Current/ Expected Orderbook/ Pending Orders?

Total consolidated open orders as of June 30, 2023: INR 793 crores - Gear division open orders: INR 655 crores - MHE (Material Handling Equipment) division open orders: INR 138 crores Q1 FY24 order intake for gear division: INR 446 crores Q1 FY24 MHE division order intake: INR 51 crores Total consolidated order inflows during Q1 FY24: INR 497 crores Defense sector order book: Small, mostly gearbox requirements and spares ~ INR 100 crores+ (not material) Expect good order inflows in defense and marine sectors by end of year and next two years New OEM agreements in Europe with an a

Any current/future new fundraising through debt or equity?

Currently, there is no mention of any active fundraising through debt or equity. The company has a net cash surplus of INR 250 crores as of June 30, 2023, indicating a strong cash position. The management indicated that only nominal capex for modernization and upkeep is anticipated for the next 2-3 years, implying no immediate need for large capital raising. There is a capital allocation strategy to create a cash "kitty" for possible future needs such as diversification or acquisition, but no ongoing process for acquisitions or fund raising. The company is prepared to utilize funds if any bene

Any current/future capex/capital investment/strategic investment?

Elecon Engineering Company Limited currently does not foresee any major capex for the next 2-3 years aside from nominal investments for modernization and upkeep. Current capacity utilization is around 76%, with potential to increase production through subcontracting without significant capex. The company has built a cash reserve of approximately INR250 crores, which is being invested prudently to generate returns at low risk. This cash reserve ("kitty") is maintained for potential future needs such as diversification, acquisitions, or other strategic investments, though no active acquisition o

Future growth expectations in sales/revenue/volumes?

Elecon expects to achieve INR2,000 crores revenue in the current year with a capacity utilization of approximately 76%, allowing further scaling without major capex. They anticipate sustaining around 30% growth this year and aim to continue this growth trajectory into FY25 and FY26, backed by strong order inflows. Growth drivers include expanding export business, marine and defense sectors, new OEM contracts in Europe, and launching innovative products like the EON 2.0 series. The company foresees good demand from domestic, export, and marine sectors collectively. Strategic focus on OEMs, espe

Future growth expectations in earnings/operating earnings/profits/EPS?

Elecon Engineering expects to sustain and possibly improve EBITDA margins going forward, reflecting confidence in profitability. The company targets consolidated revenue of INR 2,000 crores in the current year, with full capacity utilization at about 76%, allowing further scaling without major capex. Growth is anticipated from exports, domestic markets, marine business, and new OEM contracts in Europe. No significant capex is planned in the next two to three years, with only nominal investments for modernization. Earnings growth is supported by a strong order intake (INR 446 crores in Q1 F

Elecon Engg.CoQ1 FY24Electrical Equipment

Elecon Engg.Co Q1 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹460.7P/E: 33.2Market Cap: ₹10.3K CrSector: Electrical Equipment

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

1 of 4 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 2

Elecon expects to achieve INR2,000 crores revenue in the current year with a capacity utilization of approximately 76%, allowing further scaling without major capex.
They anticipate sustaining around 30% growth this year and aim to continue this growth trajectory into FY25 and FY26, backed by strong order inflows.
Growth drivers include expanding export business, marine and defense sectors, new OEM contracts in Europe, and launching innovative products like the EON 2.0 series.
The company foresees good demand from domestic, export, and marine sectors collectively.
Strategic focus on OEMs, especially in Europe and Africa, aims to convert prototypes into commercial production by FY25, adding significant revenue.
Despite no major capex planned, growth is expected to come from better capacity utilization, subcontracting, and modernization.
The company is confident about high-quality sustainable growth and improving EBITDA margins ahead.

Margin guidance

Category 3

Elecon Engineering expects to sustain and possibly improve EBITDA margins going forward, reflecting confidence in profitability.
The company targets consolidated revenue of INR 2,000 crores in the current year, with full capacity utilization at about 76%, allowing further scaling without major capex.
Growth is anticipated from exports, domestic markets, marine business, and new OEM contracts in Europe.
No significant capex is planned in the next two to three years, with only nominal investments for modernization.
Earnings growth is supported by a strong order intake (INR 446 crores in Q1 FY24 for gear division) and signed OEM agreements in Europe, with commercial production starting FY25.
PAT margin for Q1 FY24 improved by 470 basis points; the company is optimistic about sustaining or improving profits and EPS.
These drivers suggest continued robust earnings growth over the next few years.

See what Elecon Engg.Co management said on margin guidance — free account, 30 seconds.

Fundraise plans

Currently, there is no mention of any active fundraising through debt or equity.
The company has a net cash surplus of INR 250 crores as of June 30, 2023, indicating a strong cash position.
The management indicated that only nominal capex for modernization and upkeep is anticipated for the next 2-3 years, implying no immediate need for large capital raising.
There is a capital allocation strategy to create a cash "kitty" for possible future needs such as diversification or acquisition, but no ongoing process for acquisitions or fund raising.
The company is prepared to utilize funds if any beneficial opportunities arise but has not planned specific fundraising actions as of now.

Order book

Yes

Total consolidated open orders as of June 30, 2023: INR 793 crores
- Gear division open orders: INR 655 crores
- MHE (Material Handling Equipment) division open orders: INR 138 crores
Q1 FY24 order intake for gear division: INR 446 crores
Q1 FY24 MHE division order intake: INR 51 crores
Total consolidated order inflows during Q1 FY24: INR 497 crores
Defense sector order book: Small, mostly gearbox requirements and spares ~ INR 100 crores+ (not material)
Expect good order inflows in defense and marine sectors by end of year and next two years
New OEM agreements in Europe with an annual estimated volume of ~EUR 5 million, prototype development ongoing, commercial production expected in FY25

See what Elecon Engg.Co management said on order book — free account, 30 seconds.

Capex plans

Elecon Engineering Company Limited currently does not foresee any major capex for the next 2-3 years aside from nominal investments for modernization and upkeep.
Current capacity utilization is around 76%, with potential to increase production through subcontracting without significant capex.
The company has built a cash reserve of approximately INR250 crores, which is being invested prudently to generate returns at low risk.
This cash reserve ("kitty") is maintained for potential future needs such as diversification, acquisitions, or other strategic investments, though no active acquisition or diversification process is underway at present.
The management remains open to utilizing the cash reserve opportunistically should promising opportunities arise.

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