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ICICI Direct IPO report on Elin Electronics

Elin Electronics (Elin) operates in the electronics manufacturing services (EMS) industry. It is a manufacturer of fractional horsepower motors, lighting, fans and small/ kitchen appliances, etc, for leading brands in India. Elin manufactures and assembles a wide range of products. It serves under both original equipment manufacturer (OEM) and original design manufacturer (ODM) business models • Among EMS players, the company has a market share of 12% in fractional horsepower motors, 7.2% in LED lighting & flashlights and 10.7% in small appliances as of FY21 • Consolidated revenues grew at a CAGR of ~18% over FY20-22.

Valuation and Outlook

We assign SUBSCRIBE rating to the IPO.

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21122022 - Elin Electronics -IPO - icici