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Elecon Engineering Company Ltd (ELECON)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 505700 NSE: ELECON Engineering - Industrial Equipments | Small Cap | Elecon Engg. Co. Share Price
₹413.40 -7.70 (-1.83%)
As on 21-Sep'26 16:59
Elecon Engineering Company Ltd (ELECON)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 505700 NSE: ELECON Engineering - Industrial Equipments | Small Cap | Elecon Engg. Co. Share Price
₹413.40 -7.70 (-1.83%)
As on 21-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹9,449 Cr.
Current Price
₹413.4
52-Week Low / High
₹352 / 635
TTM EPS
₹10.5
TTM Sales
₹2,396 Cr.
Book Value per Share
₹105.9
P/E Ratio
40.03
Higher than its 5-year historical median
Industry PE
58.4
Price to Book (P/B)
3.98
Lower than its 5-year historical median
Price to Sales (P/S)
3.94
Lower than its 5-year historical median
EV/EBITDA
15.96
Lower than its 5-year historical median
Dividend Yield
0.48%
Profitability Efficiency
Return on Equity (ROE)
15.85%
Outperforms industry median
Return on Capital Employed (ROCE)
22.27%
Outperforms industry median
Return on Assets (ROA)
11.44%
Operating Profit Margin
22%
Net Profit Margin
14.42%
Gross Profit Margin
24.5%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
7.75%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-4.82%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-17.81%
Asset Quality
Promoter Holding
59.27%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹2,354 Cr.
Equity
₹22.4 Cr.
Face Value
₹1
All Time Low / High
₹0.23 / 738.85
Check Before You Invest
Quality
Very GoodValuation
Somewhat OvervaluedCheck Valuation charts
Price Trend
Semi Strong
Is Elecon Engineering Company Ltd a good quality company?
Elecon Engineering Company 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 Elecon Engineering Company Ltd performance compare with that of its Peers?
Revenue growth of Elecon Engineering Company Ltd vs industry peers?
Elecon Engineering Company Ltd revenue CAGR is 17.77%, compared to the industry median CAGR of 0.00%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Elecon Engineering Company Ltd?
Promoters hold 59.27% of the Elecon Engineering Company Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Elecon Engineering Company Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 29.9% 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.
Elecon Engineering Company 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 % ⓘ | 10.1% | 6% | 7.6% | 6.1% | 10.4% | 15.2% | 24.8% | 34% | 31% | 32.9% | - |
| Value Creation Index ⓘ | -0.3 | -0.6 | -0.5 | -0.6 | -0.3 | 0.1 | 0.8 | 1.5 | 1.3 | 1.4 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 923 | 911 | 955 | 836 | 796 | 893 | 1,197 | 1,600 | 1,871 | 2,016 | 2,004 |
| Sales YoY Gr. | - | -1.3% | 4.9% | -12.5% | -4.7% | 12.2% | 34.1% | 33.6% | 17% | 7.8% | - |
| Adj EPS ⓘ | 1.1 | 0.3 | 0.5 | 3.2 | 1.6 | 4.4 | 8.3 | 13.2 | 15 | 16.3 | 13.2 |
| YoY Gr. | - | -76.2% | 112% | 509.4% | -50.8% | 178.6% | 88.3% | 58.8% | 13.3% | 8.6% | - |
