Salzer Electronics Limited (BSE: 517059, NSE: SALZERELEC), a leading engineering company providing comprehensive and customized electrical solutions, announced its unaudited financial results for the second quarter and half year ended September 30, 2025. The company reported consolidated revenue of ₹418.9 crore for Q2 FY26, marking a 21.7% year-on-year growth, driven by strong momentum across core business verticals and the accelerated performance of its emerging smart meter segment.
The Smart Meter division recorded sales of ₹22 crore during the quarter, contributing to ₹44 crore in the first half of FY26. While operating margins moderated to 8.7%, primarily due to higher input costs and early-stage scaling expenses in the new business line, the company expects profitability to improve as production scales and operational efficiencies increase. The switchgear and wires & cables divisions continued to serve as key growth drivers, supported by a strategic focus on cost optimization, working capital management, and portfolio expansion.
Commenting on the performance, Rajesh Doraiswamy, Joint Managing Director, said “We delivered resilient results in Q2, with strong growth across our businesses and continued progress in the smart metering space. With the government’s emphasis on digital energy management and infrastructure upgrades, Salzer is well-positioned for sustained growth through innovation, quality, and customer focus. We are also proud to have been granted a patent for our ‘Disconnecting and Earthing Device for High Voltage Applications,’ a major step in improving safety and efficiency in locomotive and high-voltage systems.”
For H1 FY26, EBITDA (excluding other income) stood at ₹78.33 crore, up 13.9% from ₹68.76 crore in H1 FY25, while EBITDA margin for the quarter was 9.11%. Profit after tax rose to ₹30.61 crore, reflecting a 16.5% year-on-year increase, with a PAT margin of 3.56%.
The Industrial Switchgear Division remains the cornerstone of Salzer Electronics’ business portfolio, offering a diverse range of low-voltage products such as rotary switches, isolators, transformers, relays, control panels, terminal blocks, and sensors. This segment recorded a 24.6% year-on-year growth in the second quarter of FY26, contributing 63.1% to the company’s total revenue for the period. For the first half of the fiscal year, the division reported a 27.7% YoY growth, accounting for 58.7% of overall revenues. The EBITDA margin for this segment stood at 11.1% in Q2 and 12.4% for H1 FY26, underscoring its continued operational strength and profitability.
The Wires and Cables Division, which encompasses flexible bus bars, enamelled wires, bunched conductors, and related low-voltage products, maintained a solid growth trajectory during the quarter. It achieved a 15.4% year-on-year increase in Q2 FY26, contributing 31.8% of total revenue, while in the first half of FY26, it accounted for 36.4% of the company’s revenues. The division’s EBITDA margins stood at 5.6% in Q2 and 5.4% in H1, reflecting stable performance amid growing demand across both domestic and export markets.
The Building Products Division, which includes modular switches, miniature circuit breakers (MCBs), distribution boards, and changeover switches, continued its upward momentum. This segment recorded 25.4% YoY growth in the second quarter and 23.1% YoY growth in the first half of FY26, contributing 5.1% to the company’s quarterly revenue. The performance highlights the rising acceptance of Salzer’s electrical products across residential, commercial, and institutional segments.
Collectively, these three divisions reflect Salzer Electronics’ balanced growth across multiple product categories. The consistent performance of the core switchgear and wire & cable segments, combined with the accelerating contribution from the building products division, underscores the company’s diversified revenue base and strong positioning in the electrical and automation solutions market.
Salzer recently secured a patent for its “Disconnecting and Earthing Device for High Voltage Applications”, designed to enhance safety and performance in traction, locomotive, and high-voltage systems. This development underscores the company’s continued investment in indigenous innovation and engineering excellence.
Looking ahead, Salzer aims to sustain double-digit revenue growth for FY26, improve margins through scale and efficiency, and expand its presence in the smart metering and energy management domains. Mr Doraiswamy credited the company’s employees and stakeholders for their continued commitment and support.
Headquartered in Coimbatore, Salzer Electronics is a leading manufacturer offering total and customized electrical solutions across switchgear, wires & cables, and energy management products. The company is India’s largest producer of CAM-operated rotary switches and wire ducts, operating four in-house manufacturing facilities.
