Elpro International financials and balance sheet

NSE: ELPROINTLBSE: 504000RealtySmall Cap

₹164.78₹1.65 (0.99%)BSE ₹166.20

Share price at the NSE close on 23 Oct 2026. Previous close ₹166.43.

52-week range of BSE trades to 23 Oct 2026

₹71.20Low, 27 Jan 2026₹183.35High, 10 Aug 2026

Market cap: ₹2,793 Cr1,188th largest listed
P/E: 21.6
P/B: 1.4
Dividend yield: Nonein the last 12 months
ROE: 6.4%
ROCE: 5.9%
Debt to equity: 0.59
Volume, NSE: 10,04588.3% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Elpro International annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 1.7% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2023, the company's revenue for that year, ₹123 Cr, differs from its quarters added, ₹116 Cr. From the year to Mar 2025, the company's revenue for that year, ₹390 Cr, differs from its quarters added, ₹410 Cr.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue528
Materials and goods−285
Employee costs−4.6
Other expenses−82
Operating profit157
Depreciation−15
Other income+65
One-off items0.0
Finance costs−106
Profit before tax100
Tax−13
Joint ventures0.0
Net profit87

What the company owns

Plant, investments and other assets₹3,256 Cr
Current investments₹316 Cr
Cash and bank₹41 Cr
Receivables₹5 Cr
Inventory₹1 Cr

What pays for it: net worth and liabilities

Net worth₹2,030 Cr
Borrowings₹1,189 Cr
Other liabilities₹386 Cr
Owed to suppliers₹12 Cr

Elpro International business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Elpro International segment results by quarter

Revenue by segment

₹528 CrTotal

Trading activity₹384 Cr72.7% of total
Real Estate₹138 Cr26.2% of total
Electrical Equipments₹5 Cr0.9% of total
Others₹1 Cr0.1% of total

