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Elin Electronics LimitedQ2FY26 & H1FY26 Earnings PresentationNovember 2025
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DisclaimerThis investor presentation has been prepared for informational purposes only. This Presentation does not constitute a prospectus or offering memorandum and is not an offer or initiation to buy or sell any securities, nor shall part or all of this presentation form the basis of, or to be relied on in connection with any contract or investment decision in relation to any securities. This Presentation contains forward looking statements based on the currently held outlook of the management of the Company which are expressed in good faith and in management’s opinion are reasonable. The forward looking statements may involve known and unknown risks which may cause the actual results or achievements of the Company to differ materially from those in forward-looking statements. These forward-looking statements represent only the Company’s current intentions, beliefs or expectations, and any forward-looking statement speaks only as of the date on which it was made. The Company assumes no obligation to revise or update any forward looking statements.
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S No Description1 Company Overview2 Q2 FY26 & H1 FY26 Financial Performance & Business Discussion3 Guidance & Future OutlookAgenda
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Elin Electronics at a Glance 1 Who We AreKey Product VerticalsEMS ProductsHome AppliancesFractional Horsepower MotorsLED Lighting, Fans andSwitchesOther EMS Products ComponentsMedical Diagnostic CartridgesMoulded and Sheet Metal Components • We are a leading EMScompany, manufacturing end-to end product solutionsfor both international and domestic brands of lighting, fans, and home appliances in India, and are one of the largest fractional horsepower motors manufacturers in India • Serve customers under both OEM(manufacture and supply products basis designs developed by customers) and ODM(conceptualize, design and manufacture) business models• Highly backward integratedwith a strong focus on R&D, emerging technologies and cost optimizationacross products through value analysis and engineeringServing a Marquee Customer Base HAVELLS
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Key Business Segments 2 ParticularsProducts Manufactured• LED lighting –Battens, Downlights, Office, Solar street lights, Smart lighting etc• LED Flashlights• Fans – Ceiling, BLDC Ceiling, Fresh air, TPW etc.• Modular switches and sockets• Dry and steam irons• Mixer grinders• Hand blenders• Electric Kettle• Oil Filled Radiator• Hair dryer & straighteners• Trimmers• Electric Sterilisers• Heated Hair Brush• Coming soon –OTG, Air Fryers, Chimneys, Air CoolersFHP motors used in –• Mixer grinder• Hand blender• Wet grinder• Chimney• Air conditioner• TPW fans• Medical diagnostic cartridges for use in diagnostic devices• Plastic mouldedand sheet metal parts and components, largely for customers in the auto ancillary and consumer durables sectorsHome AppliancesFHPMotorsLED Lighting, Fans andSwitchesMedical Diagnostic CartridgesMouldedand Sheet Metal Component EMS ProductsComponents
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Manufacturing Locations 3 Baddi, Himachal PradeshCommenced Operations in 2004• Home appliances – Small appliances & Personal Care productsGhaziabad, Uttar PradeshCommenced Operations in 1970• Fractional horsepower motors• LED lighting & fans• Plastic moulded parts and sheet metal componentsVerna, GoaCommenced Operations in 1995• Medical diagnostic cartridges• Plastic moulded parts and sheet metal componentsProducts manufactured Medium sized Home appliances such as Air coolers, chimneys, air fryers, OTGs will be made at Bhiwadi
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Manufacturing Facilities 4 TOOL ROOMPRESS SHOPAL DIECASTINGMOTORSMANUFACTURING EMS FACILITYSMT lines, Capacity: 600KCPH– 15 T to 350 TMOULDING SHOP50T - 700 T150T - 650 TASSEMBLY LINESPAD PRINTINGTESTING LABCOATINGPOWDER COATING, LIQUID PAINTINGMETALLIZING
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S No Description1 Company Overview2 Q2 FY26 & H1 FY26 Financial Performance & Business Discussion3 Guidance & Future OutlookAgenda
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Q2FY26 & H1FY26 SnapshotOperating RevenueINR 3,745 millionup ~23% YoY fromINR 3,046 millionEBITDA INR 204 millionup ~80% YoY fromINR 113 millionProfit After TaxINR103 millionup ~115% YoY fromINR 48 millionNet Cash / (Debt)INR 942 millionfromINR 1,036 millionNet WC Days~53 daysfrom ~65 days5
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Q2FY26 & H1FY26 Snapshot 6Revenue grew ~23% on a YoY basis:YoY growth was robust largely on account of strong growth in our appliances and fans business which was driven partially by new product launches and customer acquisitions as well as an earlier Diwali season this year vs last yearEBITDA showed robust growth of ~80% YoY driven by strong revenue growth, higher efficiencies in operations and overall benefit of operating leverageElevated power cost (due to higher than expected rains which led to frequent load shedding leading to higher diesel consumption as well as lower solar power generation) and higher air freight (to accommodate customer demand) were one off’s in the quarter INR millionQ2-FY25 Q2-FY26 Q1-FY26 Q2-FY26 H1FY25 H1FY26Revenue 3,046 3,745 2,955 3,745 5,981 6,700EBITDA113 204 176 204 246 379Margin % 3.7% 5.4% 5.9% 5.4% 4.1% 5.7%PAT 48 103 94 103 107 197
