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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 30/100YoY data unavailable — classification deferred
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹289 Cr | NDF | +160.4% |
| EBITDA | ₹30 Cr | +76.5% | +500.0% |
| Operating margin | 10.0% | +100 bps | +570 bps |
| PAT | ₹20 Cr | NDF | +900.0% |
| PAT margin | 6.9% | +145 bps | +512 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
Revenue by Business Model (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
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.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
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.
Trend score and candlestick chart
47NeutralSMA20 -9.7% / mo · MACD −
Technical chart
ELGNZdaily · 1Y · AUTO+24.6%Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 45.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~10.7% over last month) — short-term momentum negative.
- RSI(14) at 45 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 46% off 52W high · 68% 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.
Valuation & score drivers
U-Score 64 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 64 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 65.9%.
- 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.
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.
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.
Score history
12 stored score snapshots. Latest stored move: -1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: 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.
Healthy Trust Lite: Promoter holding is 69.2%. Key concern: Operating cash flow is negative at ₹-13 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Services: 50th pctile, median 66 · SME: 56th pctile, median 64
5 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 8.78
- P/B
- 1.13
- EV/EBITDA
- 6.49
- Market Cap
- 198.00Cr
Profitability
- ROE
- 13.80%
- ROCE
- 19.30%
- 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
- 8.50×
- Altman Z
- 3.12
- 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
- 32%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Services, ranked by similarity
Peers
Business-comparable names in Services, ranked by similarity
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.