ESAB India Share Price Target 2026, 2027, 2028, 2029, 2030
- Market Cap
- ₹8,664 Cr
- Book Value
- ₹279
- Stock P/E
- 45.0
- Dividend Yield
- 1.33%
- ROE
- 48.8%
- ROCE
- 64.7%
- PEG Ratio
- 1.66
- EV/EBITDA
- 31.2
Fundamentals from Screener.in, as of 5 Aug 2026. Live price via Yahoo Finance.
ESAB India share price today
ESAB India (NSE: ESABINDIA) sells the industrial economy’s most repeatable purchase: welding consumables — electrodes, wires and fluxes burned up by every fabrication shop, shipyard, pipeline crew and infrastructure site in the country, reordered weekly forever. Consumables are ~80%+ of the mix, which is why the financials look like a brand company’s, not an industrial’s: 64.7% ROCE, 48.8% ROE, zero debt, and a 1.3% dividend from cash the business cannot consume.
Backed by the global ESAB parent’s technology, it rides every capex theme India runs — railways, defence shipbuilding, pipelines, construction — one welding rod at a time. At 45×, our universe tags it wait: the annuity is impeccable; the multiple knows.
The consumables annuity
Welding wire is specified into procedures (WPS documents) that fabricators certify once and repeat for years — switching brands means requalification nobody volunteers for. ESAB’s distribution reaches every industrial cluster, its parent pipeline delivers advanced alloys and automation (welding robots need proprietary wire too), and 27% five-year profit CAGR shows the operating leverage when industrial activity accelerates.
Watch-items: steel-fabrication activity levels (the demand proxy), competition from Ador and imports at the commodity end, parent-related delisting speculation that recurs around MNC listings, and input (steel wire rod) cost pass-through.
The numbers
From our research universe snapshot (5 Aug 2026):
| Metric | Value |
|---|---|
| Market cap | ₹8,664 Cr |
| P/E (TTM) | 45.0 |
| EV/EBITDA | 31.2 |
| Operating margin | 17.9% |
| ROE / ROCE | 48.8% / 64.7% |
| Debt to equity | 0.01 |
| Sales CAGR (5y) | 17.2% |
| Profit CAGR (5y) | 27.0% |
| Promoter holding | 73.7% |
| EPS (TTM) | ₹125.4 |
ESAB India share price target 2026 to 2030
EPS base ₹125.4 (TTM). Bear: industrial activity slows — 8% growth, multiple at 28×. Base: fabrication capex compounds — 14% growth at 38×. Bull: infrastructure supercycle plus automation mix — 19% growth at 48×.
| Year | Bear (28×, +8%) | Base (38×, +14%) | Bull (48×, +19%) |
|---|---|---|---|
| 2026 | ₹3,790 | ₹5,430 | ₹7,165 |
| 2027 | ₹4,095 | ₹6,195 | ₹8,525 |
| 2028 | ₹4,425 | ₹7,060 | ₹10,145 |
| 2029 | ₹4,775 | ₹8,050 | ₹12,070 |
| 2030 | ₹5,160 | ₹9,175 | ₹14,365 |
From ₹5,638, the base case is ≈ +63% over four and a half years plus the 1.3% yield; the bear is −8%. Certified-consumable annuities give shallow downside by design — the range below adds the entry discipline anyway.
Reasons to own ESAB India (at the right price)
- Specified-in consumables: welding procedures certify the brand, then repeat it for years.
- 65% ROCE with zero debt — annuity economics on industrial demand.
- Every Indian capex theme — rail, defence, pipelines — burns its products daily.
- Parent technology keeps the premium end (alloys, automation wire) proprietary.
- A real dividend from a business that can’t reinvest all its cash.
The risks: industrial-activity cycles set the pace, the commodity-electrode end is price-competitive, and 45× already respects the annuity.
Should you buy at the current price?
The live buy range below is for members — the annuity at an industrial price.
FAQ
What is the ESAB India share price target for 2030? Base case ≈ ₹9,175 (38× on 14% compounded growth), bear ≈ ₹5,160, bull ≈ ₹14,365. Arithmetic above.
Why are welding consumables such a good business? They’re certified into fabrication procedures (requalification is costly), consumed continuously, and individually too cheap to shop around — brand and availability win, forever.
Who competes with ESAB? Ador Welding domestically and imports at the commodity end; at the specified/premium end, the certified-in moat and parent technology keep the field narrow.
When are ESAB India’s next results? Track the exact date on our results calendar.
This article is research and education, not personalised investment advice. We are not SEBI-registered advisers. Price targets are scenario arithmetic, not promises. Do your own research and consult a registered adviser before acting.