Scans

Tools

Home

Charts

Watchlist

Products

Elantas Beck India Ltd

ELANTAS

NSE

₹13,556.00-3.42%19 Oct 2026

Reports

Chemicals Organic

Elantas Beck India Ltd

ELANTAS

NSE

₹13,556.00

-3.42%

19 Oct 2026

SOICxStockScans Reports

Ask AI

Chemicals Organic

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Elantas Beck India is fundamentally a materials-science company that keeps electricity safe and reliable - it makes the specialty coatings and resins that insulate everything from a refrigerator motor to a power-station generator. Incorporated in 1956 and part of the global ALTANA group, the company has spent seven decades building a position where it is the trusted domestic supplier for industries that form the backbone of modern infrastructure. The recurring approach is to combine global technology from its parent with deep local manufacturing and technical service, so that Indian equipment makers get world-class insulation without having to import it.

Business segments

Two engines, one built on the other - a dominant electrical-insulation franchise that generates the scale, and a smaller but faster-growing electronic-materials business that rides the same technical capabilities into new markets.

1. Electrical Insulation: the protective layer inside every motor, transformer and generator

The company makes the liquid enamels and resins that coat the copper wire inside electrical equipment, and it has held this position for so long that its manufacturing discipline is now a genuine competitive moat.

The primary product is wire enamel - sold to magnet-wire manufacturers, these coatings form the first layer of insulation on the copper wire that winds through home appliances, automotive components, transformers and industrial motors.
Secondary insulation completes the system - varnishes and impregnating resins are applied to finished coils and rotating machines, protecting them in everything from a mixer-grinder to a large generator stator, including the repair and refurbishment market.
Manufacturing quality is extraordinarily high - the company runs a First Time Pass Rate of 99.9%, which means almost nothing is reworked or wasted, a level of consistency that customers building expensive equipment rely on.
Technical service is the real sales pitch - the company does not just ship chemicals; it educates customers on product upgrades and provides pre- and post-sales technical support, a value-selling approach that ties customers to its expertise rather than to a price.
Sustainability is becoming a product feature - new low-VOC resins and water-based varnishes have been developed, and solvents used in wire enamels are recovered and reused in subsequent batches, with 1.52% of input material by value recycled or reused in the most recent year.

2. Electronic and Engineering Materials: protection for circuit boards, EV batteries and concrete floors

This segment takes the same core skill - formulating specialty resins - and applies it to electronics that need protection from moisture and heat, and to construction materials that need to bond and seal.

Electronics protection is the anchor - the business makes conformal coatings and potting compounds that shield printed circuit boards (PCBs) from dust, water and vibration, with a strong position in automotive electronics and a growing one in smart metering and home appliances.
E-mobility is the growth vector - the company has developed new potting products and thermal interface materials specifically for electric-vehicle battery systems, and it is localising a global impregnation resin for the e-mobility segment, which means it is building a position before the market scales.
Engineering materials serve construction - the portfolio includes industrial flooring, exterior coatings, structural repair compounds, sealants and adhesives, sold through a network of 38 dealers and distributors that account for 41% of total company sales.
The same value-selling logic applies - customer discussions focus on lifecycle performance and energy implications, not just the price per kilo, which helps protect margins when raw-material costs swing.

Manufacturing and technology backbone

Two operating plants, a third being built, and an R&D centre that doubles as a technology-absorption hub - the physical infrastructure is designed to scale without losing the quality that the core business depends on.

Pimpri is the original site and brain - the plant in Pune houses the registered office and the R&D centre, and it is where 22 new products acquired through the Von Roll technology purchase are now being manufactured.
A third site is under development - 30 acres of land at Vagra in Gujarat’s Bharuch district were purchased in 2024 for a new manufacturing facility intended to realign operations and prepare for growth.
R&D is a shared global resource - the centre develops new insulation materials, absorbs technology from overseas ELANTAS affiliates, and participates in global ALTANA projects, launching over 18 new solutions in 2025 alone across automotive, power, solar and motor applications.
The plant floor is being modernised - automated packing lines, energy-efficient motors and gear drives, a solvent-recovery expansion planned for 2026, and SAP S/4HANA implemented across the organisation all point to a company investing in operational efficiency, not just capacity.

