---
title: "ECE Industries Ltd (ECEIND) — Share Price, Financials & Analysis"
symbol: "ECEIND"
company: "ECE Industries Ltd"
canonical: "https://tapetide.com/stocks/ECEIND"
generated_at: "2026-10-13T10:58:21.779Z"
---

# ECE Industries Ltd (ECEIND)

Canonical page: https://tapetide.com/stocks/ECEIND

## Company

- **Stock Type:** EQUITY
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** eceindustriesltd.com

## Latest Price

## Key Insights

### Strengths

- Stock is trading at 0.67 times its book value

### Weaknesses

- Company has low interest coverage ratio.
- Company has a low return on equity of 9.11% over last 3 years.
- Earnings include an other income of Rs.10.6 Cr.
- Company has high debtors of 152 days.

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| net income growth | -83% | 45% | 66% |
| revenue growth | -3% | 18% | 18% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2016 | Jun 2016 | Sep 2016 | Dec 2016 | Mar 2017 | Jun 2017 | Sep 2017 | Dec 2017 | Mar 2018 | Jun 2018 | Sep 2018 | Dec 2018 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 49.91 | 60.32 | 57.77 | 60.32 | 82.32 | 56.72 | 41.73 | 67.98 | 93.59 | 52.33 | 55.2 | 62.61 |
| Expenses | 52.3 | 65.78 | 69.39 | 61.83 | 108.82 | 58.3 | 42.88 | 68.77 | 164.47 | 53.87 | 58.88 | 64.64 |
| Operating Profit | -2.39 | -5.46 | -11.62 | -1.51 | -26.5 | -1.58 | -1.15 | -0.79 | -70.88 | -1.54 | -3.68 | -2.03 |
| OPM % | -4.79 | -9.05 | -20.11 | -2.5 | -32.19 | -2.79 | -2.76 | -1.16 | -75.73 | -2.94 | -6.67 | -3.24 |
| Other Income | 4.36 | 0.38 | 16.78 | 5.8 | 56.85 | 10.33 | 6.37 | 5.89 | 149.09 | 3.98 | 7.54 | 7.28 |
| Interest | 0.49 | 0.85 | 0.85 | 0.92 | 1.07 | 1.06 | 0.98 | 1.45 | 29.41 | 1.43 | 1.23 | 1.27 |
| Depreciation | 0.48 | 0.55 | 0.55 | 0.54 | 0.5 | 0.44 | 0.46 | 0.46 | 0.41 | 0.43 | 0.42 | 0.42 |
| Profit before tax | 1 | -6.48 | 3.76 | 2.83 | 28.78 | 7.25 | 3.78 | 3.19 | 48.39 | 0.58 | 2.21 | 3.56 |
| Tax % | 50 | 0 | 25.27 | 21.2 | -4.55 | 30.34 | 21.16 | 10.97 | 6.14 | 0 | 24.43 | -4.21 |
| Net Profit | 0.5 | -6.48 | 2.81 | 2.23 | 30.1 | 5.05 | 2.98 | 2.83 | 45.42 | 0.58 | 1.67 | 3.72 |
