Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 28 Aug - Newspaper advertisement - Special window for transfer and dematerialisation of physical shares
Source: Bse
Elgi Equipments Limited (ELGIEQUIP)
Large CapIndustrials stocks · Large cap · NSE
Elgi Equipments Limited manufactures compressors and automotive equipment. The company operates in over 120 countries, with a direct presence in 28 countries and manufacturing facilities in 3, indicating a significant global footprint in its core segments.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result13 Aug, 05:12 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 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
38BearishSMA20 -4.7% / mo · MACD −
Stock trend: 30
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
ELGIEQUIPD candles · FIT view-0.5%Latest close ₹544.35 on 2026-10-19
Bar
-4.6%
RSI
32
MACD hist
-3.95
52W pos
56%
2026-10-19O ₹570.55H ₹572.00L ₹542.10C ₹544.35Vol 2.6L 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
ELGIEQUIPNifty India ManufacturingNifty 500
- ELGIEQUIP
- -7.4%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- -1.8 pp
Chart stats
19 Oct 2026- From 52W high
- -16.7%
- 52W range position
- 56%
- ATR (14)
- 3.4%
- Volume vs 20D
- 1.08x
- Avg traded value
- ₹13.9 Cr
- 20D price channel
- ₹542.1 - ₹623.9
₹653.4
₹408.3 - ₹653.4
₹18.3
Latest completed session
20-session average
31.2% 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 argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE52
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good65
Revenue +22.5% · PAT +19.8% YoY
Technical
Bearish38
Price trend and sector-relative-strength timing.
Valuation
Legacy model+2.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence83
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 Jun 2026
Good · 65/100Rev +22% YoY · PAT +20% YoY · margin expansion
Filed 13 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,062 Cr | +22.5% | -4.6% |
| EBITDA | ₹155 Cr | +28.1% | -10.4% |
| Operating margin | 15.0% | +100 bps | -100 bps |
| PAT | ₹103 Cr | +19.8% | -19.5% |
| PAT margin | 9.7% | -22 bps | -180 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 39.20
- P/B
- 8.15
- EV/EBITDA
- 26.61
- Market Cap
- 18203.00Cr
Profitability
- ROE
- 19.00%
- ROCE
- 22.10%
- ROA
- 12.66%
- Dividend Y
- 0.47%
Growth (CAGR)
- Revenue 5Y
- 15.00%
- EPS 5Y
- 31.00%
- Revenue 3Y
- 9.00%
- EPS 3Y
- 11.00%
Balance Sheet
- Debt/Equity
- 0.24
- Interest Coverage
- 25.50×
- Altman Z
- 8.84
- Book Value
- 70.40
Cash Flow
- FCF Yield
- 1.96%
- FCF Positive Y
- 9/5
- OCF
- 454.00 Cr
- EPS TTM
- 14.13
Shareholding
- Promoter Hold
- 31.19%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 68%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 1,062-4.6% vs prev
Net Profit
₹ CrLatest: 103-19.5% 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
Bearish setupTrend is weak — long-term trend down. RSI 32.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~5.0% over last month) — short-term momentum negative.
- RSI(14) at 32 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 17% off 52W high · 33% 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
70
RS percentile
Stage 1 Base / Transition
1M return
-10.7%
3M return
-7.4%
6M return
-1.9%
1Y return
+9.5%
RS 1D
-6
RS 20D
-6
Sector rank
#5
Industry rank
#4
Stage evidence
- Price is within 5.3% of the 30-week proxy.
- The 30-week proxy changed +1.9% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 115.43-3.88%
RS vs Nifty 500115
Valuation & peers
U-Score 52 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 52 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation2/30
Growth15/25
Quality15/20
Balance Sheet8/15
Cash Flow7/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
52
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
52/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 15/20 to the score.
- Cash flow contributes 7/10 to the score.
Main drags
- Valuation is weaker at 2/30; verify the latest quarterly trend.
- Balance sheet is weaker at 8/15; verify the latest quarterly trend.
- Growth is weaker at 15/25; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
39.2
PB
8.2
EV/EBITDA
26.6
ROE
19.0%
ROCE
22.1%
FCF Yield
2.0%
Debt/Equity
0.2
MoS
+2.0%
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: 20 Oct 2026
v4.3-runtime-valuation
Final score
52
Previous: 52
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+2.0%
Previous: +2.0%
Score history
12 stored score snapshots. Latest stored move: +2 points.