Profit by segment

Trading activity₹86.8 Cr39.5% of total
Real Estate₹81.1 Cr36.9% of total
Electrical Equipments₹0.9 Cr0.4% of total
Others₹0.3 Cr0.1% of total
Investment activity₹50.5 Cr23.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Trading activity
Revenue, ₹ crore
271
384
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
54
87
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Real Estate
Revenue, ₹ crore
35
105
59
68
92
107
114
138
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
20
39
37
36
47
56
58
81
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Electrical Equipments
Revenue, ₹ crore
5
4
4
4
5
5
4
5
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1
1
1
1
1
1
1
1
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
1
1
1
1
1
1
1
1
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1
0
0
0
0
0
0
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Investment activity
Revenue, ₹ crore
0
0
0
0
0
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
136
10
13
1,263
39
51
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	41	110	63	72	123	257	390	528
Company revenue, as in its results	41	110	63	72	123	257	390	528
Revenue	–	–	–	–	–	–	271	384
Revenue growth	–	–	–	–	–	–	–	41.5%
Profit	–	–	–	–	–	–	54	87
Profit growth	–	–	–	–	–	–	–	61.1%
Margin	–	–	–	–	–	–	19.8%	22.6%
Return on capital	–	–	–	–	–	–	27.2%	82.7%
Assets	–	–	–	–	–	–	208	334
Liabilities	–	–	–	–	–	–	10	229
Capital employed	–	–	–	–	–	–	198	105
Revenue	35	105	59	68	92	107	114	138
Revenue growth	–	198.2%	−43.7%	14.8%	35.9%	16.2%	6.8%	21.5%
Profit	20	39	37	36	47	56	58	81
Profit growth	–	90.6%	−3.9%	−2.9%	30.5%	18.3%	3.9%	40.5%
Margin	57.6%	36.8%	62.9%	53.2%	51.1%	52.1%	50.6%	58.6%
Return on capital	40.4%	–	–	35.3%	12.8%	54.1%	61.3%	–
Assets	251	220	229	217	469	507	766	1,040
Liabilities	201	267	260	115	101	404	671	1,164
Capital employed	50	−47	−32	102	368	103	94	−124
Revenue	5	4	4	4	5	5	4	5
Revenue growth	–	−17.0%	−15.6%	16.0%	19.1%	−3.7%	−13.9%	19.1%
Profit	1	1	1	1	1	1	1	1
Profit growth	–	22.7%	6.8%	9.6%	77.5%	−36.3%	2.7%	10.4%
Margin	9.9%	14.7%	18.5%	17.5%	26.1%	17.3%	20.6%	19.1%
Return on capital	12.8%	19.0%	18.4%	21.4%	44.3%	26.3%	24.6%	26.5%
Assets	5	4	4	4	4	4	4	4
Liabilities	1	1	0	1	1	0	1	1
Capital employed	4	3	4	3	3	3	3	4
Revenue	1	1	1	1	1	1	1	1
Revenue growth	–	−14.3%	–	–	–	–	–	–
Profit	1	0	0	0	0	0	0	0
Profit growth	–	−28.5%	–	–	–	–	–	–
Margin	65.6%	54.8%	−5.4%	26.8%	23.9%	30.4%	32.7%	37.2%
Return on capital	41.8%	34.4%	−2.8%	13.0%	9.7%	18.3%	22.4%	32.8%
Assets	2	1	2	1	2	1	1	1
Liabilities	0	0	0	0	0	0	0	0
Capital employed	1	1	1	1	1	1	1	1
	0	0	0	0	–	–	0	0
Profit	136	10	13	1,263	–	–	39	51
Return on capital	84.5%	5.7%	6.6%	113.3%	–	–	2.1%	2.5%
Assets	160	174	193	1,130	–	–	2,356	2,096
Liabilities	0	0	0	16	–	–	486	108
Capital employed	160	174	193	1,114	–	–	1,870	1,988
Revenue	–	–	–	–	26	144	–	–
Revenue growth	–	–	–	–	–	463.3%	–	–
Profit	–	–	–	–	31	88	–	–
Profit growth	–	–	–	–	–	179.2%	–	–
Margin	–	–	–	–	122.7%	60.8%	–	–
Return on capital	–	–	–	–	3.5%	5.9%	–	–
Assets	–	–	–	–	1,034	1,600	–	–
Liabilities	–	–	–	–	145	107	–	–
Capital employed	–	–	–	–	890	1,493	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Elpro International quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 13 Jun	Mar 2020Filed 4 Jul	Mar 2021Filed 7 Jul	Mar 2022Filed 15 Jun	Mar 2023Filed 30 May	Mar 2024Filed 18 Jul	Mar 2025Filed 10 Jun	Mar 2026Filed 28 Apr
