Elin Electronics Ltd Q2FY26 FY2025 – The Great Indian Jugaad Factory That Makes Everyone’s Gadgets Work (But No One Knows About It)

1. At a Glance

Picture this: a ₹997 crore smallcap quietly manufacturing the heartbeats of your mixer, the light in your drawing room, and the motor inside your fan — all while you’re busy worshipping “brands” that actually just stick their logo on Elin’s sweat. Elin Electronics Ltd (NSE: ELIN) is the invisible mechanic behind India’s consumer electronics circus.

In Q2FY26, this Ghaziabad-based manufacturing chameleon reported quarterly revenue of ₹375 crore and a profit after tax (PAT) of ₹10.3 crore. That’s a23% jump in salesand a115% explosion in profityear-on-year. Even the company’s fans (literally, it makes them) must be spinning in excitement.

The stock trades at ₹201 with a P/E of 26x — cheaper than your average consumer durable ego stock that quotes 50x. ROE is 4.38%, ROCE 6.97%, and debt practically negligible at ₹15.4 crore. So, financially, Elin is like a disciplined engineering student: modest grades, zero bad habits, but no viral moments yet.

Market cap? ₹997 crore. Dividend yield? 0%. Promoter holding? A humble 33%.If you blinked, you might’ve missed it — but your ceiling fan surely didn’t.

2. Introduction

Every Indian household owns at least one product touched by Elin — you just don’t know it. This is the guy who wrote your engineering exam paper but let someone else sign their name on it.

Founded in 1982, Elin started with electric motors before becoming India’s go-toElectronics Manufacturing Services (EMS)partner. It supplies to auto, lighting, appliance, and medical device brands. It’s that friend who builds your science project while you get the grade.

In FY25, the company clocked ₹1,252 crore in sales and ₹38 crore in profits. Sure, the profit looks like pocket change next to Voltas or Blue Star, but remember — Elin isn’t chasing glamour; it’s building it for others.

Elin’s stock, listed in late 2022, has had a bumpy ride — down 9% over a year, up 15.7% in 3 months. A typical smallcap mood swing. But the underlying growth in the last two quarters suggests the engines (literally FHP motors) are warming up again.

Question: how do you make money when your customers are richer, louder, and more famous than you? Simple — you bill them quietly and let them do the marketing.

3. Business Model – WTF Do They Even Do?

Elin Electronics works under two models —OEM (Original Equipment Manufacturer)andODM (Original Design Manufacturer).

UnderOEM, Elin basically says, “You design it, I’ll build it.” So, the Havells, Philips, Bajajs, and Cromptons of the world send their blueprints, and Elin’s factories inGhaziabad, Baddi, and Goado the rest.

UnderODM, Elin flexes its own R&D and design muscles — “I’ll design itandbuild it; you slap your brand name.” This is where margins are better (and where Elin dreams of becoming the Foxconn of fans).

The company operates in two big verticals:

• EMS Segment (76% of FY24 revenue):LED lighting, fans, switches, small appliances, fractional horsepower (FHP) motors — basically everything that moves or glows.
• Non-EMS Segment (24%):medical diagnostic cartridges, molded plastics, and sheet metal parts — the quieter money.

They even makemedical cartridgesused in diagnostic devices. Who knew your glucose monitor’s cartridge might come from the same company that makes your ceiling fan motor?

Their fully automated SMT lines can assemble3.9 lakh components per hour. That’s faster than Indian Twitter users posting memes on election night.

4. Financials Overview

Annualised EPS = ₹8.3 → P/E ~ 24x(not bad for a company