ELECON

Elecon Engineering Company share price & financials

Price
₹464.35
Market cap
₹10.4k Cr
Sector
Capital Goods
Calls analysed
8
Latest concall · Q1 FY27 · call held 13 Jul 2026

Elecon Engineering Company Limited Q1 FY27

Consolidated Revenue ₹521 cr +12%Consolidated EBITDA ₹109 cr +4%Consolidated EBITDA Margin 21% Profit After Tax ₹70 cr +2%

What went well

  • Consolidated revenue from operations grew 11.9% YoY to INR 521 crores, driven by the gear division.
  • Consolidated EBITDA grew 3.9% YoY to INR 109 crores, maintaining a resilient 21% margin.
  • Consolidated order intake surged 23% YoY to INR 755 crores, indicating strong demand.

What to watch

  • MHE division revenue marginally declined by 2.9% YoY to INR 105 crores, primarily due to project execution delays.
  • MHE division EBIT declined by 25.3% YoY to INR 27 crores due to sales mix, input cost increase, and delayed execution.
Read the full call →

What Elecon Engineering Company Limited does

Elecon Engineering designs and manufactures industrial power-transmission equipment (gearboxes, couplings, gear drives) through its Gear Division, and bulk material-handling systems (stacker reclaimers, wagon tipplers, ship loaders, conveyors) through its MHE Division. It earns through a mix of catalogue products and custom-engineered solutions sold to steel, cement, power, mining, sugar, ports, marine and defence customers, supplemented by an expanding aftermarket/spares business. Manufacturing is vertically integrated end-to-end (foundry, forging, machining, heat treatment, assembly and in-house testing) at its main Gujarat campus, supported by overseas assembly and repair centres, and products are sold globally under its own and acquired European brands.

Segments

  • Gear Division
  • Material Handling Equipment (MHE) Division
Main manufacturing campus size
~335,000 square metres (Vallabh Vidyanagar, Gujarat)
Manufacturing/assembly facilities worldwide
5 (1 in India plus 4 overseas — UK, Sweden, USA, Netherlands)
Countries served
95+
Sales offices worldwide
26 (13 domestic + 13 international)
Distributors and dealers worldwide
185+ (65+ domestic, 120+ international)
Customer representatives worldwide
90+ (55+ domestic, 35+ international)
Founded 1951Headquarters Anand-Sojitra Road, Vallabh Vidyanagar - 388120, Gujarat, India Company website

Guidance record · Q1 FY27

what the last two calls moved 22 tracked 2 delivered 7 missed 13 open
  • MHE Sustainable EBIT Margin delivered said Q3 FY25 Promised: 20% to 22% Q1 FY27: MHE EBIT was INR 27 cr on revenue of INR 105 cr, yielding an EBIT margin of 25.7%, exceeding the revised target of 23%.
  • FY26 Consolidated Revenue missed said Q2 FY26 Promised: INR 2,650 crores Q1 FY27: Promise concluded in FY26. The final verdict was a miss.
  • 3-Year Revenue CAGR (FY26-FY28) at risk said Q1 FY26 Promised: 25% CAGR for the next 3 years Q1 FY27: Management guided for 'low double-digit' revenue growth in FY27, which is insufficient to bring the 3-year CAGR back towards the 20-25% target range.

All 22 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 6.1%, net profit down 60.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue508 529 798 491 578 +14%552 +4%746 −7%521 +6%
EBITDA112 143 195 130 126 +13%109 −24%158 −19%109 −16%
Net profit88 108 146 175 88 +0%72 −33%6 −96%70 −60%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −29.7% 1Y

₹400₹500₹600Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 13 Oct 2025Q3 FY26 — 9 Jan 2026Q4 FY26 — 16 Apr 2026Q1 FY27 — 13 Jul 2026

1Y: ₹600.8 on 10 Sept 2025 → ₹422.1. High ₹628.3 (17 Sept 2025), low ₹354.75 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−1.7%
13 Jul
Q4 FY26
−1.6%
16 Apr
Q3 FY26
−15.9%
9 Jan
Q2 FY26
−0.9%
13 Oct

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 15.6% a year over 3 years, FY23 to FY26. Operating margin held at 22.1%.

Year endingFY23FY24FY25FY26
Revenue₹1.5k Cr₹1.9k Cr₹2.2k Cr₹2.4k Cr
Operating profit₹340 Cr₹474 Cr₹542 Cr₹523 Cr
Operating margin22.2%24.5%24.3%22.1%
Interest₹14 Cr₹8 Cr₹12 Cr₹25 Cr
Depreciation₹49 Cr₹51 Cr₹61 Cr₹104 Cr
Net profit₹238 Cr₹356 Cr₹415 Cr₹341 Cr
Net margin15.5%18.4%18.6%14.4%
ROCE25.0%31.0%28.0%21.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹22 Cr₹22 Cr₹22 Cr₹22 Cr₹22 Cr₹22 Cr
Reserves₹897 Cr₹1.0k Cr₹1.3k Cr₹1.6k Cr₹2.2k Cr₹2.3k Cr
Borrowings₹335 Cr₹151 Cr₹52 Cr₹70 Cr₹258 Cr₹273 Cr
Other liabilities₹733 Cr₹513 Cr₹399 Cr₹449 Cr₹494 Cr₹655 Cr
Total liabilities₹2.0k Cr₹1.7k Cr₹1.7k Cr₹2.1k Cr₹3.0k Cr₹3.2k Cr
Fixed assets₹758 Cr₹739 Cr₹754 Cr₹769 Cr₹1.0k Cr₹930 Cr
Capital work in progress₹0 Cr₹1 Cr₹0 Cr₹1 Cr₹26 Cr₹23 Cr
Investments₹53 Cr₹54 Cr₹77 Cr₹286 Cr₹684 Cr₹743 Cr
Other assets₹1.2k Cr₹921 Cr₹899 Cr₹1.1k Cr₹1.3k Cr₹1.5k Cr
Total assets₹2.0k Cr₹1.7k Cr₹1.7k Cr₹2.1k Cr₹3.0k Cr₹3.2k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs added +3.38 pp while FIIs trimmed −2.62 pp.