| EPS in Rs | 0.65 | -8.39 | 3.64 | 2.89 | 38.96 | 6.54 | 3.86 | 3.66 | 58.79 | 0.75 | 2.16 | 4.81 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 147 | 185 | 190 | 136 | 113 | 179 | 155 | 261 | 260 | 253 |
| Expenses | 158 | 197 | 190 | 141 | 120 | 192 | 183 | 306 | 333 | 260 |
| Operating Profit | -10 | -12 | 1 | -5 | -7 | -14 | -27 | -45 | -73 | -7 |
| OPM % | -7 | -6 | 0.5 | -3.8 | -6 | -8 | -18 | -17 | -28 | -2.9 |
| Other Income | 24 | 19 | 8 | 12 | 12 | 20 | 32 | 80 | 172 | 11 |
| Interest | 3 | 3 | 3 | 3 | 2 | 3 | 3 | 6 | 34 | 7 |
| Depreciation | 1 | 1 | 2 | 2 | 2 | 3 | 2 | 2 | 2 | 2 |
| Profit before tax | 9 | 3 | 4 | 2 | 0 | 0 | -1 | 27 | 63 | -5 |
| Tax % | 14 | 18 | 26 | 58 | 32 | -106 | 83 | 1 | 10 | -84 |
| Net Profit | 8 | 2 | 3 | 1 | 0 | 1 | -1 | 27 | 56 | -1 |
| EPS in Rs | — | 2.38 | 3.54 | 1.22 | 0.23 | 1.28 | -1.42 | 34.83 | 72.85 | -1.13 |
| Dividend Payout % | 1 | 10 | 14 | 21 | 43 | 8 | 0 | 7 | 3 | -209 |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 4 | 9 | 8 | 8 | 8 | 8 | 8 | 7 | 7 | 7 |
| Reserves | 102 | 143 | 134 | 133 | 133 | 134 | 133 | 207 | 267 | 259 |
| Borrowings | 25 | 2 | 7 | 0 | 0 | 0 | 16 | 23 | 40 | 49 |
| Other Liabilities | 40 | 55 | 82 | 65 | 65 | 81 | 88 | 124 | 128 | 150 |
| Total Liabilities | 171 | 209 | 231 | 206 | 206 | 223 | 245 | 361 | 442 | 465 |
| Fixed Assets | 13 | 20 | 28 | 25 | 24 | 22 | 19 | 18 | 16 | 16 |
| CWIP | 2 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 3 | 2 | 2 | 65 | 78 | 91 | 100 | 202 | 227 | 221 |
| Other Assets | 154 | 184 | 202 | 116 | 104 | 110 | 125 | 141 | 198 | 228 |
| Total Assets | 171 | 209 | 231 | 206 | 206 | 223 | 245 | 361 | 442 | 465 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | -12 | 24 | 33 | 13 | 6 | 6 | -13 | 23 | 15 | -4 |
| Cash from Investing Activity | 7 | -33 | -13 | -21 | -3 | -3 | 11 | -19 | 1 | 0 |
| Cash from Financing Activity | -1 | 18 | -9 | -11 | -2 | -2 | 2 | -5 | -18 | 2 |
| Net Cash Flow | -6 | 9 | 11 | -19 | 1 | 2 | 0 | 0 | -2 | -3 |
| Free Cash Flow | -16 | 14 | 30 | 15 | 5 | 4 | 0 | 28 | 21 | -6 |
| CFO/OP | 86 | -186 | 3957 | -270 | -91 | -51 | 46 | -51 | -37 | 45 |

