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Last Updated: April 2, 2026, 2:53 am
Author: Getaka|Social: XLinkedIn

Esab India Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹4,616.02Fairly Valued by 9.68%vs CMP ₹5,111.00

P/E (40.2) × ROE (52.3%) × BV (₹271.00) × DY (1.27%)

₹2,338.04Overvalued by 54.25%vs CMP ₹5,111.00
MoS: -118.6% (Negative)Confidence: 66/100 (Moderate)Models: 1 Fair, 9 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹5,543.3221%Fair (+8.5%)
Graham NumberEarnings₹913.2815%Over (-82.1%)
Earnings PowerEarnings₹866.2310%Over (-83.1%)
DCFCash Flow₹3,360.1810%Over (-34.3%)
Net Asset ValueAssets₹270.237%Over (-94.7%)
EV/EBITDAEnterprise₹2,024.138%Over (-60.4%)
Dividend DiscountDividends₹2,420.008%Over (-52.7%)
Earnings YieldEarnings₹1,367.907%Over (-73.2%)
ROCE CapitalReturns₹691.398%Over (-86.5%)
Revenue MultipleRevenue₹1,337.845%Over (-73.8%)
Consensus (10 models)₹2,338.04100%Overvalued
Key Drivers: Wide model spread (₹270–₹5,543) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 20.1%

*Investments are subject to market risks

Investment Snapshot

74
Esab India Ltd scores 74/100 (Strong)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health92/100 · Strong
ROCE 70.0% ExcellentROE 52.3% ExcellentD/E 0.00 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money50/100 · Moderate
FII holding stable No changePromoter holding at 73.7% Stable
Earnings Quality65/100 · Strong
OPM expanding (15% → 18%) Improving
Quarterly Momentum68/100 · Strong
Revenue (4Q): +10% YoY GrowingProfit (4Q): +22% YoY Positive
Industry Rank75/100 · Strong
P/E 40.2 vs industry 34.1 In-lineROCE 70.0% vs industry 26.2% Above peersROE 52.3% vs industry 20.6% Above peers3Y sales CAGR: 15% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 2:53 am

Market Cap 7,868 Cr.
Current Price 5,111
Intrinsic Value₹2,338.04
High / Low 6,425/4,130
Stock P/E40.2
Book Value 271
Dividend Yield1.27 %
ROCE70.0 %
ROE52.3 %
Face Value 10.0
PEG Ratio2.00

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Esab India Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Esab India Ltd 7,868 Cr. 5,111 6,425/4,13040.2 2711.27 %70.0 %52.3 % 10.0
Ador Welding Ltd 1,555 Cr. 893 1,260/78821.9 2832.24 %20.3 %13.9 % 10.0
GEE Ltd 306 Cr. 58.8 97.9/53.6 38.10.00 %1.09 %4.65 % 2.00
D&H India Ltd 295 Cr. 289 300/11340.1 48.90.00 %13.5 %11.6 % 10.0
Industry Average2,506.00 Cr1,587.9534.07160.250.88%26.22%20.61%8.00

All Competitor Stocks of Esab India Ltd

Quarterly Result

MetricSep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Sales 277267302298303301341330339337368352382
Expenses 233219245240249248279268277282302293309
Operating Profit 45485758545462626155665972
OPM % 16%18%19%19%18%18%18%19%18%16%18%17%19%
Other Income 13332111132133
Interest 0000000000110
Depreciation 3333344344444
Profit before tax 434956575251606059556355101
Tax % 26%25%26%25%26%26%26%26%27%26%24%26%22%
Net Profit 32364242383844444340474179
EPS in Rs 20.7323.5927.1927.5324.9524.6528.7528.8828.0426.2330.8126.6051.45

Last Updated: January 1, 2026, 8:36 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: March 31, 2026, 5:00 am

MetricDec 2013Mar 2015n n n 15mMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 4345524514665436726986818961,0911,2431,3731,480
Expenses 3835074064224915936015987759041,0141,1291,207
Operating Profit 5145454452799783121187229245273
OPM % 12%8%10%9%10%12%14%12%13%17%18%18%18%
Other Income 8-06411161411586824
Interest 1000001210223
Depreciation 11141010101113121112141517
Profit before tax 4731413853849781114182220236277
Tax % 30%23%31%29%29%32%27%26%26%26%26%26%
Net Profit 332428273758715984136163175211
EPS in Rs 21.5215.3618.4117.4524.1337.4146.3938.5254.7788.14105.88113.96136.79
Dividend Payout % 5%7%5%6%4%241%151%114%110%88%81%79%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-3.57%37.04%56.76%22.41%-16.90%42.37%61.90%19.85%7.36%
Change in YoY Net Profit Growth (%)0.00%40.61%19.72%-34.34%-39.32%59.27%19.53%-42.05%-12.49%