| BVPS (₹) ⓘ | 32.5 | 32.6 | 33 | 34.9 | 36.5 | 40.4 | 48.1 | 60.1 | 73.7 | 91.3 | 93.9 |
| Adj Net Profit ⓘ | 23.6 | 5.7 | 11.9 | 72.5 | 35.8 | 99.4 | 187 | 297 | 337 | 366 | 296 |
| Cash Flow from Ops. ⓘ | 196 | 106 | 71 | 170 | 220 | 178 | 294 | 227 | 279 | 281 | - |
| Debt/CF from Ops. ⓘ | 2.4 | 4.7 | 6.7 | 2.1 | 1 | 0.6 | 0 | 0 | 0 | 0 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 9.1% | 20.4% | 19% | 7.8% | ||||
| Adj EPS ⓘ | 35.6% | 59.3% | 25% | 8.6% | ||||
| BVPSⓘ | 12.2% | 20.1% | 23.8% | 23.9% | ||||
| Share Price | 29.6% | 37.9% | 5.5% | -33.5% | ||||
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 % ⓘ | 3.3 | 0.8 | 1.6 | 9.5 | 4.5 | 11.5 | 18.8 | 24.5 | 22.4 | 19.8 | 14.3 |
| Op. Profit Mgn % ⓘ | 18.4 | 12.1 | 8.6 | 9.7 | 8.9 | 20.5 | 23.1 | 25.9 | 25 | 23.4 | 22.2 |
| Net Profit Mgn % ⓘ | 2.6 | 0.6 | 1.2 | 8.7 | 4.5 | 11.1 | 15.6 | 18.6 | 18 | 18.1 | 14.8 |
| Debt to Equity ⓘ | 0.6 | 0.7 | 0.6 | 0.5 | 0.3 | 0.1 | 0 | 0 | 0 | 0 | - |
| Working Cap Days ⓘ | 368 | 399 | 408 | 466 | 449 | 329 | 187 | 139 | 146 | 165 | 119 |
| Cash Conv. Cycle ⓘ | 132 | 158 | 150 | 135 | 85 | 94 | 84 | 69 | 75 | 91 | 81 |
Valuation of Elecon Engg. Co. - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* 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 | 1,202 | 1,180 | 1,225 | 1,088 | 1,044 | 1,212 | 1,530 | 1,937 | 2,227 | 2,366 |
| Operating Expenses ⓘ + | 1,027 | 1,055 | 1,118 | 976 | 932 | 972 | 1,196 | 1,463 | 1,680 | 1,846 |
| Operating Profit ⓘ | 174 | 126 | 107 | 112 | 112 | 240 | 333 | 475 | 547 | 520 |
| Operating Profit Margin (%) | 14.5% | 10.6% | 8.7% | 10.3% | 10.7% | 19.8% | 21.8% | 24.5% | 24.5% | 22.0% |
| Other Income ⓘ + | 9 | 5 | 100 | 36 | 80 | 16 | 26 | 44 | 56 | 84 |
| Interest ⓘ | 90 | 75 | 74 | 78 | 60 | 38 | 14 | 9 | 13 | 25 |
| Depreciation ⓘ | 53 | 53 | 48 | 53 | 52 | 49 | 49 | 51 | 61 | 104 |
| Profit Before Tax ⓘ | 44 | 6 | 88 | 20 | 81 | 171 | 300 | 465 | 537 | 454 |
| Tax ⓘ | 33 | -2 | 18 | -70 | 24 | 30 | 62 | 110 | 122 | 113 |
| Profit After Tax | 11 | 7 | 70 | 90 | 58 | 140 | 238 | 356 | 415 | 341 |
| PAT Margin (%) | 0.9% | 0.6% | 5.7% | 8.2% | 5.5% | 11.6% | 15.5% | 18.4% | 18.6% | 14.4% |
| Adjusted EPS (₹) | 0.5 | 0.3 | 3.1 | 4.0 | 2.6 | 6.3 | 10.6 | 15.9 | 18.5 | 15.2 |
| Dividend Payout Ratio (%) | 52.20% | 30% | 3.20% | 0% | 7.80% | 11.20% | 9.50% | 9.50% | 10.80% | 13.20% |
| 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 + | 710 | 709 | 768 | 854 | 919 | 1,050 | 1,279 | 1,604 | 1,999 | 2,306 | |
| Debt + | 503 | 544 | 525 | 402 | 248 | 100 | 0 | 0 | 3 | 0 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 483 | 445 | 401 | 519 | 424 | 270 | 196 | 188 | 280 | 288 | |
| Others Liabilities ⓘ | 391 | 458 | 471 | 354 | 397 | 294 | 255 | 331 | 447 | 639 | |
| Total Liabilities ⓘ | 2,087 | 2,156 | 2,165 | 2,129 | 1,988 | 1,715 | 1,730 | 2,123 | 2,729 | 3,234 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 858 | 831 | 796 | 773 | 732 | 714 | 729 | 743 | 889 | 905 | |
| CWIP ⓘ | 2 | 1 | 5 | 0 | 0 | 1 | 0 | 1 | 7 | 23 | |
| Investments ⓘ | 49 | 51 | 54 | 53 | 53 | 54 | 77 | 286 | 496 | 743 | |
