Salzer Electronics Limited — Investor Meet, 28-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Salzer Electronics reported Q4 revenues up 15% YoY to INR336 Cr, led by industrial switchgear (+21%) and wires & cables (+8%). Full-year revenue grew 22% to INR1,383 Cr with PAT up 44% to INR62 Cr. EBITDA margin slipped to 7% in Q4 due to smart meter expenses but full-year margin stood at 9%. The smart meter business secured another INR50 Cr order, targeting INR400–500 Cr revenue in FY26 with 12-14% EBITDA margin. BBMP order worth INR192 Cr and growing exports (27% revenue share) add momentum. Industrial segments operate below full capacity, allowing organic growth before expansion. EV charging aims for 1,000 DC fast chargers in FY26 with break-even on the horizon. Working capital rose with smart meter scale-up; borrowing cost steady. Management remains optimistic on 18-20% revenue growth and margin improvement as smart meter volumes rise.