Eimco Elecon (India) Ltd(EIMCOELECO)

NSE: EIMCOELECOBSE: 523708

₹ 2,173-3.81%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,253 crWebsite: www.eimcoelecon.inUpdated: 24 Oct 2026

About

Eimco Elecon (India) Ltd makes underground mining equipment, including continuous miners and battery-operated passenger and utility vehicles, along with spares. It also builds construction equipment such as piling rigs. Its business depends mainly on underground coal mining in India. It reported FY26 revenue of Rs 230.75 cr and has 1,065 machines in the field.^[1][2][3]

Products

Released three new products in 2025-26: the indigenous battery-operated MCAR-E passenger car, the MUV and the CM-3500 continuous miner.^[2]
FY25 annual report: the indigenous Continuous Miner package was being delivered, and its performance at mines was yet to be established.^[3]
FY24 annual report: larger LHDs (7T and 10T) were established, and the company received orders from UCIL.^[4]
Makes piling rigs in India in collaboration with CZM (USA). As of FY25 it was also developing Diaphragm Wall Machines.^[4][3]
1,065 machines are in the field (Q2 FY27 call).^[2]

Order book

Order book was Rs 133 cr at 30 Sep 2026, up 202% from Rs 44 cr a year earlier.^[2]
Open orders were INR 39 Cr at 30 June 2025, down 68.8% from INR 125 Cr at 30 June 2024.^[5]

Key operating numbers

Gross margin was 56.5% in Q2 FY27 against 65.2% in Q2 FY26, because products made up a larger share of sales than spares.^[2]
Working capital days were 232 on an H1 FY27 TTM basis, up from 219 in FY26.^[2]
Property, plant and equipment rose to Rs 112 cr at Sep-26 from Rs 64 cr at Mar-26.^[2]

Customers and market

Sells complete mining solutions to PSU and private customers. The FY24 annual report named dependence on Government clients as the main risk.^[2][4]
Coal India aims to raise underground coal output from about 35 MT in FY23 to 100 MT by FY28 and 120 MT by FY30 (FY24 annual report).^[4]
CIL awarded 23 discontinued underground mines in June 2024, which supports fleet renewal demand.^[2]
Competition: in piling rigs the company names Chinese OEMs as a threat. It also notes rising competition from global players in advanced technology (FY25).^[3][4]

Recent developments

Vishal C. Begwani resigned as Chief Financial Officer and KMP, effective 30 Oct 2026 (filed 13 Oct 2026).^[6][7]
On 23 Apr 2025 the company, Elecon Engineering, the Bhanubhai Patel Group and Sandvik group companies signed an agreement ending their Shareholders Agreement of 28 Feb 1992.^[3]
The company's timeline lists the JV agreement as terminated in 2025.^[5]

Market Cap

₹1,253 Cr

High / Low

₹2,474 / 1,414

Stock P/E

22.9

Price / Book

2.3

Book Value

₹810

EPS

₹67.1

No. of Shares

0.58 Cr

ROCE

11.3%

ROE

8.6%

OPM

20.7%

Debt / Equity

0.01

Sales

₹231 Cr

Net Profit

₹39 Cr

Promoter holding

49.0%

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