Tata Elxsi Limited

BSE

TATAELXSI

Stock

Yield per half year: +11.8%
Dividend yield: 1.09%

Reporting Tata Elxsi Limited

Capitalization

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Average for 5 years	CAGR 5
Capitalization, bln ₹									341.16	341.16	341.16	0.00
Revenue, bln ₹			15.97	16.1	18.26	24.71	31.45	35.52	37.29	37.29	29.45	15.35
Net profit, bln ₹	1.75	2.4	2.9	2.56	3.68	5.5	7.55	7.92	7.85	7.85	6.50	16.36
EV, bln ₹										441.75
EBIT, bln ₹	2.7	3.21	3.9	3	4.78	7.1					4.40	17.21
EBITDA, bln ₹			4.26	4.01	5.62	8.1	10.35			10.35	6.47	19.43
OIBDA ₹					6.81	9.85	11.68				9.45	19.70
Book value, bln ₹			9.43	10.9	13.52	16.01	20.86	25.06	28.61	28.61	20.81	16.17
FCF, bln ₹			1.83	2.33	3.99	4.12	4.23	6.18	7.96	7.96	5.30	14.81
Operating Cash Flow, bln ₹	1.44	1.97	2.15	2.56	4.37	4.83	4.87	7.01	8.12	8.12	5.84	13.19
Operating profit, bln ₹			4.01	3.12	4.87	7.24	8.88	9.59	9.01	9.01	7.92	13.09
Operating expenses, bln ₹			11.96	12.98	13.39	17.47	22.57	25.93	28.28	28.28	21.53	16.13
CAPEX, bln ₹	0.2615	0.118	0.3152	0.2311	0.3884	0.7119	0.641	0.8302	0.1634	0.1634	0.5470	-15.90

	2019Q4	2020Q1	2020Q2	2020Q3	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Average for 5 quarters	CAGR 5
Revenue, bln ₹											8.38	8.5	8.82	9.14	9.06	9.26	9.55	9.39	9.08	8.92	9.24	-0.75
Net profit, bln ₹											2.02	1.89	2	2.06	1.97	1.84	2.29	1.99	1.72	1.44	1.86	-4.78
EBIT, bln ₹	0.8297	1.19	0.8189	1.07						2.25			2.39								1.54	14.97
EBITDA, bln ₹					1.86	2.17	2.39	2.48	2.45	2.66	2.75	2.74									2.62	2.01
Book value, bln ₹					12.91		16.01		16.92		20.86		20.96		25.06		24.87		28.6		24.07	6.51
Operating profit, bln ₹											2.29	2.3	2.39	2.45	2.46	2.25	2.39	2.21	2.16	1.62	2.13	-6.36
Operating expenses, bln ₹											6.09	6.2	6.43	6.7	6.6	7.01	7.16	7.19	6.93	7.3	7.12	0.81

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Average for 5 years	CAGR 5
Cash, bln ₹			0.5371	2.28	1	1.51	1.34	1.33	1.35	1.35	1.31	6.19
Short-Term Investments ₹			4.57	4.3	7.52	8.05	10.48	12.47	14.95	14.95	10.69	14.73
Accounts Receivable ₹	2.96	3.95	4.7	3.92	4.89	5.54	8.57	8.28	8.02	8.02	7.06	10.40
Total Current Assets ₹	5.67	8.05	10.08	12.01	13.91	16.96	23.13	25.37	27.97	27.97	21.47	14.99
Net assets, bln ₹	0.9331	0.838	0.877	1.35	1.58	2.73	23.13			16.96	5.93	92.41
Assets, bln ₹			11.43	13.89	17.17	21.69	27.64	31.87	35.86	35.86	26.85	15.87
Liabilities, bln ₹			2.01	2.99	3.65	5.68	6.78	6.81	7.26	7.26	6.04	14.74
Debt, bln ₹										1.82
Interest Income ₹			0.2841	0.3311	0.2901	0.3042	0.5315				0.3482	13.35
Interest Expense, bln ₹				0.0556	0.0593	0.0934	0.162	0.2026	0.1898	0.1898	0.1414	26.20
Net interest income, bln ₹			0.2737	0.263	0.2196	0.1994	0.3587	0.9333		0.5315	0.3948	28.83
Cost of production, bln ₹			0.989	0.8108	0.8704	14.14	17.47	20.05	21.69	21.69	14.84	90.24
Inventory ₹			0.0166	0.0171	0.000629	0.0057	0.0039	0.0111		0.0111	0.0077	-8.28

