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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Good · 65/100Rev +22% YoY · PAT +20% YoY · margin expansion
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
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.
North America Leases
Three leases were added in North America, contributing to Q4 vs Q3 changes.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
Trend score and candlestick chart
70Bullishfull bull SMA stack · SMA20 +5.7% / mo · MACD + · near 52W high
Technical chart
ELGIEQUIPdaily · 1Y · AUTO+23.9%Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 61.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~5.4% over last month) — short-term momentum positive.
- RSI(14) at 61 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 3% of 52-week high — testing resistance.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 15.2% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +4.3%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 49 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 49 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
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
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -14.8%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
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.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: 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.
High Trust Lite: Promoter pledge is zero.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 96th pctile, median 68 · Large: 88th pctile, median 73
98 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.8%.
- ▸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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 43.90
- P/B
- 9.12
- EV/EBITDA
- 29.66
- Market Cap
- 20349.00Cr
Profitability
- ROE
- 19.00%
- ROCE
- 22.10%
- ROA
- 12.66%
- Dividend Y
- 0.42%
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
- 1.75%
- FCF Positive Y
- 9/5
- OCF
- 454.00 Cr
- EPS TTM
- 14.13
Shareholding
- Promoter Hold
- 31.19%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 99%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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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.