| Inventories | 302 | 285 | 319 | 307 | 250 | 262 | 279 | 230 | 243 | 301 | |
| Trade Receivables | 628 | 671 | 593 | 612 | 508 | 415 | 346 | 445 | 614 | 721 | |
| Cash Equivalents | 93 | 83 | 76 | 107 | 141 | 112 | 210 | 263 | 358 | 213 | |
| Others Assets ⓘ | 156 | 234 | 322 | 277 | 302 | 157 | 89 | 154 | 123 | 329 | |
| Total Assets ⓘ | 2,087 | 2,156 | 2,165 | 2,129 | 1,988 | 1,715 | 1,730 | 2,123 | 2,729 | 3,234 | |
| 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 ⓘ + | 188 | 70 | 87 | 222 | 248 | 223 | 309 | 365 | 425 | 314 |
| Cash Flow From Investing Activity ⓘ + | -7 | -51 | 40 | -25 | -19 | 15 | -166 | -279 | -316 | -220 |
| Cash Flow From Financing Activity ⓘ + | -134 | -64 | -118 | -176 | -210 | -250 | -145 | -59 | -67 | -122 |
| Net Cash Flow ⓘ | 47 | -44 | 9 | 21 | 19 | -12 | -2 | 27 | 42 | -27 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 1.52 | 1.06 | 9.49 | 11.06 | 6.5 | 14.27 | 20.39 | 24.67 | 23.04 | 15.85 |
| ROCE (%) | 10.18 | 6.24 | 12.39 | 7.5 | 11.42 | 17.71 | 25.82 | 32.9 | 30.52 | 22.27 |
| Asset Turnover Ratio | 0.59 | 0.56 | 0.57 | 0.51 | 0.51 | 0.65 | 0.89 | 1.01 | 0.92 | 0.79 |
| PAT to CFO Conversion(x) | 17.09 | 10 | 1.24 | 2.47 | 4.28 | 1.59 | 1.3 | 1.03 | 1.02 | 0.92 |
| Working Capital Days | ||||||||||
| Receivable Days | 191 | 199.50 | 188.30 | 202 | 195.70 | 139 | 90.80 | 74.50 | 86.80 | 102.90 |
| Inventory Days | 94.60 | 90.10 | 90.10 | 104.90 | 97.30 | 77.10 | 64.50 | 47.90 | 38.70 | 42 |
| Payable Days | 346.70 | 307 | 273.20 | 333.60 | 354.80 | 221.80 | 119.10 | 81.20 | 83.20 | 92.20 |
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Elecon Engineering Company Ltd FAQs
The current trading price of Elecon Engg. Co. on 21-Sep-2026 16:59 is ₹413.4.
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 20-Sep-2026 the market cap of Elecon Engg. Co. stood at ₹9,449.5 Cr
The latest P/E ratio of Elecon Engg. Co. as of 20-Sep-2026 is 31.89.
The latest P/B ratio of Elecon Engg. Co. as of 20-Sep-2026 is 4.48.
The 52-week high of Elecon Engg. Co. is ₹635.0 and the 52-week low is ₹352.0.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Elecon Engg. Co. is ₹2,004 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Elecon Engineering Company Ltd is a good quality company.
The key valuation ratios of Elecon Engineering Company 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 Elecon Engineering Company Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About Elecon Engineering Company Ltd
Elecon Group was founded in the year 1951 in Goregaon, Mumbai by Late Shri Ishwarbhai B. Patel. Initially, the Company manufactured conveyor systems with a focus on Engineering, Procurement and Construction projects in India. Elecon Engineering Company Limited was incorporated as a Private Limited Company in January 1960. In May 1960, the Company relocated its base to the current location in Vallabh Vidyanagar, Gujarat. Later in June 1962, the Company was listed on the Bombay Stock Exchange Limited and in November 2006 on National Stock Exchange of India Limited.
