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Elecon Engineering Company Q2 FY27 results: net profit up 9.8% to ₹96.35 crore, revenue up 10.5%
Elecon Engineering Company Limited reported consolidated Q2 FY27 revenue of ₹638.94 crore, up 10.5% from Q2 FY26, while EBITDA rose to ₹147.90 crore and margin expanded to 23.1%. Net profit was ₹96.35 crore and basic EPS was ₹4.29, compared with ₹87.72 crore and ₹3.91 in the year-ago quarter; H1 FY27 profit was lower because the prior period included an exceptional gain.
Key points
- Consolidated Q2 FY27 revenue was ₹638.94 crore, up 10.5% from ₹578.13 crore in Q2 FY26.
- EBITDA was ₹147.90 crore, up 17.7% year on year, and margin expanded 1.4 percentage points to 23.1%.
- Net profit was ₹96.35 crore, up 9.8% from ₹87.72 crore, and basic EPS was ₹4.29.
- H1 FY27 revenue was ₹1,159.5 crore, up 8.5%, but net profit fell 36.7% to ₹166.7 crore.
- The board approved an interim dividend of ₹0.50 per equity share.
How did Elecon Engineering Company perform in Q2 FY27?
Elecon Engineering Company reported consolidated revenue of ₹638.94 crore in Q2 FY27, up 10.5% from ₹578.13 crore in Q2 FY26 and 22.7% from ₹520.56 crore in Q1 FY27. EBITDA rose to ₹147.90 crore from ₹125.64 crore a year earlier and ₹109.12 crore in the preceding quarter. EBITDA margin was 23.1%, compared with 21.7% in Q2 FY26 and 21.0% in Q1 FY27.
Profit before tax was ₹124.76 crore, compared with ₹112.99 crore in Q2 FY26 and ₹93.16 crore in Q1 FY27. Net profit was ₹96.35 crore, against ₹87.72 crore and ₹70.35 crore, respectively, while basic EPS was ₹4.29 versus ₹3.91 and ₹3.14. On the standalone basis, revenue was ₹534.66 crore and net profit was ₹74.75 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 638.94 | 520.56 | 578.13 | +10.5% | +22.7% |
| Other income | 19.79 | 21.91 | 18.32 | +8.0% | −9.7% |
| Total expenses | 533.97 | 449.31 | 483.46 | +10.4% | +18.8% |
| EBITDA | 147.90 | 109.12 | 125.64 | +17.7% | +35.5% |
| EBITDA margin | 23.1% | 21.0% | 21.7% | +1.4 pp | +2.1 pp |
| Profit before tax | 124.76 | 93.16 | 112.99 | +10.4% | +33.9% |
| Tax | 28.41 | 22.81 | 25.27 | +12.4% | +24.6% |
| Net profit | 96.35 | 70.35 | 87.72 | +9.8% | +37.0% |
| EPS (₹) | 4.29 | 3.14 | 3.91 | +9.7% | +36.6% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Elecon Engineering Company's costs and profit?
Total expenses were ₹533.97 crore in Q2 FY27, up ₹50.51 crore from ₹483.46 crore in Q2 FY26. Cost of materials rose ₹2.87 crore, employee cost ₹7.95 crore, finance costs ₹4.64 crore, depreciation ₹7.32 crore and other expenses ₹37.47 crore. Other income increased ₹1.47 crore to ₹19.79 crore, while there was no exceptional item in either quarter.
Tax expense was ₹28.41 crore in Q2 FY27, up ₹3.14 crore from ₹25.27 crore in Q2 FY26. Profit before tax rose ₹11.77 crore to ₹124.76 crore, and net profit increased ₹8.63 crore to ₹96.35 crore. The filing did not provide a consolidated reason for the movement in individual cost lines.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 283.39 | 280.52 | +2.87 | +1.0% |
| Employee cost | 65.65 | 57.70 | +7.95 | +13.8% |
| Finance costs | 10.33 | 5.69 | +4.64 | +81.5% |
| Depreciation | 32.60 | 25.28 | +7.32 | +29.0% |
| Other expenses | 146 | 108.53 | +37.47 | +34.5% |
| Total expenses | 533.97 | 483.46 | +50.51 | +10.4% |
| Other income | 19.79 | 18.32 | +1.47 | +8.0% |
| Tax | 28.41 | 25.27 | +3.14 | +12.4% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, consolidated revenue was ₹1,159.5 crore, up 8.5% from ₹1,068.7 crore in H1 FY26, while total income rose 7.9% to ₹1,201.2 crore. Profit before tax fell 31.8% to ₹217.92 crore, and net profit fell 36.7% to ₹166.7 crore. Basic EPS declined from ₹11.73 to ₹7.43.
