ELANTAS Beck India Limited

Basic Materials — Specialty Chemicals · NSE

₹14,104.00+₹312.00 (+2.26%)

DalalBaazaar Score

69 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by small-cap size, which brings sharper price swings, a very high earnings multiple, which leaves little margin for disappointment.

In simple words: Strong business and financial position, with both sales and profits growing well. Valuation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:09 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

The 60-second version of ELANTAS Beck India Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

ELANTAS Beck India Limited manufactures and sells specialty chemicals for the electrical insulation and construction industries in India. The company operates through two segments, Electrical Insulations; and Engineering & Electronic Resins Solutions, and Materials.

IndustrySpecialty Chemicals

SectorBasic Materials

Employees204

Annual revenue₹844 Cr

How does it make money?

Turns over ₹844 Cr a year. Of every ₹100 of sales, about ₹18 reaches shareholders as profit, with ₹22 left at the operating level before interest, tax and depreciation. Each of its 204 employees supports ₹4.14 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin22.0%

Net margin17.5%

Revenue / employee₹4.14 Cr

Who are its competitors?

The closest listed comparisons in its industry are ASIAN PAINTS LIMITED, PIDILITE INDUSTRIES LTD, SRF LTD, UPL LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

ASIAN PAINTS LIMITEDP/E 46.9x · ROE 22.3%

PIDILITE INDUSTRIES LTDP/E 57.8x · ROE 24.4%

SRF LTDP/E 33.8x · ROE 15.4%

UPL LIMITEDP/E 21.5x · ROE 6.1%

What is its competitive advantage?Some evidence

ROCE of 19.1% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

ROCE19.1%

ROE17.4%

Peer median ROE22.3%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +32% while net margin moved +15% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+32%

Margin effect+15%

DalalBaazaar Score

69/ 100

Good

Weighted across six categories. Every point is explained below.

✗ P/E of 63.0x is demanding — it needs sustained high growth to justify
✗ P/B of 10.13x is a steep premium to book

Quality vs. Valuation

Company Quality

80/ 100

Excellent

How good the business is, ignoring the share price entirely.

Valuation

23/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

A good business, but the price already reflects that. The quality is real; the question is whether you are overpaying for it today.

Historical Valuation

Current P/E

63.0x

Sector Median

40.4x

median of 4 sector peers

⚠️Against its sector it trades 56% above the peer median of 40.4x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Expensive

40.4x median of 4 peers · +56%

vs. generic bands

Expensive

Above 35x

P/E (Trailing)

63.0x

P/B

10.13x

EV/EBITDA

59.9x

PEG

4.27

Dividend Yield

0.05%

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from 18.7% to 22.0% over 3 years.
Cash generation is improving
Free cash flow is up 27% over 3 years.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention1

Return on capital is falling
ROCE has declined from 21.1% to 19.1% — often a sign of competition or overexpansion.

Red Flags

No automated checks triggered

None of the automated financial checks below were triggered on the years of data available. That is not the same as a clean bill of health — see what could not be checked.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 19.1% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 18.7% to 22.0%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

A premium to the sector to defend
It trades 56% above the peer median. That premium needs a reason that persists, or it closes.
Size brings its own risk
Small Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 20%✓ 22.0%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Revenue growth stays above 7% a year✓ 9.6% CAGR
Latest reported year was 35.0%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
3Free cash flow remains positive✓ ₹96 Cr
Profit that never becomes cash eventually stops being profit.
4ROCE stays above 16%✓ 19.1%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

9 / 10 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✗ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

6 good · 3 neutral · 2 weak

Market Cap

₹11,181 Cr

Small Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

63.0x

Expensive

Expensive — verify against sector peers

P/B Ratio

10.13x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹224

Profitable

Profitable on a per-share basis

ROE

17.4%

Strong

Strong capital efficiency

ROCE

19.1%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

35.0%

Healthy

Healthy top-line growth

Profit Growth (YoY)

80.4%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.05%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹71 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹14,104

