Elin's Q4 profit vanished as polymer costs surged
Revenue grew 3% to ₹3,242 million, but EBITDA dropped 50% to ₹60 million, erasing a ₹172 million profit and leaving an ₹8 million loss.
— 3 earlier stories on Elin Electronics Ltd. →What's new
- Elin swung to a Q4 net loss of ₹8M from a ₹172M profit last year, even as revenue grew 3% to ₹3,242M.
- EBITDA dropped 50% to ₹60M due to a sharp surge in polymer costs and rupee depreciation.
- Management guided for 15% revenue growth in FY27 and ₹70 crore in capex, including ₹45 crore for a new Bhiwadi plant.
Why this matters
The quarterly loss shows that top-line growth didn't protect margins when input costs surged. The company's guidance for 15% revenue growth in FY27 is now the test: can new capacity in Bhiwadi and demand for fans and appliances offset the same headwinds?
What we're watching
- FY27 polymer prices and rupee trajectory against the margin outlook.
- Commissioning timeline and capacity utilisation at the new Bhiwadi facility.
- Whether the 15% revenue growth target materialises in H1 results.
The full read
Elin Electronics grew revenue 3% in Q4 to ₹3,242 million. That didn't matter. A surge in polymer costs and rupee depreciation dropped EBITDA 50% to ₹60 million, swinging a ₹172 million profit into an ₹8 million loss. For the full year, revenue hit ₹12,877 million but profit after tax slipped to ₹226 million. Management is betting that 15% revenue growth in FY27, driven by home appliances and fans, will rebuild what input costs just destroyed. They are committing ₹70 crore in capex, including ₹45 crore for a new Bhiwadi plant, to back that bet. The margin outlook, though, is a blank. Management cited geopolitics as too volatile to provide a firm number. The Bhiwadi capacity is the asset; whether it can outrun polymer prices is the question.
Questions answered
- How did Elin Electronics lose money on growing revenue?
- Revenue rose 3% to ₹3,242 million in Q4, but EBITDA dropped 50% to ₹60 million because polymer costs and rupee depreciation ate the entire margin. A profit of ₹172 million became an ₹8 million net loss.
- What does the full-year result look like?
- For FY26, Elin reported revenue of ₹12,877 million and a net profit of ₹226 million, a decline from the prior year.
- What is Elin's capex plan for FY27?
- The company plans ₹70 crore in capital expenditure, with ₹45 crore earmarked for a new facility in Bhiwadi. Management did not break down the remaining ₹25 crore.
- Why won't management give a firm EBITDA margin outlook?
- Management cited volatile geopolitics as the reason for not providing a firm EBITDA margin guidance for FY27, making it difficult to forecast the impact of input costs.
Story so far
All notes on ELIN →- 25 May 2026 · 3:46 PM IST Elin's Q4 profit vanished as polymer costs surged
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- 42d ago Elin Electronics profit drops 23% as costs outpace revenue