4.2 points) — distribution into the market’s bid.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Elpro International Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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