Promoters
59.3%
FIIs
7.0%
DIIs
7.2%
Government
0.0%
Public
26.5%

Since Jun 2025

  • DIIs +3.38 pp
  • FIIs −2.62 pp
  • Public −0.76 pp

How it drifted, 12 quarters

Over this window the public fell from 32.9% to 26.5% — −6.4 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 59.3%, FIIs 4.9%, DIIs 2.9%, Public 32.9%.Dec '23: Promoters 59.3%, FIIs 6.0%, DIIs 2.6%, Public 32.1%.Mar '24: Promoters 59.3%, FIIs 7.6%, DIIs 2.3%, Public 30.8%.Jun '24: Promoters 59.3%, FIIs 9.1%, DIIs 2.5%, Public 29.1%.Sep '24: Promoters 59.3%, FIIs 9.8%, DIIs 3.0%, Government 0.0%, Public 27.9%.Dec '24: Promoters 59.3%, FIIs 9.7%, DIIs 3.7%, Government 0.0%, Public 27.3%.Mar '25: Promoters 59.3%, FIIs 8.7%, DIIs 4.4%, Government 0.0%, Public 27.6%.Jun '25: Promoters 59.3%, FIIs 9.6%, DIIs 3.8%, Government 0.0%, Public 27.3%.Sep '25: Promoters 59.3%, FIIs 8.3%, DIIs 4.1%, Government 0.0%, Public 28.3%.Dec '25: Promoters 59.3%, FIIs 8.1%, DIIs 4.5%, Government 0.0%, Public 28.1%.Mar '26: Promoters 59.3%, FIIs 7.1%, DIIs 5.7%, Government 0.0%, Public 27.9%.Jun '26: Promoters 59.3%, FIIs 7.0%, DIIs 7.2%, Government 0.0%, Public 26.5%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Elecon Engineering Company Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Aakaaish Investments Private Limited 46.62%unchanged
K B Investments Private Limited 8.67%unchanged
Sundaram Mutual Fund A/C Sundaram Small Cap Fund Mutual fund1.91%+0.62 pp
Ajay Upadhyaya 1.78%unchanged
Prayasvin Patel 1.75%unchanged
Franklin India Small Cap Fund Mutual fund1.65%+0.09 pp
Trupti Pradip Patel 1.28%unchanged
Long Term India Fund FPI fund1.11%unchanged
Investor Education And Protection Fund Authority Ministry Of Corporate Affairs 1.10%unchanged
Vijay Kishanlal Kedia 1.00%unchanged
Akanksha Patel 0.55%unchanged
B I Patel-HUF (Bhanubhai Patel-Karta) 0.20%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in ELECON

Filings to Aug 2026

0 new, 4 added, 1 trimmed, 0 sold out — net +0.03 L shares (+1.1%).

Held by funds
₹10 Cr
5 schemes
Biggest holder
Nippon India Nifty Smallcap 250 Index Fund
₹6 Cr · 0.2% of that fund
SchemeHoldingLast month
Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund₹6 Cr+0.02 L
SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund₹3 Cr+0.01 L
Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund₹1 Cr+0.00 L
SBI Nifty 500 Index Fund SBI Mutual Fund₹0 Cr−0.00 L
SBI Nifty Small Cap 250 ETF SBI Mutual Fund₹0 Cr+0.00 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

4 added, 1 trimmed — net +2,518 shares (+1.1%)

Funds are sitting on
-5%
vs est. average cost
Held by funds
₹10 Cr
5 schemes · ≈ 0.11% of the company
Biggest holder
Nippon India Nifty Smallcap 250 Index Fund
₹6 Cr · 0.2% of that fund

Shares held by these funds +110%

Mar '24 2.34 L shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹422, this stock must grow earnings at 24% every year for 7 years. Our analysis caps realistic growth at ~1%. At that growth it is worth ₹126 — downside of 70%.

Growth the price implies
24.1% a year
for 7 years, fading to 4%
It has actually compounded at
1.3% a year
net profit, FY23–FY26 · EPS 1.2%
The gap
0.2 pp
-70% downside if it only repeats history
Price today ₹422.1 Value at the reference growth ₹126.06

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Elecon Engineering Company Limited

Guides on how to read this kind of business and the numbers that matter.