Electrotherm (India) LimitedQ1 FY27 Results & Financial Update
Electrotherm (India) Limited: Q1 FY27 consolidated results and company financials – revenue ₹913.38 Cr, PAT ₹6.93 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceCurrent reported figures.Change figures appear when a comparable reported period is available.
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Quarterly Results AnalysisExplore Electrotherm (India) Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Electrotherm (India) Limited reported consolidated revenue from operations of INR 913.38 crore for the quarter ended June 30, 2026, alongside total consolidated income of INR 914.89 crore.
Consolidated profit before tax (PBT) before exceptional items stood at INR 8.81 crore, while consolidated net profit after tax (PAT) after share of profit from joint ventures reached INR 6.93 crore.
Basic and diluted earnings per share (EPS) before exceptional items for the quarter were recorded at INR 5.44 each.
Operating performance varied across divisions during the quarter, with the Engineering and Technologies Division generating segment results of INR 22.64 crore before finance cost and tax, while the Special Steel Division posted a segment loss of INR 8.08 crore and the Electric Vehicle Division reported a segment loss of INR 1.80 crore.
Statutory auditors issued a qualified review report drawing attention to the non-provision of interest on loan accounts classified as non-performing assets by lenders, noting that quarterly net profit was overstated by INR 50.90 crore and accumulated liabilities understated by INR 1,446.87 crore.
The company disclosed ongoing debt default discussions with Asset Reconstruction Companies (ARCs), alongside legal proceedings involving the Directorate of Enforcement (ED) and various debt recovery tribunals affecting certain subsidiaries.
Profit after tax was ₹6.93 Cr for the reported quarter. EPS was ₹5.44 for the reported quarter.
01 · Business model
What does Electrotherm (India) do?
Electrotherm (India) Limited operates primarily across industrial manufacturing sectors, encompassing an Engineering and Technologies Division, a Special Steel Division, and an Electric Vehicle (EV) division.
The company manufactures engineering equipment, induction melting furnaces, transformers, and special steel products, catering to core metallurgical and heavy engineering industries across domestic and international markets.
The business model integrates heavy manufacturing operations with specialized technology solutions, supported by manufacturing facilities primarily located in Gujarat and branch offices nationwide.
Subsidiaries and joint ventures within the consolidated corporate structure participate in steel production, allied engineering services, and overseas distribution activities.
02 · Historical context
What shaped the business before this quarter
Indian Overseas Bank classified the company's loan account as a Non-Performing Asset (NPA) in August 2011 for a defaulted amount of INR 189.96 crore, subsequently assigned to Rare Asset Reconstruction Limited.
Subsidiary entities including Shree Ram Electro Cast Limited and Hans Ispat Limited experienced SARFAESI Act enforcement actions and asset auctions by lender banks starting from 2019 onwards.
The Directorate of Enforcement conducted searches in January 2015 regarding a complaint by Bank of India, resulting in bank account freezing actions that remain subject to ongoing legal challenges before the Gujarat High Court.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹913.38 Cr |
| Total income | ₹914.89 Cr |
| Profit before tax | ₹8.81 Cr |
| Profit after tax | ₹6.93 Cr |
| EPS | ₹5.44 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 0.8% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 1.0% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹1.51 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
The Special Steel Division contributed INR 624.66 crore to segment revenue before inter-segment eliminations of INR 7.24 crore.
The Engineering and Technologies Division delivered INR 288.25 crore in segment revenue.
The Electric Vehicle Division contributed INR 7.71 crore to consolidated revenue during the quarter.
What drove margins
Cost of materials consumed stood at INR 713.74 crore, offset by a positive inventory change of INR 63.30 crore in finished goods and work-in-progress.
Employee benefit expenses were recorded at INR 56.37 crore, while other expenses aggregated to INR 184.17 crore.
Depreciation and amortization expenses accounted for INR 11.13 crore, and finance costs were reported at INR 3.97 crore for the quarter.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The division achieved a positive segment result of INR 22.64 crore before finance cost and tax.
The division registered a segment result loss of INR 8.08 crore before finance cost and tax.
The EV division recorded a segment loss of INR 1.80 crore before finance cost and tax.
06 · Reported developments
What changed operationally
The company recognized a modest share of profit from joint ventures amounting to INR 0.05 crore.
07 · Pressure points & risks
What is not going smoothly
Material uncertainties regarding going concern status were highlighted for subsidiary and joint venture entities including Hans Ispat Limited, Shree Ram Electro Cast Limited, and Bhaskarpara Coal Company Limited.
08 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Trade receivables, trade payables, customer advances, and sundry advances remain subject to confirmation, reconciliation, and final tax assessments.
Capital allocation & funding
The company reported loan installment defaults amounting to INR 40.00 crore and related interest of INR 6.46 crore due to Invent ARC, alongside a delayed installment of INR 15.79 crore owed to Edelweiss ARC.
The group omitted approximately INR 50.90 crore of interest provisions on NPA loans for the quarter, bringing total unprovided interest liabilities to INR 1,446.87 crore.
Pursuant to an NCLT order dated July 21, 2026, the company was permitted to issue 1,09,50,000 non-cumulative redeemable preference shares to consenting holders in lieu of redemption of existing preference shares.
09 · Beyond the numbers
What changed beyond the numbers
Reported update
PMLA Complaint Proceedings
The Directorate of Enforcement filed a complaint under the PMLA before the Special Court in Ahmedabad against the company and promoter directors, with legal challenges pending before the Gujarat High Court.
10 · Key Q&A
The quarter, answered directly
What does Electrotherm (India) do?
Electrotherm (India) Limited operates primarily across industrial manufacturing sectors, encompassing an Engineering and Technologies Division, a Special Steel Division, and an Electric Vehicle (EV) division.
What is the clearest takeaway from Q1 FY27?
Electrotherm (India) Limited reported consolidated revenue from operations of INR 913.38 crore for the quarter ended June 30, 2026, alongside total consolidated income of INR 914.89 crore.
What drove revenue or demand?
The Special Steel Division contributed INR 624.66 crore to segment revenue before inter-segment eliminations of INR 7.24 crore.
What mattered most for margins or profitability?
Cost of materials consumed stood at INR 713.74 crore, offset by a positive inventory change of INR 63.30 crore in finished goods and work-in-progress.
What changed operationally beyond the headline numbers?
The Directorate of Enforcement filed a complaint under the PMLA before the Special Court in Ahmedabad against the company and promoter directors, with legal challenges pending before the Gujarat High Court.
What are the main pressure points disclosed for the quarter?
Material uncertainties regarding going concern status were highlighted for subsidiary and joint venture entities including Hans Ispat Limited, Shree Ram Electro Cast Limited, and Bhaskarpara Coal Company Limited.
11 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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12 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
ARC Settlement Progress: Resolution of ongoing debt rescheduling discussions and default settlements with Invent ARC and Edelweiss ARC.
- 02
Legal and Regulatory Proceedings: Developments in PMLA proceedings, bank account unfreezing petitions, and DRT recovery matters.
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