Financials Tata Elxsi Limited NSE India S.E.

Equities

TATAELXSI

INE670A01012

Software

Market Closed - NSE India S.E. Other stock markets 05:26:18 13/01/2026 pm IST			5-day change	1st Jan Change
5,793.00 ^INR	+1.75%		+8.01%	+10.54%

18/12	Axis Capital Upgrades Tata Elxsi to Reduce from Sell; Price Target is INR5,000	MT
02/12	Tata Elxsi partners with University of Illinois Urbana-Champaign and OSF Healthcare	RE

Projected Income Statement: Tata Elxsi Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	18,262	24,708	31,447	35,521	37,290	37,467	42,172	47,721
Change	-	35.3%	27.28%	12.96%	4.98%	0.47%	12.56%	13.16%
EBITDA ¹	5,224	7,657	9,613	10,464	9,729	8,418	10,471	12,266
Change	-	46.57%	25.54%	8.86%	-7.02%	-13.47%	24.39%	17.14%
EBIT ¹	4,780	7,104	8,799	9,470	8,681	7,377	9,887	11,719
Change	-	48.6%	23.86%	7.63%	-8.33%	-15.01%	34.02%	18.53%
Interest Paid ¹	-59.32	-94.25	-162	-202.6	-189.8	-156	-180.5	-181.7
Earnings before Tax (EBT) ¹	5,119	7,455	9,375	10,487	10,284	8,831	11,098	12,860
Change	-	45.64%	25.76%	11.86%	-1.93%	-14.13%	25.66%	15.88%
Net income ¹	3,681	5,497	7,552	7,922	7,849	5,889	8,246	9,685
Change	-	49.32%	37.39%	4.91%	-0.92%	-24.97%	40.02%	17.45%
Announcement Date	22/04/21	20/04/22	18/05/23	23/04/24	17/04/25	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	4,005	4,302	4,771	5,184	5,583	5,953	6,354	6,817	7,259	7,632	8,177	8,379	8,503	8,817	9,142	9,059	9,265	9,551	9,392	9,083	8,921	9,128	9,507	9,893
Change	-	7.41%	10.91%	8.66%	7.7%	6.63%	6.73%	7.29%	6.48%	5.14%	7.15%	2.47%	1.47%	3.7%	3.69%	-0.91%	2.26%	3.09%	-1.67%	-3.28%	-1.79%	2.32%	4.15%	4.06%
EBITDA ¹	-	1,225	-	-	1,500	-	-	2,212	2,382	2,265	2,469	2,497	2,515	2,635	2,701	2,613	2,523	2,664	2,466	2,077	1,867	2,014	2,068	2,152
Change	-	-	-	-	-	-	-	-	7.64%	-4.88%	8.97%	1.16%	0.7%	4.81%	2.5%	-3.28%	-3.45%	5.6%	-7.43%	-15.8%	-10.09%	7.86%	2.71%	4.04%
EBIT ¹	818.9	1,068	1,326	1,567	-	1,701	1,968	2,054	2,211	2,048	2,254	2,286	2,301	2,385	2,447	2,337	2,252	2,393	2,206	1,830	1,624	1,706	1,854	1,885
Change	-	30.48%	24.06%	18.25%	-	-	15.67%	4.35%	7.64%	-7.38%	10.1%	1.43%	0.61%	3.69%	2.58%	-4.49%	-3.63%	6.24%	-7.78%	-17.08%	-11.22%	5.05%	8.65%	1.67%
Charge d'intérêts	-	-13.01	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	939.5	1,100	-	1,617	1,539	1,710	2,003	2,203	2,280	-	2,401	2,502	-	2,639	2,741	2,624	2,524	2,987	2,558	2,214	1,963	2,038	2,249	-
Change	-	17.03%	-	-	-4.79%	11.08%	17.14%	9.97%	3.52%	-	-	4.21%	-	-	3.85%	-4.26%	-3.82%	18.35%	-14.35%	-13.45%	-11.34%	3.81%	10.34%	-
Net income ¹	688.7	788.8	1,052	1,152	1,134	1,253	1,510	1,600	1,847	1,743	1,947	2,015	1,889	2,000	2,064	1,969	1,841	2,294	1,990	1,724	1,444	1,515	1,666	1,794
Change	-	14.53%	33.37%	9.48%	-1.56%	10.55%	20.48%	5.97%	15.44%	-5.65%	11.72%	3.5%	-6.28%	5.9%	3.22%	-4.6%	-6.53%	24.64%	-13.26%	-13.36%	-16.27%	4.92%	9.98%	7.69%
Announcement Date	21/07/20	14/10/20	12/01/21	22/04/21	15/07/21	22/10/21	18/01/22	20/04/22	14/07/22	14/10/22	25/01/23	18/05/23	17/07/23	17/10/23	23/01/24	23/04/24	10/07/24	10/10/24	09/01/25	17/04/25	10/07/25	-	-	-