ROA

10.5%

Good

Assets are working hard

Operating Margin

26.7%

Good

Healthy core-business profitability

Net Margin

18.8%

Good

Strong bottom-line conversion

Current Ratio

5.85

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.07

Defensive

Steadier than the market

52W Range Position

83%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

13918.6 / 12911.5

Bullish alignment (short > long)

RSI (14)

52.5

Neutral momentum

Financial Trend (4-Year)

Metric	FY22	FY23	FY24	FY25	3Y CAGR
Revenue	₹642 Cr	₹675 Cr	₹745 Cr	₹844 Cr	+9.6%
EBITDA	₹120 Cr	₹155 Cr	₹166 Cr	₹185 Cr	+15.6%
EBITDA Margin	18.7%	22.9%	22.3%	22.0%	—
PAT (Net Profit)	₹98 Cr	₹137 Cr	₹140 Cr	₹148 Cr	+14.8%
EPS	₹123.34	₹173.18	₹176.05	₹186.41	+14.8%
ROE	16.3%	18.8%	16.1%	14.7%	—
ROCE	21.1%	24.3%	20.6%	19.1%	—
Free Cash Flow	₹76 Cr	₹121 Cr	-₹82 Cr	₹96 Cr	+8.4%

🟢 Revenue has grown at 9.6% a year over 3 years.

🟢 EBITDA has grown at 15.6% a year over 3 years.

🟢 EBITDA Margin has risen from 18.7% to 22.0% over 3 years (+3.2 pts).

🟢 PAT (Net Profit) has grown at 14.8% a year over 3 years.

🟢 EPS has grown at 14.8% a year over 3 years.

🔴 ROE has fallen from 16.3% to 14.7% over 3 years (-1.7 pts).

🔴 ROCE has fallen from 21.1% to 19.1% over 3 years (-2.1 pts).

🟢 Free Cash Flow has grown at 8.4% a year over 3 years.

Balance Sheet & Cash Flow — FY2025

Total Assets

₹1,166 Cr

Total Liabilities

₹158 Cr

Total Debt

—

Cash & Equivalents

₹66 Cr

Operating Cash Flow

₹127 Cr

Capex

-₹31 Cr

Shareholding (proxy)

Institutional Holding

12.4%

Insider Holding

76.0%

Corporate Actions

Dividend Rate

₹7.5

Ex-Dividend Date

05 May 2026

Peer Comparison

Company	P/E	ROE
ASIAN PAINTS LIMITED	46.9x	22.3%
PIDILITE INDUSTRIES LTD	57.8x	24.4%
SRF LTD	33.8x	15.4%
UPL LIMITED	21.5x	6.1%

Recent News

2 mixed4 general

Elantas Beck India | Stock Share Price Live

MarketSmith India, 16 Sept

ELANTAS Stock Price and Chart — NSE:ELANTAS

TradingView, 20 Apr

Elantas Beck India Share Price Rises 5.58% on Price Action

Univest, 06 OctPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Elantas Beck India files Q1FY27 results; net profit hits ₹708.62 crore

scanx.trade, 06 AugResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Elantas Beck India Ltd leads gainers in 'B' group

Business Standard, 05 Aug

140 stocks hit 52-week high: Bosch, Elantas Beck India, TVS Motor, among 20 major stocks at one-year high; check full list

Upstox, 05 Aug

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

🟢Business QualityStrong15.8/20

🟢Financial HealthStrong17.5/20

🟢GrowthStrong13.4/20

🟢ProfitabilityStrong12.8/15

🔴ValuationDemanding3.2/15

🟢RiskLow6.7/10

Good business, demanding price

The quality is real and the price already reflects it. Buying here is a bet that the business keeps compounding for long enough to grow into the multiple — which good businesses often do, but it removes the margin for error that a lower price would have given you.

This thesis breaks if

✓EBITDA margin holds above 20%22.0%
✓Revenue growth stays above 7% a year9.6% CAGR
✓Free cash flow remains positive₹96 Cr
✓ROCE stays above 16%19.1%