Concall transcript
General Updates 30 Sep - Eppeltone Engineers’ 23rd AGM transcript covers FY26 results, ₹416 crore order book, and new manufacturing facility plans.
Source: Nse
Eppeltone Engineers Ltd. (EEPL)
SME CapIndustrials stocks · SME cap · NSE
Eppeltone Engineers, founded in 1977, is a leading Indian metering manufacturer. It operates a 36,000 sq.ft. facility in Greater Noida with a NABL-approved R&D lab. The company holds multiple certifications and is empanelled with 36+ DISCOMs, CPSUs, and contractors, delivering metering solutions for the power sector.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result01 Jun, 08:01 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
50NeutralSMA20 -3.7% / mo · MACD +
Stock trend: 50
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
EEPLD candles · FIT view+21.0%Latest close ₹136.05 on 2026-10-19
Bar
-1.8%
RSI
49
MACD hist
0.52
52W pos
32%
2026-10-19O ₹138.55H ₹138.55L ₹136.05C ₹136.05Vol 13,000 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
EEPLNifty India ManufacturingNifty 500
- EEPL
- +33.6%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- +39.2 pp
Chart stats
19 Oct 2026- From 52W high
- -41.6%
- 52W range position
- 32%
- ATR (14)
- 5.0%
- Volume vs 20D
- 0.70x
- Avg traded value
- ₹0.3 Cr
- 20D price channel
- ₹127.6 - ₹158.7
₹232.8
₹91 - ₹232.8
₹6.9
Latest completed session
20-session average
51.5% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE53
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Neutral50
Price trend and sector-relative-strength timing.
Valuation
Legacy model+63.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence62
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
Pending dataYoY comparison unavailable - result verdict pending data
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹88 Cr | NDF | +91.3% |
| EBITDA | ₹11 Cr | NDF | +22.2% |
| Operating margin | 12.0% | NDF | -600 bps |
| PAT | ₹6 Cr | NDF | +0.0% |
| PAT margin | 6.8% | NDF | -622 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 15.10
- P/B
- 2.04
- EV/EBITDA
- 10.71
- Market Cap
- 186.00Cr
Profitability
- ROE
- 18.80%
- ROCE
- 18.50%
- ROA
- 6.45%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 29.00%
- EPS 5Y
- 62.00%
- Revenue 3Y
- 23.00%
- EPS 3Y
- 124.00%
Balance Sheet
- Debt/Equity
- 0.43
- Interest Coverage
- 6.33×
- Altman Z
- 3.00
- Book Value
- 70.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -18.00 Cr
- EPS TTM
- 9.55
Shareholding
- Promoter Hold
- 37.57%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 37%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 135+8.9% vs prev
Net Profit
₹ CrLatest: 12.0+9.1% vs prev
Return on Equity
%Latest: 13.2-52.0% vs prev
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
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 49. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- Recent golden cross (SMA50 crossed above SMA200).
- SMA20 falling (~3.8% over last month) — short-term momentum negative.
- RSI(14) at 49 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 42% off 52W high · 50% 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
66
RS percentile
Stage 3 Topping
1M return
+2.3%
3M return
+33.6%
6M return
+12.4%
1Y return
-17.4%
RS 1D
+1
RS 20D
+21
Sector rank
#2
Industry rank
#19
Stage evidence
- 38.5% below the 52-week closing high after prior strength.
- The 30-week proxy has stalled (-0.1% over 20 sessions).
- Price has not yet confirmed a full Stage 4 downtrend.
50-DMA
price below
200-DMA
price above
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 71.58-4.01%
RS vs Nifty 50072
Valuation & peers
U-Score 53 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 53 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Growth at Value
Fundamental score breakdown
U band · FAIR VALUEValuation16/30
Growth25/25
Quality11/20
Balance Sheet6/15
Cash Flow0/10
Piotroski
6/9 (+3)
Penalties
-8
Raw sum
53
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
53/100 · legacy band FAIR VALUE
Positive drivers
- Fair-value margin of safety is positive at 63.7%.
