---
title: "Electro Force (India) Ltd (EFORCE) — Share Price, Financials & Analysis"
symbol: "EFORCE"
company: "Electro Force (India) Ltd"
canonical: "https://tapetide.com/stocks/EFORCE"
isin: "INE0Q1W01012"
nse_symbol: "EFORCE"
sector: "Capital Goods"
industry: "Other Electrical Equipment"
market_cap_cr: 45.4
generated_at: "2026-09-13T18:57:11.551Z"
---

# Electro Force (India) Ltd (EFORCE)

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

## Company

- **NSE Symbol:** EFORCE
- **ISIN:** INE0Q1W01012
- **Sector:** Capital Goods
- **Industry:** Other Electrical Equipment
- **Macro Sector:** Industrials
- **Stock Type:** EQUITY
- **Listed Since:** 2023-12-27
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** electroforceindia.com

## About

Incorporated in 2010, Electro force (India) Ltd. manufactures electrical component products[1]

## Latest Price

- **Price:** ₹19.5
- **Change:** +0.1 (+0.52%)
- **Open:** ₹19.4
- **Day High:** ₹20.65
- **Day Low:** ₹19.4
- **Previous Close:** ₹19.4
- **Volume:** 13200
- **As Of:** 2026-09-11T09:30:07+00:00

## Key Fundamentals

Observed at 2026-09-11T04:38:17.774013Z.

- **Market Cap:** ₹45.4 Cr
- **Classification:** SME
- **P/E (reported):** 71.8
- **Book Value:** ₹30.82
- **Price to Book:** 0.63
- **Dividend Yield:** 0%
- **ROE:** 1.79%
- **ROCE:** 2.47%
- **Debt to Equity:** 0
- **Revenue (yearly):** ₹19.21 Cr
- **Net Income:** ₹0.64 Cr
- **EBITDA:** ₹-0.79 Cr
- **52-Week High:** ₹47
- **52-Week Low:** ₹16.15
- **RSI (14):** 42.07

## Tapetide Score

- **Score:** 43 / 100
- **Score date:** 2026-09-04
- **Archetype:** Expensive and Under Pressure
- **What it means:** The multiple is demanding and the trend has turned against it, without the financial strength that would justify paying up. What matters is whether the de-rating stops at the multiple or starts showing up in the numbers.
- **Pillar profile:** Quality: Average · Valuation: Expensive · Momentum: Falling
- **Percentile:** 22.3 (of 4473 scored stocks)
- **Confidence:** 88%
- **Data coverage:** 76%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 86.61 | 9% |
| growth | 1.1 | 9% |
| momentum | 19.8 | 12% |
| ownership | 50 | 24% |
| quality | 56.42 | 22% |
| valuation | 36.32 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Strengths

- Company is almost debt free.
- Stock is trading at 0.63 times its book value

### Weaknesses

- Though the company is reporting repeated profits, it is not paying out dividend
- The company has delivered a poor sales growth of 4.13% over past five years.
- Company has a low return on equity of 4.10% over last 3 years.
- Earnings include an other income of Rs.2.17 Cr.
- Company has high debtors of 405 days.
- Working capital days have increased from 647 days to 953 days

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| cash flow growth | 138.25% | — | 465.35% |
| ebitda margin growth | -185.85% | -115.79% | -111.13% |
| net income growth | -50.77% | -57% | 18% |
| revenue growth | -63.96% | -14% | 4% |
| roce | -78.06% | -95.73% | 19.61% |
| roe | -78.14% | 17.34% | -101.37% |

## Financial Statements

### Quarterly Results

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

| Item | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 17.94 | 23.1 | 13.33 | 15.58 | 36.81 | 9.56 | 9.65 |
| Expenses | 11.28 | 13.31 | 14.69 | 15.17 | 35.85 | 9.5 | 10.5 |
| Operating Profit | 6.66 | 9.79 | -1.36 | 0.41 | 0.96 | 0.06 | -0.85 |
| OPM % | 37.12 | 42.38 | -10.2 | 2.63 | 2.61 | 0.63 | -8.81 |
| Other Income | 0.04 | 0.04 | 0.1 | 0.01 | 0.93 | 1.37 | 0.8 |
| Interest | 0 | 0.01 | 0.02 | 0.01 | 0.02 | 0.05 | 0.03 |
| Depreciation | 0.35 | 0.32 | 0.33 | 0.27 | 0.27 | 0.22 | 0.22 |
| Profit before tax | 6.35 | 9.5 | -1.61 | 0.14 | 1.6 | 1.16 | -0.3 |
| Tax % | 29.61 | 25.16 | -16.15 | 28.57 | 26.88 | 25.86 | -20 |
| Net Profit | 4.47 | 7.11 | -1.36 | 0.1 | 1.18 | 0.86 | -0.23 |
| EPS in Rs | 2.57 | 4.09 | -0.58 | 0.04 | 0.5 | 0.37 | -0.1 |