Revenue from operations	48	58	41	110	63	72	123	257	390	528
	27	23	36	78	33	38	78	149	309	371
Materials and goods bought	3	3	3	2	2	2	16	81	236	285
Employee costs	–	–	2	5	8	4	3	3	4	5
Other expenses	–	–	30	71	23	32	58	65	69	82
Operating profit before depreciation	21	34	6	31	30	35	45	107	81	157
Operating margin	44.6%	59.5%	13.8%	28.6%	48.1%	48.0%	36.8%	41.8%	20.7%	29.7%
Materials, % of revenue	–	–	6.6%	2.2%	3.2%	3.3%	13.2%	31.6%	60.4%	53.9%
Employee costs, % of revenue	–	–	5.6%	4.1%	12.2%	4.9%	2.6%	1.2%	1.2%	0.9%
Other expenses, % of revenue	–	–	74.0%	65.1%	36.5%	43.7%	47.4%	25.4%	17.7%	15.5%
Depreciation and amortisation	1	1	1	2	4	5	5	5	10	15
Operating profit after depreciation	20	34	5	29	26	30	40	102	71	142
Other income	1	1	120	4	3	1,273	30	30	71	65
Finance costs	18	34	25	27	25	23	5	25	67	106
One-off items	0	0	0	0	0	0	0	0	0	0
Profit before tax	3	1	99	6	5	1,280	66	107	74	100
	0	0	16	2	−2	215	18	22	8	13
Current tax	–	−1	16	−2	−2	184	11	14	7	13
Deferred tax	–	1	0	5	0	31	7	8	1	0
Share of profit of joint ventures and associates	0	18	17	10	13	−8	0	0	0	0
	4	18	100	14	20	1,057	48	85	66	87
Belonging to the company's shareholders	4	18	100	14	20	1,057	48	85	66	87
Other comprehensive income	–	–	1	1	11	3	−8	272	375	109
Total comprehensive income	–	–	101	15	30	1,059	40	358	441	196
Net margin	7.5%	31.9%	242.7%	12.7%	31.3%	1,459.2%	38.9%	33.3%	16.9%	16.5%
Net margin without joint ventures and associates	7.5%	0.8%	201.3%	3.6%	11.3%	1,470.5%	38.9%	33.2%	16.9%	16.5%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 13 Jun	Mar 2020Filed 4 Jul	Mar 2021Filed 7 Jul	Mar 2022Filed 15 Jun	Mar 2023Filed 30 May	Mar 2024Filed 18 Jul	Mar 2025Filed 10 Jun	Mar 2026Filed 28 Apr
	140	135	171	1,232	1,264	1,607	2,036	2,030
Share capital	17	17	17	17	17	17	17	17
Reserves	123	118	154	1,215	1,247	1,590	2,019	2,014
	148	215	200	56	128	365	987	1,189
Repayable after a year	108	197	191	5	3	185	349	430
Repayable within a year	41	18	9	52	125	181	637	760
	170	85	78	101	198	243	744	898
Trade payables	15	18	17	15	35	17	9	12
Other financial liabilities	38	39	49	33	37	40	89	114
Other liabilities	54	7	3	2	2	4	4	12
Provisions	0	0	0	0	0	0	0	0
Tax owed	22	2	1	0	0	1	4	0
	120	221	210	47	51	277	621	689
Other financial liabilities	10	18	15	14	13	12	137	107
Other liabilities	2	5	4	2	2	1	1	15
Provisions	0	0	0	0	0	1	1	1
Deferred tax	0	0	0	26	33	78	132	137
Total assets	430	441	459	1,380	1,513	2,127	3,401	3,618
	358	399	419	507	1,280	1,935	3,018	3,090
Plant in use, after depreciation	1	2	2	2	228	252	420	609
Plant being built	144	40	40	3	5	0	6	31
Intangible assets	1	0	0	0	0	0	0	0
Goodwill	1	0	0	0	0	0	0	0
Property held to earn rent	29	157	154	188	184	203	291	288
Investments	7	12	17	283	839	1,455	2,055	2,067
Stakes in joint ventures and associates	153	162	176	6	3	5	216	5
Loans given	3	2	2	2	0	0	0	0
Other financial assets	5	8	8	8	6	14	20	42
Deferred tax	9	5	5	0	0	0	0	0
Other assets	6	13	15	15	13	4	11	48
	72	41	41	873	233	192	384	528
Inventories	44	1	1	1	1	1	1	1
Trade receivables	3	4	12	12	18	7	6	5
Cash and cash equivalents	2	3	6	45	3	4	3	41
Other bank balances	0	0	0	0	0	0	0	0
Current investments	0	0	0	788	169	118	269	316
Loans given	18	30	17	12	0	13	56	96
Other financial assets	0	3	4	12	8	18	27	21
Tax paid in advance	0	0	0	0	0	0	0	28
Other assets	4	1	1	3	33	32	22	22
Net debt	146	213	195	−777	−45	243	715	833

