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Indian maker of industrial gears/gearboxes and material-handling equipment for cement, steel, mining and power plants.
Indian maker of industrial gears/gearboxes and material-handling equipment for cement, steel, mining and power plants.
Gearboxes, which wear out and need spares, carry more of the business than material-handling equipment, which is bought in bursts when plants expand. Foreign subsidiaries, including the UK's Radicon, give it some export sales and a European sales network.
Moat: narrow (process know-how, customer qualification). Established gear-engineering expertise for heavy industry, but Flender/Siemens and Shanthi Gears compete in the same space.
Headquarters: Vallabh Vidyanagar, India · Founded: 1951 · Employees: 2,452
Size Elecon Engineering (ELECON.NS) is an India Industrials company (Electrical Products) with a market value of $995M, the 595th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹418.95 on 6 Nov 2026.
Performance Over six months the shares fell 25.5%, against -30.1% for the median peer and 0.0% for the India market (cap-weighted) — 9th highest of 19 in its peer set.
Growth Revenue grew 4.8% over the last twelve months (peer median +15.7%); the operating margin is 16.6% (peer median 4.4%).
Valuation It trades at 24.6× forward earnings against a peer median of 17.1× (6th most expensive of 13).
Price implies For today's price to make sense, revenue must grow about 31% a year for seven years (Req g). Recent delivered growth is +18%, so the hurdle is +13 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.3 points below its cost of capital (17.5% WACC).
Next results Next results expected around 27 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹24.6B | ₹23.6B | ₹22.2B | ₹19.3B | ₹15.3B |
| Revenue growth | — | +6% | +15% | +27% | — |
| Gross profit | ₹7.19B | ₹6.74B | ₹7.20B | ₹6.43B | ₹4.58B |
| EBITDA | ₹5.25B | ₹5.28B | ₹5.50B | ₹4.77B | ₹3.40B |
| Net income | ₹2.45B | ₹3.41B | ₹4.15B | ₹3.56B | ₹2.37B |
| Free cash flow | n/a | ₹2.41B | ₹3.86B | ₹3.41B | ₹2.55B |
| Capital expenditure | n/a | ₹1.20B | ₹660M | ₹315M | ₹471M |
| Total debt | ₹3.61B | ₹2.73B | ₹1.81B | ₹705M | ₹516M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Elecon Engineering ELECON.NS | $995M | -26% | +5% | 17% | 24.6× | 31.3% |
| Shanthi Gears SHANTIGEAR.NS | $396M | +6% | -14% | 13% | n/a | 41.2% |
| Siemens SIEMENS.NS | $13.4B | -8% | -12% | 9% | 72.7× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ELECON.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.0% | -8.6% | 8th highest of 21 |
| 6-month return | -25.5% | -30.1% | 9th highest of 19 |
| Distance from 52-week high | -27.6% | -51.6% | 4th highest of 21 |
| Revenue growth (TTM) | +4.8% | +15.7% | 7th lowest of 21 |
| Operating margin | 16.6% | 4.4% | 2nd highest of 20 |
| Forward P/E | 24.6× | 17.1× | 6th most expensive of 13 |
| Growth the price implies (Req g, 7 yrs) | 31.3% | 16.8% | 3rd most demanding of 12 |
| Growth delivered (Del g) | +17.8% | +7.4% | 4th highest of 11 |
| Hurdle (Req g minus delivered) | +13.5 pp | +7.9 pp | 2nd most demanding of 11 |
| ROIC minus cost of capital | -1.3 pp | -2.5 pp | 9th highest of 20 |
| EV / EBITDA | 16.7× | 9.5× | 2nd most expensive of 5 |
| Net debt / EBITDA | -1.2× | 1.2× | least indebted of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Elecon Engineering ELECON.NS | India | $995M | -26% | +5% | 17% | 24.6× | 31.3% | +17.8% |
| Guangdong Shunna Electric 000533.SZ | China | $996M | -24% | +25% | 6% | n/a | 16.8% | +8.7% |
| discoverIE DSCV.L | United Kingdom | $997M | +17% | +5% | 10% | 17.1× | 21.4% | +7.9% |
| Ficont Industry(Beijing) 605305.SS | China | $989M | -35% | +15% | 26% | 10.6× | -1.1% | +22.5% |
| Leedarson IoT Technology 605365.SS | China | $1.01B | -55% | -2% | 4% | 15.4× | n/a | n/a |
| Sanyo Denki 6516.T | Japan | $1.01B | -39% | +20% | 12% | 11.4× | 9.0% | +6.7% |
| Topsec Technologies 002212.SZ | China | $1.01B | -18% | -9% | -14% | 99.8× | n/a | n/a |
| Mersen MRN.PA | France | $976M | -1% | -3% | 9% | 13.1× | 11.0% | +7.0% |
| Transformers and Rectifiers (India) TARIL.NS | India | $974M | -7% | +27% | 15% | 26.3× | n/a | n/a |
| Fluence Energy FLNC | United States | $973M | -78% | +7% | -4% | n/a | n/a | n/a |
| Shenzhen Senior Technology Material 6067.HK | Hong Kong | $1.02B | n/a | +53% | 10% | 10.2× | n/a | n/a |
| Shenzhen Uniconn Technology 301631.SZ | China | $969M | -34% | +32% | 5% | 17.1× | 18.2% | +49.0% |
| Guangdong Xinyaguang Cable 001382.SZ | China | $968M | -21% | +12% | 4% | n/a | n/a | n/a |
| Guangzhou Zhiguang Electric 002169.SZ | China | $1.02B | -34% | +28% | 1% | n/a | n/a | n/a |
| CSG Smart Science&Technology 300222.SZ | China | $966M | -27% | +26% | 2% | 30.5× | n/a | n/a |
| Jiangsu Zhongchao 002471.SZ | China | $963M | -45% | -5% | 1% | n/a | n/a | n/a |
| Zhejiang Yankon 600261.SS | China | $1.03B | +52% | -2% | 4% | n/a | 10.2% | -11.1% |
| Jolywood (Suzhou) Sunwatt 300393.SZ | China | $958M | -42% | -48% | -62% | 30.8× | 5.1% | -2.7% |
| Motic (Xiamen) Electric 300341.SZ | China | $957M | -20% | +19% | 12% | n/a | 17.7% | +5.1% |
| Temb Intelligent Tech Shandong 603448.SS | China | $951M | n/a | +16% | n/a | n/a | 45.6% | n/a |
| Hunan Valin Wire & Cable 001208.SZ | China | $1.04B | -36% | +20% | 2% | 25.5× | 32.0% | +21.6% |