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Revenue Breakdown 7 INR million Q2-FY25 Q2-FY26 Q1-FY26 Q2-FY26 H1-FY25 H1-FY26 Lighting, Fans & Switches 666 724 801 724 1,560 1,525 Home Appliances 829 1,406 686 1,406 1,465 2,092 FHP Motors 741 735 614 735 1,398 1,349 Other EMS 111 101 154 101 250 255 Total EMS 2,347 2,966 2,255 2,966 4,674 5,221 Precision Components & Others661 692 613 692 1,268 1,304 Medical Cartridges38 88 87 88 40 174 Total Non-EMS699 779 700 779 1,308 1,479 Total Revenue3,046 3,745 2,955 3,745 5,981 6,700
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Expenditure Analysis 8 Q2-FY25 Q2-FY26 Q1-FY26 Q2-FY26 H1FY25 H1FY26Cost of Material Consumed 75.2% 76.0% 72.0% 76.0% 74.4% 74.2%Employee Benefits 14.1% 12.0% 14.5% 12.0% 14.4% 13.1%Other Expenses 7.0% 6.6% 7.5% 6.6% 7.2% 7.0%EBITDA w/o Other income 3.7% 5.4% 5.9% 5.4% 4.1% 5.7%Finance Costs 0.7% 0.6% 0.7% 0.6% 0.6% 0.6%Depreciation 1.8% 1.6% 2.0% 1.6% 1.9% 1.8%Profit Before Tax 2.1% 3.7% 4.3% 3.7% 2.4% 4.0%Tax 0.5% 1.0% 1.1% 1.0% 0.6% 1.1%Profit After Tax 1.6% 2.7% 3.2% 2.7% 1.8% 2.9%
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Lighting, Fans & Switches 9Lighting revenue declined ~5% YoY led by volume decline from Signify which was largely offset by gains from new customers addedSubsequent to Q1, we have added 4 customers in lighting; expect them to ramp up gradually over the course of the yearExpect to add another 1 - 2 prominent customers during the next 2 quartersFans revenue up ~100% YoY on better volumes primarily in the BLDC ceiling fans category INR million Q2-FY25 Q2-FY26 Q1-FY26 Q2-FY26 H1-FY25 H1-FY26 Lighting500 475 395 475 1,135 870 Flashlights61 64 94 64 166 158 Fans87 152 278 152 213 430 Switches18 33 34 33 47 67 Total666 724 801 724 1,560 1,525
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Home Appliances 10Kitchen & home care revenue grew by ~98% YoY due to new product launches (particularly OFR), new customer additions and an earlier Diwali season this year vs last yearCapacity utilization is improving across categories, expect it to get better over the course of the yearPersonal care segment showed growth of ~27% YoY on the back of better volumes across categories and an earlier Diwali season this year vs last yearINR million Q2-FY25 Q2-FY26 Q1-FY26 Q2-FY26 H1-FY25 H1-FY26 Kitchen & Home Care494 977 424 977 888 1,401 Personal Care336 429 262 429 577 691 Total829 1,406 686 1,406 1,465 2,092
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Fractional Horsepower MotorsMotors of Consumer durables comprise mixer grinders, hand blenders and chimneyStrong growth in volumes of chimney motorsFan motors volumes were down YoY due to higher captive consumption (reflected in sales of complete fans)Others represents sale of synchronous motors (used in AC – impacted due to rains) and submersible pumps11 INR million Q2-FY25 Q2-FY26 Q1-FY26 Q2-FY26 H1-FY25 H1-FY26 Consumer Durables612 660 479 660 1,084 1,139 Fans68 54 74 54 187 128 Others61 20 62 20 127 82 Total741 735 614 735 1,398 1,349
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Capex OverviewCapex in H1FY26 was INR 144 million, largely on account of investment in P&M and toolsPlant & Machinery represents addition of machinery primarily for OFR and OTGTools, Dies & Moulds, represent tooling development for new products Construction towards Bhiwadi facility has commenced in July 2025; expect it to be ready for commercial operations by April 202612 INR million Ghaziabad Baddi Goa Total (H1FY26)Land & Building 0.0 0.0 0.00.0Plant & Machinery 67.9 7.2 7.882.9Electrical Installation 1.2 0.3 0.01.5Tools, Dies & Moulds 12.1 23.6 11.847.5Others7.54.5 0.312.1Total 88.7 35.6 20.0 144.2
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S No Description1 Company Overview2 Q2 FY26 & H1 FY26 Financial Performance & Business Discussion3 Guidance & Future OutlookAgenda
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FY26 Guidance & OutlookDescription RemarksRevenue• We started off the year with a revenue guidance of 15% or INR 1,350cr• As on completion of H1FY26, we are at INR 670cr which is ~50% of guidance• However, the guidance did include some revenue from exports to USA which is at risk given the uncertainty around tariff situation• Revenue could be impacted by upto 3% for FY26EBITDA• We started off the year with a margin guidance of ~6.0 – 6.5% • As on completion of H1FY26, we are at 5.7% reported margin and 5.9% adjusted margin• Margin on export sales is higher than domestic sales• Margin could be impacted and could come in 5.5% - 6.0%Capex~INR 65cr towards Bhiwadi and balance capex of ~INR 35 - 40cr towards scaling up existing businessWC days Target 45 - 50 days; Improvement largely led by inventory and payables13
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Future Growth Drivers 13 Government Policy & RegulationsCost Leadership & ScaleFavourableDemographicsMake in India thrustBIS normsPLI benefitsCost leadership achieved through economies of scale, focus on R&D and automation and overall operational excellenceHigher disposable & discretionary incomeRising urbanization levelsFocus on convenience
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Thank You