### Profit & Loss

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

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 14.49 | 15.69 | 34.4 | 30.25 | 36.44 | 52.39 | 19.21 |
| Expenses | 14.81 | 17.24 | 23 | 18.55 | 27.55 | 50.83 | 20.01 |
| Operating Profit | -0.32 | -1.55 | 11.4 | 11.7 | 8.89 | 1.56 | -0.8 |
| OPM % | -2.21 | -9.88 | 33.14 | 38.68 | 24.4 | 2.98 | -4.16 |
| Other Income | 1.69 | 0.13 | 0.04 | 0.04 | 0.14 | 0.94 | 2.17 |
| Interest | 0.08 | 0.06 | 0.01 | 0.36 | 0.49 | 0.22 | 0.07 |
| Depreciation | 0.98 | 0.79 | 0.84 | 0.7 | 0.66 | 0.54 | 0.43 |
| Profit before tax | 0.31 | -2.27 | 10.59 | 10.68 | 7.88 | 1.74 | 0.87 |
| Tax % | 0 | -1.32 | 18.41 | 27.72 | 27.16 | 26.44 | 26.44 |
| Net Profit | 0.31 | -2.24 | 8.64 | 7.72 | 5.75 | 1.28 | 0.63 |
| EPS in Rs | 0.62 | -4.48 | 17.28 | 4.44 | 2.46 | 0.55 | 0.27 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 |

### Balance Sheet

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

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 5 | 5 | 5 | 17.4 | 23.4 | 23.4 | 23.4 |
| Reserves | -0.94 | -3.29 | 5.36 | 0.95 | 46.8 | 48.08 | 48.71 |
| Borrowings | 5.37 | 5.87 | 8.78 | 0 | 0 | 0 | 0 |
| Other Liabilities | 7.02 | 9.62 | 28.69 | 53.97 | 15.45 | 4.89 | 5.38 |
| Total Liabilities | 16.45 | 17.2 | 47.83 | 72.32 | 85.65 | 76.37 | 77.49 |
| Fixed Assets | 4.44 | 7.37 | 3.41 | 3.08 | 2.81 | 2.3 | 1.92 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 18.1 | 18.1 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 12.01 | 9.83 | 44.42 | 69.24 | 82.84 | 55.97 | 57.47 |
| Total Assets | 16.45 | 17.2 | 47.83 | 72.32 | 85.65 | 76.37 | 77.49 |

### Cash Flow

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

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 4.32 | 3.03 | 3.59 | -0.23 | -44.79 | 17.13 | -2.59 |
| Cash from Investing Activity | -0.65 | -3.67 | 3.16 | -0.33 | -1.06 | -16.4 | 2.12 |
| Cash from Financing Activity | -3.37 | 0.43 | 2.9 | -8.78 | 46.06 | -0.02 | -0.07 |
| Net Cash Flow | 0.3 | -0.21 | 9.65 | -9.35 | 0.21 | 0.71 | -0.54 |
| Free Cash Flow | 3.62 | -0.69 | 6.72 | -0.6 | -45.17 | -1 | -2.64 |
| CFO/OP | -1350 | -195 | 31 | 16 | -471 | 1233 | 256 |

### Ratios

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 100.76 | 130.04 | 42.02 | 80.48 | 42.17 | 144.7 | 405.09 |
| Inventory Days | 162.68 | 52.04 | 37.1 | 297.34 | 160.8 | 104.3 | 294.93 |
| Days Payable | 70.08 | 98.82 | 78.57 | 91.31 | 64.03 | 29.12 | 109.81 |
| Cash Conversion Cycle | 193.36 | 83.26 | 0.55 | 286.51 | 138.95 | 219.89 | 590.21 |
| Working Capital Days | 100.26 | -12.1 | 52.31 | 166.39 | 649.47 | 338.66 | 952.88 |
| ROCE % | — | -25.98 | 79.34 | 58.9 | 18.9 | 2.77 | 1.31 |

## Shareholding Pattern

### Quarterly

| Category | Dec 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Promoters | 62.93% | 62.93% | 62.49% | 62.93% | 62.89% | 62.89% |
| FIIs | 0% | 0% | 0% | 0% | 0% | 0% |
| DIIs | 0% | 0% | 0% | 0% | 0% | 0% |
| Government | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 27.47% | 32.01% | 32.69% | 33.12% | 33.35% | 33.86% |
| Others | 9.6% | 5.07% | 4.82% | 3.95% | 3.76% | 3.25% |
| No. of Shareholders | 5854 | 4090 | 3715 | 3459 | 3422 | 3281 |

## Technical Indicators

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

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 3 / 5 / 11

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

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 19.93 | Sell |
| EMA (10) | 19.88 | Sell |
| SMA (20) | 20.42 | Sell |
| EMA (20) | 20.28 | Sell |
| SMA (50) | 21.12 | Sell |
| EMA (50) | 21.17 | Sell |
| SMA (100) | 22.94 | Sell |
| EMA (100) | 22.87 | Sell |
| SMA (200) | 26.77 | Sell |
| EMA (200) | 26.71 | Sell |