The company is a trademark that reflects leadership and relentless innovations in the power transmission industry, and as an integrated solution provider for the entire value chain of material handling systems in India.
The company was established in Goregaon, Mumbai by Late Shri Ishwarbhai B. Patel. A company fundamentally driven by “excellence” around technical innovations had its early focus on engineering, procurement and construction projects. After relocating its base to Anand, Gujarat in 1960, Elecon continued to innovate in manufacturing Power Transmission Equipment and established a dedicated Gear Division in 1976.
Today, Seven decades later since its foundation, Elecon stands as an attestation to the formidable efforts and the visions of its founding fathers and their successors. Elecon reigns as the largest industrial gear manufacturing company in Asia, located in the Anand city of Gujarat. Since its inception, Elecon’s prime focus has remained on research & development, innovation and acquiring new-age technological advancements.
Business area of the company
The company is involved in the design and manufacturing of Material Handling Equipment and Industrial Gears and also involved in providing erection and commissioning solutions for its products.
Products
Power Transmission Products
- Helical/Bevel Helical Gearboxes
- Planetary Gearboxes
- Worm Gearboxes
- Couplings
- High Speed Gearboxes
- Wind Turbine Gearboxes
- Marine Gearboxes
- Loose Gears
- Custom Buil Gearboxes
Material Handling Equipment Solutions
- RMHS (Raw Material Handling System)
- Specialized Conveyors
- Feeders
- Wagon Tippler & Associated Equipment
- Crushers
- Cable Reeling Drum
- Idlers & Pulleys
- Magnates/Weighers/Metal Detectors
- Wagon & Truck Loaders
- Scrapers / Reclaimers
- Bagging & Weighing Machines
- Stackers/ Reclaimers
- Port Equipment
Foundry Division
Elecon’s Foundry Division (EFD) is ISO 9001-2008 certified and caters to machining and foundry needs of Elecon Engineering. After five decades expertise in the industry, EFD now provides casting and machining services to several other companies other than Elecon group with its ultra-modern amenities to fulfil high quality requirements. The Ferrous and Non-Ferrous Foundry is spread over ten acres of land, and has state of the art melting, moulding and heat treatment and quality assurance facilities.
History and milestones
- 1960: Elecon was established to manufacture elevators and conveyors (Elecon) in Bombay, now Mumbai.
- 1961: ELECON became a Public Limited Company
- 1963: Installation of India's first CNC Machine at Elecon
- 1967: First Stacker cum reclaimer machine was installed in year 1967 at santaldih TPS, WBSEB and worked well for 45 years
- 1969: Collaboration with Alfred Wiseman for worm Gearboxes
- 1974: India’s biggest MHE Order From Neyveli lignite
- 1975: Collaboration with WGW (TGW) Thyssen Getriebe Works for Spiral Bevel & Helical Gearboxes
- 1976: Foundation of ELECON-GEAR Division (New Setup for Gear Manufacturing)
- 1985: First export order from EGAT, Thailand collaboration with Renk AG, Germany for High Speed Gearboxes and Bucket wheel & Slewing Planetary Gearboxes
- 1992: Collaboration with Renk AG continues. Collaboration with SIME France for Hydrokinetic fluid Couplings
- 1994: First Gear Company received ISO Certificate in India
- 1998: Developed Lift Gear Box - TM 500 Model for M/S. Kinetic Transportation Products Ltd. (Indian counter part of Hyundai elevator Co., Korea)
- 1999: Prestigious Order From Indian Navy - “CODOG” Gearbox
- 2008: Collaboration with M/S. Haisung Industrial System Co. Ltd., South Korea
- 2010: 1st International Acquisition by ELECON of UK based Benzlers & Radicon Group
- 2011: Launched brand ambassador 'STACKY RECLAIMY' & 'ROLLY GEARRY' for ELECON MHE & Gear division
- 2013: Commissioned an ultra-modern manufacturing facility, the Bhanubhai Memorial Centre of Excellence (BMCE)
- 2015: Longest Pipe Conveyor installed successfully at Manikgarh Cement, India
- 2016: ELECON received the biggest order from Indian Navy
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