Elpro International Limited

Real Estate — Real Estate Services · NSE

₹172.99+₹0.39 (+0.23%)

DalalBaazaar Score

57 / 100

🟡 Moderate

Verdict

CAUTION

Risk

High

Driven by short-term liabilities exceed short-term assets, negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: The business is earning a fairly low return on the money invested in it, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:07 pm

Caution warranted. Multiple fundamental metrics — flagged in red below — point to either valuation stretch, leverage risk, or weakening profitability. This doesn't mean avoid the stock outright, but it does mean the burden of proof is on the growth story to justify the current price.

Understanding the Business

Company site ↗

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

What does this company do?

Elpro International Limited engages in the construction and development of real estate properties in India and internationally. The company operates through Electrical Equipments, Real Estate, Investment Activity, Trading Activity, and Others segments.

IndustryReal Estate Services

SectorReal Estate

Employees55

Annual revenue₹441 Cr

How does it make money?

Turns over ₹441 Cr a year. Of every ₹100 of sales, about ₹20 reaches shareholders as profit, with ₹23 left at the operating level before interest, tax and depreciation. Each of its 55 employees supports ₹8.02 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin22.9%

Net margin19.8%

Revenue / employee₹8.02 Cr

Who are its competitors?

The closest listed comparisons in its industry are DLF LIMITED, GODREJ PROPERTIES LTD, OBEROI REALTY LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

DLF LIMITEDP/E 36.6x · ROE 10.3%

GODREJ PROPERTIES LTDP/E 30.2x · ROE 8.4%

OBEROI REALTY LIMITEDP/E 23.5x · ROE 14.7%

What is its competitive advantage?Little sign of one

Returns on capital of 7.6% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

ROCE7.6%

ROE4.3%

Peer median ROE10.3%

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 +296% while net margin moved -54% 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+296%

Margin effect-54%

DalalBaazaar Score

57/ 100

Moderate

Weighted across six categories. Every point is explained below.

• Debt/Equity of 0.60x is manageable
✗ Current ratio of 0.59 — short-term liabilities exceed short-term assets
✗ Free cash flow is negative — growth is being funded by borrowing or fresh equity
✗ Interest cover of only 1.9x — little room if profits dip
✗ Debt has grown 111.6% a year — worth checking what it bought

Quality vs. Valuation

Company Quality

55/ 100

Average

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

Valuation

64/ 100

Fair

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

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

22.7x

Sector Median

30.2x

median of 3 sector peers

🟢Against its sector it trades 25% below the peer median of 30.2x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Cheap

30.2x median of 3 peers · -25%

vs. generic bands

Fair

15x–35x

P/E (Trailing)

22.7x

P/B

1.44x

EV/EBITDA

40.7x

PEG

1.03

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well2

Return on capital is rising
ROCE has improved from 5.4% to 7.6%.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention4

Margins are compressing
EBITDA margin has slipped from 54.4% to 22.9% over 3 years.
Debt is rising
Total debt is up 847% over 3 years — worth checking what it funded.
Free cash flow is negative
The business is not currently covering its capital spending from operations.
Short-term liquidity is tight
Current ratio of 0.59 — near-term obligations exceed near-term assets.

Red Flags

6 items require attention · 4 high · 2 watch

🔴Debt has risen sharplyFinancial
Total debt is up 847% over 3 years, from ₹128 Cr to ₹1,209 Cr.
🔴Thin interest coverageFinancial
Operating profit covers interest only 1.9x — little room if earnings dip.
🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 31.6 points, from 54.4% to 22.9%.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹53 Cr in the latest year.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.59 — near-term obligations exceed near-term assets.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Cheaper than its peers
It trades 25% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
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?

Margins are being competed away
EBITDA margin has fallen from 54.4% to 22.9%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
The debt load needs earnings to hold up
Debt is 12.0x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Size brings its own risk
Micro 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.
Several serious flags at once
4 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

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

1Revenue growth stays above 44% a year✓ 58.2% CAGR
Latest reported year was 47.5%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 21%✓ 22.9%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA falls below 3x✗ 12.0x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
4Free cash flow remains positive✗ -₹53 Cr
Profit that never becomes cash eventually stops being profit.
5Interest cover stays above 3x✗ 1.9x
How much operating profit can fall before interest stops being comfortably covered.