20 Oct 2026
v4.3-runtime-valuation
50
50
50
50
50
50
50
50
50
50
50
52
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
₹149.61
-263.9% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹555.31
+2.0% MoS
PEG
1.70
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
INGERRAND
Small
Ingersoll Rand (India) Limited
Industrial Machinery
match 81
58
47.8
43.0%
-24%
FAIR VALUE
ELECON
Large
Elecon Engineering Company Limited
Industrial Machinery
match 58
47
34.7
16.4%
-7%
FAIR VALUE
JYOTICNC
Small
Jyoti CNC Automation Limited
Industrial Machinery
match 57
54
70.1
18.2%
-76%
FAIR VALUE
INOXINDIA
Micro
INOX India Limited
Industrial Machinery
match 56
52
70.2
26.1%
-81%
FAIR VALUE
KSB
Micro
Ksb Limited
Industrial Machinery
match 53
51
51.7
18.4%
-36%
FAIR VALUE
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 under stressReviewed 2026-06-12T08:25:21.905Z
Management commentary snapshot
ELGIEQUIP reported 12% YoY revenue growth and 17% YoY PBT growth in Q4 FY26, but EBITDA was significantly impacted by adverse product mix, tariff effects, and higher employee and other expenses.
While the company achieved strong top-line and PBT growth YoY, the core profitability, as reflected in EBITDA, was pressured by unfavorable product mix, tariff impacts, and substantial increases in employee and other operating costs. This indicates challenges in maintaining margin efficiency despite sales momentum.
Growth engines
International Market Presence
ELGi does business in 120+ countries, with direct presence in 28 and manufacturing presence in 3, indicating a broad global reach.
Revenue Momentum
Sales grew by 12% in Q4 FY26 over the previous year, demonstrating continued top-line expansion.
Capacity and execution
North America Leases
Three leases were added in North America, contributing to Q4 vs Q3 changes.
Headwinds
Product Mix Impact on Contribution
Contribution was impacted due to product mix in Q4 FY26.
Tariff Impact
Contribution was impacted due to tariff, with a 1.2% tariff impact against Q4 FY25.
Increased Employee Costs
Employee cost increased by 17% (INR 294 Mn) in Q4 FY26 vs Q4 FY25, impacting EBITDA.
Higher Other Expenses
Other expenses increased by 8% (INR 134 Mn) in Q4 FY26 vs Q4 FY25, impacting EBITDA.
Risk radar
Profitability Pressure from Mix and Tariffs
EBITDA was lower than expected due to product mix and tariff impacts, indicating vulnerability to external and internal pricing/cost factors.
Operating Cost Inflation
Significant increases in employee costs (17%) and other expenses (8%) YoY pose a risk to sustained margin expansion if not managed effectively.
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 BOTH
The presentation provides explicit year-on-year growth figures for key financial metrics like revenue and PBT, and a detailed Q4 FY26 vs Q4 FY25 EBITDA reconciliation. Additionally, it includes sequential quarterly data for revenue, PBT, and sales mix, enabling analysis of both annual performance and sequential trends.
Sector KPIs management disclosed
Revenue Growth
Sales grew by 12% (Q4 FY26 vs Q4 FY25).
PBT Growth
PBT Growth over Previous year by 17% (Q4 FY26 vs Q4 FY25).
EBITDA Margin
EBITDA % was 15.6% in Q4 FY26, compared to 15.0% in Q4 FY25.
PAT Margin
PAT % was 11.5% in Q4 FY26, compared to 10.3% in Q4 FY25.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA Margin | 15.6% in Q4 FY26 | Stability or improvement in margins, indicating effective mitigation of product mix and tariff pressures. |
| Sales Growth | 12% YoY in Q4 FY26 | Sustained double-digit revenue growth across key geographies and segments. |
| Operating Cost Control | Employee cost up 17%, Other expenses up 8% YoY in Q4 FY26 | Moderation in the growth rate of employee and other expenses relative to sales growth. |
| Net Cash Position | INR 6,207 Mn as of Mar-26 | Continued strong cash generation and maintenance of a robust net cash position. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
83Limited 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 95th percentile of the scored universe and 96th percentile within Industrials. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
99 docs text-extracted · 49 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
95th percentile
overall median 67 · Industrials: 96th pctile, median 68 · Large: 88th pctile, median 73
Evidence depth
Financial-only
99 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
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
82
strong · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2%.
- ▸9 years of positive FCF.
- ▸ROCE is 22.1%.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Elgi Equipments 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 14 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 7 Jul
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
Annual report
Announcement under Regulation 30 (LODR)-Newspaper Publication 20 Jul - Newspaper publication pertaining to the dispatch of Annual Report for FY 2025-26 and Notice of 66th Annual General Meeting
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.