The standalone filing states that H1 FY26 included an exceptional gain of ₹14,942 lakhs, net of tax, arising from the unrealised mark-to-market gain on Eimco Elecon (India) Ltd. No comparable exceptional item was reported in H1 FY27, which explains the reported difference in the half-year profit comparison.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,160 | 1,069 | +8.5% |
| Profit before tax | 217.92 | 319.50 | −31.8% |
| Net profit | 166.70 | 263.16 | −36.7% |
| EPS (₹) | 7.43 | 11.73 | −36.7% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹3,562.0 crore, compared with ₹3,233.68 crore at 31 March 2026. Total equity rose to ₹2,509.3 crore from ₹2,305.85 crore, while cash declined to ₹124.97 crore from ₹169.23 crore. The company reported no borrowings at either date; inventories were ₹370.5 crore, trade receivables ₹602.46 crore and trade payables ₹322.28 crore.
H1 FY27 operating cash flow was ₹241.93 crore, compared with ₹165.2 crore in H1 FY26. Investing cash flow was an outflow of ₹196.59 crore, against ₹136.66 crore a year earlier, while financing cash flow was an outflow of ₹92.21 crore, compared with ₹68.28 crore. Capital expenditure was ₹111.17 crore, up from ₹62.27 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 3,562 | 3,234 |
| Total equity | 2,509 | 2,306 |
| Borrowings | 0 | 0 |
| Cash and equivalents | 124.97 | 169.23 |
| Inventories | 370.50 | 301.15 |
| Trade receivables | 602.46 | 720.51 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 241.93 | 165.20 |
| Cash from investing | −196.59 | −136.66 |
| Cash from financing | −92.21 | −68.28 |
| Capital expenditure | 111.17 | 62.27 |
Source: Company's results filing (XBRL).
How has Elecon Engineering Company done over the last 8 quarters?
Revenue rose year on year in each of the last two quarters. In the eight-quarter series, revenue peaked at ₹797.57 crore in Q4 FY25 and was lowest at ₹490.57 crore in Q1 FY26. Q2 FY27 revenue of ₹638.94 crore was higher than the preceding ₹520.56 crore but below the peak.
Net profit peaked at ₹175.44 crore in Q1 FY26 and bottomed at ₹6.0 crore in Q4 FY26. Q2 FY27 profit of ₹96.35 crore was above the previous quarter's ₹70.35 crore, while EBITDA margin recovered from 19.8% in Q3 FY26 to 23.1% in Q2 FY27.
Which businesses drove the quarter?
Transmission Equipment reported revenue of ₹487.69 crore in Q2 FY27, up 10.6% from ₹441.08 crore in Q2 FY26. Segment EBIT was ₹103.82 crore, compared with ₹80.14 crore, and the reported EBIT margin was 21.3%.
Material Handling Equipment reported revenue of ₹158.65 crore, up 8.6% from ₹146.02 crore in Q2 FY26. Segment EBIT was ₹34.65 crore, compared with ₹39.98 crore, and the reported EBIT margin was 21.8%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Transmission Equipment | 487.69 | +10.6% | 103.82 | 21.3% |
| Material Handling Equipment | 158.65 | +8.6% | 34.65 | 21.8% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026. It also declared an interim dividend for FY 2026-27 of ₹0.50 per equity share of ₹1 each, with 21 October 2026 as the record date. Payment or dispatch was scheduled for on or after 4 November 2026. The same-day filings did not announce a fund raise or an appointment.
What did Elecon Engineering Company's management say?