- Growth contributes 25/25 to the score.
- Quality contributes 11/20 to the score.
Main drags
- Penalty bucket subtracts 8 points.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Balance sheet is weaker at 6/15; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
15.1
PB
2.0
EV/EBITDA
10.7
ROE
18.8%
ROCE
18.5%
FCF Yield
—
Debt/Equity
0.4
MoS
+63.7%
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
53
Previous: 53
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+63.7%
Previous: +63.7%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
55
55
55
55
55
55
55
53
53
53
53
53
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
₹122.64
-10.9% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹375.32
+63.7% MoS
PEG
0.17
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
BEWLTD
SME
BEW Engineering Ltd.
Industrial Machinery
match 83
45
16.9
2.7%
+46%
WATCHLIST
PRESSTONIC
SME
Presstonic Engineering Ltd.
Industrial Machinery
match 82
38
25.8
6.5%
+41%
WATCHLIST
TROM
SME
Trom Industries Ltd.
Industrial Machinery
match 82
67
7.3
13.8%
+80%
UNDERVALUED
ISHAN
SME
Ishan International Ltd.
Industrial Machinery
match 78
19
11.1
2.4%
-1026%
OVERVALUED
HBLENGINE
Small
HBL Engineering Limited
Industrial Machinery
match 65
68
28.8
45.3%
+27%
UNDERVALUED
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 intactReviewed 2026-07-01T18:19:54.064Z
Management commentary snapshot
FY26 revenue grew 8.4% YoY to Rs. 1,347.4 Mn, with H2FY26 showing a robust turnaround. Gross Profit rose 13.7% YoY, and Net Profit increased 12.9% YoY to Rs. 123.8 Mn, despite a Rs. 62.4 Mn bad debt write-off. Margins expanded across Gross, EBITDA, and PAT.
EEPL delivered modest FY26 revenue growth, but H2FY26 showed strong execution. Margin expansion is positive, though the significant bad debt write-off raises concerns about receivables management and underlying profitability. The strategic entry into AMI services and new product approvals are key for future growth.
Current business mix
Order Book Split by State FY26
Latest issuer-disclosed distribution across 6 reported categories.
Uttar Pradesh31.9%
Maharashtra30.8%
Gujarat23.9%
Others11.0%
Himachal Pradesh2.3%
Jammu & Kashmir0.1%
Growth engines
National Smart Metering Programme
The program's 250-million meter replacement target creates a large addressable market. ~20.33 crore meters sanctioned, 6.13 crore meters installed as of Dec 31, 2025.
AMI Service Segment Entry
Strategic entry into Advanced Metering Infrastructure (AMI) services in FY26 aims to reduce dependence on manufacturing cycles and strengthen revenue resilience.
Water & Gas Meter Segment
Company's products are in advanced approval cycle, with order inflows expected to commence in the forthcoming financial year.
Capacity Expansion & Smart Manufacturing
Expanding production capacity with a new facility and upgrading to IoT-enabled automation to boost output, reduce costs, and enhance efficiency.
Capacity and execution
New Facility Commissioning
A new production facility will be operational in Q3 FY27, enhancing manufacturing capacity.
Automation Upgrade
Upgrading to IoT-enabled, automation to boost output, reduce costs, and enhance quality and efficiency.
Tailwinds
Accelerating Energy Consumption
India's peak load reached 256.1 GW in April 2026, indicating accelerating energy consumption and demand for metering solutions.
Reduced AT&C Losses
Nationwide AT&C losses reduced from 21.91% in FY21 to 15.04% in FY25, underscoring urgency for smart metering investments.
Government Fund-Release Linkage
Government fund-release tied to utility performance metrics (loss reduction, ACS-ARR gap) strengthens demand for qualified meter manufacturers.
Headwinds
Higher Dollar Exchange Rates
Higher dollar exchange rates over the past six months impacted margins, though the company claims to have delivered margin expansion despite this.