### Ratios

| Item | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 162 | 171 | 146 | 161 | 157 | 108 | 140 | 121 | 149 | 152 |
| Inventory Days | 216 | 85 | 99 | 106 | 135 | 76 | 124 | 59 | 56 | 100 |
| Days Payable | 91 | 57 | 120 | 132 | 169 | 125 | 152 | 103 | 119 | 156 |
| Cash Conversion Cycle | 287 | 199 | 125 | 134 | 124 | 59 | 112 | 78 | 85 | 96 |
| Working Capital Days | 273 | 224 | 182 | 123 | 110 | 40 | 73 | 10 | 35 | 37 |
| ROCE % | 3 | -1 | 7 | 6 | 1 | -1 | -3 | 5 | 31 | 3 |

## Shareholding Pattern

### annual

| Category | Mar 2017 | Mar 2018 | Mar 2019 |
| --- | --- | --- | --- |
| Promoters | 90.23% | 90.23% | 90.23% |
| DIIs | 0.01% | 0.01% | 0.01% |
| Public | 9.75% | 9.74% | 9.88% |
| No. of Shareholders | 3643 | 3214 | 3000 |

### Quarterly

| Category | Jun 2016 | Sep 2016 | Dec 2016 | Mar 2017 | Jun 2017 | Sep 2017 | Dec 2017 | Mar 2018 | Jun 2018 | Sep 2018 | Dec 2018 | Mar 2019 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 66.77% | 66.77% | 66.77% | 90.23% | 90.23% | 90.23% | 90.23% | 90.23% | 90.23% | 90.23% | 90.23% | 90.23% |
| DIIs | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
| Public | 33.21% | 33.21% | 33.2% | 9.75% | 9.75% | 9.75% | 9.75% | 9.74% | 9.75% | 9.75% | 9.75% | 9.88% |
| No. of Shareholders | 4251 | 4080 | 3770 | 3643 | 3567 | 3559 | 3282 | 3214 | 3153 | 3059 | 3043 | 3000 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Buy
- **Buy / Neutral / Sell:** 12 / 6 / 1

### Moving Averages — summary: **Strong Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 8.78 | Buy |
| EMA (10) | 8.79 | Buy |
| SMA (20) | 8.81 | Buy |
| EMA (20) | 8.74 | Buy |
| SMA (50) | 8.5 | Buy |
| EMA (50) | 8.55 | Buy |
| SMA (100) | 8.21 | Buy |
| EMA (100) | 8.4 | Buy |
| SMA (200) | 8.33 | Buy |
| EMA (200) | 8.45 | Buy |

### Oscillators — summary: **Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 55.59 | Neutral |
| MACD (12,26,9) | 0.08 | Sell |
| Stochastic (14,3,3) | 34.12 | Neutral |
| ADX (14) | 25.59 | Buy |
| Williams %R (14) | -57.4 | Neutral |
| ATR (14) | 0.59 | High Volatility |
| ROC (12) | 2.52 | Buy |
| Stoch RSI (14) | 66.48 | Neutral |
| UO (7,14,28) | 43.84 | Neutral |

## Filings & Documents

### Annual Reports

| Date | Document |
| --- | --- |
| 2014 | [Annual Report 2014](https://www.bseindia.com/bseplus/AnnualReport//5324910314.pdf) |
| 2013 | [Annual Report 2013](https://www.bseindia.com/bseplus/AnnualReport//5324910313.pdf) |
| 2013 | [Annual Report 2013](https://archives.nseindia.com/annual_reports/AR_1927_ECEIND_2012_2013_23092013100012.zip) |
| 2012 | [Annual Report 2012](https://www.bseindia.com/bseplus/AnnualReport//5324910312.pdf) |
| 2012 | [Annual Report 2012](https://archives.nseindia.com/annual_reports/AR_ECEIND_2011_2012_12102012052727.zip) |
| 2011 | [Annual Report 2011](https://archives.nseindia.com/annual_reports/AR_ECEIND_2010_2011_20092011094141.zip) |
| 2011 | [Annual Report 2011](https://www.bseindia.com/bseplus/AnnualReport//5324910311.pdf) |
| 2010 | [Annual Report 2010](https://archives.nseindia.com/annual_reports/AR_ECEIND_2009_2010_23092010120000.zip) |
| 2010 | [Annual Report 2010](https://www.bseindia.com/bseplus/AnnualReport//5324910310.pdf) |

### Credit Rating Reports

| Date | Document |
| --- | --- |
| 2026-05-12 | Credit rating update — Infomerics |
| 2026-03-31 | Credit rating update — Infomerics |
| 2025-08-08 | Credit rating update — Infomerics |
| 2025-05-26 | Credit rating update — Infomerics |
| 2025-02-28 | Credit rating update — India Ratings |
| 2025-01-07 | Credit rating update — India Ratings |
| 2024-12-26 | Credit rating update — India Ratings |
| 2024-03-29 | Credit rating update — Infomerics |

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Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-10-13T10:58:21.779Z.