Management maintained guidance for medium double-digit consolidated revenue growth in H2 FY27, at about 15%, and said the FY27 EBITDA margin would remain at no less than the FY26 level. CFO Chintan Shah said, “we are expecting a medium double-digit consolidated revenue growth for remaining part of the year while maintaining minimum EBITDA margin at last year's level.” The company also maintained a 20–22% Gear EBIT margin range and a 22–24% MHE EBIT margin range for FY27.
Management identified overseas expansion, broader market reach, engineering capabilities and execution discipline as priorities. CMD Prayasvin Patel said MHE had secured approximately USD9 million of orders during the first half. He also said the company was focused on protecting margins, strengthening earnings quality and allocating resources to areas with a durable competitive advantage.
How did Elecon Engineering Company shares react?
After the filing appeared, the stock moved from ₹442.4 to ₹438.0 as the base price versus prior close was recorded, then rose 7.0% within five minutes, 7.4% within 15 minutes and 9.7% within 30 minutes. On the reaction day, it closed 10.5% above the previous close. By the next day's close, it was up 12.8% from the pre-results close; by the fifth session, it was down 2.2% from that close.
The Heavy Electrical Equipment sector's median move was 0.5% on the reaction day, down 1.7% by the next close and down 5.6% by the fifth close. Elecon therefore exceeded the sector median by 10.0 percentage points on the reaction day, 14.5 percentage points by the next close and 3.4 percentage points by the fifth close. Earlier results-day moves included declines of 0.5% on 10 July 2026, 16.6% on 8 January 2026 and 7.4% on 10 October 2025.
| After the filing | Stock | Heavy Electrical Equipment median |
|---|---|---|
| 5 minutes | +7.0% | |
| 15 minutes | +7.4% | |
| 30 minutes | +9.7% | |
| Reaction day | +10.5% | +0.5% |
| Next day | +12.8% | −1.7% |
| 5 days | −2.2% | −5.6% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 10 July 2026 | −0.5% |
| 15 April 2026 | −0.1% |
| 8 January 2026 | −16.6% |
| 10 October 2025 | −7.4% |
| 11 July 2025 | −4.5% |
| 22 January 2025 | −8.5% |
| 18 October 2024 | −12.8% |
| 17 July 2024 | −3.0% |
Source: MarketPing price-reaction measurement.
How did other Heavy Electrical Equipment companies do?
Thirteen other Heavy Electrical Equipment companies that had filed for the quarter were compared. Their median revenue growth was 26.0%, compared with Elecon Engineering Company's revenue growth of 10.5%. Four peers grew revenue more slowly than Elecon, while nine grew faster than the company.
Profit was compared across the 13 peers, of which eight reported higher profit. The peer comparison was recorded as of 4 November 2026.
| Elecon Engineering Company revenue growth (YoY) | +10.5% |
|---|---|
| Median of 13 other Heavy Electrical Equipment companies | +26.0% |
| Companies with slower revenue growth than Elecon Engineering Company | 4 of 13 |
| Companies with faster revenue growth than Elecon Engineering Company | 9 of 13 |
| Companies whose net profit rose | 8 of 13 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Elecon Engineering Company's revenue in Q2 FY27?
Revenue from operations was ₹638.94 crore, up 10.5% from ₹578.13 crore in Q2 FY26 (consolidated).
Did Elecon Engineering Company make a profit in Q2 FY27?
Yes. Net profit was ₹96.35 crore, against a net profit of ₹87.72 crore in Q2 FY26.
What was Elecon Engineering Company's EPS in Q2 FY27?
Basic earnings per share were ₹4.29, against ₹3.91 in Q2 FY26.
How did Elecon Engineering Company shares react to the Q2 FY27 results?
On the reaction day the stock moved +10.5% from the previous close; the median Heavy Electrical Equipment stock moved +0.5%.
When did Elecon Engineering Company announce its Q2 FY27 results?
On 14 October 2026, in a filing to the BSE.
Sources
- Board Meeting Outcome for Outcome Of Board Meeting (BSE, 14 October 2026) · PDF
- Financial Results As On 30.09.2026 (BSE, 14 October 2026) · PDF
- Corporate Action-Board approves Dividend (BSE, 14 October 2026) · PDF
- Record Date For Purpose Of Interim Dividend (BSE, 14 October 2026) · PDF
- The earnings call (22 October 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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