Group structure and partners

The company is a 75%-held subsidiary of ELANTAS GmbH, which sits inside Germany’s ALTANA AG - a structure that provides technology, raw materials and a recent transformative acquisition, while the Indian entity remains independently listed and operationally self-contained.

The parent provides technology and trade - the company pays royalties to ELANTAS GmbH, shares global R&D charges, buys raw materials from European fellow subsidiaries, and sells goods to ELANTAS Malaysia, making it a fully integrated node in the group’s electrical-insulation division.
The Von Roll acquisition reshaped the portfolio - in 2023, ELANTAS GmbH acquired Von Roll, the global leader in insulation systems for large wind turbines, and in 2024 the Indian subsidiary bought Von Roll India’s customer relationships, assets and high-voltage resin inventory, adding 22 products to its Pimpri plant and opening a path into the high-voltage resin market.
A contract manufacturing arrangement diversifies the asset base - the company produces specialty coatings, inks and adhesives for ACTEGA, another ALTANA division focused on packaging, which means the plants run for more than just the electrical business.
Leadership is group-connected but locally experienced - the Chairman represents ALTANA, while the Managing Director appointed in early 2025 brought over 24 years of Indian chemicals and life-sciences experience from companies including BASF, DSM and Dr. Reddy’s.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹10,940Cr

Close Price

₹13,800.00

Industry

Chemicals Organic

Price To Earnings

61.61

Price To Sales

11.67

Revenue

₹937Cr

Rev Gr TTM

Revenue Growth TTM

17.66%

PAT Gr TTM

PAT Growth TTM

33.54%

Upcoming Results on

28 Oct 2026

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	163	174	177	191	184	197	206	210	217	215	222	283
Growth YoY Revenue Growth YoY%	6.8	5.6	4.2	10.4	12.4	13.3	16.7	9.7	18.0	9.3	7.8	35.0
Expenses ExpensesCr	126	138	139	153	150	162	166	170	169	170	179	202
Operating Profit Operating ProfitCr	37	36	38	39	33	35	40	40	47	45	43	82
OPM OPM%	22.9	20.5	21.3	20.2	18.1	17.8	19.6	18.9	21.8	20.9	19.5	28.8
Other Income Other IncomeCr	12	17	15	17	12	10	9	18	7	14	3	19
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	3	3	3	3	4	5	5	5	6	6	6	6
PBT PBTCr	47	49	49	52	42	40	44	53	49	53	40	95
Tax TaxCr	12	12	13	11	11	10	11	14	12	13	9	24
PAT PATCr	35	37	37	42	31	30	33	39	36	39	31	71
Growth YoY PAT Growth YoY%	28.9	39.7	22.8	18.1	-10.8	-19.6	-10.9	-6.1	16.7	32.4	-5.5	80.3
NPM NPM%	21.3	21.3	20.9	21.9	16.9	15.1	15.9	18.7	16.7	18.3	14.0	25.0
EPS EPS₹	43.9	46.7	46.6	52.8	39.2	37.5	41.5	49.6	45.7	49.7	39.2	89.4

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	163	174	177	191	184	197	206	210	217	215	222	283
Growth YoY Revenue Growth YoY%	6.8	5.6	4.2	10.4	12.4	13.3	16.7	9.7	18.0	9.3	7.8	35.0
Expenses ExpensesCr	126	138	139	153	150	162	166	170	169	170	179	202
Operating Profit Operating ProfitCr	37	36	38	39	33	35	40	40	47	45	43	82
OPM OPM%	22.9	20.5	21.3	20.2	18.1	17.8	19.6	18.9	21.8	20.9	19.5	28.8
Other Income Other IncomeCr	12	17	15	17	12	10	9	18	7	14	3	19
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	3	3	3	3	4	5	5	5	6	6	6	6
PBT PBTCr	47	49	49	52	42	40	44	53	49	53	40	95
Tax TaxCr	12	12	13	11	11	10	11	14	12	13	9	24
PAT PATCr	35	37	37	42	31	30	33	39	36	39	31	71
Growth YoY PAT Growth YoY%	28.9	39.7	22.8	18.1	-10.8	-19.6	-10.9	-6.1	16.7	32.4	-5.5	80.3
NPM NPM%	21.3	21.3	20.9	21.9	16.9	15.1	15.9	18.7	16.7	18.3	14.0	25.0
EPS EPS₹	43.9	46.7	46.6	52.8	39.2	37.5	41.5	49.6	45.7	49.7	39.2	89.4