Risk radar
Receivables Management
Trade receivables surged to Rs. 689.3 Mn in FY26 from Rs. 271.2 Mn in FY25. An irrecoverable bad debt write-off of Rs. 62.4 Mn (4.6% of FY26 Revenue) was undertaken.
Working Capital Strain
Significant increases in both inventories and trade receivables indicate a potential strain on working capital, which nearly tripled YoY.
Execution Risk for New Segments
Successful transition into AMI services and securing orders for newly ventured water and gas meter segments are critical for future growth.
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 BOTH
YoY comparison is essential for assessing annual growth and overall financial health. QoQ (H2 vs H1) is crucial to understand the sequential momentum and the 'robust turnaround' claimed by management in the second half of the fiscal year.
Sector KPIs management disclosed
Order Book
Order Book as on FY26 stood at Rs. 3,439 Mn (excluding GST), executable over 18-24 months. An additional Rs. 316 Mn (excluding GST) was added post-FY26 till May 20, 2026.
Revenue Cover
The FY26 closing order book of Rs. 3,439 Mn provides a revenue cover of approximately 2.55x against FY26 revenue of Rs. 1,347.4 Mn.
Gross Margin
Gross Margin expanded by 164 bps to 34.9% in FY26 from 33.3% in FY25, driven by improved operational efficiencies and a favorable product mix.
EBITDA Margin
EBITDA Margin expanded by 10 bps to 14.4% in FY26 from 14.3% in FY25, reflecting continued focus on operational excellence.
Management forward view
Transition to AMI Service Model
Company is transitioning into a service-led model to reduce dependence on manufacturing cycles and strengthen revenue resilience, capturing opportunities across the smart metering value chain.
New Product Segment Entry
Water & Gas meter products are at an advanced stage of the approval cycle, with order inflows expected to commence in the forthcoming financial year.
Capacity Expansion & Automation
Expanding production capacity with a new facility and upgrading to IoT-enabled automation to boost output, reduce costs, and enhance quality and efficiency, with the new facility operational in Q3 FY27.
HES Platform for Smart Grid
Company's flagship HES platform, MidasEpp, strengthens its position in the growing AMI and smart grid market, supported by AI and cybersecurity readiness.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Execution | Rs. 3,439 Mn (ex-GST) executable over 18-24 months. | Timely execution of the order book and conversion into revenue, especially given the significant increase in receivables. |
| Trade Receivables & Working Capital | Trade Receivables at Rs. 689.3 Mn (FY26), Inventories at Rs. 585.7 Mn (FY26). | Reduction in receivables days, improved inventory turnover, and better working capital management to alleviate potential cash flow pressures. |
| New Facility Commissioning & Utilization | New facility targeted to be operational in Q3 FY27. | On-time commissioning of the new facility and rapid ramp-up of utilization to achieve projected output and efficiency gains. |
| Water & Gas Meter Order Inflows | Products in advanced approval cycle, orders expected in forthcoming financial year. | Confirmation of first order inflows and their contribution to revenue and profitability in the new segments. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
62Limited 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 35th percentile of the scored universe and 32nd percentile within Industrials. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
3 docs text-extracted · 1 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
35th percentile
overall median 67 · Industrials: 32nd pctile, median 68 · SME: 41st 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
Acceptable, but check the weakest sub-score before increasing exposure.
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
86
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
66
acceptable · capital discipline
Results
55
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 61.8%.
- ▸Promoter pledge is zero.
Trust risks
- ▸Operating cash flow is negative at ₹-18 Cr.
- ▸Only 0 years of positive FCF.
- ▸ROCE trend is -12.8%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Eppeltone Engineers Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationMay 2026
May 2026 · PPT
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Annual reportMar 2026
Sep 2026 · Shareholders meeting 4 Sep - 23rd AGM on September 30, 2026; annual report filed, cut-off date September 23, 2026.
Source: Nse
Annual reportMar 2026
Sep 2026 · Appointment 26 Aug - Board approved FY26 annual report, appointed internal and cost auditors, and fixed AGM for September 30, 2026.
Source: Nse
Investor presentationNov 2025
Nov 2025 · PPT
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.