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Annual Report 2025-26 Built to Last. WIRED TO GROW. ELIN ELECTRONICS LIMITED Contents CORPORATE OVERVIEW 01. Built to last. Wired to grow. 12. Message from the MD’s desk 14. Company overview 16. Journey 18. Certifications 20. Awards 22. Business Model 24. Capabilities STATUTORY REPORTS 26. Manufacturing Locations 50. Management Discussion and Analysis 28. Offerings 58. Directors’ Report 32. Market position 78. Report on Corporate Governance 36. Key performance indicators 38. ESG - Environment FINANCIAL STATEMENTS 42. ESG - Social 96. Standalone Financial Statements 44. ESG - Governance 159. Consolidated Financial Statements 46. Risk Management 48. The Board NOTICE 49. Corporate Information 223. Notice of 44th Annual General Meeting CAUTIONARY STATEMENT This Management Discussion and Analysis contains forward-looking statements based on the current expectations, assumptions and estimates of the management of Elin Electronics Limited. Actual results may differ materially from those expressed or implied due to various factors, including changes in macroeconomic conditions, customer demand, raw material prices, supply chain disruptions, foreign exchange movements, capacity utilisation, Bhiwadi ramp-up timelines, technological changes, regulatory developments and competitive intensity. The Company assumes no obligation to update or revise these statements except as required by applicable laws and regulations. Contents Built to Last CORPORATE OVERVIEW Made It Through the Test. Wired to Grow 01. Built to last. Wired to grow. 12. Message from the MD’s desk is What Happens Next. 14. Company overview 16. Journey One component made in one plant becomes 18. Certifications part of a finished product made in another - sold 20. Awards to a partner who first came to Elin for something 22. Business Model else entirely. One capability leading to another. One relationship opening the door to the next. 24. Capabilities STATUTORY REPORTS 26. Manufacturing Locations That is the architecture Elin Electronics has 50. Management Discussion and Analysis constructed across five decades. FY26 was the 28. Offerings 58. Directors’ Report year it proved itself twice: once in acceleration, 32. Market position 78. Report on Corporate Governance once under pressure. 36. Key performance indicators Three consecutive quarters of improving returns. 38. ESG - Environment FINANCIAL STATEMENTS Then a single quarter where polymer prices, 42. ESG - Social 96. Standalone Financial Statements currency shifts and a wage revision converged 44. ESG - Governance within weeks. The same system that delivered 159. Consolidated Financial Statements 46. Risk Management the first result absorbed the second. 48. The Board NOTICE One plant becomes a platform. Five partners 49. Corporate Information reshape the revenue base. New segments 223. Notice of 44th Annual General Meeting rewrite the earnings profile. CAUTIONARY STATEMENT This Management Discussion and Analysis contains forward-looking statements based on the current expectations, assumptions and estimates of the management of Elin Electronics Limited. Actual results may differ materially from those expressed or implied due to various factors, including changes in macroeconomic conditions, customer demand, raw material prices, supply chain disruptions, foreign exchange movements, capacity utilisation, Bhiwadi ramp-up timelines, technological changes, regulatory developments and competitive intensity. The Company assumes no obligation to update or revise these statements except as required by applicable laws and regulations. From Ghaziabad to Bhiwadi: Extending the Value Chain 02 Annual Report 2025-26 Corporate Overview Bhiwadi was engineered to assemble chimneys, coolers, OFR, Ceiling Fans, OTGs and air fryers under one roof. Every one of these products runs on a fractional horsepower motor that Elin already makes at Ghaziabad, as India’s largest FHP motor producer. The new site creates an internal buyer for an existing product line, at a higher-value endpoint. Rs 100 crore invested, funded entirely from internal accruals. Steady-state output potential: Rs 550-600 crore in turnover. Targeted return on capital employed: 20%. Targeted EBITDA: 7-7.5%. When commissioning moved from March to July-August 2026, Elin initiated assembly of three key lines (chimneys, OFRs and OTGs) at the existing Ghaziabad unit. Design approvals and customer sampling were completed before the Bhiwadi handover. FIVE CUSTOMERS NEW CATEGORIES Five new lighting brands joined during the Chimneys, air coolers, OTGs and OFR heaters year, drawn by a diversified competence set join the portfolio alongside BLDC fans. The refined over five decades. By year-end, they medium-appliance shift carries a distinct contributed half of monthly lighting turnover. financial signature. The combined share of anchor accounts fell For chimneys, Elin makes the motors, the sheet from a historical 50-56% to approximately 43%. metal and the electronics assembly in-house: a Each new relationship opens cross-selling structural price advantage of at least 5% over into fans, appliances and motor systems: competitors assembling from purchased parts. verticals already inside Elin’s industrial base. For OFR heaters, Elin is the only company in Contribution from these accounts is expected India performing complete local fin assembly, to reach Rs 150-170 crore in FY27. The best securing a 6-8% edge over imports. hedge is the one laid before the risk arrives. Higher-realisation products carry lower gross margins (20-22%) than small appliances. They deliver superior EBITDA because labour and overhead represent a smaller fraction of the elevated unit price. Each square foot of floor space yields more absolute profit. When a component maker becomes the From finished-goods producer, the margin stays Ghaziabad to Bhiwadi: in the house. Each relationship multiplies the Extending the value of existing infrastructure. Each capability reinforces the one beside it. Value Chain 02 Annual Report 2025-26 Elin Electronics Limited 03 A Strategy Built to Absorb Volatility and Recover on Schedule. FY26 brought three external pressures into a single quarter. Crude-linked polymer prices surged as the Middle East conflict disrupted supply chains, compressing gross margins by 390 basis points in Q4. The rupee weakened against the dollar, raising expenses on imported inputs. Uttar Pradesh revised minimum wages upward by 26%, effective immediately. Materials consumed jumped from 73.3% of turnover in Q4 FY25 to 77.3% in Q4 FY26. Elin responded with pricing adjustments of 10-18% across its product portfolio, with two-thirds of its customer base operating on monthly and quarterly settlement cycles. 04 Annual Report 2025-26 Corporate Overview A Strategy Built to Absorb Volatility and Recover on Schedule. FY26 brought three external pressures into a single quarter. Crude-linked polymer prices surged as the Middle East conflict disrupted supply chains, compressing gross margins by 390 basis points in Q4. The rupee weakened against the dollar, raising expenses on imported inputs. Uttar Pradesh revised minimum wages upward by 26%, effective immediately. Materials consumed jumped from 73.3% of turnover in Q4 FY25 to 77.3% in Q4 FY26. Elin responded with pricing adjustments of 10-18% across its product portfolio, with two-thirds of its customer base operating on monthly and quarterly settlement cycles. 04 Annual Report 2025-26 Elin Electronics Limited 05 The Now and Ahead. 06 Annual Report 2025-26 Corporate Overview The Now and Ahead. That fiscal bedrock supports four advantages already in motion. Speed. Elin’s operations span tooling, moulding, die casting, sheet metal, electronics and motor fabrication under one ecosystem. When input prices surged in Q4, that integration closed the distance between shock and response within weeks. Competitors sourcing from vendors absorb the same increase, plus a vendor’s margin on it. Regulatory posi [Showing first 8,000 characters — download PDF for full document]