Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 Oct - Intimation of Analyst/ investor meet as per attached details.
Source: Bse
Elecon Engineering Company Limited (ELECON)
Large CapIndustrials stocks · Large cap · NSE
Elecon Engineering is one of Asia’s largest industrial gear manufacturers and a market leader in Material Handling Equipment in India. With over seven decades of experience, it provides industry-agnostic gear solutions and sophisticated bulk material handling equipment, serving diverse industrial sectors.
Data qualityFresh enough for analysisQuote updated 21 Oct, 05:57 pm ISTDetails
Quote21 Oct, 05:57 pm IST
Base fundamentals18 Oct 2026 · screener
Official result overlay30 Sept 2026 · nse-xbrl
Latest result14 Oct, 01:19 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
50NeutralSMA20 +7.2% / mo · MACD +
Stock trend: 53
Sector RS: 46
Sector 3M: -7.1% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
ELECOND candles · FIT view-12.9%Latest close ₹433.25 on 2026-10-21
Bar
-5.1%
RSI
46
MACD hist
0.85
52W pos
36%
2026-10-21O ₹456.55H ₹465.80L ₹428.75C ₹433.25Vol 11.8L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ELECONNifty India ManufacturingNifty 500
- ELECON
- -3.7%
- Nifty 500
- -6.5%
- Nifty India Manufacturing
- -7.7%
- Vs Nifty 500
- +2.8 pp
Chart stats
21 Oct 2026- From 52W high
- -25.2%
- 52W range position
- 36%
- ATR (14)
- 5.6%
- Volume vs 20D
- 0.29x
- Avg traded value
- ₹191 Cr
- 20D price channel
- ₹407.2 - ₹509.6
₹579
₹352 - ₹579
₹24.4
Latest completed session
20-session average
75.8% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · FAIR VALUE47
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good55
Revenue +10.5% · PAT +9.5% YoY
Technical
Neutral50
Price trend and sector-relative-strength timing.
Valuation
Legacy model-1.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence75
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Good · 55/100Rev +11% YoY · PAT +9% YoY · margin expansion · +23% QoQ
Filed 14 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹638.9 Cr | +10.5% | +22.7% |
| EBITDA | ₹147.9 Cr | +17.4% | +35.5% |
| Operating margin | 23.1% | +115 bps | +219 bps |
| PAT | ₹96.4 Cr | +9.5% | +37.0% |
| PAT margin | 15.1% | -14 bps | +157 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 34.70
- P/B
- 4.29
- EV/EBITDA
- 17.38
- Market Cap
- 10779.00Cr
Profitability
- ROE
- 16.40%
- ROCE
- 20.90%
- ROA
- 6.88%
- Dividend Y
- 0.41%
Growth (CAGR)
- Revenue 5Y
- 18.00%
- EPS 5Y
- 44.00%
- Revenue 3Y
- 16.00%
- EPS 3Y
- 14.00%
Balance Sheet
- Debt/Equity
- 0.14
- Interest Coverage
- 16.38×
- Altman Z
- 8.41
- Book Value
- 112.00
Cash Flow
- FCF Yield
- 1.22%
- FCF Positive Y
- 12/5
- OCF
- 314.00 Cr
- EPS TTM
- 10.91
Shareholding
- Promoter Hold
- 59.28%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 56%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 639+22.7% vs prev
Net Profit
₹ CrLatest: 96.3+37.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 46. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~6.7% over last month) — short-term momentum positive.
- RSI(14) at 46 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 25% off 52W high · 23% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
32
RS percentile
Stage 1 Base / Transition
1M return
+4.8%
3M return
-3.7%
6M return
-15.5%
1Y return
-22.6%
RS 1D
-10
RS 20D
+18
Sector rank
#6
Industry rank
#11
Stage evidence
- Price is within 6.9% of the 30-week proxy.
- The 30-week proxy changed +1.5% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
weakening
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 80.86-5.08%
RS vs Nifty 50081
Valuation & peers
U-Score 47 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 47 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation0/30
Growth18/25
Quality9/20
Balance Sheet9/15
Cash Flow6/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
47
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
47/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 18/25 to the score.
- Balance sheet contributes 9/15 to the score.
Main drags
- Fair-value margin of safety is negative at -1.0%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 9/20; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
34.7
PB
4.3
EV/EBITDA
17.4
ROE
16.4%
ROCE
20.9%
FCF Yield
1.2%
Debt/Equity
0.1
MoS
-1.0%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
47
Previous: 47
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
-1.0%
Previous: -7.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
47
47
47
47
47
47
47
45
47
47
47
47
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹165.81
-161.3% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹428.76
-1.0% MoS
PEG
1.08
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ABB
Large
ABB India Limited
Industrial Machinery
match 114
49
93.5
22.4%
-26%
FAIR VALUE
SIEMENS
Large
Siemens Limited
Industrial Machinery
match 114
49
89.2
19.2%
-0%
FAIR VALUE
EMMIL
SME
Energy Mission Machineries (India) Ltd.
Industrial Machinery
match 102
53
11.4
13.1%
+56%
FAIR VALUE
KEC
Small
KEC International Limited
Power Equipment
match 75
28
15.2
11.4%
-51%
OVERVALUED
POWERGRID
Large
Power Grid Corporation of India Limited
Power Transmission
match 65
38
14.6
15.3%
-50%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-11T00:41:17.603Z
Management commentary snapshot
Elecon reports resilient Q1 FY27 with 11.9% YoY revenue growth to ₹521 crores and 3.9% YoY EBITDA growth to ₹109 crores (adjusted). Order intake rose 23% YoY to ₹755 crores, with open order book up 37% YoY to ₹1,518 crores, providing strong revenue visibility.
