Eppeltone Engineers reported a 12.9% increase in net profit to Rs 123.8 Mn for the financial year ended March 31, 2026, driven by an 8.4% rise in revenue from operations to Rs 1,347.4 Mn. The Board of Directors approved the audited standalone financial results at its meeting held on May 30, 2026. Despite a one-time bad debt write-off of Rs 62.4 Mn, the firm improved its net profit margin by 37 basis points to 9.2%, supported by strong project execution and operational efficiencies in the second half of the fiscal year.

Financial Performance

Revenue growth was accompanied by margin expansion across key metrics. Gross profit increased 13.7% year-on-year to Rs 470.2 Mn, with gross margins expanding by 164 basis points to 34.9%. This improvement was attributed to better operational efficiencies and a favourable shift in product mix towards higher-realization smart meters, which offset the impact of higher dollar exchange rates. EBITDA grew 9.1% to Rs 194.1 Mn, with margins improving by 10 basis points to 14.4%. The company noted that excluding the bad debt write-off, which represented 4.6% of FY26 revenue, profitability and operational performance demonstrated notable improvement over the previous year. Earnings per share (EPS) stood at Rs 10.18 for the year.

The following table summarises the key financial metrics for FY26 versus FY25:

Balance Sheet Highlights

The company's balance sheet reflects significant expansion during FY26. Total assets grew to Rs 18,647.64 Lakhs as at March 31, 2026, compared to Rs 12,379.72 Lakhs in the prior year. Shareholders' funds strengthened considerably, with share capital rising to Rs 1,295.93 Lakhs and reserves and surplus expanding to Rs 7,775.76 Lakhs, up from Rs 3,047.83 Lakhs, reflecting the impact of the IPO proceeds and retained earnings. Trade receivables increased to Rs 6,893.31 Lakhs from Rs 2,712.39 Lakhs, while inventories rose to Rs 5,856.65 Lakhs from Rs 4,657.57 Lakhs, consistent with the company's higher order execution activity.

Cash Flow and IPO Utilisation

The audited cash flow statement for FY26 shows net cash outflow from operating activities of Rs 1,784.40 Lakhs, compared to Rs 802.01 Lakhs in FY25, reflecting the significant increase in working capital requirements driven by higher trade receivables and inventories. Net cash outflow from investing activities stood at Rs 1,932.28 Lakhs, primarily on account of net purchase of fixed assets worth Rs 1,987.15 Lakhs. Financing activities generated a net inflow of Rs 3,686.58 Lakhs, supported by proceeds from the issuance of share capital amounting to Rs 3,833.75 Lakhs. Cash and cash equivalents at the end of the year stood at Rs 335.63 Lakhs.

Eppeltone Engineers had raised Rs 4,395.52 Lakhs through its Initial Public Offering (IPO), issuing 34,34,000 equity shares at Rs 128 per share, and was listed on the NSE Emerge platform on June 24, 2025. As at March 31, 2026, the company had utilised Rs 4,221.12 Lakhs of the IPO proceeds, with Rs 283.75 Lakhs remaining unutilised. The statutory auditor, M/s. Abhay Sharma & Co., Chartered Accountants, has certified the utilisation of IPO proceeds and issued an audit report with an unmodified opinion.

Business Outlook

The company ended the fiscal year with an order book of Rs 3,439 Mn, excluding GST, providing revenue visibility for the next 18 to 24 months. Additionally, Eppeltone Engineers secured confirmed order wins worth Rs 316 Mn, excluding GST, subsequent to the end of FY26. To support future growth, a new 60,000 sq. ft. manufacturing facility is under construction and is expected to commence operations by Q3 FY27, enhancing capacity for smart meters including gas and water meters. Deven Chowdhary, Whole-Time Director, attributed the performance to resilient operations and strong execution in the second half of the year, stating that the strong order book and continued demand for smart energy meters position the company well to drive sustainable growth.

Eppeltone Engineers Limited has secured a fresh order for the supply of energy meters from a domestic entity. The contract, valued at Rs. 2,31,13,200, was received on May 19, 2026. The company disclosed this development in a regulatory filing submitted to the NSE Emerge.

Order Details

The order pertains specifically to the supply of energy meters. According to the disclosure, the execution of the contract is targeted for completion by September 2026. The order value includes all applicable taxes.

Transaction Particulars

The company provided specific details regarding the nature and scope of the order in its regulatory filing. The key particulars of the transaction are outlined below:

The confirmation that there is no promoter or group company interest in the entity awarding the order, and that the transaction does not fall under related party transactions, was also included in the filing.