	2020Q1	2020Q3	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Average for 5 quarters	CAGR 5
Cash, bln ₹			1.3		1.51		1.42		1.34		1.37		1.33		1.02		1.35		1.28	0.15
Short-Term Investments ₹			8.37		8.05		8.42		10.48		10.81		12.47		12.61		14.54		12.18	6.77
Accounts Receivable ₹	5.18	3.59	4.14		6.73		6.07		8.57		8.85		8.28		8.11		8.02		8.37	-1.32
Total Current Assets ₹	12.01	12.43	14.36		16.96		17.99		23.13		22.53		25.37		25.26		27.97		24.85	3.87
Net assets, bln ₹	1.35	1.3	14.36		16.96		17.99		23.13		3.8								15.25	-23.35
Assets, bln ₹			17.16		21.69		23.06		27.64		28.13		31.87		31.85		35.86		31.07	5.35
Liabilities, bln ₹			4.25		5.68		6.14		6.78		7.16		6.81		6.99		7.26		7.00	1.38
Interest Expense, bln ₹									0.0412	0.0392	0.0581	0.0555	0.0497	0.0489	0.0485	0.0465	0.0459	0.0456	0.0471	-1.39
Net interest income, bln ₹			-0.0159	-0.0301	0.2618	-0.0336	-0.0426	-0.0447	-0.0412	-0.0392	-0.0581	-0.0555							-0.0477	4.42
Cost of production, bln ₹									4.85	5.01	5.27	5.4	4.37	5.49	5.74	5.71	4.75	5.96	5.53	1.66
Inventory ₹	0.0171				0.0057		0.000379		0.0039		0.0021		0.0111						0.0046	14.26

Share

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Average for 5 years	CAGR 5
EPS	27.83	38.55	46.56	41.12	89.17	88.26	121.26	127.21	126.03	126.03	110.39	7.16
Share price	976.65	1020.7	825.6	1832.85	5867.8	6287.1	8757.7	6794	5477.85	5477.85	6636.89	-1.37
Number of shares, mln			62.28	62.28	62.28	62.28	62.28	62.28	62.28	62.28	62.28	0.00
FCF/share			29.45	37.47	64	66.13	67.88	99.27	127.74	127.74	85.00	14.82

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q3	2025Q1	2025Q2	2025Q3	Average for 5 quarters	CAGR 5
EPS	29.66	27.98	31.26	32.36	30.32	32.12	33.14	31.62	36.84	27.68			32.28	-2.93
Share price	8123.38	8818.57	7039.13	6350.61	7059.87	7304.54	8091.8			5565.85	6392.7	5477.85	6566.55	-5.59

	Average for 5 quarters	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
ROE, %	30.76	23.49	27.22	37.23	36.21	31.62	27.44	27.44	22.89	31.94	0.16
ROA, %	25.36	18.44	21.44	28.29	27.33	24.86	21.89	21.89	13.61	24.76	0.42
ROS, %	18.16	15.91	20.16	22.25	24.01	22.3	21.05	21.05	17.70	21.95	0.87
ROCE, %	41.36	27.48	35.35	40.39			0	0	4.81	36.14	-0.59
EBIT margin		18.61	26.18	28.75			0	0	4.20	24.51	15.60
EBITDA margin	26.7	24.93	30.78	32.79	32.92		27.76	27.76	22.84	29.84	2.17
Net margin	18.16	15.91	20.16	22.25	24.01	22.3	21.05	21.05	17.70	21.95	0.87
Operational efficiency, %	25.12	19.39	26.68	29.3	28.24	27.01	24.15	24.15	17.50	27.08	-1.97
FCF yield, %							2.33	2.33	2.23	2.33	0.00

	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
ROE, %	9.71		10		10.3		14.62		12.55		10.87		9.23		6.03			22.89	10.66	-16.23
ROA, %	7.3		7.38		7.56		14.58		7.17		6.56		7.2		4.81			13.61	8.06	-19.89
ROS, %								22.21	22.69	22.58	21.74	19.87	24.02	21.19	18.98	16.18	21.05	17.70	20.28	-2.61
ROCE, %									10.95									4.81	10.95	0.00
EBIT margin									27.05									4.20	27.05	0.00
EBITDA margin	31.26	34.21	35.09	34.23	32.13	32.53	32.87	32.19								29.14	27.76	22.84	30.90	-3.12
Net margin							24.05	22.21	22.69	22.58	21.74	19.87	24.02	21.19	18.98	16.18		17.70	20.05	-4.03
Operational efficiency, %								27.06	27.05	26.77	27.16	24.31	25.05	23.49	23.73	18.21	24.15	17.50	22.93	-0.73

