Elecon Engineering Company Ltd.

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elecon.comBSE: 505700NSE: ELECON

Market Cap₹ 9,437 Cr.

Current Price

High / Low₹ 635 / 352

Stock P/E31.8

Book Value₹ 94

Price to Book3.89

Dividend Yield0.48 %

ROCE32.9 %

ROE25.8 %

Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2021 • Transmission Equipment: 82.5% • Material Handling Equipment: 17.5%

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

View full sector analysis →

PROS

Company has delivered good profit growth of 67.4% CAGR over last 5 years
Company is almost debt free
Company has a healthy return on capital (ROCE) of 32.6%
Company has a good return on equity (ROE) track record: 3 Years ROE 24.5%
Company has delivered good sales growth of 20.4% CAGR over last 5 years

CONS

Recent results are weak - TTM profit is down 60.5% versus prior year
Valuation is stretched - P/E of 31.8 is well above its own 5-year median (17.6)
Growth is decelerating - 3Y profit CAGR (36.3%) trails the 5Y trend (67.4%)
Though reporting repeated profits, the company pays out little dividend (9.4%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsCapital GoodsEngineering - Industrial Equipments

Part ofNIFTY TOTAL MKT NIFTY 500 NIFTY SMLCAP 250

S.No.	Name
1.	BHEL	433.30	62.03	150877.81	0.32	376.71	182.70	7697.72	40.29	9.24	6.69
2.	INDOMIM	988.35	91.60	48872.02	0.60	2401.22	—	12187.42	—	24.48	33.36
3.	THERMAX	3635.85	73.01	43323.44	0.55	21.79	-85.61	2302.73	7.09	15.85	2.98
4.	HONAUT	34159.35	54.80	30202.07	0.32	150.70	20.95	1204.40	1.80	17.04	14.32
5.	JYOTICNC	1008.70	71.30	22940.17	0.00	57.14	-19.99	508.47	23.97	21.34	21.40
6.	INOXINDIA	2184.80	77.95	19864.74	0.09	580.72	850.16	3707.90	991.77	33.54	20.46
7.	AZAD	2804.70	130.33	18113.24	0.00	35.16	19.46	172.60	25.90	12.04	37.29
8.	TRITURBINE	564.90	53.40	17958.08	0.75	51.10	-20.65	442.70	19.23	35.95	11.59
9.	TEGA	1680.15	597.41	12622.58	0.12	-108.25	-406.36	1723.44	383.99	8.37	3.27
10.	LLOYDSENGG	81.23	56.33	12599.09	0.31	68.23	-77.28	527.15	142.92	17.99	15.04
11.	KRN	1600.40	108.06	10475.98	0.00	32.90	164.84	252.32	118.87	16.06	19.44
12.	ELECON	420.55	39.98	9437.14	0.48	70.35	-59.90	520.56	6.11	22.27	20.96

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	324	407	383	485	293	419	446	713	410	496	454	656	398
	238	299	282	368	221	328	320	539	288	383	359	511	339
Operating Profit	87	108	101	118	73	91	127	174	122	113	95	144	59
OPM %	26.72%	26.50%	26.46%	24.24%	24.72%	21.68%	28.37%	24.37%	29.78%	22.75%	21.03%	22.01%	14.84%
	6	11	13	10	13	11	13	16	174	18	17	15	20
Interest	2	2	1	1	1	1	3	4	6	5	6	6	8
Depreciation	10	11	10	10	10	11	13	17	22	22	24	24	26
Profit before Tax	81	106	102	116	74	89	124	169	269	104	82	130	79
Tax %	25.07%	25.54%	25.41%	25.34%	25.41%	24.87%	25.73%	25.71%	11.29%	23.96%	24.93%	25.22%	25.57%
Net Profit	61	79	76	87	55	67	92	125	239	79	62	97	59
	5.43	3.52	3.40	3.87	2.46	2.99	4.10	5.59	10.65	3.52	2.76	4.32	2.61