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 7 Jul	Mar 2022Filed 15 Jun	Mar 2023Filed 30 May	Mar 2024Filed 18 Jul	Mar 2025Filed 10 Jun	Mar 2026Filed 28 Apr
	16	24	−136	141	219	69
	16	24	−129	152	239	138
	−18	−11	−177	65	160	−17
Receivables	−9	0	−6	12	0	2
Inventories	0	0	−1	0	0	0
Payables	−1	−2	20	−17	−8	3
Other working capital	−9	−8	−191	70	167	−21
Tax paid	0	0	−6	−11	−21	−69
Capital spending	0	1	227	24	177	122
Free cash flow	16	23	−363	116	42	−52
	20	201	34	−342	−767	−19
Companies bought	0	0	0	0	−67	0
Interest received	3	2	7	1	5	11
Dividends received	0	0	4	7	11	15
	−33	−185	60	202	548	−13
Borrowings raised	0	0	85	238	621	95
Borrowings repaid	−12	−166	0	0	0	0
Interest paid	−21	−19	−3	−21	−60	−102
Lease payments	0	0	0	0	−1	−6
Dividends paid	0	0	0	14	12	0
Shares bought back	0	0	22	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	3	40	−42	1	−1	37

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Elpro International dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 13 Jun	Mar 2020Filed 4 Jul	Mar 2021Filed 7 Jul	Mar 2022Filed 15 Jun	Mar 2023Filed 30 May	Mar 2024Filed 18 Jul	Mar 2025Filed 10 Jun	Mar 2026Filed 28 Apr
	₹0.26	₹1.33	₹5.90	₹0.82	₹1.17	₹62.35	₹2.83	₹5.04	₹3.90	₹5.16
As stated that year	₹0.52	₹1.33	₹5.90	₹0.82	₹1.17	₹62.35	₹2.83	₹5.04	₹3.90	₹5.16
	₹0.26	₹1.33	₹5.90	₹0.82	₹1.17	₹62.35	₹2.83	₹5.04	₹3.90	₹5.16
As stated that year	₹0.52	₹1.33	₹5.90	₹0.82	₹1.17	₹62.35	₹2.83	₹5.04	₹3.90	₹5.16
Dividend per share	–	–	–	–	–	–	₹0.23	₹0.60	₹0.70	–
Book value per share	–	–	₹8.24	₹7.96	₹10.10	₹72.69	₹74.56	₹94.85	₹120.16	₹119.81
Dividend payout	–	–	–	–	–	–	8.1%	11.9%	17.9%	–
Shareholder yield	–	–	–	–	0.0%	0.0%	2.2%	1.0%	1.0%	0.0%
Market cap at the year end (₹ crore)	380	603	786	556	702	1,022	1,017	1,383	1,192	1,463

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from.

