Elin Electronics reported steady operating performance in Q3 FY26. Consolidated EBITDA stood at ₹11.9 crore, up 57% year on year. Revenue growth was supported by new product launches and customer additions, mainly in appliances and fans. Gross margins were affected by higher copper, steel and aluminium prices, with an impact of about 40 basis points. Working capital increased to 68 days due to higher inventory and is expected to normalize to around 50 days by March end.
In Lighting, five new customers were added and now contribute around half of monthly revenue. Management expects 4–5% price hikes due to commodity inflation. Exports remain nil since August 2025 but gradual recovery is expected.
Fan revenue doubled year on year, led by BLDC ceiling fans. Home appliances saw strong growth in kitchen and home care products, while personal care declined 10% due to weak urban demand. Motor revenue was lower due to a weak cooler season.
FY26 capex is guided at ₹100-110 crore, including Phase 1 of the new Bhiwadi plant, expected to start operations by May 2026.
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