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	923	911	955	836	796	893	1,197	1,600	1,871	2,016	2,004
	757	801	874	758	725	715	922	1,186	1,404	1,544	1,592
Operating Profit	166	110	81	77	71	178	275	414	467	472	412
OPM %	17.98%	12.10%	8.50%	9.25%	8.88%	19.89%	22.98%	25.87%	24.98%	23.41%	20.54%
	8	11	55	38	85	17	22	40	49	228	70
Interest	73	68	65	70	55	33	12	6	10	24	26
Depreciation	48	48	44	44	42	38	39	41	51	91	96
Profit before Tax	52	5	28	1	58	124	246	406	456	585	395
Tax %	59.86%	-58.92%	56.66%	-5567.02%	37.78%	22.73%	23.66%	25.35%	25.42%	18.54%	24.90%
Net Profit	21	8	12	72	36	96	188	303	340	477	296
EPS	1.88	0.72	1.08	6.45	3.23	8.51	16.77	27.02	15.15	21.24	—
Dividend Payout %	26.64%	27.76%	18.59%	0.00%	12.38%	16.45%	11.93%	11.10%	13.20%	9.41%	—

COMPOUNDED SALES GROWTH

10 Years:: 7%
5 Years:: 20%
3 Years:: 19%

COMPOUNDED PROFIT GROWTH

10 Years:: 29%
5 Years:: 67%
3 Years:: 36%

STOCK PRICE CAGR

10 Years:: 31%
5 Years:: 36%
3 Years:: 1%
1 Year:: -30%

RETURN ON EQUITY

10 Years:: 12%
5 Years:: 21%
3 Years:: 24%
Last Year:: 26%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	22	22	22	22	22	22	22	22	22	22
	707	708	718	760	797	885	1,057	1,325	1,631	2,026
	422	457	451	362	222	98	27	58	149	200
Trade Payables	360	370	342	458	362	214	152	155	231	235
	347	397	414	234	299	215	158	200	263	378
Total Liabilities	1,859	1,955	1,947	1,836	1,702	1,435	1,416	1,760	2,297	2,861
	756	713	677	628	588	563	580	598	737	850
Capital Work in Progress	1	1	5	0	0	0	0	1	7	23
	128	160	160	119	119	119	138	342	544	854
	232	201	239	228	176	180	176	154	166	201
	0	0	0	0	0	0	0	407	575	665
Cash & Bank	6	33	8	25	51	39	136	116	164	103
	736	846	858	836	768	535	386	142	105	165
Total Assets	1,859	1,955	1,947	1,836	1,702	1,435	1,416	1,760	2,297	2,861

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	201	105	73	173	219	206	358	227	279	281
Cash from Investing	-26	-65	14	-13	-16	-4	-144	-177	-159	-173
Cash from Financing	-185	-38	-89	-156	-193	-175	-140	-47	-55	-111
	-15	4	-5	2	11	-2	10	3	65	-3

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
59.28	59.27	59.27	59.27	59.27	59.27	59.27	59.27	59.27
9.10	9.84	9.73	8.65	9.61	8.31	8.09	7.13	6.99
2.55	2.97	3.67	4.39	3.80	4.13	4.48	5.67	7.18
0.00	0.01	0.03	0.03	0.04	0.04	0.04	0.04	0.04
29.07	27.91	27.30	27.66	27.29	28.25	28.10	27.87	26.51

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-25

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-25 - Elecon Engineering Company Limited has informed the Exchange about Schedule of meet

2026-08-05

Copy of Newspaper Publication

2026-08-05 - Elecon Engineering Company Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-03

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-03 - Elecon Engineering Company Limited has informed the Exchange about Schedule of meet

2026-08-01

Shareholders meeting

2026-08-01 - Elecon Engineering Company Limited has submitted the Exchange a copy Srutinizers report of Postal Ballot. Further, the company has informed the Exchange regarding voting results.

2026-07-18

Analysts/Institutional Investor Meet/Con. Call Updates

2026-07-18 - Elecon Engineering Company Limited has informed the Exchange about Transcript

2026-07-16

Credit Rating

2026-07-16 - Elecon Engineering Company Limited has informed the Exchange about Credit Rating

2026-07-13

Analysts/Institutional Investor Meet/Con. Call Updates

2026-07-13 - Elecon Engineering Company Limited has informed the Exchange about Link of Recording

2026-07-11

Copy of Newspaper Publication

2026-07-11 - Elecon Engineering Company Limited has informed the Exchange about Copy of Newspaper Publication

2026-07-10

Investor Presentation

2026-07-10 - Elecon Engineering Company Limited has informed the Exchange about Investor Presentation

News

Recent coverage and analyst commentary for ELECON

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