Investment Checklist

6 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✗ 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

5 good · 3 neutral · 3 weak

Market Cap

₹2,932 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

22.7x

Fair

Fairly valued against the generic band

P/B Ratio

1.44x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹7.61

Profitable

Profitable on a per-share basis

ROE

4.3%

Weak

Weak capital efficiency

ROCE

7.6%

Weak

Low return on total capital employed

Debt/Equity

0.60x

Low

Conservative leverage

Revenue Growth (YoY)

47.5%

Healthy

Healthy top-line growth

Profit Growth (YoY)

56.0%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹53 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹172.99

Operating Margin

88.6%

Good

Healthy core-business profitability

Net Margin

19.5%

Good

Strong bottom-line conversion

Current Ratio

0.59

Tight

Tight short-term liquidity

Beta (vs Nifty)

0.60

Defensive

Steadier than the market

52W Range Position

90%

Near high

Near its 52-week high

Technical Snapshot

SMA 20 / SMA 50

172.9 / 174.1

Bearish alignment (short < long)

RSI (14)

51.3

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹111 Cr	₹188 Cr	₹352 Cr	₹441 Cr	+58.2%
EBITDA	₹61 Cr	₹71 Cr	₹76 Cr	₹101 Cr	+18.5%
EBITDA Margin	54.4%	37.8%	21.6%	22.9%	—
PAT (Net Profit)	₹48 Cr	₹85 Cr	₹66 Cr	₹87 Cr	+22.2%
EPS	₹2.83	₹5.04	₹3.9	₹5.16	+22.2%
ROE	3.8%	5.3%	3.2%	4.3%	—
ROCE	5.4%	7.0%	5.3%	7.6%	—
Total Debt	₹128 Cr	₹365 Cr	₹1,010 Cr	₹1,209 Cr	+111.6%
Free Cash Flow	-₹366 Cr	₹15 Cr	-₹53 Cr	-₹53 Cr	—

🟢 Revenue has grown at 58.2% a year over 3 years.

🟢 EBITDA has grown at 18.5% a year over 3 years.

🔴 EBITDA Margin has fallen from 54.4% to 22.9% over 3 years (-31.6 pts).

🟢 PAT (Net Profit) has grown at 22.2% a year over 3 years.

🟢 EPS has grown at 22.2% a year over 3 years.

🟡 ROE has held roughly flat at 4.3% over 3 years.

🟢 ROCE has risen from 5.4% to 7.6% over 3 years (+2.2 pts).

🔴 Total Debt has grown at 111.6% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹3,618 Cr

Total Liabilities

₹1,587 Cr

Total Debt

₹1,209 Cr

Cash & Equivalents

₹38 Cr

Operating Cash Flow

₹69 Cr

Capex

-₹122 Cr

Shareholding (proxy)

Institutional Holding

4.8%

Insider Holding

79.0%

Peer Comparison

Company	P/E	ROE
DLF LIMITED	36.6x	10.3%
GODREJ PROPERTIES LTD	30.2x	8.4%
OBEROI REALTY LIMITED	23.5x	14.7%

Recent News

3 mixed1 negative2 general

Elpro International Share Price Jumps 14.69% To Hit Fresh All-Time High After Promoters Propose Delisting At Rs 181.80 Per Share

Dalal Street Investment Journal, 11 MayPrice 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.

ELPROINTL Stock Price and Chart — NSE:ELPROINTL

TradingView, 20 Apr

Elpro International Promoters Pledge 59 Lakh Shares Representing 3.53% Equity Stake on June 22

Sahi, 25 JunOwnership

🔴Potentially negativePromoter selling or pledging is a signal worth understanding, though the reason is often personal rather than about the business.

Elpro International delisting offer succeeds as promoters raise stake to 93.02%

scanx.trade, 12 Aug

Elpro International (NSE:ELPROINTL) Is Posting Promising Earnings But The Good News Doesn’t Stop There

Simply Wall Street, 06 MayResults

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

Elpro International Shares Rally After Promoters Announce Delisting Proposal

Kalkine India, 11 MayPrice 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.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

🟢Business QualityStrong13/20

🔴Financial HealthStretched6.6/20

🟡GrowthModest12.9/20

🟡ProfitabilityModerate8.9/15

🟢ValuationAttractive11.3/15

🔴RiskHigh4.4/10

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 4 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 44% a year58.2% CAGR
✓EBITDA margin holds above 21%22.9%
✗Debt / EBITDA falls below 3x12.0x
✗Free cash flow remains positive-₹53 Cr
✗Interest cover stays above 3x1.9x