As of 6 Nov 2026, Elecon Engineering Co. trades at 38.4× trailing earnings, above the industry P/E of 33.8×, and the shares are 28% below their 52-week high. It earns ROCE of 19% and ROE of 10%, and sales and net profit grew 16% and 13% a year over 3 years. Its dividend yield is 0.5%, and debt is 0.14× equity. It is a small-cap company with a market cap of ₹9,401 Cr, ranked 25th of 138 Specialty Industrial Machinery companies by market cap; the shares fell 23% over the past year.
- ₹435.00
- ₹435.00
- ₹414.80
- ₹437.90
- 7.1 L
Health check
- ReturnsBehind
−22.5% over a year, better than 1 of 7 peers.
- Price tagIn line
P/E 38.4 vs industry 33.8.
- GrowthSteady
Sales +15.9%, profit +12.8% a year over 3 years.
- ProfitabilityAverage
ROCE 18.6% vs peer median 24.8%.
- Balance sheetStretched
Debt 0.14× equity, interest covered 20.8×, Piotroski 3 of 9.
- Red flagsNone found
No warning signs in the headline numbers.
Small cap
Defensive
Key metrics
- Market cap
- ₹9,401 Cr
- Small cap
- P/E
- 38.4
- Industry 33.8
- Price to book
- 3.75
- Peers 9.16
- Dividend yield
- 0.48%
- ROE
- 10.3%
- Peers 19.1%
- ROCE
- 18.6%
- Peers 24.8%
- Debt to equity
- 0.14
- Debt ₹361 Cr
- EPS (TTM)
- ₹10.91
- Face value ₹1
- OPM (TTM)
- 17.9%
- Net margin 10.0%
- Sales growth
- +10.5%
- Latest quarter vs a year ago
- Profit growth
- +9.7%
- Latest quarter vs a year ago
- Price to sales
- 3.83
- EV/EBITDA 18.7
Strengths and risks
Strengths
- Positive operating cash flow in each of the last 4 years.
About Elecon Engineering Co.
Elecon Engineering Company Limited manufactures and sells industrial gears and material handling equipment in India and internationally. The company operates in two segments, Material Handling Equipment and Transmission Equipment. It offers helical and bevel helical, planetary, worm, wind turbine, marine, and custom-built gear boxes; and customized gear boxes, loose gears, and couplings. The company also provides material handling equipment, such as raw…
- Headquarters
- Vallabh Vidya Nagar
- Employees
- 2,452
- Sector
- Industrials
- ISIN
- INE205B01031
- Website
- elecon.com
Price range
- Avg volume (3M)
- 16.6 L
- 1-year return
- minus 22.5%
- From 52-week high
- minus 27.6%
Peers · Specialty Industrial Machinery
| Company | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BHELBharat Heavy Electricals | 418.80 | plus 0.17% | 1,45,829 | 50.6 | 74.6 | 6.6% | 10.1% | 0.22 | 13.5% | plus 56.4% |
| ABBABB India | 6,774.00 | plus 2.20% | 1,43,547 | 92.3 | 68.2 | 28.5% | 13.8% | 0.02 | 15.4% | plus 26.4% |
| SIEMENSSiemens | 3,560.00 | plus 3.73% | 1,26,779 | 86.1 | 59.3 | 16.5% | 10.4% | 0.02 | 3.0% | plus 10.0% |
| CUMMINSINDCummins India | 4,048.80 | minus 0.25% | 1,12,233 | 49.8 | 41.7 | 35.0% | 19.1% | 0.00 | 16.1% | minus 6.0% |
