📌 At a Glance Salzer Electronics Ltd (CMP: ₹955, down 11.90%) reported strong FY25 standalone revenue of ₹1,382.9 Cr, up 22% YoY, with PAT jumping 44.2% YoY to ₹62.26 Cr. They also bagged a ₹192 Cr Smart Street Lighting order from BBMP. But despite this bright news, the market switched off the lights on the stock.
📊 Full-Year FY25 Financials
Metric
FY25
FY24
YoY Change
🧾 Revenue
₹1,382.93 Cr
₹1,135.58 Cr
🔼 21.78%
💼 EBITDA
₹124.93 Cr
₹110.20 Cr
🔼 13.37%
🧮 EBITDA Margin
9.03%
9.70%
🔽 67 bps
💰 PAT
₹62.26 Cr
₹43.19 Cr
🔼 44.16%
📈 PAT Margin
4.50%
3.80%
🔼 70 bps
🧾 EPS
₹35.30
₹25.77
🔼 36.96%
✅ Exports contributed 27.4%, with strong demand from Middle East, Africa, and Asia. ❌ Smart meter ramp-up costs hit Q4 margins, which spooked investors.
🧮 Q4 FY25 Snapshot
Metric
Q4 FY25
Q4 FY24
YoY Change
🧾 Revenue
₹365.59 Cr
₹317.57 Cr
🔼 15.12%
💼 EBITDA
₹26.18 Cr
₹30.92 Cr
🔽 15.34%
💰 PAT
₹8.23 Cr
₹12.08 Cr
🔽 31.84%
🧮 EBITDA Margin
7.16%
9.74%
🔽 258 bps
🧾 PAT Margin
2.25%
3.80%
🔽 155 bps
“Margins were short-circuited this quarter due to high smart meter startup expenses — but current orders suggest this is a temporary flicker.”
🔌 Segment Performance
🔧 Industrial Switchgear
📦 Contribution: 56.39% of Q4 revenue, 57.58% of FY25 revenue
