Elgi Equipments Ltd.

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elgi.comBSE: 522074NSE: ELGIEQUIP

Market Cap₹ 19,702 Cr.

Current Price

High / Low₹ 653 / 408

Stock P/E55.6

Book Value₹ 65

Price to Book7.50

Dividend Yield0.43 %

ROCE25.2 %

ROE18.7 %

Face Value₹ 1

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ABOUT

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 26.9% CAGR over last 5 years
Company is almost debt free
Company has a healthy return on capital (ROCE) of 27.9%
Company has a good return on equity (ROE) track record: 3 Years ROE 21.5%
Company has delivered good sales growth of 16.3% CAGR over last 5 years

CONS

Receivables are growing faster than sales - a possible quality concern
Stock is trading at 7.5x its book value
Operating margins have contracted to 18.6% from 22.7%
Growth is decelerating - 3Y profit CAGR (8.2%) trails the 5Y trend (26.9%)
Expensive relative to growth - PEG of 6.8

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

Peer comparison

Capital GoodsCapital GoodsCompressors / Pumps

Part ofNIFTY TOTAL MKT NIFTY SML250 Q50 NIFTY 500 NIFTY SMLCAP 250

S.No.	Name
1.	ELGIEQUIP	621.70	43.99	19702.23	0.43	103.30	20.68	1062.20	22.56	24.39	14.79
2.	INGERRAND	4601.75	54.30	14526.80	1.63	70.46	19.46	379.46	20.34	56.31	23.78
3.	KIRLOSBROS	1818.65	38.68	14441.70	0.38	67.60	0.15	1104.90	12.86	19.79	10.56
4.	KSB	803.85	56.99	13990.14	0.55	57.20	-18.75	690.70	3.60	22.98	12.42
5.	KIRLPNU	719.70	35.57	9350.80	0.83	332.00	31.23	3031.00	7.60	28.95	15.04
6.	DYNAMATECH	11559.95	185.03	7850.87	0.09	20.79	93.04	424.81	14.53	8.88	12.97
7.	SHAKTIPUMP	503.20	29.24	6209.39	0.20	51.59	-46.72	858.67	37.94	23.76	9.65
8.	WPIL	444.10	25.57	4337.56	0.45	59.01	129.24	500.54	32.21	17.32	17.29
9.	OSWALPUMPS	284.45	9.67	3242.87	0.00	54.14	-42.82	473.56	-7.86	78.75	15.74
10.	YUKEN	1089.10	94.62	1479.43	0.14	5.21	28.60	134.33	28.48	7.59	11.01
11.	ROTO	65.16	44.32	1227.91	0.29	92.46	1368.32	755.96	1047.48	20.48	20.08
12.	LATTEYS	21.53	34.81	123.79	0.00	1.39	182.11	38.91	59.21	12.97	6.14

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
	399	439	465	540	472	531	498	580	503	568	606	666	645
	318	340	363	420	378	417	395	455	406	460	478	565	543
Operating Profit	81	99	102	119	94	114	102	125	97	108	127	101	102
OPM %	20.22%	22.54%	21.85%	22.12%	20.00%	21.51%	20.57%	21.51%	19.26%	19.08%	21.02%	15.19%	15.83%
	18	22	14	14	13	26	13	17	22	24	4	22	20
Interest	1	1	2	2	1	1	0	0	0	0	0	0	1
Depreciation	9	9	9	9	9	9	9	9	9	10	11	11	12
Profit before Tax	89	111	105	123	97	130	107	133	110	122	121	112	122
Tax %	24.93%	24.93%	24.53%	24.53%	25.18%	24.98%	25.00%	25.30%	25.71%	25.82%	25.62%	25.49%	26.02%
Net Profit	67	83	79	93	73	98	80	99	82	91	90	83	90
	2.12	2.63	2.50	2.93	2.30	3.09	2.53	3.14	2.58	2.88	2.84	2.64	2.87