Esab India Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 9 years from 2016-2017 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:10%
5 Years:15%
3 Years:15%
TTM:10%
Compounded Profit Growth
10 Years:19%
5 Years:20%
3 Years:28%
TTM:4%
Stock Price CAGR
10 Years:25%
5 Years:29%
3 Years:13%
1 Year:-15%
Return on Equity
10 Years:28%
5 Years:43%
3 Years:54%
Last Year:52%

Last Updated: September 5, 2025, 3:40 am

Balance Sheet

Last Updated: December 10, 2025, 2:38 am

MonthDec 2013Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 15151515151515151515151515
Reserves 252274300327363251322244229245291346401
Borrowings 0001005334544
Other Liabilities 83807085102112116126189210240282216
Total Liabilities 350369386428480379458388436474551647637
Fixed Assets 96837876808386909095125136140
CWIP 31578373320495
Investments 10512212014712530704131002419
Other Assets 147163183198269262295255312359421478473
Total Assets 350369386428480379458388436474551647637

Reserves and Borrowings Chart

Cash Flow

MonthDec 2013Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 351618363067577285129141200
Cash from Investing Activity + -27-12-9-239102-12066205-55-16
Cash from Financing Activity + -14-2-2-2-41-16339-139-102-122-81-157
Net Cash Flow -63712-26-24-0312527
Free Cash Flow 2611822135637627498115172
CFO/OP 69%63%68%110%89%115%84%114%94%92%87%107%

Free Cash Flow

MonthDec 2013Mar 2015n n n 15mMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow51.0045.0045.0043.0052.0079.0092.0080.00118.00183.00224.00241.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthDec 2013Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 232937374035445355515560
Inventory Days 825576777658666168675559
Days Payable 705656717871748093826587
Cash Conversion Cycle 352857433821363430364531
Working Capital Days 182239346748404630302526
ROCE %19%15%14%13%15%26%32%27%44%71%77%70%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 73.72%73.72%73.72%73.72%73.72%73.72%73.72%73.72%73.72%73.72%73.72%73.72%
FIIs 0.82%0.95%1.08%1.14%1.26%1.54%1.66%1.84%1.79%1.56%1.53%1.51%
DIIs 13.22%13.01%13.00%12.98%13.02%13.03%13.03%13.10%12.87%12.82%12.77%12.93%
Public 12.22%12.32%12.19%12.15%11.99%11.69%11.59%11.33%11.60%11.89%11.98%11.84%
No. of Shareholders 18,04118,42218,37519,68518,39518,28819,67419,74920,62521,62521,49920,215

