Elantas Beck India Ltd (ELANTAS)
🎯 Key Takeaways
- Elantas Beck India Ltd is a niche specialty chemicals manufacturer with strong profitability and zero debt, operating in a concentrated segment with high entry barriers. The company demonstrates consistent financial discipline and capital efficiency, reflected in elevated ROE and ROCE.
- Revenue grew 27.6% QoQ to ₹283 in Q1FY27.
- ⚠️ Exposure to cyclical end-markets such as automotive and electronics could pose demand volatility, despite diversification efforts. High customer conce
- Market Cap
- ₹10,996
- P/E Ratio
- 61.9
- P/B Ratio
- 9.96
- ROE
- 16.1%
- ROCE
- 21.5%
- Debt/Equity
- 0.00
- Div Yield
- 0.05%
- Promoter
- 75.0%
📖 The Story
Elantas Beck India Ltd is a niche specialty chemicals manufacturer with strong profitability and zero debt, operating in a concentrated segment with high entry barriers. The company demonstrates consistent financial discipline and capital efficiency, reflected in elevated ROE and ROCE. It is currently in a stable growth phase, supported by incremental capacity expansion and customer diversification in high-margin segments.
📰 What's Happening
In Q1FY27, the company secured new orders worth ₹180 crore for its polymer business, particularly in automotive and electronics encapsulation applications. Management highlighted ongoing capacity expansion at its Andheri West facility to meet rising demand in the EV and renewable energy sectors. There were no changes in promoter holding or management during the quarter. The board reaffirmed its focus on margin-accretive growth and technological leadership in specialty coatings.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 217 | 215 | 222 | 283 |
| Operating Profit | 42 | 39 | 38 | 76 |
| OPM % | 19.2% | 18.2% | 16.9% | 26.7% |
| Net Profit | 36 | 39 | 31 | 71 |
| EPS | ₹45.74 | ₹49.66 | ₹39.21 | ₹89.39 |
Revenue has grown steadily from ₹215 crore in Dec 2025 to ₹283 crore in Jun 2026, marking a 31% YoY increase. Operating margins expanded from 16.9% to 26.7% over the same period, driven by favorable product mix and operational efficiencies. Net profit rose from ₹31 crore to ₹71 crore, with EPS more than doubling, indicating strong scalability and margin resilience in core operations.
🔮 Management Outlook & What's Next
Management expressed confidence in sustained demand growth across automotive, electronics, and renewable energy sectors, citing long-term customer contracts and technological differentiation as key moats. They indicated that the current capex cycle is nearing completion, with no major new capacity announcements expected in the near term. No formal financial guidance was provided, but they emphasized a disciplined approach to reinvestment and capital allocation.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2026 | Mar 2026 | Mar 2027 |
|---|---|---|---|---|
| Equity Capital | 8 | 8 | 8 | 8 |
| Reserves | 859 | 1,000 | 925 | 1,096 |
| Borrowings | 0 | 0 | 0 | 0 |
| Total Liabilities | 1,015 | 1,166 | 1,096 | 1,316 |
| Fixed Assets | 151 | 235 | 153 | 206 |
| Investments | 379 | 597 | 527 | 642 |
| Total Assets | 1,015 | 1,166 | 1,096 | 1,316 |
The balance sheet remains exceptionally strong, with equity and reserves growing from ₹925 crore to ₹1,096 crore between Mar 2026 and Mar 2027, while borrowings remain nil. Total assets have increased steadily, reflecting organic asset base expansion without leverage. This underscores a conservative capital structure and self-funded growth model, with reinvestment financed internally.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2026 |
|---|---|
| Operating | +127 |
| Investing | -194 |
| Financing | -6 |
| Net Cash Flow | -74 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 75.0% | 75.0% | 75.0% | 75.0% |
| FII | 0.0% | 0.0% | 0.0% | 0.1% |
| DII | 12.2% | 12.2% | 12.3% | 12.3% |
| Public | 9.3% | 9.3% | 9.2% | 9.2% |
| # Shareholders | 8,892 | 9,062 | 9,307 | 9,155 |
Promoter holding remains stable at 75%, indicating confidence in long-term prospects. Institutional interest is gradually rising, with FII ownership increasing from 0.04% to 0.05% and DII from 12.17% to 12.28% over four quarters, suggesting growing investor recognition. The expanding shareholder base (9,155 shareholders) reflects broader market participation, though foreign institutional ownership remains minimal.
⚖️ Peer Comparison — Chemicals
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| PIDILITIND | 1.53 L Cr | 57.6 | 33.4% | — | 0.01 |
| SRF | 73,810 | 34.1 | 15.6% | — | 0.36 |
| LINDEINDIA | 52,814 | 96.7 | 17.5% | — | 0.00 |
| FLUOROCHEM | 48,774 | 79.7 | 9.6% | — | 0.34 |
| NAVINFLUOR | 43,256 | 54.7 | 22.2% | — | 0.31 |
| GODREJIND | 36,153 | 30.8 | 9.2% | — | 4.57 |
| HSCL | 33,807 | 42.0 | 20.7% | — | 0.16 |
| AETHER | 23,029 | 97.7 | 13.8% | — | 0.08 |
| DEEPAKNTR | 21,155 | 27.0 | 15.3% | — | 0.26 |
| CASTROLIND | 19,891 | 18.7 | 76.2% | — | 0.00 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
Exposure to cyclical end-markets such as automotive and electronics could pose demand volatility, despite diversification efforts. High customer concentration in niche applications may impact pricing power. Raw material price fluctuations, particularly in specialty resins, remain a margin sensitivity. Execution risks around capacity utilization and technological obsolescence in a capital-intensive segment also warrant monitoring.
📋 Recent Filings
🧠 Analyst's Read
Elantas Beck India exhibits strong fundamentals and improving profitability, supported by strategic capacity upgrades and favorable end-market tailwinds. The key watchpoints are margin sustainability in a recovering specialty chemicals environment and the pace of order inflows in high-growth segments like EV and green energy. Investors should monitor management's ability to convert new orders into revenue and maintain product mix optimization.
Based on filing content and financial data. Not a recommendation.
Read the full analysis
Quarterly trends, balance sheet, cash flow, peer comparison, and AI insights — sign up free to unlock.
Sign Up Free — Unlock Full Analysis2 free AI queries per day.
Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-29.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
📡 Get AI alerts when ELANTAS files new disclosures
Track ELANTAS filings, board meetings, and corporate actions. Free email alerts at 5 PM.
Track ELANTAS — FreeFree account · 2 AI queries/day