Elecon Engineering Company Ltd(ELECON)

NSE: ELECONBSE: 505700

₹ 424.5+1.76%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 9,526 crWebsite: www.elecon.comUpdated: 24 Oct 2026

About

Elecon Engineering Company Ltd designs and manufactures industrial gearboxes (Transmission Equipment) and material handling equipment (MHE), serving power, cement, steel, mining, port and defence sectors across India and internationally. It describes itself as India's largest industrial gearbox solution provider and India's top MHE player. Revenue was Rs 2,366.05 crore in FY26.^[1][2]

Business segments

Transmission Equipment (gears) made up 70.5% of segment revenue in FY26 (₹1,699.36 cr), and Material Handling Equipment 29.5% (₹712.5 cr).^[3]
Transmission Equipment's revenue share rose 2.7 percentage points over FY2018 - FY2026; MHE share fell 2.7 percentage points over the same window.^[3]
In Q2 FY27, Gear revenue rose 10.6% YoY to ₹488 cr and MHE revenue rose 10.4% YoY to ₹151 cr.^[4]
The MHE division left EPC work to focus only on equipment supply and after-market service.^[2]

Products and market position

Elecon says it is the only Indian company able to manufacture complex gearboxes for the Indian Navy, and it supplied critical gearboxes for INS Vikrant.^[2]
Elecon launched the EON2 industrial gearbox in early 2023 and is developing IoT-based condition monitoring for its gearboxes.^[2]
Gear product mix in Q1 FY27 was 54% catalogue products and 46% engineered products. Engineered products earn 2 - 3% higher margins.^[5]

Order book and inflows

The consolidated open order book was ₹1,635 cr as of September 30, 2026, up 33% YoY. Gear stood at ₹1,056 cr (+37.0%) and MHE at ₹579 cr (+27.3%).^[4]
Order intake was ₹746 cr in Q2 FY27 (+8.4% YoY) and ₹1,501 cr in H1 FY27 (+15.3% YoY).^[4]
MHE order intake rose 32.5% YoY to ₹253 cr in Q2 FY27, including ₹68 cr of overseas orders.^[4]
Full-year FY26 consolidated order inflow was ₹2,660 crores, up 12% YoY.^[6]
The largest industrial gear order in Elecon's history, from the power sector (LOI received April 2026), made up about 27% of Gear order intake in Q1 FY27.^[5]

Operations and capacity

Gear division capacity utilisation was 56% - 60% as of Q4 FY26, after recent capacity additions.^[6]
Elecon has 1 manufacturing facility in India. Overseas it has 4 manufacturing and assembly centres, per the FY25 annual report.^[2]
Benzlers runs assembly centres in Helsingborg, Sweden (~3,100 sq m) and Venlo, Netherlands (~1,700 sq m). Radicon runs centres in Elland, UK (~3,000 sq m) and Elgin, USA (~4,900 sq m).^[2]
The in-house R&D facility is recognised by DSIR and has over 100 engineers. Elecon has 2 patents granted and 5 under application.^[2]
Elecon was executing its first Indian Navy gearbox order as of Q3 FY26.^[7]

Customers and markets

Overseas revenue (exports plus subsidiaries) was ₹159 cr in Q2 FY27, up 30.6% YoY. The overseas share of H1 FY27 revenue rose to 27% from 23%.^[4]
Steel, power and cement contributed 20%, 16% and 11% of order intake in 2024-25.^[2]
Elecon serves 95+ countries with 10+ overseas sales offices and 110+ overseas distributors. In India it has 13+ sales offices and 65+ distributors and dealers.^[2]
18 OEM tie-ups for export markets were in place as of Q3 FY26. They generated ₹31 crores of revenue in the nine months to December 2025.^[7]
Raw material price and currency risks are managed through hedging and by passing the impact on to customers, per the FY25 annual report.^[2]

Expansion and capex

A ₹400 crore capex programme over FY26 - FY28 was on track as of Q1 FY27. About ₹95 crores was spent in FY26, roughly 80% in Gear and 20% in MHE.^[5]
As of Q1 FY27, the board was evaluating capex beyond the ₹400 crore plan. All capex is funded from internal accruals.^[5]
A step-down subsidiary was set up in Mexico in FY26 to serve the Latin American market.^[6]
Management targets FY30 consolidated revenue of ₹5,000 crores, with 50% coming from overseas markets.^[5]
The P-17 Bravo Indian Navy gearbox enquiry was expected to be released in Q4 FY27, per Q1 FY27 guidance.^[5]

Recent developments

Q2 FY27 Gear EBIT margin rose 290 bps YoY to 22.1%, helped by a favourable mix and operating leverage.^[4]
A goodwill impairment of ₹102 crores was recorded in FY26 for the 2010 acquisition of Benzlers and Radicon.^[6]
ICRA upgraded Elecon's long-term rating to AA (Stable) from AA- (Stable) in July 2024.^[2]

Market Cap

₹9,526 Cr

High / Low

₹580 / 352

Stock P/E

38.7

Price / Book

3.8

Book Value

₹103

EPS

₹15.2

No. of Shares

22.44 Cr

ROCE

21.4%

ROE

15.8%

OPM

20.4%

Debt / Equity

0.00

Sales

₹2,366 Cr

Net Profit

₹341 Cr

Promoter holding

59.3%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials

Elecon Engineering Company Ltd(ELECON)

About

Business segments

Products and market position

Order book and inflows

Operations and capacity

Customers and markets

Expansion and capex

Recent developments

Signal history

The analysis Screener can't give you

AI Deep Dive

Verdict

Company data

Product Segments

Corporate Actions