ELECON

Elecon Engineering Company Limited

Industrial gearboxes and material handling equipment for ports, power, cement and mining

Industrials›Capital Goods›Electrical Equipment›Heavy Electrical Equipment

elecon.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹480.35
Market cap
10,779 Cr
Stock P/E
44.1
P/B
4.30
Dividend yield
0.4%
ROE (FY26)
14.8%
ROCE (FY26)
20.8%
Operating margin (FY26)
17.7%
OCF / EBITDA (FY26)
60.1%
OCF / EBITDA (3Y)
72.2%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Elecon (Elecon Engineering) makes industrial gearboxes and power transmission equipment (its Gear division) and material handling equipment (its MHE division) for heavy industries such as steel, power and cement, in India and overseas.

Company snapshot

18thBy market cap

Ranked among 38 companies in Heavy Electrical Equipment.

Segment mix

Reportable segments as of 2024-12-31 (Standalone). Revenue share = segment revenue ÷ total revenue.

Largest segment: 75.0% of revenue

SegmentRevenue shareRevenuePBTAssets
Material Handling Equipment
25.0%
112 Cr35 Cr213 Cr
Transmission Equipment
75.0%
335 Cr98 Cr1,247 Cr

What we see

Positives
  • ✓Interest coverage of 16.8x — earnings comfortably cover interest obligations.

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricDec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026Sept 2026
Sales474 Cr565 Cr392 Cr508 Cr529 Cr798 Cr491 Cr578 Cr552 Cr746 Cr521 Cr639 Cr
Operating expenses (approx.)353 Cr429 Cr300 Cr396 Cr386 Cr602 Cr360 Cr452 Cr443 Cr588 Cr411 Cr491 Cr
EBITDA120 Cr135 Cr92 Cr112 Cr143 Cr195 Cr130 Cr126 Cr109 Cr158 Cr109 Cr148 Cr
OPM %25.4%24.0%23.5%22.1%27.0%24.5%26.6%21.7%19.8%21.2%21.0%23.1%
Other income10 Cr13 Cr14 Cr11 Cr16 Cr19 Cr26 Cr18 Cr19 Cr18 Cr22 Cr20 Cr
Interest1 Cr2 Cr2 Cr2 Cr3 Cr5 Cr6 Cr6 Cr7 Cr6 Cr8 Cr10 Cr
Depreciation13 Cr13 Cr13 Cr13 Cr16 Cr19 Cr25 Cr25 Cr27 Cr27 Cr30 Cr33 Cr
Profit before tax117 Cr136 Cr94 Cr111 Cr140 Cr192 Cr207 Cr113 Cr94 Cr40 Cr93 Cr125 Cr
Tax %23.1%23.9%22.1%20.6%23.3%23.7%15.3%22.4%23.4%85.1%24.5%22.8%
Net profit90 Cr104 Cr73 Cr88 Cr108 Cr146 Cr175 Cr88 Cr72 Cr6 Cr70 Cr96 Cr
EPS (₹)₹8.06₹9.24₹6.54₹3.91₹4.79₹6.53₹7.82₹3.91₹3.21₹0.27₹3.14₹4.29

