Value Added Product Mix Shift
Expected: CurrentHIGH confidence
What: Operating Margin: 71.44%
Impact: Highest in 8 quarters
Elpro International Ltd: Why Is It Outperforming Nifty 500?
ActiveRS +92.8%Weak5w Streak
In , Elpro International Ltd (Electronics - Equipment/Components) is outperforming Nifty 500 with +92.8% relative strength. Fundamentals: Weak. On a 5-week streak.
Elpro International Ltd Key Facts
- PE Ratio
- 27.9x
- Market Cap
- ₹2,440 Cr
- PAT Growth YoY
- -1414%
- Revenue Growth YoY
- +164%
- OPM
- -38.0%
- RS vs Nifty 500
- +92.8%
PE: Early ExpansionRiding Wave
What's Happening
📊PE near cycle lows — valuation reset is underway
💪Debt reduced 14% YoY — balance sheet strengthening
🌐FII stake decreased 2.2% this quarter
💰Trading 55% above estimated fair value — significant premium
Earnings Acceleration Triggers
1. Value Added Product Mix Shift
CurrentHIGH
2. Tam Expansion Changing Consumption
FY27MEDIUM
Key Risks
1. Central GST Department conducted searches at company locations on March 13, 2026
MEDIUM2. Interest expenses grew 37
MEDIUMSector-Specific Signals
Monthly Mall Rental Income₹4.73 CrNot Given
Monthly Business Park Rental Income₹2.97 CrNot Given
Total Investment Portfolio₹2,365 CrNot Given
Debt-to-Equity Ratio0.51xIncreased
Key Numbers
PAT Growth YoY
-1414%
Inflection Down
Revenue YoY
+164%
Inflection Up
Operating Margin
-38.0%
-8300 bps YoY
PE Ratio
27.9
Current Price
₹144
Dividend Yield
0.49%
Fundamental Score
24/100
Weak
3Y PAT CAGR
+22%
Market Cap
2.4K Cr
Valuation
Significantly Overvalued12-Week Performance
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
12 weeks agoThis week
Why Are Elpro International Ltd's Earnings Accelerating?
Based on Q3 FY26 (web) earnings • Updated Apr 18, 2026
Tam Expansion Changing Consumption
Expected: FY27MEDIUM confidence
What: Rental Income: ₹4.73 Cr/month
Impact: Incremental cash flow from April 2026
What Are the Key Risks for Elpro International Ltd?
Earnings deceleration risks from management commentary
Central GST Department conducted searches at company locations on March 13, 2026
MEDIUMTrigger: Central GST Department conducted searches at company locations on March 13, 2026.
Impact: PAT impact: Not Given
Management view: Company provided all requested information; reported no material impact currently.
Monitor: regulatory
Interest expenses grew 37
MEDIUMTrigger: Interest expenses grew 37.72% to ₹77.36 crores on a nine-month basis due to increased debt for real estate.
Impact: PAT impact: ₹77.36 Cr (9M expense)
Management view: Servicing obligations through ICD interest, dividends, and realized gains.
Monitor: interest_cost_reduction_deleveraging
What Did Elpro International Ltd Report This Quarter?
Headline numbers from the latest earnings call
Revenue
₹189.45 Cr
YoY +2825.9%QoQ +253.91%
Revenue growth was driven by a massive turnaround in the real estate and trading segments compared to a negative base in the prior year.
EBITDA
₹135.35 Cr
YoY +579.28%Margin 71.44%
Operating margins reached an 8-quarter high of 71.44% due to lumpy real estate project handovers.
PAT
₹93.80 Cr
YoY +546.03%QoQ +736.01%
PAT surged as the company reversed a loss of ₹21.03 Cr in the same quarter of the previous year.
Other Highlights
• Nine-month consolidated net profit stands at ₹179.34 crores versus ₹58.74 crores last year, marking a substantial 205.27% increase.
• Operating profit to interest ratio reached a peak of 4.90 times, indicating healthy coverage of financial obligations.
• Other income contributed ₹26.74 crores in Q3 FY26, down from ₹42.64 crores in Q1 FY26.
What Sector Metrics Matter for Elpro International Ltd?
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Monthly Mall Rental Income
₹4.73 Cr
YoY Not GivenQoQ Not Given
Why: Stable occupancy and tenant mix in the retail mall segment.
Monthly Business Park Rental Income
₹2.97 Cr
YoY Not GivenQoQ Not Given
Why: Stable rental yields from the business park asset.
Total Investment Portfolio
₹2,365 Cr
YoY Not GivenQoQ Not Given
Why: Substantial holdings in listed and unlisted equities and AIFs.
