ESAB India Ltd - Healthy growth, sharper margins | Q1FY27 Company Update
26 Aug 2026
Companies Updates
ESAB India delivered a strong Q1FY27, with healthy revenue growth and robust operating leverage driving sharp improvement in margins and profitability. We remain constructive on its medium-term outlook, supported by its premium portfolio and structural tailwinds from manufacturing, infrastructure, energy, defense and increasing automation. We upgrade the rating to BUY from ACCUMULATE and raise TP to Rs 7,871 (from Rs 7,538), reflecting improved earnings momentum. We estimate revenue/EBITDA/Adjusted PAT CAGR of 12.5%/16.9%/13.4% over FY26-28E.
ESAB India Ltd. Stock Price Chart
Strong revenue growth; margins expand sharply:
ESAB India reported a strong Q1FY27, with revenue rising 19.6% YoY to Rs 4,211mn, supported by healthy demand across key segments. EBITDA grew 33.8% YoY to Rs 792mn, with EBITDA margin expanding 200bps YoY to 18.8%, aided by strong gross-margin expansion and operating leverage. PAT increased 37.1% YoY to Rs 561mn. Sequentially, revenue/EBITDA/PAT grew 6.4%/26.1%/28.9%, while EBITDA margin expanded 294bps QoQ, underscoring improving operating efficiency. We believe that part of the topline growth was driven by 10-15% ASP increases in welding electrodes as induced from our channel checks and the rest from the pent-up demand as activity in Q4 was muted.
ESAB continues to retain margin leadership versus peers:
While Ador Welding reported a healthy Q1FY27 topline growth of 22.9% and an improved EBITDA margin of 11.5%, up 220 bps YoY, ESAB India grew at similar scale but maintained a significant profitability advantage, with EBITDA margin expanding to 18.8% (+200bps YoY). We believe ESAB India’s premium portfolio, stronger technology access and operating efficiency should continue to support its superior margin profile and competitive edge over peers.
Structural tailwinds remain favorable:
India’s ongoing manufacturing localization, infrastructure build-out and rising investments across power and energy should sustain healthy medium-term demand for welding consumables, equipment and automation solutions. Increasing adoption of automation and higher-value fabrication technologies, alongside sustained capex in defense, heavy engineering, renewables and industrial infrastructure, should provide multiple avenues for ESAB India to deepen its presence beyond traditional welding applications.
Valuation and rating:
We have maintained our FY27E/FY28E revenue/ EBITDA/PAT estimates but raised our TP to Rs 7,871 (from Rs 7,538) due to valuation rollover. Our attributed valuation multiples also remain unchanged at 45.0x P/E and 30.0x EV/EBITDA applied to June’28E estimates. We upgrade the rating to BUY from ACCUMULATE, supported by healthy earnings momentum and a favorable medium-term outlook, with structural tailwinds from industrial capex. Key risks: (i) economic downturn derailing growth, and (ii) increase in competition affecting product prices and margins.
Company website: https://esab.com/
| Rating | BUY |
|---|---|
| CMP | INR 5,823 |
| Target Price | INR 7,871 |
| Upside | 35% |
Click to download the full ESAB India Ltd. Q1FY27 Company Update
Analyst:
- Mohit Surana - Senior Research Analyst, Institutional Equities (NISM-202300189881)
ESAB India Q1FY27 related Frequently Asked Questions (FAQ)
How did ESAB India perform in Q1FY27?
ESAB India reported 19.6% YoY revenue growth to ₹4.21 billion. EBITDA increased 33.8% to ₹792 million, while PAT grew 37.1% to ₹561 million.
What happened to ESAB India's EBITDA margin?
EBITDA margin expanded 200 basis points YoY to 18.8%, supported by gross-margin improvement and operating leverage. The margin also increased sequentially during the quarter.
What are ESAB India's key growth drivers?
Key drivers include manufacturing localization, infrastructure investment, power and energy spending, defence capex, heavy engineering, renewables and increasing adoption of automation and higher-value fabrication technologies.
Why does ESAB India maintain a margin advantage?
Its premium portfolio, technology access and operating efficiency support a stronger profitability profile compared with the peer comparison cited in the supplied research.
What is the target price for ESAB India?
The supplied research assigns a BUY rating and a target price of ₹7,871 versus the reported CMP of ₹5,823. This is an analyst estimate and does not guarantee future returns.
What are the key risks for ESAB India?
Key risks include an economic slowdown that could weaken industrial demand and increasing competition that may pressure product pricing and margins.
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Sundram Fasteners Ltd. - Steady Domestic Momentum Offsets Export Weakness; upgrade to Accumulate - Company Update
We increase target price to Rs 1085 (previously Rs1030) and upgrade our rating to Accumulate for Sundram Fasteners Ltd. (SFL) due to steep correction in share price. Increase in TP is mainly due to valuation roll forward. SFL’s performance in 2QFY2...
Ratnamani Metals and Tubes Ltd. - Subsidiaries outperform | Company Update
We increase target price to Rs 2710 (previously 2690) and upgrade to Accumulate rating. Increase in target price is due to valuation roll forward. In 2QFY26, the core pipes business saw modest growth as strong offtake was offset by weak realizations....
