Elecon Engineering Company Ltd logo

Elecon Engineering Company Ltd

ELECON NSE

Key Fundamentals

MicrocapIndustrial ProductsCapital Goods
Market Cap
₹9,895 Cr
Volatility
Moderate
P/E Ratio
41.21
EBITDA
₹604 Cr
Return on Equity
14.79%
Debt to Equity
0.12
Book Value
₹102.76
EPS
₹15.86
52W High
₹634.9
52W Low
₹352

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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51 extracted metrics + investor summaries across FY15–FY26.

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Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

Growth Rate

Revenue Growth
7.25% ↗
Net Income Growth
-17.80% ↘
Cash Flow Change
-26.14% ↘
ROE
-28.79% ↘
ROCE
-25.59% ↘
EBITDA Margin (Avg.)
-6.51% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 42d ago
AI opinion · based on fundamentals
Risk medium

Elecon Engineering is Asia's largest industrial gearbox manufacturer with a ~30% market share in India, trading at a market cap of ~₹12,028 crore and a PE of 34.7x. The company delivered FY25 revenue of ₹2,227 crore (15% YoY growth) with an EBITDA margin of 24.4% and PAT of ₹415 crore, but TTM profit growth has turned negative at -15% while the stock has declined 18% over the past year.

Bull Case 8
  • Dominant market position as Asia's largest industrial gearbox manufacturer with ~30% market share in India's organized gear market, providing strong pricing power and scale advantages
  • FY25 EBITDA margin expanded to 24.4% with PAT margin at 18.6%, demonstrating sustained operational efficiency in a capital goods business
  • Order book at March 2025 stood at ₹948 crore (up 19.1% YoY), growing further to ₹1,372 crore by Dec 2025 (+24.2% YoY), providing strong revenue visibility
  • 5-year compounded profit CAGR of 44% and 5-year sales CAGR of 18% demonstrate a sustained structural growth trajectory over multiple cycles
  • International revenue contributed 23-24% in FY25 with management targeting 50% international share by 2030, opening a large addressable market beyond India
  • FY26 revenue guidance of ₹2,650 crore implies 19% growth over FY25, indicating management confidence in near-term demand from infrastructure, cement, steel, and mining sectors
  • 3-year average ROE of 21% and 5-year average ROE of 20% indicate consistent high-quality capital allocation relative to industrial peers
  • Near-zero debt with only ₹3.3 crore in secured loans against reserves of ₹1,631 crore (FY25), giving the company financial flexibility for organic and inorganic expansion
Bear Case 8
  • TTM profit growth has turned sharply negative at -15%, signaling margin compression or one-off headwinds after a period of strong earnings expansion
  • PE of 34.7x is elevated for an industrial/capital goods company, leaving limited margin of safety if growth disappoints versus FY26 guidance
  • Stock has declined 18% over the past 1 year, underperforming broader markets and indicating de-rating sentiment among investors
  • TTM sales growth has decelerated to just 6% versus the 3-year CAGR of 16%, suggesting the high-growth phase may be normalizing
  • FY26 actual revenue came in at ₹2,366 crore versus ₹2,650 crore guidance, a shortfall of ~11%, raising questions about management's ability to deliver on targets
  • FY26 PAT fell to ₹341 crore from ₹415 crore in FY25, a decline of ~18%, with PAT margin compressing from 18.6% to 14.4%
  • Dividend yield of only 0.38% offers negligible income return, making the stock entirely dependent on capital appreciation for shareholder returns
  • Heavy dependence on domestic capex cycles (~76% revenue from India) exposes the company to government spending slowdowns and policy uncertainty

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 42d ago
Positives 2
  • Strong FY26 results, ₹2 dividend Jun 25

    Revenue rose 6.2% to ₹2,366 crores with PAT of ₹341 crores for FY26. Board declared total dividend of ₹2.00 per share.

  • Mexico subsidiary incorporated Jun 12

    Step-down subsidiary Grupo Radicon SA de CV received Certificate of Incorporation in Mexico on June 11, 2026, signaling international expansion.

Neutral 2
  • Independent Director re-appointment Jun 30

    Shareholder approval sought via postal ballot to re-appoint Pranav C. Amin as Independent Director for a second five-year term effective June 22, 2026.

