In a quarter where tariffs turned US exports into a political football and EV chargers became the new corporate Tinder profile pic, Salzer Electronics pulled off a 25% YoY revenue surge to ₹432 crore. Switchgear (55% of sales) and wires & cables (41%) did the heavy lifting, while smart meters — last year’s investor crush — played hard-to-get with only ₹2.2 crore executed from a ₹50 crore order. Management still eyes ₹1,600 crore core revenue this year (plus ₹300–400 crore from smart meters if stars align) but openly admits field readiness, tender timelines, and DISCOM chaos are slowing the rollout. EV chargers sold: 40 units. Target: 1,000 by FY26-end.
Why it matters? Because Salzer’s base business is humming, but its “next-gen” bets are still idling in neutral — and the street’s patience has a speed limit.
Stick around—things get spicier two scrolls down.
AT A GLANCE• Revenue +25% YoY – ₹432 cr; switchgear +31%, wires & cables +17%• EBITDA ₹41 cr – margin 10%, helped by product mix shift• Exports up 14% YoY – Europe +19%, Asia +21%• Smart meter execution lag – ₹2.2 cr of ₹50 cr order done in Q1
MANAGEMENT’S KEY COMMENTARY
Rajesh Doraiswamy (JMD):“US tariffs impact ~5% direct exports, worst-case 10% of revenue.”Translation:We’ll live, but the macro might cough in our direction.
“Smart meter ₹1,000 cr dream revised; FY26 aim ₹300–400 cr.”Translation:Tender hype met government ground reality.
“EV chargers
sold 40 units, target 1,000 this year.”Translation:From pilot run to endurance race — sponsors welcome.
“Core business to grow 18–22% barring geopolitical shocks.”Translation:Our old products still pay the bills.
“New automotive temperature sensor in validation; sales Q4 FY26.”Translation:R&D is alive, revenue in the pipeline.
NUMBERS DECODED
| Metric | The Hero | The Sidekick | The Drama Queen |
|---|---|---|---|
| Revenue (₹ cr) | 432 | +25% YoY | Switchgear drove margins |
| EBITDA (₹ cr) | 41 | +32% YoY | 10% margin back in form |
| PAT (₹ cr) | 18 | +33% YoY | 4% margin, +25 bps YoY |
Switchgear: ₹238 cr, 14% margin.Wires & Cables: ₹177 cr, 5% margin.Building Products: ₹17 cr, balance share.
ANALYST QUESTIONS
Q: “Is the ₹400 cr smart meter target real?”A: Visibility low, but chasing next ₹50 cr order; big Tamil Nadu tender starts FY27 revenue.
Q: “EV charger ASPs & margins?”A: ₹6–13 lakh for DC, <₹1 lakh for AC; 12–13% long-term margins after scale.
Q: “Tariff
