Overview

Detailed Summary

Elecon Engineering Company Limited designs, engineers and manufactures industrial gear solutions and mission-critical material handling equipment (MHE), operating manufacturing and assembly centres across India, UK, Sweden, USA and the Netherlands and selling into power, steel, cement, ports, mining and defence sectors with brands Elecon, Benzlers and Radicon.
Q4 FY26 consolidated revenue was ₹746 crore (−7% YoY) while FY26 consolidated revenue reached ₹2,366 crore (+6% YoY); EBITDA for FY26 was ₹523 crore with margins compressing ~250 bps YoY, and PAT was affected by a one-time goodwill impairment of ₹102 crore recorded in Q4.
MHE is the fastest-growing lever: Q4 MHE revenue rose 36.8% YoY to ₹274 crore and FY26 MHE revenue grew ~38% YoY, making MHE 28% of FY26 revenues and materially improving segment mix and profitability relative to prior years.
Order momentum and balance sheet strength are notable: consolidated FY26 order intake was ₹2,660 crore (+12% YoY) with open orders at ₹1,292 crore (+36% YoY), and management reports net cash/investments of ~₹750–800 crore, supporting capex execution and strategic flexibility.
ESG and energy strategy are substantive: Elecon has SBTi-approved near-term scope 1 and 2 targets, owns significant renewable capacity (13.2 MW wind, 5.5 MW solar with further commissioning), and reports ~55% energy from renewable sources, indicating a material sustainability transition.

Sector: Electrical Equipment
Industry: Heavy Electrical Equipment
Market Cap: 10,760 Cr
Volatility: High Risk
P/E Ratio: 31.5
Industry P/E: 57.1
PEG Ratio: 1.2
P/B Ratio: 4.7
52W High: 716.55
52W Low: 352.00

Sales CAGR

1Y: 14.94%
3Y: 27.97%
5Y: 17.49%
10Y: 6.46%

Profit CAGR

1Y: 16.74%
3Y: 52.69%
5Y: 36.25%
10Y: 28.14%

ROE

TTM: 14.79%
3Y: 20.65%
5Y: 17.61%
10Y: 13.57%

ROCE

TTM: 18.57%
3Y: 25.20%
5Y: 22.07%
10Y: 17.67%

Technicals

Oscillators

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Neutral

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Neutral

Bullish

Overall

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Bullish

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Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bullish

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Neutral

Bullish

Overall

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Forecasts

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Peers

Industrials Capital Goods Electrical Equipment Heavy Electrical Equipment

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
AZAD		1569.15	14,203 Cr	82.15	9.60	0.00	7.55	10.11	6.22
ATLANTAELE		1782.60	13,543 Cr	107.58	17.32	0.00	15.75	18.30	8.91
VOLTAMP		10800.00	11,633 Cr	30.84	7.07	0.87	19.98	26.85	18.64
ELECON		515.90	10,760 Cr	33.92	4.67	0.42	14.79	18.57	10.55
QPOWER		868.05	10,679 Cr	62.18	22.73	0.07	17.40	29.68	16.93
TARIL		309.55	10,135 Cr	34.90	6.69	0.07	17.45	20.82	10.21
TRANSRAILL		489.15	8,227 Cr	14.99	3.97	0.13	20.12	26.90	6.40
Median: 7 Co.	—	868.05	10,760 Cr	34.90	7.07	0.07	17.40	20.82	10.21

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	474	565	392	508	529	798	491	578	552	746
Expenses	353	429	300	396	386	602	360	452	443	588
Operating Profit	120	135	92	112	143	195	130	126	109	158
OPM %	25.42	23.97	23.54	22.10	26.96	24.49	26.56	21.73	19.79	21.19
Other Income	11	16	17	14	17	21	108	18	19	-84
Interest	1.49	2.05	2.29	2.19	3.46	5.10	6.15	5.69	6.82	6.25
Depreciation	13	13	13	13	16	19	25	25	27	27
Profit Before Tax	117	136	94	111	140	192	207	113	94	40
Tax %	23.06	23.92	22.08	20.64	23.32	23.72	15.30	22.36	23.39	85.14
Net Profit	90	104	73	88	108	146	175	88	72	6.00
EPS in Rs	4.03	4.62	3.27	3.91	4.79	6.53	7.82	3.91	3.21	0.27

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,275	1,189	1,225	1,088	1,044	1,212	1,530	1,937	2,227	2,325
Expenses	1,038	1,056	1,085	948	859	966	1,191	1,463	1,684	1,745
Operating Profit	237	133	140	140	185	246	339	474	543	581
OPM %	18.60	11.19	11.41	12.90	17.75	20.33	22.15	24.49	24.36	24.97
Other Income	13	8.18	69	9.43	7.87	10	23	50	68	159
Interest	80	74	73	77	60	37	13	8.64	13	17
Depreciation	53	53	48	53	52	49	49	51	61	72
Profit Before Tax	44	5.62	88	20	81	171	300	465	537	650
Tax %	75.49	-33.19	20.56	-359.76	29.11	17.61	20.79	23.59	22.70	20.43
Net Profit	11	7.49	70	90	58	140	238	356	415	517
EPS in Rs	0.49	0.34	3.12	4.00	2.57	6.26	10.58	15.85	18.50	15.21
Dividend Payout %	52.08	29.85	3.20	0.00	7.78	11.18	9.45	9.47	10.81	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	22	22	22	22	22	22	22	22	22	22
Reserves	540	687	686	746	832	897	1,028	1,257	1,582	1,976
Borrowings	567	503	544	525	402	335	151	52	70	181
Other Liabilities	902	881	911	876	879	738	517	401	450	550
Total Liabilities	2,031	2,094	2,165	2,169	2,135	1,993	1,718	1,732	2,124	2,729
Fixed Assets	476	858	831	796	773	732	714	729	743	889
CWIP	7.74	1.64	1.41	5.48	0.41	0.31	0.51	0.12	0.91	6.70
Investments	19	52	54	57	78	79	80	102	312	521
Other Assets	1,528	1,183	1,279	1,311	1,283	1,181	925	901	1,068	1,313
Total Assets	2,031	2,094	2,165	2,169	2,135	1,993	1,718	1,732	2,124	2,729

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	28	188	70	87	222	248	223	309	365	432
Cash from Investing Activity	0.90	-6.95	-51	40	-25	-19	15	-166	-279	-316
Cash from Financing Activity	-24	-134	-64	-118	-176	-210	-250	-145	-59	-67
Net Cash Flow	4.11	47	-44	9.25	21	19	-12	-2.01	27	49

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	59.29%	59.29%	59.29%	59.27%	59.27%	59.27%	59.27%	59.27%	59.27%	59.27%	59.27%	59.27%
FIIs	2.81%	4.88%	5.96%	7.58%	9.10%	9.84%	9.73%	8.65%	9.62%	8.31%	8.10%	7.14%
DIIs	2.02%	2.92%	2.64%	2.30%	2.56%	2.98%	3.70%	4.42%	3.82%	4.17%	4.53%	5.71%
Public	35.88%	32.90%	32.11%	30.85%	29.07%	27.91%	27.30%	27.65%	27.29%	28.25%	28.10%	27.87%
Total Shareholders	65,220	81,539	87,816	93,051	1,00,295	1,10,534	1,07,549	1,11,067	1,15,501	1,26,319	1,21,939	1,22,574

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q4 FY26

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Available on Pro Plan