NSE: ELECON · BSE: 505700
ELECON ENG. CO. LTD
Makes industrial gear solutions and material handling equipment, with revenue of ₹2,366 cr in FY26 split between two segments: Transmission Equipment at 65.5% (₹1,350.35 cr) and Material Handling Equipment at 34.5% (₹711.5 cr). The gear division sells gearboxes, gears and related power transmission products to industrial customers; the MHE division sells bulk material handling equipment such as conveyors and systems used in ports, mining, cement and similar industries. End customers span power, steel, cement, sugar, marine, port and defence sectors, with overseas markets contributing a growing share — international made up 36% of Q1 FY27 gear revenue. The consolidated open order book stood at ₹1,518 cr as of Q1 FY27, up 36.8% year-on-year, with the overseas order book up 73% year-on-year. The biggest input cost is raw materials at 49.6% of revenue, followed by other operating expenses at 20.1% and employee costs at 10.2%; depreciation accounts for 4.4% and capex ran at 5.1% of revenue. The company carries net cash of roughly ₹700 cr and is working through a ₹400 cr capex programme spread across FY26-FY28, with management targeting ₹5,000 cr of consolidated revenue by FY30. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Transmission Equipment (66%), Material Handling Equipment (35%). Cyclical, order-driven industrial capital goods maker with export exposure.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,204 | 1,530 | 1,937 | 2,227 | 2,366 |
| EBITDA (ex other income) | 246 | 339 | 474 | 543 | 502 |
| margin % | 20.5 | 22.2 | 24.5 | 24.4 | 21.2 |
| Owners' profit | 0 | 0 | 356 | 415 | 0 |
| EPS, as reported (₹) | 12.52 | 21.17 | 31.69 | 18.50 | 15.20 |
| ROE % · ROCE % | 13.4 · 17.5 | 18.6 · 22.5 | 22.2 · 27.1 | 20.8 · 24.7 | 14.8 · 18.6 |
| Debt / equity (x) | 0.10 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 250 | 310 | 365 | 432 | 314 |
| Capex | (49) | (47) | (31) | (66) | (120) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 508 | 529 | 798 | 491 | 578 | 552 | 746 | 521 |
| Profit before tax | 108 | 139 | 190 | 207 | 113 | 94 | 40 | 93 |
| Net profit | 88 | 108 | 146 | 175 | 88 | 72 | 6 | 70 |
| EPS (₹) | 3.91 | 4.79 | 6.53 | 7.82 | 3.91 | 3.21 | 0.27 | 3.14 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Transmission Equipment | 1,699 | 70.5 |
| Material Handling Equipment | 713 | 29.5 |
| Total, before eliminations | 2,412 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BHEL | 1,41,563 | 58.2 | 5.41 | 47.1 | 6.1 | 4.7 | 14.3 | 9.3 |
| ABB INDIA LIMITED | 1,37,523 | 46.0 | 14.72 | — | 23.0 | 10.2 | — | 15.2 |
| CG POWER AND IND SOL LTD | 1,31,087 | 85.8 | 15.99 | 71.3 | 14.6 | 19.2 | 33.2 | 14.7 |
| HITACHI ENERGY INDIA LTD | 1,26,820 | 110.2 | 24.50 | — | 19.1 | 24.7 | — | 16.9 |
| SIEMENS LTD | 1,20,079 | 36.7 | 8.67 | 33.8 | 19.9 | 20.6 | 31.1 | 11.6 |
| GE VERNOVA T&D INDIA LTD | 1,04,269 | 79.9 | 38.76 | — | 45.8 | 57.9 | — | 27.4 |
| SIEMENS ENERGY INDIA LTD | 1,01,282 | 68.1 | 21.05 | — | 14.3 | 15.8 | — | 25.9 |
| SUZLON ENERGY LIMITED | 51,299 | 16.4 | 5.42 | 15.9 | 33.4 | 22.7 | 38.0 | 16.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 40.8 | 36.5 | 19 of 34 | 46% |
| P/B | 4.2 | 5.4 | 14 of 33 | 59% |
| ROCE | 17.7 | 16.6 | 17 of 36 | 54% |
| ROE | 14.8 | 14.7 | 17 of 34 | 52% |
| Debt / Equity | 0.0 | 0.1 | 1 of 34 | 67% |
| EBITDA margin | 25.2 | 16.4 | 9 of 35 | 77% |
| Revenue growth | 6.1 | 17.7 | 23 of 33 | 31% |
| Profit growth | (59.9) | 6.7 | 27 of 32 | 16% |
| Market cap | 9649 | 6267 | 16 of 35 | 56% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Elecon to hold investor and analyst meetings in Chennai | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Elecon Q2 FY27: Revenue up 10.5%, EBITDA margin expands 140 bps | investor communications | medium | — | — |
| 15 Oct 2026 · Elecon Engineering to hold non-deal roadshow with investors in Mumbai | board shareholder meetings | low | — | — |
| 15 Oct 2026 · Elecon Engineering shares Q2 FY27 earnings call audio recording | investor communications | low | — | — |
| 15 Oct 2026 · Elecon declares Rs 0.50 interim dividend, record date Oct 21 | corporate actions | medium | — | — |
| 15 Oct 2026 · Newspaper publication of Q2 FY26 unaudited financial results | compliance | minimal | — | — |
| 14 Oct 2026 · Elecon Q2 FY27 results: Revenue up 10.5%, EBITDA margin expands 140 bps | investor communications | medium | — | — |
| 14 Oct 2026 · Elecon Q2 FY27: Revenue up 10.5%, EBITDA up 17.7%, order book up 33% | compliance | low | — | — |
| 14 Oct 2026 · Elecon Q2 FY27 results: revenue up 10.5%, declares Re 0.50 interim dividend | results | high | — | — |
| 14 Oct 2026 · Elecon Engineering Q2 FY27 results and Rs 0.50 interim dividend declared | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.