| GVT&DGE Vernova T&D India | 4,018.00 | minus 3.06% | 1,02,879 | 71.3 | 56.6 | 58.5% | 26.5% | 0.01 | 31.1% | plus 31.7% |
| SUZLONSuzlon Energy | 38.80 | plus 0.54% | 53,337 | 23.7 | 17.3 | 24.8% | 16.7% | 0.07 | 41.4% | minus 35.7% |
| AIAENGAIA Engineering | 3,113.60 | minus 2.77% | 29,056 | 23.5 | 19.6 | 19.9% | 27.4% | 0.00 | −3.4% | minus 3.9% |
| ELECONElecon Engineering Co. | 418.95 | minus 4.33% | 9,401 | 38.4 | 16.6 | 18.6% | 17.9% | 0.14 | 15.9% | minus 22.5% |
| Median of 7 peers | – | 0.17% | 1,12,233 | 50.6 | 56.6 | 24.8% | 16.7% | 0.02 | 15.4% | 10.0% |
Quarterly results
| ₹ Cr | Jun 25 | Dec 25 | Mar 26 | Jun 26 | Sep 26 |
|---|---|---|---|---|---|
| 491 | 552 | 746 | 521 | 639 | |
| 360 | 443 | 672 | 411 | 491 | |
| 130 | 109 | 73.8 | 109 | 148 | |
| 26.6% | 19.8% | 9.9% | 21.0% | 23.1% | |
| 27 | 18.9 | 102 | 21.9 | 19.8 | |
| 6.2 | 6.8 | 6.3 | 8.1 | 10.3 | |
| 24.5 | 27.2 | 27.2 | 29.8 | 32.6 | |
| 80.5 | – | −102 | – | – | |
| 207 | 94 | 40.4 | 93.2 | 125 | |
| 15.3% | 23.4% | 85.1% | 24.5% | 22.8% | |
| 175 | 72 | 6 | 70.4 | 96.4 | |
| 7.82 | 3.21 | 0.27 | 3.14 | 4.29 |
Profit & loss
- Sales CAGR 3Y
- +15.9%
- Profit CAGR 3Y
- +12.8%
- EPS CAGR 3Y
- +12.8%
- ROE
- 10.3%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 1,501 | 1,907 | 2,197 | 2,337 | |
| – | +27.0% | +15.2% | +6.4% | |
| 1,145 | 1,423 | 1,650 | 1,804 | |
| 357 | 483 | 547 | 533 | |
| 23.7% | 25.4% | 24.9% | 22.8% | |
| 16.7 | 36.6 | 48.6 | 59.4 | |
| 7.8 | 6.3 | 10.9 | 22.9 | |
| 49 | 50.9 | 60.8 | 104 | |
| −16.5 | 2.6 | 13.3 | −11.2 | |
| 300 | 465 | 537 | 454 | |
| 20.8% | 23.6% | 22.7% | 24.9% | |
| 238 | 356 | 415 | 341 | |
| – | +49.7% | +16.7% | minus 17.8% | |
| 10.59 | 7.92 | 18.50 | 15.20 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 22.4 | 22.4 | 22.4 | 22.4 | |
| 1,257 | 1,582 | 1,976 | 2,283 | |
| 51.6 | 70.5 | 181 | 273 | |
| 401 | 450 | 550 | 655 | |
| 1,732 | 2,124 | 2,729 | 3,234 | |
| 609 | 623 | 770 | 901 | |
| 0.1 | 0.9 | 6.7 | 23.1 | |
| 0.6 | 21.2 | 10.8 | 277 | |
| 229 | 478 | 725 | 840 | |
| 894 | 1,001 | 1,217 | 1,193 | |
| 1,732 | 2,124 | 2,729 | 3,234 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 309 | 365 | 425 | 314 | |
| −166 | −279 | −316 | −220 | |
| −145 | −58.5 | −67.4 | −122 | |
| −2 | 27.3 | 42.3 | −27.2 | |
| −47.1 | −31.5 | −66 | −120 | |
| 262 | 333 | 359 | 195 | |
| −15.7 | −33.7 | −33.7 | −44.9 |
Shareholding pattern
- Promoters59.27%
- Public40.73%
| Quarter | Split | Promoters | Public | Promoter change |
|---|---|---|---|---|
| 30 Sep 2026 | 59.27% | 40.73% | 0.00 | |
| 30 Jun 2026 | 59.27% | 40.73% | 0.00 | |
| 31 Mar 2026 | 59.27% | 40.73% | 0.00 | |
| 31 Dec 2025 | 59.27% | 40.73% | 0.00 | |
| 30 Sep 2025 | 59.27% | 40.73% | – |
Major shareholders
Filings & events
News
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