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Elecon Engineering Company

ELECON NSE
₹438.85 +10.90 (+2.55%)
P/E
40.22
View as Markdown
MCP
Close 4 Nov 2026 ₹438.85 −107.20 −19.6% 1Y
Start ₹546.05

Key Fundamentals

MicrocapElectrical EquipmentCapital Goods

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
20.90%
Debt to Equity
0.14
EPS (TTM)
₹10.91
Book Value
₹111.82
Market Cap
—
P/E (TTM)
40.22
P/B
3.92
ROE
16.40%
Dividend Yield
0.12%
EBITDA
₹604 Cr
52W High
₹579.00
52W Low
₹352.00
Day Range
₹425.10 – ₹441.05
Volume
2,78,619

Peer Comparison

Industrials › Capital Goods › Industrial Products › Heavy Electrical Equipment

Elecon Engineering Company peer comparison
Bharat Heavy Electricals
₹423.8551.25₹1,46,351 Cr5.520.35%6.23%9.14%₹37,782 Cr₹2,878 Cr
ABB
₹6,750.0047.87₹1,40,908 Cr15.321.36%22.40%29.90%₹13,477 Cr₹2,988 Cr
CG Power & Industrial Solutions
₹841.4596.28₹1,27,312 Cr15.170.16%20.50%26.70%₹13,699 Cr₹1,364 Cr
Hitachi Energy
₹29,100.00112.75₹1,24,045 Cr25.060.03%21.90%29.40%₹9,162 Cr₹1,149 Cr
Siemens
₹3,509.00—₹1,22,035 Cr9.030.53%19.20%21.40%₹18,062 Cr₹3,276 Cr
GE Vernova T&D
₹4,265.0083.66₹1,04,523 Cr33.150.25%57.40%77.40%₹6,712 Cr₹1,305 Cr
Siemens Energy
₹2,963.0070.90₹1,01,562 Cr21.930.14%50.50%67.80%₹9,436 Cr₹1,489 Cr
Elecon Engineering Company (this company)
₹438.8540.22₹9,681 Cr3.920.12%16.40%20.90%₹2,457 Cr₹244 Cr
Median 8 companies₹3,236.0070.90₹1,23,040 Cr15.250.21%21.20%28.05%₹11,457 Cr₹1,427 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

49 Average

Data confidence 100/100

Category scores

Quality
66
Good
Returns, margins, earnings quality 22% weight
Valuation
51
Average
Cheap vs sector & own history 24% weight
Growth
24
Poor
Sales & profit trajectory 9% weight
Financial Health
64
Good
Solvency, leverage, coverage 9% weight
Momentum
25
Poor
Trend strength, vol-adjusted 12% weight
Ownership
44
Weak
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish775
OscillatorsBearish270
Moving AveragesNeutral505

Key readings

RSI (14)
50.36
Neutral
MACD (12,26,9)
−2.74
Bearish
SMA (50)
435.12
Bullish
SMA (200)
451.26
Bearish

As of

Analyst Rating

Based on 2 analysts
BUY100%

2 of 2 analysts rate Buy, 0 Hold, 0 Sell.

As of

BUY
2
100%
HOLD
0
0%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Sep 2026 against Sep 2025.

Revenue

Revenue growth by window
10Y+6.34%
5Y+17.78%
3Y+15.64%
1Y+6.24%
TTM+2.59%

Net profit

Net profit growth by window
10Y+24.87%
5Y+42.52%
3Y+12.74%
1Y−17.83%
TTM−52.80%

Operating cash flow

Operating cash flow growth by window
10Y+38.60%
5Y+4.83%
3Y+0.54%
1Y−26.12%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+8.35 pp
5Y+4.28 pp
3Y−0.19 pp
1Y−2.51 pp
TTM−3.47 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹1,202 Cr
Mar 2018₹1,180 Cr
Mar 2019₹1,225 Cr
Mar 2020₹1,088 Cr
Mar 2021₹1,044 Cr
Mar 2022₹1,212 Cr
Mar 2023₹1,530 Cr
Mar 2024₹1,937 Cr
Mar 2025₹2,227 Cr
Mar 2026₹2,366 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹11.00 Cr
Mar 2018₹7.00 Cr
Mar 2019₹70.00 Cr
Mar 2020₹90.00 Cr
Mar 2021₹58.00 Cr
Mar 2022₹140 Cr
Mar 2023₹238 Cr
Mar 2024₹356 Cr
Mar 2025₹415 Cr
Mar 2026₹341 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹576 Cr −4.6% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Generated 6 Jul 2026
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 7
  • TTM profit growth has turned sharply negative at -15%, signaling margin compression or one-off headwinds after a period of strong earnings expansion
  • 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

121d ago

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.