Standalone

Numbers

Percentage

Financial Year	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025	TTM
Revenue RevenueCr	344	365	383	409	394	383	522	645	680	749	848	937
Growth Revenue Growth%	0.8	6.1	4.7	6.9	-3.7	-2.8	36.3	23.5	5.5	10.1	13.3	17.7
Expenses ExpensesCr	282	287	304	344	340	313	444	535	537	604	676	720
Operating Profit Operating ProfitCr	62	79	79	65	54	70	78	110	143	144	172	217
OPM OPM%	18.1	21.5	20.6	15.8	13.7	18.4	15.0	17.1	21.1	19.3	20.3	23.2
Other Income Other IncomeCr	6	8	9	31	18	22	25	32	53	55	48	43
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	1	1	1	1	1
Depreciation DepreciationCr	6	5	6	7	7	12	12	12	12	15	21	23
PBT PBTCr	62	81	81	89	64	80	91	129	184	183	199	237
Tax TaxCr	20	26	26	23	14	18	25	31	46	44	51	59
PAT PATCr	42	54	55	66	50	62	67	98	137	140	148	178
Growth PAT Growth%	32.1	30.5	1.5	18.9	-24.7	24.6	8.3	46.2	40.4	1.6	5.9	33.5
NPM NPM%	12.1	14.9	14.5	16.1	12.6	16.1	12.8	15.2	20.2	18.6	17.4	18.9
EPS EPS₹	52.7	68.7	69.5	83.0	62.5	77.9	84.4	123.3	173.2	176.1	186.4	224.0

Financial Year	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025	TTM
Revenue RevenueCr	344	365	383	409	394	383	522	645	680	749	848	937
Growth Revenue Growth%	0.8	6.1	4.7	6.9	-3.7	-2.8	36.3	23.5	5.5	10.1	13.3	17.7
Expenses ExpensesCr	282	287	304	344	340	313	444	535	537	604	676	720
Operating Profit Operating ProfitCr	62	79	79	65	54	70	78	110	143	144	172	217
OPM OPM%	18.1	21.5	20.6	15.8	13.7	18.4	15.0	17.1	21.1	19.3	20.3	23.2
Other Income Other IncomeCr	6	8	9	31	18	22	25	32	53	55	48	43
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	1	1	1	1	1
Depreciation DepreciationCr	6	5	6	7	7	12	12	12	12	15	21	23
PBT PBTCr	62	81	81	89	64	80	91	129	184	183	199	237
Tax TaxCr	20	26	26	23	14	18	25	31	46	44	51	59
PAT PATCr	42	54	55	66	50	62	67	98	137	140	148	178
Growth PAT Growth%	32.1	30.5	1.5	18.9	-24.7	24.6	8.3	46.2	40.4	1.6	5.9	33.5
NPM NPM%	12.1	14.9	14.5	16.1	12.6	16.1	12.8	15.2	20.2	18.6	17.4	18.9
EPS EPS₹	52.7	68.7	69.5	83.0	62.5	77.9	84.4	123.3	173.2	176.1	186.4	224.0

Standalone

Numbers

Percentage

Financial Year	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025	Jun 2026
Equity Capital Equity CapitalCr	8	8	8	8	8	8	8	8	8	8	8	8
Reserves ReservesCr	164	214	269	331	376	434	497	591	724	859	1,000	1,096
Current Liabilities Current LiabilitiesCr	59	64	63	62	60	80	96	103	124	123	122	175
Non Current Liabilities Non Current LiabilitiesCr	5	5	7	14	12	14	17	16	25	25	36	37
Total Liabilities Total LiabilitiesCr	236	291	347	415	456	536	619	717	881	1,015	1,166	1,316
Current Assets Current AssetsCr	187	246	287	323	308	373	457	587	759	771	913	1,024
Non Current Assets Non Current AssetsCr	49	46	60	92	148	163	161	131	122	244	254	291
Total Assets Total AssetsCr	236	291	347	415	456	536	619	717	881	1,015	1,166	1,316