  • Special window for share transfers Jun 9

    Company opened a special window for re-lodging physical share transfer requests until February 4, 2027, with transfers credited in demat form carrying a one-year lock-in.

TL;DR: Elecon Engineering delivered steady FY26 growth with 6.2% revenue increase and healthy profitability, rewarding shareholders with a ₹2 dividend. No material headwinds surfaced in recent news flow. The Mexico subsidiary incorporation points to international expansion ambitions. The trend remains stable with modest top-line momentum and no visible operational or demand risks at present.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
414
485
474
565
392
508
529
798
491
578
552
746
521
Expenses
314
366
353
429
300
396
386
602
360
452
443
588
411
Operating Profit
100
119
120
135
92
112
143
195
130
126
109
158
109
OPM %
24%
24%
25%
24%
24%
22%
27%
24%
27%
22%
20%
21%
21%
Other Income
9
14
11
16
17
14
17
21
108
18
19
-84
22
Interest
2
3
1
2
2
2
3
5
6
6
7
6
8
Depreciation
12
13
13
13
13
13
16
19
25
25
27
27
30
PBT
94
117
117
136
94
111
140
192
207
113
94
40
93
Tax %
23%
24%
23%
24%
22%
21%
23%
24%
15%
22%
23%
85%
24%
Net Profit
73
89
90
104
73
88
108
146
175
88
72
6
70
EPS in Rs
3.25
3.95
4.03
4.62
3.27
3.91
4.79
6.53
7.82
3.91
3.21
0.27
3.14
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,329
1,280
1,202
1,180
1,225
1,088
1,044
1,212
1,530
1,937
2,227
2,366
2,396
Expenses
1,153
1,105
1,027
1,055
1,084
947
858
960
1,189
1,463
1,679
1,843
1,894
Operating Profit
176
176
175
126
140
142
186
252
341
475
548
523
502
OPM %
13%
14%
15%
11%
11%
13%
18%
21%
22%
24%
25%
22%
21%
Other Income
17
29
12
8
69
9
8
5
22
50
63
60
-25
Interest
87
83
90
75
74
78
60
38
14
9
13
25
27
Depreciation
72
62
53
53
48
53
52
49
49
51
61
104
109
PBT
34
60
44
6
88
20
81
171
300
465
537
454
341
Tax %
49%
37%
75%
-33%
21%
-360%
29%
18%
21%
24%
23%
25%
—
Net Profit
17
37
11
7
70
90
58
140
238
356
415
341
236
EPS in Rs
0.75
1.72
0.48
0.33
3.12
4
2.57
6.26
10.58
15.85
18.5
15.2
10.53
Div. Payout %
73%
32%
52%
30%
3%
0%
8%
11%
9%
9%
11%
13%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
22
22
22
22
22
22
22
22
22
22
22
22
Reserves
514
682
687
686
746
832
897
1,028
1,257
1,582
1,976
2,283
Borrowings
552
629
583
590
548
483
335
151
52
70
181
273
Other Liabilities
877
870
794
857
849
792
733
513
399
449
550
655
Total Liabilities
1,964
2,203
2,087
2,156
2,165
2,129
1,988
1,715
1,730
2,123
2,729
3,234
Fixed Assets
523
898
861
834
799
799
758
739
754
769
914
930
CWIP
4
8
2
1
5
0
0
1
0
1
7
23
Investments
15
49
49
51
54
53
53
54
77
286
496
743
Other Assets
1,422
1,248
1,175
1,270
1,307
1,277
1,176
921
899
1,067
1,313
1,538
Total Assets
1,964
2,203
2,087
2,156
2,165
2,129
1,988
1,715
1,730
2,123
2,729
3,234
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
177
12
188
70
87
222
248
223
309
365
425
314
Investing
0
7
-7
-51
40
-25
-19
15
-166
-279
-309
-182
Financing
-168
-5
-134
-64
-118
-176
-210
-250
-145
-58
-67
-122
Net Cash Flow
9
14
47
-44
9
21
19
-12
-2
27
49
10
Free Cash Flow
177
16
180
52
103
209
245
209
263
339
361
218
CFO/OP
113
25
111
55
67
160
133
101
110
100
101
81
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
236
201
191
208
177
205
177
125
82
84
101
111
Inventory Days
187
218
203
189
206
248
188
167
142
97
86
98
Days Payable
278
331
326
295
259
420
319
173
100
80
100
94
Cash Conversion Cycle
145
88
69
102
124
33
46
119
125
102
87
115
Working Capital Days
66
-11
-27
1
50
38
54
71
75
67
63
74
ROCE %
10%
10%
10%
6%
10%
7%
11%
17%
25%
31%
28%
21%

