Elin Electronics Limited (ELIN) AI Stock Analysis

Elin Electronics Limited

(NSE:ELIN)

Select Model

Rating:51Neutral

Price Target:INR 76.00▲(5.48% Upside)

Action:reiterated

Date:10/09/26

The score is held back primarily by weak cash-flow quality (recent negative free cash flow) and a clearly bearish technical setup with price far below key moving averages. These are partially offset by a conservative, de-risked balance sheet with very low leverage, while valuation remains unhelpful due to a negative P/E and no dividend yield.

Positive Factors

Revenue ExpansionThe multi-year increase in revenue indicates that Elin has expanded its manufacturing and electronics business over time. A larger revenue base can support operating scale, deepen customer programs, and provide a platform for further growth if execution and margins become more consistent.

Negative Factors

Negative Free Cash FlowPersistently negative free cash flow can limit Elin’s ability to fund expansion, repay obligations, or return capital without relying on additional financing. If reinvestment needs or working-capital pressure continue, reported profits may translate less effectively into usable cash.

Elin Electronics Limited (ELIN) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 3.58B
Dividend Yield: ―
Average Volume (3M): 9,270
Price to Earnings (P/E): -44.5
Beta (1Y): 1.47
Revenue Growth: 14.63%
EPS Growth: -124.81%
Country: India
Employees: 2,391
Sector: General
Sector Strength: 55
Industry: Electrical Equipment & Parts

Elin Electronics Limited Business Overview & Revenue Model

Company Description

Elin Electronics Limited, operating from New Delhi, India, and established in 1969, specializes in offering comprehensive design and manufacturing solutions for a diverse range of products. Their services extend to both domestic and international cli...

How the Company Makes Money

Elin Electronics Limited primarily makes money by manufacturing and supplying electronics and electrical products to other companies (typically brands/OEMs) under contract manufacturing/EMS arrangements, and by selling products from its own product l...

Elin Electronics Limited Financial Statement Overview

Summary

Fundamentals are mixed: the balance sheet is a clear strength with very low leverage and rising equity, but earnings quality and cash conversion are weak. Revenue is higher over time yet uneven, margins/profitability are volatile, and free cash flow has recently turned negative—limiting flexibility despite reported profits.

Income Statement

58Neutral

Balance Sheet

78Positive

Cash Flow

45Neutral

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	13.47B	12.88B	11.80B	10.42B	10.75B	10.66B
Gross Profit	1.56B	1.25B	1.14B	2.71B	739.91M	1.96B
EBITDA	456.39M	622.06M	707.10M	496.48M	673.74M	794.29M
Net Income	-82.15M	225.91M	293.22M	138.74M	268.03M	391.81M
Balance Sheet
Total Assets	0	7.66B	7.28B	6.69B	7.34B	5.33B
Cash, Cash Equivalents and Short-Term Investments	861.00M	861.00M	982.79M	620.63M	513.34M	60.90M
Total Debt	0	165.23M	240.56M	119.92M	783.62M	1.03B
Total Liabilities	-5.57B	2.09B	1.94B	1.66B	2.41B	2.30B
Stockholders Equity	5.57B	5.57B	5.34B	5.03B	4.93B	3.03B
Cash Flow
Free Cash Flow	168.16M	-94.75M	-238.17M	96.15M	99.54M	147.09M
Operating Cash Flow	360.06M	500.67M	167.36M	426.68M	623.19M	571.06M
Investing Cash Flow	-156.53M	-388.22M	-213.65M	364.28M	-1.97B	-278.11M
Financing Cash Flow	-129.33M	-71.75M	44.82M	-792.68M	1.31B	-299.57M

Elin Electronics Limited Technical Analysis

Technical Analysis SentimentNegative

Last Price72.05

Price Trends

50DMA86.70Negative

100DMA94.53Negative

200DMA111.33Negative

Market Momentum

MACD-4.13Negative

RSI33.02Neutral

STOCH41.24Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ELIN, the sentiment is Negative. The current price of 72.05 is below the 20-day moving average (MA) of 75.56, below the 50-day MA of 86.70, and below the 200-day MA of 111.33, indicating a bearish trend. The MACD of -4.13 indicates Negative momentum. The RSI at 33.02 is Neutral, neither overbought nor oversold. The STOCH value of 41.24 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:ELIN.

Elin Electronics Limited Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:ELIN against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:TARIL	83Outperform	INR 89.69B	29.22	―	0.08%	27.23%	21.70%
IN:VOLTAMP	76Outperform	INR 104.59B	32.39	―	0.97%	17.84%	-2.60%
IN:INDOTECH	70Outperform	INR 28.71B	29.04	―	0.37%	21.99%	28.73%
IN:BBL	57Neutral	INR 26.39B	20.32	―	1.50%	26.44%	-11.83%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:HPL	54Neutral	INR 14.56B	15.90	―	0.44%	14.96%	-4.12%
IN:ELIN	51Neutral	INR 3.58B	-44.47	―	―	14.63%	-124.81%

* General Sector Average

Performance Comparison

IN:ELIN and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:ELIN	Elin Electronics Limited	72.05	-136.60	-65.47%
IN:BBL	Bharat Bijlee Limited	2334.90	-641.63	-21.56%
IN:HPL	HPL Electric & Power Limited	226.45	-212.17	-48.37%
IN:INDOTECH	Indo Tech Transformers Ltd.	2703.60	1003.06	58.98%
IN:TARIL	Transformers and Rectifiers (India) Limited	298.80	-145.70	-32.78%
IN:VOLTAMP	Voltamp Transformers Limited	10338.30	2958.63	40.09%

Elin Electronics Limited Corporate Events

Elin Electronics starts commercial production at new Bhiwadi plant

Sep 14, 2026

Elin Electronics Limited has commenced commercial production at its new plant in the Elcina Manufacturing Cluster at Salarpur Industrial Area in Bhiwadi, Rajasthan, effective September 14, 2026. The facility adds to the company’s nationwide man...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Oct 09, 2026

Elin Electronics Limited AI Stock Analysis