Ratios

Consolidated, years to March.Elpro International PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 13 Jun	Mar 2020Filed 4 Jul	Mar 2021Filed 7 Jul	Mar 2022Filed 15 Jun	Mar 2023Filed 30 May	Mar 2024Filed 18 Jul	Mar 2025Filed 10 Jun	Mar 2026Filed 28 Apr
Revenue growth	7.3%	20.3%	−28.9%	166.7%	−42.5%	14.7%	–	108.4%	–	35.3%
Operating profit growth	43.5%	60.5%	−83.6%	454.4%	−3.3%	14.6%	–	136.9%	–	93.8%
Net profit growth	–	411.1%	441.4%	−86.0%	41.3%	5,252.9%	−95.5%	78.3%	−22.7%	32.2%
Earnings per share growth	–	411.5%	343.3%	−86.0%	41.4%	5,252.0%	−95.5%	78.3%	−22.7%	32.3%
	–	–	71.5%	10.2%	12.9%	150.6%	3.8%	6.0%	3.6%	4.3%
	–	–	–	−61.4 pts	2.7 pts	137.7 pts	−146.8 pts	2.1 pts	−2.3 pts	0.7 pts
From the net margin	–	–	–	−67.8 pts	14.8 pts	589.3 pts	−146.6 pts	−0.6 pts	−2.9 pts	−0.1 pts
From asset turnover	–	–	–	6.1 pts	−11.1 pts	−264.3 pts	0.3 pts	2.2 pts	0.0 pts	0.2 pts
From borrowing	–	–	–	0.3 pts	−1.0 pts	−187.3 pts	−0.5 pts	0.5 pts	0.6 pts	0.5 pts
Return on capital employed	–	–	1.7%	8.3%	7.1%	2.3%	2.9%	5.2%	2.3%	4.4%
Cash conversion	–	–	–	–	79.6%	2.2%	−283.5%	164.6%	330.6%	79.1%
Interest cover	1.2	1.0	0.2	1.1	1.1	1.3	8.8	4.0	1.0	1.3
Debt to equity	–	–	1.06	1.59	1.17	0.05	0.10	0.23	0.48	0.59
Receivable days	–	–	25	12	70	62	54	10	6	3
Inventory days	–	–	5,959	124	121	132	32	4	1	1
Payable days	–	–	2,059	2,779	3,124	2,244	778	78	15	15
Cash conversion cycle, days	–	–	3,926	−2,643	−2,932	−2,050	−692	−65	−7	−11
Working capital days	–	–	−530	−92	−196	−47	−38	12	5	23
Asset turnover	–	–	0.10	0.25	0.14	0.08	0.09	0.14	0.14	0.15
Assets per rupee of net worth	–	–	3.08	3.17	2.94	1.31	1.16	1.27	1.52	1.73
Sales per rupee of plant	–	–	32.95	63.24	41.94	38.46	0.54	1.02	0.93	0.87
Capital spending to depreciation	–	–	–	–	0.04	0.17	46.23	4.57	17.03	8.02
Plant being built, % of plant in use	–	–	11,539.3%	2,304.6%	2,667.9%	183.8%	2.4%	0.0%	1.3%	5.0%

Revenue growth and operating profit growth are left blank for the years to Mar 2023 and Mar 2025: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 2.5%
Cash from operations against operating profit: 44.1%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	28.0%	52.9%	62.5%
Profit growth, yearly rate	–	34.6%	22.2%
Return on equity, average	–	33.7%	4.6%
Return on capital employed, average	–	3.4%	4.0%
Operating margin, average	37.2%	35.4%	30.7%
Net margin, average	189.1%	313.0%	22.3%
Asset turnover, average	–	0.12	0.14
Cash conversion cycle, days, average	–	−565	−27
Interest cover, average	2.1	3.3	2.1
Debt to equity, average	–	0.29	0.43

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	316	428	69
Cash from investing	−894	−1,129	−19
Cash from financing	613	737	−13
Capital spending	550	322	122
Dividends paid	26	26	0
Shares bought back	22	0	0
Shares issued for cash	0	0	0
Borrowings raised	1,039	954	95
Borrowings repaid	166	0	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	6	7	3	6	5	5
Altman Z-scorePublished threshold 1.1	–	–	1.88	1.20	1.61	21.62	8.46	5.95	3.09	2.87
Beneish M-scorePublished threshold −1.78	–	–	–	–	1.57	1.01	2.14	−2.37	−2.21	−2.79
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−3.61	90.45	10.37	15.78	22.24	1.06
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	−0.09	0.02	1.12	1.79
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−140.06	278.37	−14.18	−20.57	−171.61	−57.60	−63.59
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−86.88	−1.72	10.66	−515.57	−434.63	−189.67	−1.12
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.04	0.95	13.80	20.96	3.40	−0.32	4.16
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	13.57	10.26	0.66	0.02	0.00	0.03	0.15
Effective tax ratePublished threshold 17.16 per cent	−3.86	17.64	16.34	38.46	−44.38	16.82	27.40	20.15	11.01	12.97
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	16.82	17.63	9.85	−16.97	−55.89

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
2 Apr 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term LoanLong-term scale	CARE A-Review, Re-affirm	Stable	198.97
2 Apr 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Working Capital LimitsLong-term scale	CARE A-Review, Re-affirm	Stable	178.63

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.