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.

Quarterly Results

₹ Cr
ELECON quarterly results, ₹ crore
Particulars Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
485
474
565
392
508
529
798
491
578
552
746
521
639
Expenses
366
353
429
300
396
386
602
360
452
443
588
411
491
Operating Profit
119
120
135
92
112
143
195
130
126
109
158
109
148
OPM %
24%
25%
24%
24%
22%
27%
24%
27%
22%
20%
21%
21%
23%
Other Income
12.55
9.98
16
17
14
15.64
21
108
18
19
−84
22
20
Interest
3
1
2
2
2
3
5
6
6
7
6
8
10
Depreciation
13
13
13
13
13
16
19
25
25
27
27
30
33
PBT
117
116
136
94
111
139
192
207
113
94
40
93
125
Tax %
24%
23%
24%
22%
21%
23%
24%
15%
22%
23%
85%
24%
23%
Net Profit
89
90
104
73
88
108
146
175
88
72
6
70
96
EPS (₹)
3.95
4.03
4.62
3.27
3.91
4.79
6.53
7.82
3.91
3.21
0.27
3.14
4.29

Profit & Loss

₹ Cr
ELECON profit and loss, annual, ₹ crore
Particulars 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
2,457
Expenses
1,153
1,105
1,027
1,055
1,084
947
858
960
1,189
1,463
1,679
1,843
1,933
Operating Profit
176
176
175
126
140
142
186
252
341
475
548
523
524
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
−24
Interest
87
83
90
75
74
78
60
38
14
9
13
25
32
Depreciation
72
62
53
53
48
53
52
49
49
51
61
104
117
PBT
34
60
44
6
88
20
81
171
300
465
537
454
352
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
245
EPS (₹)
0.75
1.72
0.48
0.33
3.12
4
2.57
6.26
10.58
15.85
18.5
15.2
10.91
Div. Payout %
73%
32%
52%
30%
3%
0%
8%
11%
9%
9%
11%
13%
—

Balance Sheet

₹ Cr
ELECON balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital
22
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
2,487
Borrowings
552
629
583
590
548
483
335
151
52
70
181
273
361
Other Liabilities
877
870
794
857
849
792
733
513
399
449
550
655
691
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
3,562
Fixed Assets
523
898
861
834
799
799
758
739
754
769
914
930
1,068
CWIP
4
8
2
1
5
0
0
1
0
1
7
23
42
Investments
15
49
49
51
54
53
53
54
77
286
496
743
917
Other Assets
1,422
1,248
1,175
1,270
1,307
1,277
1,176
921
899
1,067
1,313
1,538
1,536
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
3,562

Cash Flow

₹ Cr
ELECON cash flow, annual, ₹ crore
Particulars 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/EBITDA
113
25
111
55
67
160
133
101
110
100
101
81

Ratios

ELECON financial ratios, annual
Particulars 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%

Insights

Beta

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

Log in to view Elecon Engineering Company insights

63 extracted metrics across FY12–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 59.27%
  • Public 21.71%
  • DIIs 7.08%
  • FIIs 6.93%
  • Others 4.96%
  • Government 0.04%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Elecon Engineering Company

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.
Where is Elecon Engineering Company Ltd (ELECON) listed?
Elecon Engineering Company Ltd trades as ELECON on the NSE and under code 505700 on the BSE.
Which sector does Elecon Engineering Company Ltd belong to?
Elecon Engineering Company Ltd is classified under the Capital Goods sector, in the Industrial Products industry.
What is the PE ratio of Elecon Engineering Company Ltd?
Elecon Engineering Company Ltd trades at a PE ratio of 40.22 as of 4 Nov 2026, on earnings per share of ₹10.91, against a book value of ₹111.82 per share.
What is the 52-week high and low of Elecon Engineering Company Ltd?
Over the last 52 weeks Elecon Engineering Company Ltd has traded between ₹352 and ₹579 as of 4 Nov 2026.
Does Elecon Engineering Company Ltd pay dividends?
Elecon Engineering Company Ltd has a dividend yield of 0.12%.
What is the Return on Equity (ROE) of Elecon Engineering Company Ltd?
Elecon Engineering Company Ltd reported a return on equity of 16.40%. Its debt-to-equity ratio is 0.14.

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.

Website elecon.com
CEO Mr. Prayasvin Bhanubhai Patel BE, MBA
Employees 2,162
Listed 17 May 2000
Face Value ₹1

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