Investor presentationMay 2026
May 2026 · PPT
Source: Nse
Classic Electrodes (India) Ltd. (CLASSICEIL)
SME CapIndustrials stocks · SME cap · NSE
Classic Electrodes (India) Limited manufactures welding electrodes and provides engineering solutions. The company operates two manufacturing units in Dhulagarh, West Bengal, and Jhajjar, Haryana, serving diversified customers in India and overseas with an expanding product portfolio.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result20 May, 10:10 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
33Bearishfull bear SMA stack · SMA20 -5.9% / mo · MACD −
Stock trend: 21
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
CLASSICEILD candles · FIT view-13.0%Latest close ₹50.00 on 2026-10-19
Bar
+2.0%
RSI
46
MACD hist
-0.01
52W pos
25%
2026-10-19O ₹49.00H ₹50.00L ₹49.00C ₹50.00Vol 4,800 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
CLASSICEILNifty India ManufacturingNifty 500
- CLASSICEIL
- -19.3%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- -13.7 pp
Chart stats
19 Oct 2026- From 52W high
- -56.1%
- 52W range position
- 19%
- ATR (14)
- 4.5%
- Volume vs 20D
- 0.35x
- Avg traded value
- ₹0.1 Cr
- 20D price channel
- ₹45 - ₹54
₹113.9
₹34.8 - ₹113.9
₹2.2
Latest completed session
20-session average
38.4% annualized volatility
Research snapshot
What the evidence says now
Strong fundamentals, management evidence is still limited to a financial-only Trust Lite signal, but price trend argues for patience. Suitable for staggered entry or watchlist confirmation rather than aggressive buying.
Strong U-Score but weak trend: timing is not confirming the thesis.
Suggested next step
Add to watchlist
Fundamental setup is interesting, but technical confirmation is weak.
U-Score
Legacy · DEEP VALUE81
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +21.0% · PAT +0.0% YoY
Technical
Bearish33
Price trend and sector-relative-strength timing.
Valuation
Legacy model+81.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence80
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Bad · 0/100PAT 0% YoY · margin compression · Rev +21% YoY
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹121 Cr | +21.0% | -0.8% |
| EBITDA | ₹12 Cr | NDF | +9.1% |
| Operating margin | 10.0% | NDF | +100 bps |
| PAT | ₹6 Cr | +0.0% | +0.0% |
| PAT margin | 5.0% | NDF | +4 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 7.07
- P/B
- 0.93
- EV/EBITDA
- 4.19
- Market Cap
- 88.90Cr
Profitability
- ROE
- 17.90%
- ROCE
- 19.20%
- ROA
- 9.70%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 22.00%
- EPS 5Y
- 59.00%
- Revenue 3Y
- 17.00%
- EPS 3Y
- 82.00%
Balance Sheet
- Debt/Equity
- 0.21
- Interest Coverage
- 5.75×
- Altman Z
- 4.81
- Book Value
- 53.00
Cash Flow
- FCF Yield
- 4.50%
- FCF Positive Y
- 4/5
- OCF
- 19.00 Cr
- EPS TTM
- 7.04
Shareholding
- Promoter Hold
- 72.01%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 24%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 121-0.8% vs prev
Net Profit
₹ CrLatest: 6.0+0.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 46.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~6.2% over last month) — short-term momentum negative.
- RSI(14) at 46 — rising, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 48% off 52W high · 44% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
16
RS percentile
Stage 1 Base / Transition
1M return
-2.0%
3M return
-18.1%
6M return
-8.8%
1Y return
-45.4%
RS 1D
0
RS 20D
-16
Sector rank
#2
Industry rank
#24
Stage evidence
- Price is within 1.5% of the 30-week proxy.
- The 30-week proxy changed +0.5% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
249 observations
19 Oct 2026Value 50.76+2.05%
RS vs Nifty 50051
Valuation & peers
U-Score 81 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 81 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · DEEP VALUEValuation30/30
Growth24/25
Quality12/20
Balance Sheet11/15
Cash Flow7/10
Piotroski
8/9 (+5)
Penalties
-8
Raw sum
81
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
81/100 · legacy band DEEP VALUE
Positive drivers
- FCF yield is supportive at 4.5%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 81.9%.
Main drags
- Penalty bucket subtracts 8 points.
- Quality is weaker at 12/20; verify the latest quarterly trend.
- Cash flow is weaker at 7/10; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
7.1
PB
0.9
EV/EBITDA
4.2
ROE
17.9%
ROCE
19.2%
FCF Yield
4.5%
Debt/Equity
0.2
MoS
+81.9%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
81
Previous: 81
Legacy U-Score band
DEEP VALUE
Previous: DEEP VALUE
Margin of safety
+81.9%
Previous: +81.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
82
82
82
82
82
82
82
81
81
81
81
81
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹91.63
+45.4% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹276.67
+81.9% MoS
PEG
0.10
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ROYALARC
SME
Royal Arc Electrodes Ltd.
Industrial Products
match 77
50
18.2
13.1%
+54%
FAIR VALUE
PSFL
SME
Paramount Speciality Forgings Ltd.
Industrial Products
match 56
47
14.8
7.8%
+63%
FAIR VALUE
RAJINDLTD
SME
Rajputana Industries Ltd.
Industrial Products
match 55
62
10.3
17.3%
+74%
UNDERVALUED
AUROIMPEX
SME
Auro Impex & Chemicals Ltd.
Industrial Products
match 55
49
11.7
8.4%
+71%
FAIR VALUE
SRIVASAVI
SME
Srivasavi Adhesive Tapes Ltd.
