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10 Yrs X-Ray 
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Analyst Note 
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About
Elgi Equipments Ltd (ELGIEQUIP)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 522074 NSE: ELGIEQUIP Compressors / Pumps | Small Cap | Elgi Equipments Share Price
₹618.50 -3.20 (-0.51%)
As on 11-Sep'26 16:59
Elgi Equipments Ltd (ELGIEQUIP)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 522074 NSE: ELGIEQUIP Compressors / Pumps | Small Cap | Elgi Equipments Share Price
₹618.50 -3.20 (-0.51%)
As on 11-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹19,702 Cr.
Current Price
₹618.5
52-Week Low / High
₹409 / 653
TTM EPS
₹14.1
TTM Sales
₹4,146 Cr.
Book Value per Share
₹73.3
P/E Ratio
43.99
Lower than its 5-year historical median
Industry PE
48.3
Price to Book (P/B)
8.48
Lower than its 5-year historical median
Price to Sales (P/S)
4.75
Lower than its 5-year historical median
EV/EBITDA
26.48
Lower than its 5-year historical median
Dividend Yield
0.44%
Profitability Efficiency
Return on Equity (ROE)
21.09%
Outperforms industry median
Return on Capital Employed (ROCE)
24.39%
Outperforms industry median
Return on Assets (ROA)
13.22%
Operating Profit Margin
14.9%
Net Profit Margin
10.89%
Gross Profit Margin
17%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
12.59%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
10.27%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
22.84%
Asset Quality
Promoter Holding
31.19%
Pledged shares (%) of Promoter's holding (%)
0.88%
Reserves
₹2,291 Cr.
Equity
₹31.7 Cr.
Face Value
₹1
All Time Low / High
₹1.06 / 799.00
Check Before You Invest
Quality
Very GoodValuation
Somewhat OvervaluedCheck Valuation charts
Price Trend
Semi Strong
Is Elgi Equipments Ltd a good quality company?
Elgi Equipments Ltd is a good quality company, based on a consistently good multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Elgi Equipments Ltd performance compare with that of its Peers?
Revenue growth of Elgi Equipments Ltd vs industry peers?
Elgi Equipments Ltd revenue CAGR is 16.32%, compared to the industry median CAGR of 16.56%, indicating stable growth and maintaining its market share.
Promoter shareholding and pledge status of Elgi Equipments Ltd?
Promoters hold 31.19% of the Elgi Equipments Ltd, with 0.88% of their stake pledged, indicating low pledge risk.
Stock return of Elgi Equipments Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 20% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Elgi Equipments Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 15.9% | 17.3% | 17.9% | 17.6% | 16.8% | 26.7% | 31.4% | 30.1% | 28.5% | 25.2% | - |
| Value Creation Index ⓘ | 0.1 | 0.2 | 0.3 | 0.3 | 0.2 | 1.0 | 1.3 | 1.7 | 1.1 | 0.9 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 892 | 1,024 | 1,177 | 1,081 | 1,100 | 1,583 | 1,757 | 1,843 | 2,081 | 2,343 | 2,485 |
| Sales YoY Gr. | - | 14.8% | 15% | -8.2% | 1.8% | 43.9% | 11% | 4.9% | 12.9% | 12.6% | - |
| Adj EPS ⓘ | 2.2 | 2.5 | 2.7 | 3.1 | 3.2 | 5.5 | 7.9 | 10 | 11 | 10.9 | 11.2 |
| YoY Gr. | - | 16.1% | 8.3% | 12.1% | 2.9% | 75.6% | 42.1% | 27.1% | 10.3% | -1.5% | - |
| BVPS (₹) ⓘ | 17.1 | 18.9 | 20.9 | 22.4 | 25.7 | 31 | 38.5 | 46.3 | 54.3 | 62.3 | 65.2 |
| Adj Net Profit ⓘ | 68.8 | 79.7 | 86.5 | 96.9 | 99.8 | 175 | 249 | 317 | 349 | 344 | 354 |
| Cash Flow from Ops. ⓘ | 86.9 | 27.8 | 107 | 73 | 116 | 105 | 235 | 255 | 339 | 180 | - |
| Debt/CF from Ops. ⓘ | 0.6 | 3.1 | 0.4 | 1.3 | 0.9 | 0 | 0.4 | 0.4 | 0 | 0 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 11.3% | 16.3% | 10.1% | 12.6% | ||||
| Adj EPS ⓘ | 19.6% | 28.1% | 11.4% | -1.5% | ||||
| BVPSⓘ | 15.5% | 19.4% | 17.4% | 14.9% | ||||
| Share Price | 20.3% | 25.2% | 8.2% | 31.5% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 13.4 | 14 | 13.7 | 14.1 | 13.1 | 19.5 | 22.6 | 23.5 | 21.9 | 18.5 | 17.5 |
| Op. Profit Mgn % ⓘ | 12.7 | 13.2 | 12.3 | 11.1 | 14.2 | 15.5 | 18 | 21.8 | 21 | 18.6 | 18.2 |