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,275 Cr1,189 Cr1,223 Cr1,088 Cr1,045 Cr1,204 Cr1,530 Cr1,937 Cr2,227 Cr2,366 CrSign in free for the trailing twelve months
Operating expenses (approx.)1,111 Cr1,073 Cr1,085 Cr948 Cr859 Cr957 Cr1,191 Cr1,463 Cr1,684 Cr1,843 CrSign in free for the trailing twelve months
EBITDA164 Cr116 Cr138 Cr140 Cr186 Cr246 Cr339 Cr474 Cr543 Cr523 CrSign in free for the trailing twelve months
OPM %12.9%9.8%11.3%12.9%17.8%20.5%22.2%24.5%24.4%22.1%Sign in free for the trailing twelve months
Other income9 Cr5 Cr67 Cr8 Cr6 Cr9 Cr20 Cr44 Cr60 Cr81 CrSign in free for the trailing twelve months
Interest80 Cr66 Cr73 Cr77 Cr60 Cr37 Cr13 Cr9 Cr13 Cr25 CrSign in free for the trailing twelve months
Depreciation53 Cr53 Cr48 Cr53 Cr52 Cr49 Cr49 Cr51 Cr61 Cr104 CrSign in free for the trailing twelve months
Profit before tax44 Cr6 Cr88 Cr20 Cr81 Cr171 Cr300 Cr465 Cr537 Cr454 CrSign in free for the trailing twelve months
Tax %75.5%-33.2%20.6%-359.8%29.1%17.6%20.8%23.6%22.7%24.9%Sign in free for the trailing twelve months
Net profit11 Cr7 Cr70 Cr90 Cr58 Cr140 Cr237 Cr356 Cr415 Cr341 CrSign in free for the trailing twelve months
EPS (₹)₹0.96₹0.67₹6.25₹7.99₹5.14₹12.52₹21.17₹31.69₹18.50₹15.20Sign in free for the trailing twelve months
Dividend payout %————0.2%3.2%6.6%9.5%8.1%13.2%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital22 Cr22 Cr22 Cr22 Cr22 Cr22 Cr22 Cr22 Cr22 Cr22 Cr
Reserves687 Cr686 Cr746 Cr832 Cr897 Cr1,028 Cr1,257 Cr1,582 Cr1,976 Cr2,283 Cr
Borrowings503 Cr544 Cr525 Cr402 Cr248 Cr100 Cr——3 Cr—
Other liabilities881 Cr911 Cr876 Cr879 Cr826 Cr568 Cr453 Cr520 Cr727 Cr928 Cr
Total liabilities2,094 Cr2,165 Cr2,169 Cr2,135 Cr1,993 Cr1,718 Cr1,732 Cr2,124 Cr2,729 Cr3,234 Cr
Fixed assets (net)755 Cr710 Cr678 Cr590 Cr548 Cr593 Cr608 Cr516 Cr555 Cr583 Cr
CWIP0.99 Cr1 Cr5 Cr0.41 Cr0.31 Cr0.51 Cr0.12 Cr0.91 Cr7 Cr23 Cr
Investments49 Cr51 Cr57 Cr78 Cr79 Cr80 Cr102 Cr312 Cr521 Cr768 Cr
Loans & advances——5 Cr6 Cr4 Cr0 Cr0 Cr0 Cr0 Cr0 Cr
Inventories302 Cr285 Cr319 Cr307 Cr250 Cr262 Cr279 Cr230 Cr243 Cr301 Cr
Trade receivables628 Cr671 Cr593 Cr612 Cr508 Cr415 Cr346 Cr445 Cr614 Cr721 Cr
Cash & bank91 Cr47 Cr56 Cr77 Cr96 Cr84 Cr82 Cr110 Cr159 Cr169 Cr
Other assets268 Cr399 Cr457 Cr465 Cr507 Cr284 Cr315 Cr511 Cr631 Cr669 Cr
Total assets2,094 Cr2,165 Cr2,169 Cr2,135 Cr1,993 Cr1,718 Cr1,732 Cr2,124 Cr2,729 Cr3,234 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity188 Cr70 Cr87 Cr222 Cr248 Cr250 Cr310 Cr365 Cr432 Cr314 Cr
Cash from investing-7 Cr-51 Cr40 Cr-25 Cr-19 Cr-12 Cr-167 Cr-279 Cr-316 Cr-220 Cr
Cash from financing-134 Cr-64 Cr-118 Cr-176 Cr-210 Cr-250 Cr-145 Cr-59 Cr-67 Cr-122 Cr
Net cash flow47 Cr-44 Cr9 Cr21 Cr19 Cr-12 Cr-2 Cr27 Cr49 Cr10 Cr
Free cash flow (OCF − Capex)177 Cr41 Cr42 Cr209 Cr244 Cr201 Cr263 Cr333 Cr366 Cr195 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %10.2%5.7%12.5%7.7%12.1%18.1%24.5%29.6%27.5%20.8%
ROE %1.5%1.1%9.1%10.5%6.3%13.4%18.6%22.2%20.8%14.8%
Debtor days1792061762051771268284100111
Inventory days2071982012522071571411008793
Days payable3313542524263521621088410089
Cash conversion cycle555012531331201159987115
OCF / EBITDA %114.7%60.7%63.3%158.3%133.6%101.5%91.5%76.9%79.7%60.1%
OCF / EBITDA % (3 years)——82.7%96.3%120.2%125.8%104.8%87.3%81.7%72.2%
Debt / equity0.710.770.680.470.270.100.00—0.0017—
Current ratio1.001.081.241.221.351.642.523.053.162.94
Net debt / EBITDA2.51—3.402.310.820.06-0.24-0.23-0.29-0.32