Ekagra Defence
Ekagra Defence Electronics Private Limited
- CIN
- U31909PN2013PTC148821
- ISIN
- —
- Incorporated
- 7 Oct 2013
- Registered state
- Maharashtra
Prices shown are indicative, dealer-quoted and updated periodically — they are not exchange-traded prices and may differ from the price at which a transaction is finally executed.
Business overview
Ekagra Defence Electronics Private Limited designs electronic warfare sub-systems, secure communication sets and avionics test equipment, from a single design-and-build facility in Pune, with 62 qualified product lines and a team of 410 engineers. Indigenous content above 80% on most product lines qualifies the company for preferential procurement, which is difficult for an importer-assembler to match. The company is currently unlisted with no publicly announced listing timeline, and shares change hands only through negotiated off-market transfers.
Key highlights
- Indigenous content above 80% on 48 of 62 product lines
- Gross margin of 52% on electronics assemblies
- No institutional round since 2023; cap table remains founder-heavy
- FY2024 figures are provisional and unaudited
Financial snapshot
FY2026 · Audited · Source: Audited annual report
- Revenue FY2026
- ₹860.00 Cr
- EBITDA
- ₹214.00 Cr
- PAT
- ₹128.00 Cr
- Net worth
- ₹640.00 Cr
- Total debt
- ₹120.00 Cr
- Cash & equivalents
- ₹210.00 Cr
- Operating cash flow
- ₹96.00 Cr
- EPS
- ₹13.33
Management & board
- RASince 2022
Ritu Agarwal
Managing Director & CEO
Has led Ekagra Defence since 2022 and previously held senior operating roles in the same sector.
- NPSince 2008
Nilesh Pillai
Chief Financial Officer
- MMSince 2022
Mohan Menon
Executive Director — Operations
- SRSince 2014
Shalini Rao
Company Secretary & Compliance Officer
Reported financials · FY2024–FY2026
Figures in ₹ crore unless stated. Every column carries its own source and audit status.
| Particulars | FY2026Audited | FY2025Audited | FY2024Provisional | YoY |
|---|---|---|---|---|
| Profit & loss | ||||
| Revenue | ₹860 Cr | ₹642 Cr | ₹486 Cr | +34.0% |
| EBITDA | ₹214 Cr | ₹148 Cr | ₹102 Cr | +44.6% |
| Profit after tax | ₹128 Cr | ₹84 Cr | ₹52 Cr | +52.4% |
| Earnings per share | ₹13.33 | ₹8.75 | ₹5.42 | — |
| Balance sheet | ||||
| Net worth | ₹640 Cr | ₹512 Cr | ₹428 Cr | +25.0% |
| Total debt | ₹120 Cr | ₹140 Cr | ₹150 Cr | — |
| Cash & equivalents | ₹210 Cr | ₹168 Cr | ₹132 Cr | — |
| Total assets | ₹1,180 Cr | ₹940 Cr | ₹780 Cr | — |
| Book value per share | ₹66.67 | ₹53.33 | ₹44.58 | — |
| Cash flow | ||||
| Operating cash flow | ₹96 Cr | ₹72 Cr | ₹48 Cr | — |
Scroll the table sideways to see all columns
- FY2026 · Audited annual report · period ended 31 Mar 2026 · last updated in the back office 12 Sep 2026
- FY2025 · Audited annual report · period ended 31 Mar 2025
- FY2024 · Provisional — management certified · period ended 31 Mar 2024
Revenue, EBITDA and PAT
₹ crore. A year with no reported figure is left out rather than drawn as zero.
- Revenue
- EBITDA
- PAT
Every ratio on this tab is derived from the reported figures in the Financials tab and the indicative price in the header — nothing here is a stored value. A ratio that cannot be justified is shown as — with the reason, rather than as a negative or a zero. Ratios move when the indicative price moves.
