Concall transcriptMay 2026
May 2026 · Transcript
Source: Nse
Eleganz Interiors Ltd. (ELGNZ)
SME CapServices stocks · SME cap · NSE
Eleganz Interiors Ltd. is a leading provider of interior fit-out solutions for corporate & commercial spaces across India. It offers end-to-end Design & Build and General Contracting services, from bare shell to fully furnished spaces, with a focus on aesthetics, functionality, and sustainability for diverse industries.
₹86.9
-0.80 · -0.91%
Market cap ₹198 Cr
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result15 May, 04:15 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Services P/E 17.7 (n=143)
Technical timing lens
Trend score and candlestick chart
53NeutralSMA20 -5.4% / mo · MACD +
Stock trend: 53
Sector RS: —
Services FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but exact sector-index confirmation is unavailable. View sector evidence
Technical chart
ELGNZD candles · FIT view+18.2%Latest close ₹86.90 on 2026-10-19
Bar
+0.1%
RSI
53
MACD hist
0.74
52W pos
39%
2026-10-19O ₹86.85H ₹86.90L ₹86.85C ₹86.90Vol 2,000 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
ELGNZNifty 500
- ELGNZ
- -15.0%
- Nifty 500
- -5.6%
- Vs Nifty 500
- -9.4 pp
Chart stats
19 Oct 2026- From 52W high
- -39.1%
- 52W range position
- 39%
- ATR (14)
- 4.1%
- Volume vs 20D
- 0.10x
- Avg traded value
- ₹0.2 Cr
- 20D price channel
- ₹78 - ₹88.5
₹142.6
₹52 - ₹142.6
₹3.6
Latest completed session
20-session average
32.4% annualized volatility
No exact NSE sector index is mapped for this company. Nifty 500 remains the broad-market comparison.
Research snapshot
What the evidence says now
Investable 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 · UNDERVALUED63
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Neutral53
Price trend and sector-relative-strength timing.
Valuation
Legacy model+66.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence65
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 | ₹289 Cr | NDF | +160.4% |
| EBITDA | ₹30 Cr | NDF | +500.0% |
| Operating margin | 10.0% | NDF | +570 bps |
| PAT | ₹20 Cr | NDF | +900.0% |
| PAT margin | 6.9% | NDF | +512 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 8.79
- P/B
- 1.14
- EV/EBITDA
- 6.32
- Market Cap
- 198.00Cr
Profitability
- ROE
- 13.80%
- ROCE
- 19.60%
- ROA
- 6.61%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 23.00%
- EPS 5Y
- 30.00%
- Revenue 3Y
- 28.00%
- EPS 3Y
- 31.00%
Balance Sheet
- Debt/Equity
- 0.24
- Interest Coverage
- 8.75×
- Altman Z
- 3.13
- Book Value
- 77.20
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- -13.00 Cr
- EPS TTM
- 9.78
Shareholding
- Promoter Hold
- 69.23%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 39%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 400+1.8% vs prev
Net Profit
₹ CrLatest: 22.0+4.8% vs prev
Return on Equity
%Latest: 12.6-8.4% 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 53. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~5.7% over last month) — short-term momentum negative.
- RSI(14) at 53 — sideways, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 39% off 52W high · 67% 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
40
RS percentile
Stage 2 UptrendRecent S2
1M return
+1.2%
3M return
-15.0%
6M return
+17.0%
1Y return
-33.4%
RS 1D
-1
RS 20D
-6
Sector rank
#12
Industry rank
-
Stage evidence
- Price is 5.3% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +2.0%.
50-DMA
price below
200-DMA
price above
S2 entered
08 Oct 2026
S2 age
8 trading sessions
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 65.7+0.12%
RS vs Nifty 50066
Valuation & peers
U-Score 63 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 63 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Deep Value
Fundamental score breakdown
U band · UNDERVALUEDValuation26/30
Growth21/25
Quality9/20
Balance Sheet11/15
Cash Flow1/10
Piotroski
6/9 (+3)
Penalties
-8
Raw sum
63
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
63/100 · legacy band UNDERVALUED
Positive drivers
- Fair-value margin of safety is positive at 66.5%.
- Valuation contributes 26/30 to the score.
- Growth contributes 21/25 to the score.
Main drags
- Penalty bucket subtracts 8 points.
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
- Quality is weaker at 9/20; 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
8.8
PB
1.1
EV/EBITDA
6.3
ROE
13.8%
ROCE
19.6%
FCF Yield
—
Debt/Equity
0.2
MoS
+66.5%
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
63
Previous: 63
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+66.5%
Previous: +66.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
65
65
65
65
65
65
64
63
63
63
63
63
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
₹130.34
+33.3% MoS
Growth-justified P/E
26.6
Growth-justified Value
₹259.66
+66.5% MoS
PEG
0.29
Comparable companies
Peers
Business-comparable peers in Services — 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
ENCOMPAS
SME
Encompass Design India Ltd.
Interior Design
match 54
54
26.4
22.8%
+1%
FAIR VALUE
IPSL
SME
Integrated Personnel Services Ltd.
HR & Manpower
match 19
52
18.6
17.8%
+41%
FAIR VALUE
SADHAV
SME
Sadhav Shipping Ltd.
Logistics
match 19
53
12.7
14.7%
+58%
FAIR VALUE
EMAPARTNER
SME
EMA Partners India Ltd.