Financial Year	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025	Jun 2026
Equity Capital Equity CapitalCr	8	8	8	8	8	8	8	8	8	8	8	8
Reserves ReservesCr	164	214	269	331	376	434	497	591	724	859	1,000	1,096
Current Liabilities Current LiabilitiesCr	59	64	63	62	60	80	96	103	124	123	122	175
Non Current Liabilities Non Current LiabilitiesCr	5	5	7	14	12	14	17	16	25	25	36	37
Total Liabilities Total LiabilitiesCr	236	291	347	415	456	536	619	717	881	1,015	1,166	1,316
Current Assets Current AssetsCr	187	246	287	323	308	373	457	587	759	771	913	1,024
Non Current Assets Non Current AssetsCr	49	46	60	92	148	163	161	131	122	244	254	291
Total Assets Total AssetsCr	236	291	347	415	456	536	619	717	881	1,015	1,166	1,316

Standalone

Financial Year	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating Cash Flow Operating Cash FlowCr	46	56	51	33	48	79	29	83	133	63	127
Investing Cash Flow Investing Cash FlowCr	-42	-51	-45	-32	-40	-69	-33	-76	-132	78	-194
Financing Cash Flow Financing Cash FlowCr	-4	-5	-5	-4	-5	-4	-4	-5	-5	-5	-6
Net Cash Flow Net Cash FlowCr	0	0	2	-3	4	6	-8	2	-3	136	-74
Free Cash Flow Free Cash FlowCr	40	51	31	10	36	63	37	86	121	-82	96
CFO To PAT CFO To PAT%	111.1	102.5	91.7	50.2	96.6	128.6	42.6	84.8	97.2	45.3	86.0
CFO To EBITDA CFO To EBITDA%	74.5	71.0	64.4	51.0	88.9	112.9	36.4	75.3	93.2	43.8	73.8

Financial Year	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating Cash Flow Operating Cash FlowCr	46	56	51	33	48	79	29	83	133	63	127
Investing Cash Flow Investing Cash FlowCr	-42	-51	-45	-32	-40	-69	-33	-76	-132	78	-194
Financing Cash Flow Financing Cash FlowCr	-4	-5	-5	-4	-5	-4	-4	-5	-5	-5	-6
Net Cash Flow Net Cash FlowCr	0	0	2	-3	4	6	-8	2	-3	136	-74
Free Cash Flow Free Cash FlowCr	40	51	31	10	36	63	37	86	121	-82	96
CFO To PAT CFO To PAT%	111.1	102.5	91.7	50.2	96.6	128.6	42.6	84.8	97.2	45.3	86.0
CFO To EBITDA CFO To EBITDA%	74.5	71.0	64.4	51.0	88.9	112.9	36.4	75.3	93.2	43.8	73.8