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
	892	1,024	1,177	1,081	1,100	1,583	1,757	1,843	2,081	2,343	2,485
	779	892	1,035	961	944	1,337	1,441	1,441	1,644	1,908	2,046
Operating Profit	113	132	142	120	156	245	316	402	437	435	439
OPM %	12.66%	12.90%	12.04%	11.12%	14.18%	15.49%	17.97%	21.81%	21.01%	18.58%	17.67%
	14	14	16	49	24	46	83	69	70	73	71
Interest	2	2	4	5	5	3	7	7	3	3	2
Depreciation	37	36	34	37	35	37	38	36	36	41	44
Profit before Tax	88	108	121	128	140	251	354	428	468	464	477
Tax %	22.53%	28.56%	29.73%	21.42%	25.04%	24.66%	23.02%	24.72%	25.13%	25.66%	25.74%
Net Profit	68	77	85	100	105	189	272	322	350	345	354
EPS	4.32	4.86	5.35	3.17	3.32	5.98	8.61	10.16	11.04	10.89	—
Dividend Payout %	23.17%	24.73%	24.31%	26.03%	24.12%	19.25%	23.26%	19.68%	19.92%	24.79%	—

COMPOUNDED SALES GROWTH

10 Years:: 10%
5 Years:: 16%
3 Years:: 10%

COMPOUNDED PROFIT GROWTH

10 Years:: 43%
5 Years:: 27%
3 Years:: 8%

STOCK PRICE CAGR

10 Years:: 20%
5 Years:: 25%
3 Years:: 7%
1 Year:: 32%

RETURN ON EQUITY

10 Years:: 18%
5 Years:: 22%
3 Years:: 22%
Last Year:: 19%

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	16	16	16	16	32	32	32	32	32	32
	525	584	646	694	784	951	1,189	1,435	1,689	1,944
	52	86	42	101	104	2	92	111	9	35
Trade Payables	114	141	164	129	180	192	166	216	210	303
	76	93	98	92	90	143	185	215	129	176
Total Liabilities	783	919	966	1,032	1,189	1,320	1,663	2,008	2,068	2,490
	239	217	214	228	205	194	210	204	208	276
Capital Work in Progress	0	1	5	4	4	7	3	9	51	132
	138	156	175	174	178	181	184	190	231	303
	100	119	112	130	139	172	167	186	214	273
	0	0	0	0	0	0	0	499	460	641
Cash & Bank	54	61	52	45	160	118	255	643	720	535
	252	366	408	452	503	648	843	275	185	330
Total Assets	783	919	966	1,032	1,189	1,320	1,663	2,008	2,068	2,490

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
	103	63	146	107	135	170	325	255	338	180
Cash from Investing	-38	-61	-53	-71	-53	6	-287	-91	-244	-74
Cash from Financing	-35	15	-65	0	-5	-129	49	-69	-208	-96
	15	-18	-11	2	58	-19	-3	95	-114	10

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
	31.19	31.19	31.19	31.19	31.19	31.19	31.19	31.19	31.19
	28.51	28.44	28.44	28.12	26.84	25.37	22.36	21.45	21.89
	5.00	5.04	5.07	4.98	5.23	6.24	8.08	9.08	10.12
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	34.34	34.36	34.33	34.74	35.97	36.44	37.61	37.53	36.78

Documents

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

2026-09-04

Diversification/Disinvestment

2026-09-04 - Elgi Equipments Limited has informed the Exchange about Diversification/Disinvestment

2026-09-01

Appointment

2026-09-01 - Elgi Equipments Limited has informed the Exchange regarding Appointment of Mr Vikas Thiruvalluru as Senior Management Personnel of the company w.e.f. September 01, 2026.

2026-08-29

General Updates

2026-08-29 - Elgi Equipments Limited has informed the Exchange about General Updates

2026-08-28

Copy of Newspaper Publication

2026-08-28 - Elgi Equipments Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-25

Credit Rating

2026-08-25 - Elgi Equipments Limited has informed the Exchange about Credit Rating

2026-08-20

Acquisition

2026-08-20 - Elgi Equipments Limited has informed the Exchange about Acquisition

2026-08-20

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-20 - Elgi Equipments Limited has informed the Exchange about Transcript

2026-08-20

Press Release

2026-08-20 - Elgi Equipments Limited has informed the Exchange regarding a press release dated August 20, 2026, titled "VAYU Launches in India, Bringing Made-in-India Compressed Air Solutions to Growing Manufacturers".

2026-08-14

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-14 - Elgi Equipments Limited has informed the Exchange about Link of Recording

News

Recent coverage and analyst commentary for ELGIEQUIP

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