Size
Balance-sheet items as at FY2026
- Market cap
- ₹9,024 Cr
- Enterprise value
- ₹8,934 Cr
- Indicative price
- ₹940
- Shares outstanding
- 9,60,00,000
Indicative price × shares outstanding
Market cap + debt − cash
Valuation multiples
- P/E
- 70.5x
- P/B
- 14.1x
- EV / EBITDA
- 41.8x
- EPS
- ₹13.33
- Book value / share
- ₹66.67
- Debt / equity
- 0.2x
On FY2026 PAT
Returns & margins
- ROE
- 20.0%
- ROCE (EBITDA basis)
- 28.2%
- EBITDA margin
- 24.9%
- PAT margin
- 14.9%
- Revenue growth
- 34.0%
- Cash / market cap
- 2.3%
EBITDA ÷ (net worth + debt)
Indicative price snapshots
Each point is a dated dealer-quote average. There is no continuous trading behind these numbers, so no daily series is drawn.
Prices shown are indicative, dealer-quoted and updated periodically — they are not exchange-traded prices and may differ from the price at which a transaction is finally executed.
Snapshot log
| Date | Indicative price | Change | Source |
|---|---|---|---|
| 20 Sep 2026 | ₹940 | +3.80% | Dealer desk average, 2 quotes |
| 20 Aug 2026 | ₹906 | +3.43% | Dealer desk average |
| 20 Jul 2026 | ₹876 | +1.68% | Dealer desk average |
| 20 Jun 2026 | ₹861 | +3.08% | Dealer desk average |
| 20 May 2026 | ₹835 | +2.96% | Dealer desk average |
| 20 Apr 2026 | ₹811 | +4.75% | Dealer desk average |
| 20 Mar 2026 | ₹775 | +1.61% | Dealer desk average |
| 20 Feb 2026 | ₹762 | +2.20% | Dealer desk average |
| 20 Jan 2026 | ₹746 | +2.20% | Dealer desk average |
| 20 Dec 2025 | ₹730 | +2.33% | Dealer desk average |
| 20 Nov 2025 | ₹713 | +4.67% | Dealer desk average |
| 20 Oct 2025 | ₹681 | +1.00% | Dealer desk average |
| 20 Sep 2025 | ₹675 | — | Dealer desk average |
Scroll the table sideways to see all columns
Change is measured against the previous snapshot, not against a calendar period, because snapshots are not collected on a fixed schedule. The header percentages use fixed windows and may not tie exactly to this column.
Corporate actions & events
Dated events sourced from company filings and registrar records.
Information currently unavailable
No corporate actions have been recorded for this company in the period we cover.
IPO / listing status
- Current stage
- Unlisted
- DRHP filed
- —
- RHP filed
- —
- Expected window
- —
- Registrar
- —
- Book-running managers
- —
No listing application has been made. Any exit before a listing depends on finding a counterparty in the off-market.
Research
Information currently unavailable
No research has been published on Ekagra Defence yet. Sector notes that mention it will appear here when they are.
Documents
Public documents open directly. Private documents are released to verified clients on request.
| Document | Type | FY / date | Source | Access |
|---|---|---|---|---|
| Annual Report FY20264.2 MB | Annual report | FY2026 | Company | Download |
| Annual Report FY20253.8 MB | Annual report | FY2025 | Company | Download |
| Audited financial statements — three-year summary620 KB | Financials | FY2024–FY2026 | Statutory filings | Download |
| Investor presentation9.1 MB | Presentation | 2026-07-15 | Company | On request |
Scroll the table sideways to see all columns
Risk assessment
Our own reading of the disclosed information. Treat the levels as judgement, not as fact.
Single customer
HighGovernment orders dominate; a procurement pause stops growth.
Liquidity
HighThin secondary market; wide bid-ask on dealer quotes.
Scale
MediumSmall revenue base makes any one order material.
Risks common to every unlisted holding. You may not find a buyer when you want one, at any price. A listing may be delayed indefinitely or may never happen, and shares can list below the price at which they changed hands in the unlisted market. Disclosure by unlisted companies is thinner than by listed ones, and the indicative price is based on infrequent dealer quotes rather than continuous trading.