Standalone

Financial Year	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	1,224	1,441	1,784	1,785	1,959	2,184	2,913	3,447	6,734	10,131	7,590	10,940
Price To Earnings Price To Earnings	29.3	26.4	32.4	27.1	39.5	35.4	43.6	35.3	49.0	72.6	51.4	61.6
Price To Sales Price To Sales	3.6	4.0	4.7	4.4	5.0	5.7	5.6	5.3	9.9	13.5	8.9	11.7
Price To Book Price To Book	7.1	6.5	6.4	5.3	5.1	5.0	5.8	5.8	9.2	11.7	7.5	9.9
EV To EBITDA EV To EBITDA	19.5	18.1	22.4	27.4	36.0	30.7	37.0	30.9	46.6	69.1	43.7	50.9
Profitability Ratios Profitability Ratios
GPM GPM%	33.7	36.9	35.3	31.2	32.1	36.4	29.6	29.9	34.7	33.3	34.9	34.9
OPM OPM%	18.1	21.5	20.6	15.8	13.7	18.4	15.0	17.1	21.1	19.3	20.3	23.2
NPM NPM%	12.1	14.9	14.5	16.1	12.6	16.1	12.8	15.2	20.2	18.6	17.4	18.9
ROCE ROCE%	36.1	36.5	29.5	26.4	16.7	18.2	18.2	21.7	25.2	21.2	19.7	21.5
ROE ROE%	24.3	24.6	20.0	19.4	12.9	14.0	13.3	16.3	18.8	16.1	14.7	16.1
ROA ROA%	17.7	18.7	15.9	15.8	10.9	11.5	10.8	13.6	15.6	13.8	12.7	13.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	1,224	1,441	1,784	1,785	1,959	2,184	2,913	3,447	6,734	10,131	7,590	10,940
Price To Earnings Price To Earnings	29.3	26.4	32.4	27.1	39.5	35.4	43.6	35.3	49.0	72.6	51.4	61.6
Price To Sales Price To Sales	3.6	4.0	4.7	4.4	5.0	5.7	5.6	5.3	9.9	13.5	8.9	11.7
Price To Book Price To Book	7.1	6.5	6.4	5.3	5.1	5.0	5.8	5.8	9.2	11.7	7.5	9.9
EV To EBITDA EV To EBITDA	19.5	18.1	22.4	27.4	36.0	30.7	37.0	30.9	46.6	69.1	43.7	50.9
Profitability Ratios Profitability Ratios
GPM GPM%	33.7	36.9	35.3	31.2	32.1	36.4	29.6	29.9	34.7	33.3	34.9	34.9
OPM OPM%	18.1	21.5	20.6	15.8	13.7	18.4	15.0	17.1	21.1	19.3	20.3	23.2
NPM NPM%	12.1	14.9	14.5	16.1	12.6	16.1	12.8	15.2	20.2	18.6	17.4	18.9
ROCE ROCE%	36.1	36.5	29.5	26.4	16.7	18.2	18.2	21.7	25.2	21.2	19.7	21.5
ROE ROE%	24.3	24.6	20.0	19.4	12.9	14.0	13.3	16.3	18.8	16.1	14.7	16.1
ROA ROA%	17.7	18.7	15.9	15.8	10.9	11.5	10.8	13.6	15.6	13.8	12.7	13.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	FINEORG	BASF	ELANTAS	LXCHEM	FOSECOIND	OAL	NITTAGELA
Market CapitalizationMkt CapCr	16,480	14,298	10,940	4,750	4,662	2,113	1,427
Close PriceClose₹	5,375.00	3,303.10	13,800.00	170.90	6,185.00	628.00	1,571.30
IndustryIndustry	Chemicals Organic	Chemicals Organic	Chemicals Organic	Chemicals Organic	Chemicals Organic	Chemicals Organic	Chemicals Organic
Price To EarningsPE	37.62	22.24	61.61	56.97	47.57	397.47	13.82
Price To SalesPS	6.67	0.89	11.67	1.52	6.03	1.98	2.42
RevenueRevenueCr	2,472	16,027	937	3,122	773	1,065	590
Revenue Growth TTMRev Gr TTM%	7.1%	6.5%	17.7%	5.5%		13.5%	10.4%
PAT Growth TTMPAT Gr TTM%	5.7%	62.4%	33.5%	25.0%		-77.7%	23.6%

	FINEORG	BASF	ELANTAS	LXCHEM	FOSECOIND	OAL	NITTAGELA
Market CapitalizationMkt CapCr	16,480	14,298	10,940	4,750	4,662	2,113	1,427
Close PriceClose₹	5,375.00	3,303.10	13,800.00	170.90	6,185.00	628.00	1,571.30
IndustryIndustry	Chemicals Organic	Chemicals Organic	Chemicals Organic	Chemicals Organic	Chemicals Organic	Chemicals Organic	Chemicals Organic
Price To EarningsPE	37.62	22.24	61.61	56.97	47.57	397.47	13.82
Price To SalesPS	6.67	0.89	11.67	1.52	6.03	1.98	2.42
RevenueRevenueCr	2,472	16,027	937	3,122	773	1,065	590
Revenue Growth TTMRev Gr TTM%	7.1%	6.5%	17.7%	5.5%		13.5%	10.4%
PAT Growth TTMPAT Gr TTM%	5.7%	62.4%	33.5%	25.0%		-77.7%	23.6%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2026

Jun 26