Shareholding Pattern

As of Jun 2026
Promoters 59.27%
Public 21.52%
DIIs 7.18%
FIIs 6.99%
Others 4.99%
Government 0.04%
Total 99.99%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
59.20%
59.20%
59.21%
59.21%
59.26%
59.26%
59.29%
59.29%
59.29%
59.29%
59.29%
59.29%
59.27%
59.27%
59.27%
59.27%
59.27%
59.27%
59.27%
59.27%
59.27%
59.27%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
7.58%
9.10%
9.84%
9.73%
8.65%
9.62%
8.31%
8.10%
7.14%
6.99%
DIIs
2.27%
2.27%
2.24%
1.84%
1.84%
1.57%
1.50%
1.79%
1.76%
1.16%
1.79%
1.76%
2.30%
2.55%
2.97%
3.67%
4.39%
3.79%
4.13%
4.48%
5.67%
7.18%
Government
0.25%
0.25%
0.25%
0.25%
0.25%
0.25%
0.05%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.01%
0.03%
0.03%
0.04%
0.04%
0.04%
0.04%
0.04%
Public
30.90%
31.69%
30.57%
30.79%
30.90%
30.18%
29.87%
29.16%
29.03%
28.39%
26.55%
26.15%
25.13%
23.94%
22.76%
22.06%
22.58%
22.21%
23.07%
22.92%
22.72%
21.52%
Others
7.38%
6.59%
7.73%
7.91%
7.75%
8.73%
9.29%
9.76%
9.92%
11.16%
12.37%
12.79%
5.72%
5.13%
5.15%
5.24%
5.07%
5.07%
5.18%
5.18%
5.15%
4.99%
No. of Shareholders
43,468
50,859
58,373
60,406
62,292
58,681
64,022
63,342
63,192
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
1,16,624

Documents

Frequently Asked Questions about Elecon Engineering Company Ltd

What does Elecon Engineering Company Ltd do?
Elecon Engineering Company Ltd., incorporated in 1960. Company manufactures and sells power transmission and material handling equipment in India and internationally. In addition, it engages in the steel and non-ferrous foundry business. [1]
Where is Elecon Engineering Company Ltd (ELECON) listed?
Elecon Engineering Company Ltd is listed on the Indian stock exchanges. It is listed on NSE: ELECON and BSE: 505700. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Elecon Engineering Company Ltd belong to?
Elecon Engineering Company Ltd operates in the Capital Goods sector within the Industrial Products industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Elecon Engineering Company Ltd?
Elecon Engineering Company Ltd has a market capitalisation of approximately ₹9894.91 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Elecon Engineering Company Ltd?
The Price-to-Earnings (PE) ratio of Elecon Engineering Company Ltd is 41.21. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Elecon Engineering Company Ltd?
Over the past 52 weeks, Elecon Engineering Company Ltd has traded between a low of ₹352 and a high of ₹634.9. This range helps investors understand the stock's price volatility and recent trading levels.
Does Elecon Engineering Company Ltd pay dividends?
Yes, Elecon Engineering Company Ltd has a dividend yield of 0.46%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Elecon Engineering Company Ltd?
Elecon Engineering Company Ltd has a Return on Equity (ROE) of 14.79%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Elecon Engineering Company Ltd on Tapetide?
On Tapetide, you can view Elecon Engineering Company Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Elecon Engineering Company Ltd., incorporated in 1960. Company manufactures and sells power transmission and material handling equipment in India and internationally. In addition, it engages in the steel and non-ferrous foundry business. [1]

Website elecon.com
CEO Mr. Prayasvin Bhanubhai Patel BE, MBA
Employees 2,162
Listed 2000-05-17
Face Value ₹ 1
Issued Size 22,43,99,930

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