Elin Electronics IPO: Should you apply?

About the company
It designs and develops domestic kitchen appliances, motors, tools and other appliances for original equipment manufacturers (OEMs).

Strengths:
It has entrenched relationships with its clients and has retained 11 of its top 20 clients (including the likes of Philips, Havells and Eveready) for over 10 years.
It has a diversified product base ranging from LED lighting, switches, small appliances, fractional horsepower motors, and medical diagnostic cartridges to moulded sheet metal parts.

Weaknesses:
High revenue concentration. Its top 10 clients accounted for 77.1 per cent of its revenue in FY22.
It faces significant competition from its peers, and as it does not enter into long-term purchase commitments with its clients, there's a risk of its clients switching ship.

Disclaimer: This is not a stock recommendation. Do your due diligence before investing.

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