| Net Profit Mgn % ⓘ | 7.7 | 7.8 | 7.4 | 9 | 9.1 | 11.1 | 14.2 | 17.2 | 16.8 | 14.7 | 14.3 |
| Debt to Equity ⓘ | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0 | 0.1 | 0.1 | 0 | 0 | - |
| Working Cap Days ⓘ | 127 | 145 | 154 | 184 | 201 | 167 | 189 | 194 | 159 | 163 | 117 |
| Cash Conv. Cycle ⓘ | 44 | 58 | 63 | 76 | 82 | 72 | 79 | 79 | 71 | 73 | 87 |
Valuation of Elgi Equipments - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.67 | 0.67 | 0.67 | 0.67 | 0.67 | 0.67 | 0.67 | 0.88 | 0.88 | 0.88 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,370 | 1,605 | 1,863 | 1,829 | 1,924 | 2,525 | 3,041 | 3,218 | 3,510 | 3,951 |
| Operating Expenses ⓘ + | 1,229 | 1,428 | 1,670 | 1,692 | 1,707 | 2,229 | 2,604 | 2,727 | 2,982 | 3,368 |
| Operating Profit ⓘ | 141 | 178 | 194 | 138 | 217 | 296 | 437 | 491 | 529 | 583 |
| Operating Profit Margin (%) | 10.3% | 11.1% | 10.4% | 7.5% | 11.3% | 11.7% | 14.4% | 15.2% | 15.1% | 14.8% |
| Other Income ⓘ + | 12 | 11 | 10 | 13 | 23 | 55 | 67 | 55 | 58 | 118 |
| Interest ⓘ | 9 | 7 | 11 | 17 | 15 | 15 | 24 | 34 | 35 | 30 |
| Depreciation ⓘ | 45 | 44 | 51 | 65 | 74 | 74 | 78 | 77 | 76 | 86 |
| Profit Before Tax ⓘ | 100 | 137 | 144 | 70 | 153 | 263 | 510 | 440 | 482 | 577 |
| Tax ⓘ | 26 | 41 | 40 | 27 | 50 | 85 | 140 | 128 | 131 | 147 |
| Profit After Tax | 74 | 95 | 103 | 43 | 102 | 178 | 371 | 312 | 350 | 430 |
| PAT Margin (%) | 5.4% | 5.9% | 5.5% | 2.3% | 5.3% | 7.1% | 12.2% | 9.7% | 10.0% | 10.9% |
| Adjusted EPS (₹) | 2.3 | 3.0 | 3.3 | 1.3 | 3.2 | 5.6 | 11.7 | 9.9 | 11.1 | 13.6 |
| Dividend Payout Ratio (%) | 21.40% | 20% | 20% | 61.40% | 24.70% | 20.40% | 17.10% | 20.30% | 19.90% | 19.90% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 607 | 689 | 771 | 769 | 870 | 1,031 | 1,369 | 1,608 | 1,859 | 2,221 | |
| Debt + | 211 | 223 | 193 | 390 | 370 | 346 | 487 | 543 | 477 | 396 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 171 | 213 | 247 | 209 | 289 | 319 | 314 | 345 | 337 | 460 | |
| Others Liabilities ⓘ | 118 | 128 | 164 | 171 | 224 | 252 | 300 | 290 | 334 | 426 | |
| Total Liabilities ⓘ | 1,108 | 1,253 | 1,375 | 1,539 | 1,752 | 1,947 | 2,470 | 2,787 | 3,007 | 3,502 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 437 | 424 | 488 | 583 | 555 | 536 | 583 | 582 | 587 | 695 | |
| CWIP ⓘ | 4 | 2 | 6 | 4 | 4 | 7 | 3 | 10 | 53 | 136 | |
| Investments ⓘ | 15 | 15 | 14 | 12 | 24 | 31 | 37 | 41 | 81 | 165 | |
| Inventories | 226 | 274 | 279 | 343 | 343 | 483 | 602 | 622 | 609 | 711 | |
| Trade Receivables | 242 | 343 | 367 | 347 | 400 | 472 | 551 | 593 | 608 | 724 | |
| Cash Equivalents | 106 | 109 | 110 | 86 | 262 | 220 | 351 | 775 | 875 | 718 | |
| Others Assets ⓘ | 78 | 86 | 112 | 163 | 165 | 198 | 344 | 164 | 195 | 354 | |
| Total Assets ⓘ | 1,108 | 1,253 | 1,375 | 1,539 | 1,752 | 1,947 | 2,470 | 2,787 | 3,007 | 3,502 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 126 | 47 | 172 | 35 | 240 | 69 | 166 | 285 | 391 | 454 |
| Cash Flow From Investing Activity ⓘ + | -39 | -53 | -107 | -152 | -110 | 2 | -217 | -101 | -283 | -98 |
| Cash Flow From Financing Activity ⓘ + | -77 | -10 | -60 | 91 | -48 | -81 | 60 | -79 | -217 | -312 |
| Net Cash Flow ⓘ | 9 | -17 | 5 | -25 | 82 | -11 | 8 | 105 | -109 | 43 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 12.83 | 14.71 | 14.12 | 5.53 | 12.51 | 18.77 | 30.89 | 20.96 | 20.2 | 21.09 |
| ROCE (%) | 12.85 | 15.88 | 15.73 | 7.96 | 13.74 | 20.82 | 32.59 | 23.46 | 22.86 | 24.39 |
| Asset Turnover Ratio | 1.3 | 1.37 | 1.42 | 1.26 | 1.17 | 1.36 | 1.38 | 1.22 | 1.21 | 1.21 |
| PAT to CFO Conversion(x) | 1.7 | 0.49 | 1.67 | 0.81 | 2.35 | 0.39 | 0.45 | 0.91 | 1.12 | 1.06 |
| Working Capital Days | ||||||||||
| Receivable Days | 62.90 | 65.90 | 69.60 | 71.20 | 70.80 | 63 | 61.40 | 64.90 | 62.40 | 61.50 |
| Inventory Days | 57.30 | 56.20 | 54.10 | 62.10 | 65.10 | 59.70 | 65.20 | 69.50 | 64 | 60.90 |
| Payable Days | 82.20 | 77.50 | 81.40 | 84.80 | 88.40 | 81.70 | 75.30 | 76.70 | 72.50 | 75.20 |