¹INR in Million

Estimates

Forecast Balance Sheet: Tata Elxsi Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	-7,864	-8,267	-11,916	-13,571	-16,064	-18,270	-20,431	-23,136
Change	-	-5.12%	-44.14%	-13.89%	-18.37%	-13.73%	-11.83%	-13.24%
Announcement Date	22/04/21	20/04/22	18/05/23	23/04/24	17/04/25	-	-	-

¹INR in Million

Estimates

Cash Flow Forecast: Tata Elxsi Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	388.4	711.9	641	830.2	163.4	1,500	1,064	1,255
Change	-	83.29%	-9.96%	29.51%	-80.31%	817.9%	-29.04%	17.89%
Free Cash Flow (FCF) ¹	3,985	4,118	4,228	6,182	7,956	5,683	6,660	7,297
Change	-	3.34%	2.65%	46.23%	28.7%	-28.57%	17.18%	9.57%
Announcement Date	22/04/21	20/04/22	18/05/23	23/04/24	17/04/25	-	-	-

¹INR in Million

Estimates

Forecast Financial Ratios: Tata Elxsi Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	28.61%	30.99%	30.57%	29.46%	26.09%	22.47%	24.83%	25.7%
EBIT Margin (%)	26.18%	28.75%	27.98%	26.66%	23.28%	19.69%	23.44%	24.56%
EBT Margin (%)	28.03%	30.17%	29.81%	29.52%	27.58%	23.57%	26.32%	26.95%
Net margin (%)	20.16%	22.25%	24.01%	22.3%	21.05%	15.72%	19.55%	20.29%
FCF margin (%)	21.82%	16.67%	13.44%	17.4%	21.34%	15.17%	15.79%	15.29%
FCF / Net Income (%)	108.26%	74.93%	55.98%	78.03%	101.36%	96.5%	80.76%	75.35%
Profitability
ROA	-	28.29%	30.62%	26.63%	23.18%	17.48%	20.88%	22.89%
ROE	30.15%	37.23%	40.97%	34.51%	29.26%	20.3%	24.92%	26.28%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	2.13%	2.88%	2.04%	2.34%	0.44%	4%	2.52%	2.63%
CAPEX / EBITDA (%)	7.43%	9.3%	6.67%	7.93%	1.68%	17.82%	10.16%	10.23%
CAPEX / FCF (%)	9.75%	17.29%	15.16%	13.43%	2.05%	26.39%	15.98%	17.2%
Items per share
Cash flow per share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Dividend per Share ¹	24	42.5	60.6	70	75	68.35	76.36	86.7
Change	-	77.08%	42.59%	15.51%	7.14%	-8.87%	11.72%	13.54%
Book Value Per Share ¹	-	-	334.9	402.3	459.2	498.6	554.1	612.3
Change	-	-	-	20.13%	14.13%	8.57%	11.14%	10.5%
EPS ¹	59.11	88.26	121.3	127.2	126	103.7	133	156.9
Change	-	49.31%	37.39%	4.88%	-0.92%	-17.7%	28.28%	17.91%
Nbr of stocks (in thousands)	62,231	62,276	62,233	62,276	62,284	62,295	62,295	62,295
Announcement Date	22/04/21	20/04/22	18/05/23	23/04/24	17/04/25	-	-	-