Debt-to-Equity Ratio
0.51x
YoY IncreasedQoQ Not Given
Why: Increased debt levels to fund real estate development and LAS.
Projected Cash Coverage Ratio
1.33x
YoY Not GivenQoQ Not Given
Why: Expected to remain satisfactory over FY26-FY28 supported by stable rentals.
Market Value of Pledged Assets
₹1,851 Cr
YoY Not GivenQoQ Not Given
Why: Pledged to secure Loan Against Securities (LAS) facilities.
What Is Elpro International Ltd's Management Guidance?
Forward-looking targets from management for FY27
Revenue Outlook
Rental income from new tenants expected to accrue from April 2026.
Management Tone: CAUTIOUS
How Fast Is Elpro International Ltd Growing?
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +164% | +63% | Inflection Up |
| PAT (Net Profit) | -1414% | +22% | Inflection Down |
| OPM | -38.0% | -8300 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
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Frequently Asked Questions: Elpro International Ltd
Based on publicly available financial data. This is educational research, not investment advice.
What were Elpro International Ltd's latest quarterly results?
Elpro International Ltd's latest quarterly results (Mar 2026) show
- PAT Growth YoY: -1414.3% (inflecting downward)
- Revenue Growth YoY: +164.3%
- Operating Margin: -38.0% (volatile)
Is Elpro International Ltd's profit growing or declining?
Elpro International Ltd's profit is declining with an inflecting downward trend.
- PAT Growth YoY: -1414.3% (latest quarter)
- PAT Growth QoQ: -197.9% (sequential)
- 3-Year PAT CAGR: +21.9%
- Trend: Inflecting downward — consistent growth pattern
What is Elpro International Ltd's revenue growth trend?
Elpro International Ltd's revenue growth trend is turning around (inflection up).
- Revenue Growth YoY: +164.3%
- Revenue Growth QoQ: -2.1% (sequential)
- 3-Year Revenue CAGR: +62.5%
How is Elpro International Ltd's operating margin trending?
Elpro International Ltd's operating margin is volatile.
- Current OPM: -38.0%
- OPM Change YoY: -83.0% basis points
- OPM Change QoQ: -109.0% basis points
What is Elpro International Ltd's 3-year profit and revenue CAGR?
Elpro International Ltd's long-term compounding rates
- 3-Year Profit CAGR: +21.9%
- 3-Year Revenue CAGR: +62.5%
Is Elpro International Ltd's growth accelerating or decelerating?
Elpro International Ltd's earnings growth is inflecting downward with mixed signals on a sequential basis.
- YoY Acceleration: -180.0% bps
- Sequential Acceleration: -100.0% bps
- Margin Warning: Operating margins are under pressure
What is Elpro International Ltd's trailing twelve month (TTM) performance?
Elpro International Ltd's trailing twelve month (TTM) performance
- TTM PAT: ₹87 Cr
- TTM PAT Growth: +31.8% YoY
- TTM Revenue: ₹528 Cr
- TTM Revenue Growth: +29.1% YoY
- TTM Operating Margin: 29.8%
Is Elpro International Ltd overvalued or undervalued?
Elpro International Ltd appears significantly overvalued based on our fair value analysis.
- Valuation Signal: Significantly Overvalued
- Current PE: 27.9x
- Price-to-Book: 1.2x
What is Elpro International Ltd's current PE ratio?
Elpro International Ltd's current PE ratio is 27.9x.
- Current PE: 27.9x
- Market Cap: 2.4K Cr
- Dividend Yield: 0.49%
How does Elpro International Ltd's valuation compare to its history?
Elpro International Ltd's current PE is 27.9x.
- Current PE: 27.9x
- Valuation Assessment: Significantly Overvalued
What is Elpro International Ltd's price-to-book ratio?
Elpro International Ltd's price-to-book ratio is 1.2x.
- Price-to-Book (P/B): 1.2x
- Book Value per Share: ₹120
- Current Price: ₹144
Is Elpro International Ltd a fundamentally strong company?
Elpro International Ltd is rated Weak with a fundamental score of 24/100. This score is calculated from objective financial metrics
- Revenue Growth YoY: +164.3% (10% weight)
- PAT Growth YoY: -1414.3% (10% weight)
- PAT Growth QoQ: -197.9% (10% weight)
- Margins stable (10% weight)
Is Elpro International Ltd debt free?
Elpro International Ltd has a debt-to-equity ratio of N/A.
- Total Debt: ₹1,000 Cr
What is Elpro International Ltd's return on equity (ROE) and ROCE?
