Current/ Expected Orderbook/ Pending Orders?

Current order book stands at approximately ₹410 crores with an execution period of 18 to 24 months. The company has submitted new bids totaling around ₹600 crores, with some expected to close in the next month or two. EPC business bids are in the approval stage; once approved (expected around February FY26), the company will be eligible to quote for tenders. Conversion of bids to order book is uncertain due to technical, commercial evaluations, and market conditions; could range from zero to full ₹600 crores. The company aims to maximize order conversions and sees good growth prospects for H2

Any current/future new fundraising through debt or equity?

The new facility CapEx of around ₹12-15 crores is primarily being funded through internal accruals from generated revenue. If needed, some funding may be raised through bank debt. There is no explicit mention of any planned or ongoing equity fundraise. Proceeds from a previous ₹30 crore IPO are being used for working capital, reducing the need for bill discounting and lowering finance costs. No specific plans for further equity fundraising or large debt expansion were stated in the call.

Any current/future capex/capital investment/strategic investment?

EEPL plans to invest around ₹12-14 crores in CapEx for a new automated plant (~60,000 sq ft), including RCC and PEB structures. The new facility will include one additional SMT line alongside the existing two. The new fully automated plant targets annual revenue potential of ₹500-600 crores. The new facility is expected to be operational by mid-FY27, with full capacity utilization by FY28. CapEx funding will primarily come from internal accruals; debt may be taken if needed. Strategic focus includes geographic expansion, broader product portfolio (gas, water meters, railway equipment

Future growth expectations in sales/revenue/volumes?

Target revenue growth of 30% to 40% in FY26 compared to FY25; optimistic about strong H2 performance to reach this target (Page 13, 17). Plant capacity utilization currently 50-60%, expected to ramp up with new automated facility mid-FY27 (Page 22). New facility (60,000 sq ft, fully automated) expected to support ₹500-600 crore annual revenue by FY28 (Page 6, 17). Company plans to expand product portfolio into gas meters, water meters, railway equipment, and integrated installation services, contributing to revenue growth (Page 17, 26). Gas meter market forecasted to grow from ₹200-250 crore t

Future growth expectations in earnings/operating earnings/profits/EPS?

**Revenue Growth:** Targeting 30% to 40% growth in FY26 compared to FY25, with expectations for continued growth in the next two years. **Capacity Expansion:** New fully automated 60,000 sq.ft. facility expected operational by mid FY27, aiming for ₹500-600 Cr revenue at full capacity by FY28. **Product Diversification:** Revenue from gas meters, water meters, railway equipment to start small in FY26, substantially increasing in FY27. **EPC Business:** Potential to begin EPC operations by February FY26, with ₹600 Cr in bids pending conversion. **Efficiency and Margins:** Automation of facilitie

IN US

Eppeltone Ene.Q3 FY26Electrical Equipment

Eppeltone Ene. Q3 FY26 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹120P/E: 10.4Market Cap: ₹129 CrSector: Electrical Equipment

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→Target revenue growth of 30% to 40% in FY26 compared to FY25; optimistic about strong H2 performance to reach this target (Page 13, 17).
→Plant capacity utilization currently 50-60%, expected to ramp up with new automated facility mid-FY27 (Page 22).
→New facility (60,000 sq ft, fully automated) expected to support ₹500-600 crore annual revenue by FY28 (Page 6, 17).
→Company plans to expand product portfolio into gas meters, water meters, railway equipment, and integrated installation services, contributing to revenue growth (Page 17, 26).
→Gas meter market forecasted to grow from ₹200-250 crore to ₹1,200 crore in next 5-7 years (Page 18).
→Long-term aspiration to achieve 3 to 4 times growth in 3 years, targeting ₹450-500 crore revenue by FY28-FY29 (Page 22).
→EPC business eligibility anticipated by February FY26, potential new revenue stream (Page 24).

Margin guidance

Category 3

→**Revenue Growth:** Targeting 30% to 40% growth in FY26 compared to FY25, with expectations for continued growth in the next two years.
→**Capacity Expansion:** New fully automated 60,000 sq.ft. facility expected operational by mid FY27, aiming for ₹500-600 Cr revenue at full capacity by FY28.
→**Product Diversification:** Revenue from gas meters, water meters, railway equipment to start small in FY26, substantially increasing in FY27.
→**EPC Business:** Potential to begin EPC operations by February FY26, with ₹600 Cr in bids pending conversion.
→**Efficiency and Margins:** Automation of facilities to improve operational efficiency, likely resulting in EBITDA margin improvement beyond the current ~18%.
→**Profitability:** EBITDA margin targeted to sustain or improve, potentially moving towards 20% or above.
→**Long-term Vision:** Aspirations to 3-4x revenue in next 3 years, targeting ₹450-500 Cr by FY28-FY29.
→**EPS:** Positively impacted by revenue growth, margin improvement, and CapEx funded mainly by internal accruals, with debt managed prudently.

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Fundraise plans

Yes

→The new facility CapEx of around ₹12-15 crores is primarily being funded through internal accruals from generated revenue.
→If needed, some funding may be raised through bank debt.
→There is no explicit mention of any planned or ongoing equity fundraise.
→Proceeds from a previous ₹30 crore IPO are being used for working capital, reducing the need for bill discounting and lowering finance costs.
→No specific plans for further equity fundraising or large debt expansion were stated in the call.

Order book

Yes

→Current order book stands at approximately ₹410 crores with an execution period of 18 to 24 months.
→The company has submitted new bids totaling around ₹600 crores, with some expected to close in the next month or two.
→EPC business bids are in the approval stage; once approved (expected around February FY26), the company will be eligible to quote for tenders.
→Conversion of bids to order book is uncertain due to technical, commercial evaluations, and market conditions; could range from zero to full ₹600 crores.
→The company aims to maximize order conversions and sees good growth prospects for H2 FY26.

Capex plans

Yes

→EEPL plans to invest around ₹12-14 crores in CapEx for a new automated plant (~60,000 sq ft), including RCC and PEB structures.
→The new facility will include one additional SMT line alongside the existing two.
→The new fully automated plant targets annual revenue potential of ₹500-600 crores.
→The new facility is expected to be operational by mid-FY27, with full capacity utilization by FY28.
→CapEx funding will primarily come from internal accruals; debt may be taken if needed.
→Strategic focus includes geographic expansion, broader product portfolio (gas, water meters, railway equipment), and efficiency improvements through automation.
→Investment in R&D continues, with capitalized employee costs (~₹1.4-1.5 crores) for new product development (gas meter, water meter, underslung charger).
→The old plant will focus on manufacturing new product lines alongside the new automated plant.

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