### Oscillators — summary: **Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 42.83 | Neutral |
| MACD (12,26,9) | -0.5 | Sell |
| Stochastic (14,3,3) | 14.29 | Buy |
| ADX (14) | 9.66 | Neutral |
| Williams %R (14) | -85.71 | Buy |
| ATR (14) | 1.05 | High Volatility |
| ROC (12) | 0.26 | Buy |
| Stoch RSI (14) | 44.77 | Neutral |
| UO (7,14,28) | 36.23 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 9 April 2026 - Ms. Priyanka Yadav resigned as Independent Director effective 3 April 2026. | [Resignation 9 April 2026 - Ms. Priyanka Yadav resigned as Independent Director effective 3 April 2026.](https://nsearchives.nseindia.com/corporate/ELECTROFORCE_09042026184607_Intimation_Final_signed.pdf) |
| 9 April 2026 - ELECTRO FORCE (INDIA) LIMITED has informed about Resignation of Independent director. | [Resignation of Independent director 9 April 2026 - ELECTRO FORCE (INDIA) LIMITED has informed about Resignation of Independent director.](https://nsearchives.nseindia.com/corporate/EFORCE_ROID_82069_KMP_Doc.zip) |
| 8 April 2026 - Investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, has written … | [Price movement 8 April 2026 - Investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, has written …](https://www.nseindia.com/companies-listing/corporate-filings-announcements?symbol=EFORCE&tabIndex=sme) |
| 7 Sep - 16th AGM scheduled for 30 September 2026 at 2:00 P.M. through VC/OAVM. | [Copy of Newspaper Publication 7 Sep - 16th AGM scheduled for 30 September 2026 at 2:00 P.M. through VC/OAVM.](https://nsearchives.nseindia.com/corporate/ELECTROFORCE_07092026164220_Covering_Final_Signed.pdf) |
| 6 May 2026 - Promoter group disclosed no share encumbrance during FY ended March 31, 2026. | [Disclosure under SEBI Takeover Regulations 6 May 2026 - Promoter group disclosed no share encumbrance during FY ended March 31, 2026.](https://nsearchives.nseindia.com/corporate/team_sandeshc_16042026120154_disc5.pdf) |
| 5 Sep - Electro Force 16th AGM on September 30, 2026; annual report filed, secretarial auditor appointment proposed. | [Shareholders meeting 5 Sep - Electro Force 16th AGM on September 30, 2026; annual report filed, secretarial auditor appointment proposed.](https://nsearchives.nseindia.com/corporate/ELECTROFORCE_05092026151415_Submission_of_Notice_Final_Signed.pdf) |
| 5 Sep - 16th AGM on September 30, 2026 at 2:00 P.M. via VC/OAVM; newspaper clipping published. | [Copy of Newspaper Publication 5 Sep - 16th AGM on September 30, 2026 at 2:00 P.M. via VC/OAVM; newspaper clipping published.](https://nsearchives.nseindia.com/corporate/ELECTROFORCE_05092026134945_Covering_Letter_Signed.pdf) |
| 4 Sep - Board approved secretarial auditor appointment for 2026-2031 and fixed AGM on September 30, 2026. | [Change in Auditors 4 Sep - Board approved secretarial auditor appointment for 2026-2031 and fixed AGM on September 30, 2026.](https://nsearchives.nseindia.com/corporate/ELECTROFORCE_04092026195853_Outcome_of_BM.pdf) |
| 4 Sep - Board appointed Ketan Vyas as secretarial auditor for five years; AGM set for September 30, 2026. | [Outcome of Board Meeting 4 Sep - Board appointed Ketan Vyas as secretarial auditor for five years; AGM set for September 30, 2026.](https://nsearchives.nseindia.com/corporate/ELECTROFORCE_04092026194910_Outcome_of_BM.pdf) |
| 30 May - FY26 SDD compliance certificate filed; 4 of 6 required events captured, no non-compliance noted. | [Structural Digital Database 30 May - FY26 SDD compliance certificate filed; 4 of 6 required events captured, no non-compliance noted.](https://nsearchives.nseindia.com/corporate/ELECTROFORCE_30052026185011_Covering_SDD_Certificate_Final.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2026 from nse](https://archives.nseindia.com/annual_reports/SME_AR_31513_EFORCE_2025_2026_A_1629951_05092026152731.pdf) |
| from nse | [Annual Report 2025 from nse](https://archives.nseindia.com/annual_reports/SME_AR_28625_EFORCE_2024_2025_A_5806557_05092025182143.pdf) |
| from nse | [Annual Report 2024 from nse](https://archives.nseindia.com/annual_reports/SME_AR_26377_EFORCE_2023_2024_07122024191154.pdf) |

---

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 2026-09-13T18:57:11.551Z.