Elpro International Ltd's return ratios over recent years
- FY2024: ROCE 7.0%
- FY2025: ROCE 5.0%
- FY2026: ROCE 7.0%
Is Elpro International Ltd's cash flow positive?
Elpro International Ltd's operating cash flow is positive (FY2026).
- Cash from Operations (CFO): ₹69 Cr
- Free Cash Flow (FCF): ₹50 Cr
- CFO/PAT Ratio: 79% (adequate)
What is Elpro International Ltd's dividend yield?
Elpro International Ltd's current dividend yield is 0.49%.
- Dividend Yield: 0.49%
- Current Price: ₹144
Who holds Elpro International Ltd shares — promoters, FII, DII?
Elpro International Ltd's shareholding pattern (Mar 2026)
- Promoters: 75.0%
- FII (Foreign): 8.0%
- DII (Domestic): 0.0%
- Public: 17.0%
Is promoter holding increasing or decreasing in Elpro International Ltd?
Elpro International Ltd's promoter holding has remained stable recently.
- Current Promoter Holding: 75.0% (Mar 2026)
- Previous Quarter: 75.0% (Dec 2025)
- Change: 0.00% (stable)
How long has Elpro International Ltd been outperforming Nifty 500?
Elpro International Ltd has been outperforming Nifty 500 for 5 consecutive weeks, indicating building momentum.
Is Elpro International Ltd a new momentum entry or an established outperformer?
Elpro International Ltd is an established outperformer with 5 weeks of consecutive Nifty 500 outperformance.
What are the growth catalysts for Elpro International Ltd?
Elpro International Ltd has 2 key growth catalysts identified from recent earnings analysis
- Value Added Product Mix Shift — Real estate handovers are the primary driver of the current profit surge.
- Tam Expansion Changing Consumption — New tenant accruals will stabilize the currently lumpy cash flows.
What are the key risks in Elpro International Ltd?
Elpro International Ltd has 2 key risks worth monitoring
- [MEDIUM] Central GST Department conducted searches at company locations on March 13, 2026 — Central GST Department conducted searches at company locations on March 13, 2026.
- [MEDIUM] Interest expenses grew 37 — Interest expenses grew 37.72% to ₹77.36 crores on a nine-month basis due to increased debt for real estate.
What is Elpro International Ltd's management guidance for growth?
Elpro International Ltd's management has provided the following forward guidance for FY27
- Revenue outlook: Rental income from new tenants expected to accrue from April 2026.
- Margin outlook: Not Given
- Management tone: cautious
What sector-specific metrics matter most for Elpro International Ltd?
Elpro International Ltd's most important sub-sector-specific KPIs from the latest concall
- Monthly Mall Rental Income: ₹4.73 Cr (YoY Not Given) (QoQ Not Given) — Stable occupancy and tenant mix in the retail mall segment.
- Monthly Business Park Rental Income: ₹2.97 Cr (YoY Not Given) (QoQ Not Given) — Stable rental yields from the business park asset.
- Total Investment Portfolio: ₹2,365 Cr (YoY Not Given) (QoQ Not Given) — Substantial holdings in listed and unlisted equities and AIFs.
- Debt-to-Equity Ratio: 0.51x (YoY Increased) (QoQ Not Given) — Increased debt levels to fund real estate development and LAS.
- Projected Cash Coverage Ratio: 1.33x (YoY Not Given) (QoQ Not Given) — Expected to remain satisfactory over FY26-FY28 supported by stable rentals.
- Market Value of Pledged Assets: ₹1,851 Cr (YoY Not Given) (QoQ Not Given) — Pledged to secure Loan Against Securities (LAS) facilities.
Is Elpro International Ltd worth studying for long term investment?
Based on quantitative research signals, here is why Elpro International Ltd may be worth studying
- Cash flow is positive — CFO ₹69 Cr
What is the investment thesis for Elpro International Ltd?
Elpro International Ltd investment thesis summary:
Research Signals (Bull Case)
- Revenue growing at +164.3% YoY
- Growth catalyst: Value Added Product Mix Shift
Risk Factors (Bear Case)
- Margins under pressure
- Appears significantly overvalued
- Key risk: Central GST Department conducted searches at company locations on March 13, 2026
What is the future outlook for Elpro International Ltd?
Elpro International Ltd's forward outlook based on current data signals
- Earnings Trend: inflecting downward
- Revenue Trend: turning around (inflection up)
- Margin Trend: volatile
- Valuation: Significantly Overvalued
- Key Catalyst: Value Added Product Mix Shift
- Key Risk: Central GST Department conducted searches at company locations on March 13, 2026
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.