Q1 FY27 results show continued growth, driven by the Gear Division and a robust order book. The MHE division experienced temporary moderation in execution but has a healthy pipeline. Overseas growth is strong. Management is confident in sustaining profitable growth and market leadership.
Current business mix
Q1 FY27 Revenue by Segment
Latest issuer-disclosed distribution across 2 reported categories.
Gear80.0%
MHE20.0%
Growth engines
Gear Division Performance
Strong growth trajectory with 16.3% YoY revenue increase, driven by improved execution and healthy domestic/international demand.
Robust Order Book
Consolidated open order book of ₹1,518 crores (+37% YoY) provides strong revenue visibility for future quarters.
Overseas Market Expansion
Overseas revenue grew 21.9% YoY to ₹151 crores, contributing 29% of consolidated revenue, with new MHE order in port industry.
Defence Sector Opportunity
Only company in India capable of manufacturing complex gearboxes for the Indian Navy.
Capacity and execution
Renewable Energy Capacity
8.3 MW solar plant under commission, adding to existing 13.2 MW wind and 5.5 MW solar power.
Tailwinds
Recovery in International Markets
Early signs of recovery across several international markets, encouraging global presence expansion.
Strong Underlying Domestic Demand
Despite temporary MHE project execution softness, underlying demand environment remains strong for the market.
Headwinds
Global Macroeconomic & Geopolitical Uncertainties
Persisting uncertainties could impact international operations and demand.
Increased Input Costs
Impacted EBIT margins in both Gear and MHE divisions.
MHE Project Execution Moderation
Temporary softness in project execution led to marginal revenue degrowth in MHE division.
Risk radar
Project Execution Delays
Temporary moderation in MHE project execution impacted Q1 revenue, indicating potential for future delays.
Input Cost Volatility
Increased input costs impacted EBIT margins, suggesting vulnerability to raw material price fluctuations.
Global Economic Volatility
Management acknowledges global macroeconomic and geopolitical uncertainties.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The company explicitly presents Q1 FY27 results against adjusted Q1 FY26 figures, highlighting year-on-year growth for revenue, EBITDA, and order book. This indicates a focus on annual performance trends.
Sector KPIs management disclosed
Consolidated Revenue Growth
₹521 crores, +11.9% YoY (adjusted).
Consolidated EBITDA Margin
21.0% (-160 bps YoY adjusted).
Consolidated Order Intake
₹755 crores, +23% YoY.
Consolidated Open Order Book
₹1,518 crores, +37% YoY as of June 30, 2026.
Management forward view
Sustaining Profitable Growth
Confident of sustaining profitable growth, strengthening market leadership, and creating long-term value.
Focus on Global Expansion
Remain focused on expanding global presence and capitalizing on international market opportunities.
Continuous R&D Investments
Supported by advanced manufacturing capabilities and continuous investments in R&D.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| MHE Division Execution | Q1 FY27 revenue declined 2.9% YoY due to temporary project execution softness. | Improved execution and stronger performance in coming quarters, supported by healthy open order book and inquiry pipeline. |
| EBITDA Margin Trend | Consolidated EBITDA margin at 21.0% (-160 bps YoY adjusted), impacted by input costs. | Stabilization or improvement in margins, especially with managing input costs and product mix. |
| Order Intake Momentum | Consolidated order intake of ₹755 crores (+23% YoY). | Sustained strong order intake across both divisions to maintain revenue visibility. |
| Overseas Revenue Contribution | Overseas revenue grew 21.9% YoY, contributing 29% of consolidated revenue. | Continued robust growth in overseas markets and increasing contribution to overall revenue. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
75Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 78th percentile of the scored universe and 76th percentile within Industrials. Main check: results consistency is weak at 39/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
115 docs text-extracted · 55 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
78th percentile
overall median 67 · Industrials: 76th pctile, median 68 · Large: 59th pctile, median 73
Evidence depth
Financial-only
115 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
72
acceptable · capital discipline
Results
39
weak · quarterly consistency
Trust positives
- ▸Promoter holding is 59.3%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.2%.
- ▸12 years of positive FCF.
Trust risks
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE trend is -5.8%.
- ▸1/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Elecon Engineering Company Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 15 Oct - Newspaper Advertisement of financial results attached.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 3 Oct - Newspaper publication pertaining to special window for Re- lodgement of transfer of physical shares as attached.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 25 Aug - Elecon to meet analysts/investors in Mumbai on 3 September 2026 at Elara Capital’s dialogue event.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 3 Aug - Elecon schedules a group analyst/investor plant visit on 5 August 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 5 Aug - Newspaper Publication relating to Special Window for re-lodgement of transfer request for physical securities
Source: Bse
Investor presentationJul 2026
Jul 2026 · PPT
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 11 Jul - Copy of Newspaper advertisement is attached.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 1 Jul - Newspaper advertisement regarding postal ballot notice is attached.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 9 Jun - Newspaper publication relating to Special Window for re-lodgement of transfer request for physical securities.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 3 Jun - Newspaper Advertisement about Notice of 66th AGM, Remote e-voting information, record date and book closure.
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 2 Jun
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.