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Elgi Equipments Ltd FAQs
The current trading price of Elgi Equipments on 11-Sep-2026 16:59 is ₹618.5.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 10-Sep-2026 the market cap of Elgi Equipments stood at ₹19,702.2 Cr
The latest P/E ratio of Elgi Equipments as of 10-Sep-2026 is 55.62.
The latest P/B ratio of Elgi Equipments as of 10-Sep-2026 is 9.54.
The 52-week high of Elgi Equipments is ₹653.2 and the 52-week low is ₹408.9.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Elgi Equipments is ₹2,485 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Elgi Equipments Ltd is a good quality company.
The key valuation ratios of Elgi Equipments Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Elgi Equipments Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About Elgi Equipments Ltd
Elgi Equipments incorporated in 1960; is engaged in manufacturing of air compressors and automobile service station equipment.
Products manufactured by company has wide applications in the area of mining, pharmaceuticals, ship building, power, oil, chemicals, textiles, printing, paper, transport, electronics, telecommunications, defence, medical, railways, food and beverages and plastics.
ELGI has received ISO 9001:2000 certification for its quality management. The company has network of 114 dealers.
The company has global presence in countries namely Europe, North America, Latin America, Africa, Australia, Middle East, South East Asia, West Asia and the Far East.
Products Rotary Screw Air Compressors- Under this company designs and manufactures electric and diesel powered screw air compressor. Under this the company manufactures wide range of products such as electric powered screw air compressors, airends, oil-free screw air compressor, centrifugal air compressor and portable screw air compressor. The company has also manufactured worlds smallest screw air compressor known as ELGI Micro Rotary.
Reciprocating Air Compressors- Under this, EEL manufactures a range of compressors namely horizon series reciprocating air compressors, borewell compressors, ELGIPET air power systems, high pressure / volume reciprocating air compressors, high volume tank mounted compressors, tractor mounted air compressors, high pressure reciprocating air compressor and bare compressor pumps.
Automotive Equipments- Under this the company manufactures equipments for two, three and four wheelers that provides a total service station solutions. Company is engaged in production of automotive equipments such as body shop equipment, service station equipment, wheel servicing equipment, test lanes, pneumatic equipment are among others.
Railway Compressor- ELGI manufactures Railway Compressors and a variety of compressor solutions for railway applications like circuit breakers, engine starting etc. The company manufactures products such as electrical locomotives, diesel locomotives, expressors, auxillary compressor, exhausters, wind Screen wipers and water raising apparatus.
After sales services- ELGI provides after sales services in area of service agreements, monitoring solutions, energy saving products and air solutions.
Important events
In 2010 Elgi Equipments has acquired Belair of France, a company engaged in assembly, sales and service of industrial compressors, piping, fittings and accessories.
In 2011 Company has incorporated a wholly owned subsidiary in Australia under the name and style of ELGI EQUIPMENTS AUSTRALIA PTY LTD.
-Elgi succeeds in launching the first Oil-free screw air compressor.
2012
-The Company has acquired 100% of Rotair S.p.a. The acquisition is through a 100% subsidiary incorporated in Italy, Elgi Compressors Italy.
-Elgi Equipmnt - Acquisition of Patton's Inc. in USA by Elgi Equipments Ltd.
-Elgi Equipement buys Italian Company.
-Elgi launches the compact, silent and energy efficient EN Series screw air compressors."
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