Coefficients

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
P/E	20.69	14.45	44.82	100.97	49.16	60.24	43.46	43.46	47.68	59.73	-0.61
P/BV	6.36	3.39	12.2	34.67	17.8	19.05	11.93	11.93	7.61	19.13	-0.45
P/S	3.76	2.3	9.03	22.46	11.81	13.44	9.15	9.15	5.55	13.18	0.26
P/FCF					106.79	73.07	42.88	42.88	211.46	74.25	-26.23
E/P					0.0167	0.0175	0.023	0.023	0.04	0.0191	11.26
EV/EBIT						0	0	0	10.64
EV/EBITDA								41.68	16.19
EV/S					14.05	12.44	11.85	11.85	5.03	12.78	-5.52
EV/FCF						71.46	55.52	55.52	207.42	63.49	-11.86
Debt/EBITDA					0.1758	0.1758	0.1758	0.1758	1.40	0.1758	0.00
Netdebt/Ebitda					0	0	0	0	1.13
Debt/Ratio					0.0658	0.0571	0.0508	0.0508	0.14	0.0579	-8.26
Debt/Equity					0.1073	0.1073	0.2538	0.2538	0.93	0.1561	33.24
Debt/Net Income					0.2411	0.2297	0.2319	0.2319	6.82	0.2342	-1.29
PEG							-2.5	-2.5	0.35	-2.5000	0.00
Beta					1.68	2.12	-1.97	-1.97	0.66	0.6100	-205.45
Altman Index					21.64	18.89	13.28	13.28	9.42	17.94	-15.02

	2021Q3	2022Q1	2022Q3	2023Q1	2023Q3	2024Q1	2024Q3	2025Q1	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
P/E	287.19	194.5	159.9	98.79	78.1	120.24	76.83	40.67			47.68	82.93	-16.26
P/BV	27.89	34.67	31.59	17.8	21.45	19.05	19.35	11.36			7.61	17.80	-8.59
P/S	60.46	43.46	36.99	23.19	18.11	26.7	17.55	8.9			5.55	18.89	-17.43
P/FCF									73.07	42.88	211.46	57.97	-23.39
E/P									0.0175	0.023	0.04	0.0203	14.64
EV/S									12.44	11.85	5.03	12.14	-2.40
EV/FCF									71.46	55.52	207.42	63.49	-11.86
Debt/EBITDA									0.1758	0.1758	1.40	0.1758	0.00
Debt/Ratio									0.0571	0.0508	0.14	0.0539	-5.68
Debt/Equity									0.2719	0.2538	0.93	0.2629	-3.39
Debt/Net Income									0.2297	0.2319	6.82	0.2308	0.48
PEG									-3.43	-2.5	0.35	-2.9650	-14.63
Beta								2.41	1.85	-1.97	0.66	0.7633	-193.50
Altman Index								18.89	19.05	13.28	9.42	17.07	-11.08

	Industry average	Average for 5 quarters	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
Dividend payout, bln	0.5247	0.5996	0.8259	1.01	1.03	2.65	3.77	4.36		4.36		2.56	33.98
Dividend	16	11	13.5	16.5	48	42.5	60.6	70	75	75		59.22	9.34
Dividend yield, %	1.17	0.9548	1.64	1.53	1.14	0.5693	0.5566	0.8715	1.09	1.09	1.05	0.8455	-0.89
Dividends / profit, %	30.02	24.98	28.48	39.58	27.91	27.19	35.05	47.64	55.54	55.54	31.39	38.67	14.75
Dividend coverage ratio					2.46	2.08	2	1.82	1.8	1.8	86.71	2.03	-6.06

	2014Q3	2015Q3	2016Q3	2017Q3	2018Q3	2019Q3	2020Q3	2021Q2	2022Q2	2023Q2	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
Dividend	9	16.5	14	16	11	13.5	16.5	48	42.5	60.6				36.22	35.03
Dividend yield, %	1.48	0.9751	0.868	1.02	0.7965	1.96	1.55	1.38	0.5232	0.8584			1.05	1.25	-15.22
Dividend coverage ratio											1.82	1.8	86.71	1.81	-0.55

	Industry average	Average for 5 quarters	CAGR 5

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Other

IFRS

Reporting Annual

	2021	2022	2023	2024	2025	LTM	CAGR 5
CAPEX/Revenue, %	2.13	2.88	2.04	2.34	0.4382	0.4382	-27.11
Staff, people			11 639	11 639			0.00

	CAGR 5

	CAGR 5