Elantas Beck Q3 FY26 Results (NSE: ELANTAS)
Signal: Steady quarter
The read
The annual trajectory remains healthy with nine-month revenue up 21.85% to ₹77,087.24 lakh and PAT up 36.05% to ₹14,749.21 lakh, but Q3 revenue fell 6.38% QoQ and PAT fell 35.72% QoQ; the key inflection to monitor is whether the resin-led growth can offset weaker sequential group momentum.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹265.31 Cr | +22.52% | -6.38% |
| Net profit | ₹45.55 Cr | +25.62% | |
| EPS | ₹57.45 | +25.62% |
P&L walk
Standalone revenue rose 22.52% YoY to ₹26,531.39 lakh but declined 6.38% QoQ; gross margin was broadly stable YoY at 38.82%, while PAT grew 25.62% to ₹4,554.55 lakh despite lower other income.
Segments
Engineering & Electronic Resins and Materials was the growth engine, with segment revenue up 49.12% YoY to ₹6,539.70 lakh and segment result up 19.72% to ₹1,496.54 lakh, versus Electrical Insulations revenue growth of 15.86% and result growth of 39.72%.
Key positives
- Nine-month revenue reached ₹77,087.24 lakh, up 21.85% YoY, while nine-month PAT rose 36.05% to ₹14,749.21 lakh.
- Engineering & Electronic Resins and Materials revenue grew 49.12% YoY to ₹6,539.70 lakh, materially faster than consolidated revenue growth of 22.52%.
- Employee costs rose 13.60% YoY to ₹1,472.89 lakh, slower than revenue growth of 22.52%, supporting operating cost absorption.
- PAT growth of 25.62% matched EPS growth of 25.62%, and segment assets rose 19.85% YoY while depreciation increased 10.10%, a clean depreciation-to-asset-base cross-check.
Key concerns
- Q3 revenue declined 6.38% QoQ to ₹26,531.39 lakh and PAT declined 35.72% QoQ to ₹4,554.55 lakh, reversing the prior quarter's stronger sequential base.
- Gross margin fell 408bps QoQ to 38.82%, although it was broadly stable YoY at -4bps; the filing does not identify the sequential driver.
- Other income declined 66.39% QoQ to ₹647.70 lakh, adding to the sequential PAT pressure.
Research and educational content only. Not investment advice.