HR & Manpower
match 18
48
14.8
8.8%
+53%
FAIR VALUE
ROCKINGDCE
SME
Rockingdeals Circular Economy Ltd.
Recycling
match 18
46
18.5
18.1%
+32%
FAIR VALUE
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 2026-07-03T07:32:50.305Z
Management commentary snapshot
H2FY26 saw robust operational execution, with revenue up 44.2% YoY and Net Profit up 82.6% YoY, significantly accelerating momentum after a moderated H1. Full-year FY26 revenue grew 1.9% YoY, with Net Profit up 6.8% YoY.
The company demonstrated strong H2FY26 performance, recovering from a slow H1, and has a healthy order book and bidding pipeline. Management's focus on higher-value projects and geographic expansion supports future margin and revenue growth. However, elevated year-end receivables warrant close monitoring.
Current business mix
Revenue by Business Model (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
General Contracting81.5%
Design & Build18.5%
Growth engines
High-Value Project Focus
Strengthening ability to execute larger Design & Build and General Contracting projects, which enhance margins and scale benefits.
Geographic Expansion
Strategic expansion internationally (UAE subsidiary, Singapore restructuring) and domestically (new branch offices in high-potential cities).
Data Centers Turnkey Focus
Expanding scope to structural, landscaping, facade & utilities works, with a long-term focus on end-to-end Data Centers turnkey projects.
Backward Integration
Setting up a new fully automated modular production line at the upcoming Khopoli facility, including soft furnishing manufacturing, to enhance margins.
Capacity and execution
New Manufacturing Facility
Upcoming company-owned facility near Khopoli, operational in the next 2 years, featuring a fully automated mass production line.
International Subsidiary
Incorporation process started for a Wholly Owned Subsidiary in UAE to anchor regional expansion.
Tailwinds
Favorable Project Mix
Strategic shift to larger, higher-value projects improved gross margins due to lower competition and better execution economics.
Strong Order Book & Pipeline
Strong opening order book of ~₹547 cr and a bidding pipeline of ~₹2,600 cr provide healthy revenue visibility for FY27.
Headwinds
Project Commencement Delays
H1FY26 began at a moderated pace due to delays in project commencements on the client side.
Elevated Receivables
Receivables at FY26 end were elevated due to March being the highest-ever billing month, exceeding 40% of H2FY26 revenue.
Risk radar
Receivables Management
Elevated receivables at FY26 end, though management expects normalization within 45-90 days, could impact cash flow if delayed.
Client Concentration
Top 5 customers accounted for 48.6% and Top 10 for 64.3% of revenue in FY26, indicating reliance on a few large clients.
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
Both YoY and HoH (Half-on-Half) comparisons are crucial. YoY reflects annual growth and market position, while HoH highlights the significant sequential operational ramp-up in H2FY26 after a moderated H1, which is key for assessing execution momentum and demand recovery.
Sector KPIs management disclosed
Projects Completed
695+ projects completed across 36+ cities.
Sq. ft. Delivered
32 Million+ sq. ft. successfully delivered.
Repeat Customer Rate
48.8% repeat customer rate.
Order Book (Excl. GST)
~₹ 5,468 Million+ as on 31st Mar 2026.
Management forward view
Receivables Normalization
Management expects year-end receivables to normalize over the next 45–90 days in line with standard industry credit cycles.
FY27 Revenue Growth Target
Company expects to deliver revenue growth of around 25–30% in FY27, backed by a robust pipeline and improving execution.
FY27 EBITDA Margin Target
Management aims to maintain EBITDA margins in the range of 8–9% in FY27, supported by a favorable project mix.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| FY27 Revenue Growth | FY26: 1.9% YoY | Achievement of 25-30% revenue growth in FY27. |
| FY27 EBITDA Margin | FY26: 8.6% | Maintenance of EBITDA margins in the 8-9% range. |
| Receivables Normalization | Elevated at FY26 end | Timely collection of receivables within the stated 45-90 day period. |
| New Khopoli Factory Progress | Land acquired, setting up production line | Updates on commissioning timeline and ramp-up of the new facility. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
65Limited 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 45th percentile of the scored universe and 50th percentile within Services. Main check: cash conversion is weak at 40/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
5 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
45th percentile
overall median 67 · Services: 50th pctile, median 66 · SME: 56th pctile, median 64
Evidence depth
Financial-only
5 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
40
weak · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
58
watch · capital discipline
Results
55
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 69.2%.
- ▸Promoter pledge is zero.
Trust risks
- ▸Operating cash flow is negative at ₹-13 Cr.
- ▸ROCE trend is -3.7%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Eleganz Interiors 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
Investor presentationMar 2026
Mar 2026 · PPT
Source: Nse
Annual reportMar 2026
Sep 2026 · General Updates 2 Sep - AGM scheduled for September 28, 2026; annual report and notice dispatched to shareholders.
Source: Nse
Annual reportMar 2026
Sep 2026 · Shareholders meeting 2 Sep - AGM on September 28, 2026 via VC; annual report FY2025-26 filed.
Source: Nse
Investor presentationNov 2025
Nov 2025 · PPT
Source: Nse
Concall transcriptNov 2025
Nov 2025 · Transcript
Source: Nse
Investor presentationMar 2025
Mar 2025 · PPT
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.