First India bans Chinese apps, now the US slaps 50% tariffs. Global trade looks like a bad breakup—nobody’s talking, everyone’s sulking. Amidst this, Salzer Electronics just reported its Q1 FY26 results, looking more like a student who topped class but still got scolded at home. Revenue soared, margins held up, and management promised EV chargers and smart meters will be their Netflix originals. But delays, tariffs, and over-enthusiastic guidance cuts keep the drama alive. Stick around—because this call had everything from “1,000 chargers promise” to “smart meter déjà vu.”
2. At a Glance
Revenue up 25% – Switchgear demand turned into a Bollywood masala hit.
EBITDA up 32% – Margins behaved like a loyal sidekick, stayed solid at 10%.
PAT up 33% – Profits finally stopped ghosting.
Exports 24% of revenue – Europe & Asia said “send more wires.” US sulked with tariffs.
Smart Meters – Order book reality check; execution = buffering mode.
EV Chargers – 40 sold, 960 to go. Think JEE aspirant after mock test.
3. Management’s Key Commentary
Rajesh Doraiswamy (JMD) on industry growth: “We see Indian electrical market going from $14B to $20B by 2031.” (Translation: If you survive the tariff and DISCOM mess, the future is electric—literally.)
On smart meters: “Our product is ready, demand exists, but ground execution is delayed due to DISCOM challenges.” (Read: We built the exam hall, but the invigilator forgot to bring the question paper.)
On earlier ₹1,000 cr smart meter guidance: “We scaled it back; criticism followed, but it’s not our execution issue.” (Read: Don’t blame us for over-promising, the government’s Wi-Fi was slow.)
On EV chargers: “We sold 40 chargers this quarter, targeting 1,000 this year.” (That’s like pledging to run a marathon after completing 200 meters on the treadmill.)
On US tariffs: “50% duty is a knee-jerk shock. Our direct exposure is 5%, indirect 3–4%.” (So, like a pothole—annoying but not fatal. Unless you’re on a scooter.)
On margins: “We’re confident of sustaining 10% EBITDA and pushing it higher.” (Yes, despite new businesses acting like expensive hobbies.)
