Elin Electronics IPO

Elin Electronics Limited is a leading electronics manufacturing services (EMS) manufacturer of end-to-end product solutions for major brands of lighting, fans, and small/ kitchen appliances in India, and is one of the largest fractional horsepower motors manufacturers in India.

Based on its overall market, the company is projected to be the largest players in this category, with a market share of 12% in Fiscal 2021. In addition, it is one of the key players in LED lighting and flashlight with EMS market share of approximately 7% in Fiscal 2021, and is also one of the key players in small appliances vertical with EMS market share of 10.7% in Fiscal 2021. (Source: F&S Report).

The company manufactures and assembles a wide array of products and provide end-to-end product solutions. It serves under both original equipment manufacturer (OEM) and original design manufacturer (ODM) business models. The company’s key diversified product portfolio in EMS includes (i) LED lighting, fans and switches including lighting products, ceiling, fresh air and TPW fans, and modular switches and sockets; (ii) small appliances such as dry and steam irons, toasters, hand blenders, mixer grinders, hair dryer and hair straightener; (iii) fractional horsepower motors, which is used in mixer grinder, hand blender, wet grinder, chimney, air conditioner, heat convector, TPW fans etc.; and (iv) other miscellaneous products such as terminal block for air conditioners, stainless steel blade for mixer grinders, die casting, radio sets.

In addition to its EMS offerings, the company also manufactures medical diagnostic cartridges for use in diagnostic devices, and plastic moulded and sheet metal parts and components, largely for customers in the auto ancillary and consumer durables sectors. It manufactures and sells fractional horsepower motors in its own brand name “Elin”.

The company’s key customers by business verticals include:

• LED lighting, fans and switches: Signify Innovations and Eveready

• Small appliances: Philips, Bosch, Faber, Panasonic and Usha

• Fractional horsepower motors: Havells, Bosch, Faber, Panasonic, Preethi (owned by Philips), Groupe SEB (Maharaja brand) and Usha

• Medical diagnostic cartridges: Molbio Diagnostics Private Limited, and

• Moulded and sheet metal parts and components: Denso and IFB

The company has three manufacturing facilities which are strategically located in Ghaziabad (Uttar Pradesh), Baddi (Himachal Pradesh) and Verna (Goa). It also has a centralized R&D centre in Ghaziabad (Uttar Pradesh).