Elsa FYE 2026 annualized PAT and revenue of RM 5.6 mil and RM 185 mil came in lesser than expectated. PAT margin just 3%, lesser than FYE 2025 of 4%.

This EPS will be 5.6/538.4 = 1 Sen.

Assuming FYE 2027 registers growth of 10%, the EPS will be 1.1 sen.

Assuming PE of oil gas average of 8-10x, the fair value is just 11 sen at maximum.

Elsa maintained a strong financial position, generating RM5.31 million in net operating cash flow during the quarter. Cash and cash equivalents rose to RM23.81 million from RM19.37 million at end-December 2025, while total equity increased to RM50.08 million. Bank borrowings remained low at RM4.91 million, underscoring its asset-light structure.