Shareholding Pattern Chart

No. of Shareholders

Esab India Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
SBI Small Cap Fund 900,000 1.46 501.53900,0002025-04-22 14:12:250%
Nippon India Small Cap Fund 411,697 0.35 229.42326,8822025-12-08 07:42:1325.95%
SBI MNC Fund 250,000 2.49 139.31N/AN/AN/A
SBI Infrastructure Fund 166,000 2.04 92.578,3742025-12-07 04:11:33111.8%
SBI Retirement Benefit Fund - Aggressive Plan 60,850 1.11 33.9143,8502025-12-07 06:25:1238.77%
Sundaram Small Cap Fund 52,052 0.88 29.0153,0812026-02-21 08:57:43-1.94%
Aditya Birla Sun Life MNC Fund 30,533 0.5 17.0127,2892026-01-25 05:51:2011.89%
SBI Retirement Benefit Fund - Aggressive Hybrid Plan 27,100 0.91 15.142,1002025-12-07 06:12:15-35.63%
Sundaram Infrastructure Advantage Fund 25,000 1.52 13.93N/AN/AN/A
Sundaram Long Term Micro Cap Tax Advantage Fund - Series III 3,065 2.4 1.71N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 113.98105.9088.1654.7838.52
Diluted EPS (Rs.) 113.98105.9088.1654.7838.52
Cash EPS (Rs.) 123.68114.8695.8862.1446.13
Book Value[Excl.RevalReserv]/Share (Rs.) 234.73198.87169.12158.69168.43
Book Value[Incl.RevalReserv]/Share (Rs.) 234.73198.87169.12158.69168.43
Dividend / Share (Rs.) 90.0086.0078.0060.0044.00
Revenue From Operations / Share (Rs.) 892.44807.88708.77580.12444.84
PBDIT / Share (Rs.) 163.95152.16126.3781.3460.20
PBIT / Share (Rs.) 154.26143.20118.6573.9852.59
PBT / Share (Rs.) 153.16142.92118.4573.7952.33
Net Profit / Share (Rs.) 113.98105.9088.1654.7838.52
PBDIT Margin (%) 18.3718.8317.8214.0213.53
PBIT Margin (%) 17.2817.7216.7412.7511.82
PBT Margin (%) 17.1617.6916.7112.7111.76
Net Profit Margin (%) 12.7713.1012.439.448.66
Return on Networth / Equity (%) 48.5553.2552.1334.5222.87
Return on Capital Employeed (%) 63.6869.5567.5345.4230.41
Return On Assets (%) 27.1029.5728.6219.3315.27
Asset Turnover Ratio (%) 2.292.432.402.171.62
Current Ratio (X) 1.741.751.721.812.39
Quick Ratio (X) 1.261.271.121.251.78
Inventory Turnover Ratio (X) 11.354.854.594.954.09
Dividend Payout Ratio (NP) (%) 68.4371.7888.49118.66231.06
Dividend Payout Ratio (CP) (%) 63.0766.1881.37104.61192.95
Earning Retention Ratio (%) 31.5728.2211.51-18.66-131.06
Cash Earning Retention Ratio (%) 36.9333.8218.63-4.61-92.95
Interest Coverage Ratio (X) 150.19557.55627.35431.66225.98
Interest Coverage Ratio (Post Tax) (X) 105.42389.05438.68291.72145.61
Enterprise Value (Cr.) 6919.718003.205385.844620.732719.72
EV / Net Operating Revenue (X) 5.046.444.945.183.97
EV / EBITDA (X) 27.4234.1827.6936.9129.35
MarketCap / Net Operating Revenue (X) 5.106.514.995.234.03
Retention Ratios (%) 31.5628.2111.50-18.66-131.06
Price / BV (X) 19.3726.4420.9119.1010.65
Price / Net Operating Revenue (X) 5.106.514.995.234.03
EarningsYield 0.020.020.020.010.02

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Esab India Ltd. is a Public Limited Listed company incorporated on 10/11/1987 and has its registered office in the State of Tamil Nadu, India. Company's Corporate Identification Number(CIN) is L29299TN1987PLC058738 and registration number is 058738. Currently Company is involved in the business activities of Machining; treatment and coating of metals. Company's Total Operating Revenue is Rs. 1373.47 Cr. and Equity Capital is Rs. 15.39 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Welding EquipmentsPlot No.13, 3rd Main Road, Industrial Estate, Chennai (Madras) Tamil Nadu 600058Contact not found
Management
NamePosition Held
Mr. Kevin J JohnsonChairman
Mr. Rohit GambhirManaging Director
Mr. B MohanDirector & CFO
Ms. Cauvery DharmarajIndependent Director
Mr. N Ramesh RajanIndependent Director
Mr. Raja VenkataramanIndependent Director

FAQ

What is the intrinsic value of Esab India Ltd and is it undervalued?

As of 17 April 2026, Esab India Ltd's intrinsic value is ₹2338.04, which is 54.25% lower than the current market price of ₹5,111.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (52.3 %), book value (₹271), dividend yield (1.27 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Esab India Ltd?

Esab India Ltd is trading at ₹5,111.00 as of 17 April 2026, with a FY2026-2027 high of ₹6,425 and low of ₹4,130. The stock is currently in the middle of its 52-week range. Market cap stands at ₹7,868 Cr..

How does Esab India Ltd's P/E ratio compare to its industry?

Esab India Ltd has a P/E ratio of 40.2, which is above the industry average of 34.07. The premium over industry average may reflect growth expectations or speculative interest.

Is Esab India Ltd financially healthy?

Key indicators for Esab India Ltd: ROCE of 70.0 % indicates efficient capital utilization; ROE of 52.3 % shows strong shareholder returns. Dividend yield is 1.27 %.

Is Esab India Ltd profitable and how is the profit trend?

Esab India Ltd reported a net profit of ₹175 Cr in Mar 2025 on revenue of ₹1,373 Cr. Compared to ₹84 Cr in Mar 2022, the net profit shows an improving trend.

Does Esab India Ltd pay dividends?

Esab India Ltd has a dividend yield of 1.27 % at the current price of ₹5,111.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Esab India Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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