Industrial Products
match 54
13
19.7
12.8%
-560%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-27T07:26:30.552Z
Management commentary snapshot
FY26 revenue from operations grew 18.06% YoY, but EBITDA margin compressed to 9.78% from 10.81% in FY25. PAT margin also declined to 5.18% from 5.64% YoY. Return ratios (RONW, RoCE) saw significant declines, while debt-equity improved substantially.
While the company achieved strong revenue growth and significantly reduced its debt-equity ratio in FY26, the notable compression in EBITDA and PAT margins, coupled with a sharp decline in return on net worth and capital employed, indicates operational stress. The commercialization of new high-margin products and railway components offers future potential, but current profitability trends are concerning.
Growth engines
Flux-Cored Wires Commercialization
Successfully commercialized high-margin Flux-Cored wires with ₹25–30 Cr annual revenue potential and 20–25% EBITDA margins.
ERC Mk-V Railway Components
Expanded strategically into railway infrastructure components with the ERC Mk-V product line, opening new long-term growth avenues and ₹50 Cr+ initial annual potential.
Capacity Utilization Improvement
Overall capacity utilization is improving toward 75–77% after automation and debottlenecking initiatives.
Product Mix Expansion
Focus on product mix expansion aims for higher manufacturing contribution and reduced dependence on trading revenues.
Capacity and execution
MIG Wire Capacity Increase (West Bengal)
Installed capacity for MIG Wire at the West Bengal unit increased from 5,000 MT in FY25 to 7,000 MT in FY26.
Flux Core Wire Capacity Installation (West Bengal)
Installed capacity for Flux Core Wire at the West Bengal unit is 2,500 MT in FY26, with 350 MT utilized.
Tailwinds
Improving Demand Conditions
Management notes improving demand conditions across the welding consumables business.
Infrastructure Development & Urbanization
Increased urbanization and government initiatives like PM Gati Shakti, Smart Cities Mission, and Housing for All drive demand for welding consumables.
Automotive Industry Expansion
India's position as a large automotive manufacturing hub, driven by economic expansion and rising population, supports demand.
Railways, Transportation, Shipbuilding and Defense
Modernization and expansion of these sectors, along with focus on domestic defense production, are key growth drivers.
Headwinds
Dependency on Raw Materials
The company identifies dependency on raw materials as a weakness.
Competition
The company faces competition in the market, identified as a weakness and a threat.
Market Volatility
Market volatility is listed as a weakness in the company's SWOT analysis.
Global Supply Chain Risks
Global supply chain risks are identified as a weakness for the company.
Risk radar
Raw Material Price Volatility
The company is exposed to raw material price volatility, which can impact cost of materials consumed and margins.
Intense Competition
The welding consumables market is competitive, posing a threat to market share and pricing power.
Market Volatility and Economic Downturns
General market volatility and potential economic downturns could impact demand and financial performance.
Global Supply Chain Disruptions
Dependency on global supply chains for raw materials exposes the company to risks of disruption.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The presentation provides half-yearly (H2 FY26 vs H2 FY25) and full-yearly (FY26 vs FY25 vs FY24) financial results, making year-over-year comparisons most relevant to assess long-term trends and account for potential seasonality in the industrials sector.
Sector KPIs management disclosed
Revenue from Operations Growth
FY26 Revenue from Operations grew 18.06% YoY to ₹24,296.52 Lakhs.
EBITDA Margin
EBITDA Margin declined to 9.78% in FY26 from 10.81% in FY25 and 11.85% in FY24.
PAT Margin
PAT Margin was 5.18% in FY26, down from 5.64% in FY25 but up from 4.88% in FY24.
Return on Net Worth (RONW)
RONW significantly decreased to 14.32% in FY26 from 25.70% in FY25 and 28.45% in FY24.
Management forward view
Sustaining Healthy Growth Momentum
Management is confident of sustaining healthy growth momentum in the coming years.
Focus on Higher-Margin Products
Management emphasizes continued focus on higher-margin products to improve profitability.
Operational Efficiencies and Automation
The company initiated automation and debottlenecking initiatives to strengthen manufacturing capabilities and improve throughput.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA Margin | 9.78% (FY26) | Stabilization or improvement, especially with new high-margin products. |
| Return on Net Worth (RONW) | 14.32% (FY26) | Reversal of the declining trend, indicating improved capital efficiency. |
| Flux-Cored Wires & ERC Mk-V Revenue Contribution | Flux-Cored Wires: 13.98% utilization (FY26); ERC Mk-V: new vertical. | Ramp-up in utilization and revenue contribution from these new high-potential product lines. |
| Debt-Equity Ratio | 0.36 (FY26) | Maintenance of low debt levels, supporting financial stability. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
80Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 90th percentile of the scored universe and 89th percentile within Industrials. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
3 docs text-extracted · 2 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
90th percentile
overall median 67 · Industrials: 89th pctile, median 68 · SME: 98th pctile, median 64
Evidence depth
Financial-only
3 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
90
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
76
strong · capital discipline
Results
63
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 72%.
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 53%.
- ▸FCF yield is positive at 4.1%.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Classic Electrodes (India) Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptMay 2026
May 2026 · Transcript
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Annual reportMar 2026
Sep 2026 · Outcome of Board Meeting 5 Sep - Board approved cost auditor, annual report, and AGM on 28 September 2026.
Source: Nse
Concall transcriptNov 2025
Nov 2025 · Transcript
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.