Elgi Equipments Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹16,138 Cr
- P/E
- 34.77
- ROE
- 19.00%
- PEG
- 3.22
- Price to sales
- 3.89
- Debt to equity
- 0.24
- 52W high / low
- ₹642 / ₹416
- Sales growth (5Y)
- 15.48%
- EBITDA margin
- 14.76%
- Net profit margin
- 9.85%
- Promoter holding
- 31.19%
- Sales (last year)
- ₹4,146 Cr
Incorporated in 1960, Elgi Equipments Limited along with its subsidiaries, is in the business of manufacturing and supplying Air Compressors ** & Automotive Equipments**. It is also providing related after sales services [1]
Guidance scorecard · Q1 FY27 call
What Elgi Equipments Ltd's management guided
and where it ranks in Industrial Products
Industrial Products
RevenueQ1 FY27 call
20–40%- The company expects continued growth driven primarily by volume increases, especially in India.
- Growth across all industrial verticals is noted with Demand=Match technology significantly contributing to volume growth and new customer acquisition.
- New product upgrades and strong value propositions, including energy efficiency and competitive motors, support growth.
- Revenue growth also anticipated from emerging sectors like electric vehicles (EV), renewable energy, and semiconductor ecosystems, although currently nascent.
- European market is expected to grow in the medium term with plans to enter Germany and expand in Eastern Europe.
- Operating leverage and cost rationalization efforts in Europe and other regions aim to improve margins alongside top-line growth.
2 more points from Elgi Equipments Ltd's call on revenue
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MarginsQ1 FY27 call
Up 2%+See what Elgi Equipments Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Ongoing CAPEX includes shifting the campus to a new facility under the MK2 program, accounting for about half of the current CAPEX.
- Acquisition of land in Italy, contracted six years ago, has required capital commitment.
- Normal factory equipment CAPEX is continuing as part of regular operations.
- In terms of strategic investment, plans include expansion into the tier 4 segment of compressors targeting low-cost industrial markets, with product validation and first orders received; formal launch in September in Hyderabad.
- Distribution and service network expansions are underway, including initiatives in India and global rollout of Demand=Match technology.
2 more points from Elgi Equipments Ltd's call on capex
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FundraisingQ1 FY27 call
See what Elgi Equipments Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- Vacuum products joint venture (Italian collaboration) has started local production and sales with strong first-quarter growth, signaling increasing order inflow in that segment.
- The tier 4 segment compressors (low-cost industrial segment) have been validated with first orders received, formal launch in September with distributors lined up.
- India business experienced strong volume-driven growth, with traction across multiple verticals indicating a healthy demand pipeline.
- New products like Demand=Match have been well accepted, suggesting ongoing order growth.
2 more points from Elgi Equipments Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Industrial Products
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Industrial Products companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹532 Cr | 21.2 | |
| 2 | 40%+ | Up 2%+ | ₹450 Cr | 13.2 | |
| 3 | 40%+ | Up 2%+ | ₹371 Cr | 26.1 | |
| 4 | 40%+ | Up 0–2% | ₹1,340 Cr | 32.9 | |
| 5 | 40%+ | Up 0–2% | ₹1,196 Cr | 14.1 | |
| 6 | 40%+ | Flat | ₹966 Cr | 25.0 |
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Pro shows every company guiding 40%+ revenue growth →Full Industrial Products rankingFinancials of Elgi Equipments Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Elgi Equipments Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 836 | 724 | 806 | 822 | 866 | 801 | 869 | 848 | 993 | 867 | 968 | 1,003 | 1,113 |
| Expenses + | 708 | 635 | 663 | 692 | 741 | 687 | 727 | 728 | 843 | 746 | 828 | 860 | 940 |
| Operating Profit | 127 | 89 | 143 | 129 | 125 | 114 | 142 | 119 | 150 | 121 | 140 | 144 | 173 |
| OPM % | 15% | 12% | 18% | 16% | 14% | 14% | 16% | 14% | 15% | 14% | 14% | 14% | 16% |
| Other Income + | 128 | 20 | 13 | 13 | 15 | 14 | 16 | 15 | 18 | 23 | 55 | 11 | 22 |
| Interest | 5 | 5 | 7 | 8 | 10 | 9 | 8 | 6 | 8 | 7 | 7 | 5 | 6 |
| Depreciation | 20 | 19 | 19 | 19 | 20 | 19 | 19 | 19 | 20 | 19 | 21 | 21 | 25 |
| Profit before tax | 231 | 86 | 130 | 114 | 110 | 100 | 131 | 111 | 140 | 118 | 167 | 129 | 164 |
| Tax % | 26% | 29% | 30% | 27% | 31% | 27% | 28% | 27% | 27% | 27% | 27% | 26% | 22% |
| Net Profit + | 170 | 60 | 91 | 84 | 76 | 73 | 95 | 81 | 102 | 86 | 121 | 95 | 128 |
| EPS in Rs | 5.37 | 1.91 | 2.88 | 2.65 | 2.41 | 2.30 | 2.99 | 2.54 | 3.22 | 2.70 | 3.83 | 3.00 | 4.04 |
Financials of Elgi Equipments Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,294 | 1,401 | 1,370 | 1,604 | 1,863 | 1,829 | 1,924 | 2,525 | 3,041 | 3,218 | 3,510 | 3,951 |
| Expenses + | 1,204 | 1,274 | 1,229 | 1,426 | 1,669 | 1,692 | 1,707 | 2,227 | 2,604 | 2,727 | 2,982 | 3,372 |
| Operating Profit | 90 | 127 | 141 | 178 | 194 | 138 | 217 | 298 | 437 | 491 | 529 | 579 |
| OPM % | 7% | 9% | 10% | 11% | 10% | 8% | 11% | 12% | 14% | 15% | 15% | 15% |
| Other Income + | 32 | 6 | 14 | 10 | 11 | 14 | 25 | 54 | 175 | 60 | 63 | 110 |
| Interest | 17 | 14 | 9 | 7 | 11 | 17 | 15 | 15 | 24 | 34 | 34 | 25 |
| Depreciation | 37 | 44 | 45 | 44 | 51 | 65 | 74 | 74 | 78 | 77 | 76 | 86 |
| Profit before tax | 68 | 75 | 100 | 137 | 144 | 70 | 153 | 263 | 510 | 440 | 482 | 577 |
| Tax % | 30% | 32% | 26% | 30% | 28% | 39% | 33% | 32% | 27% | 29% | 27% | 25% |
| Net Profit + | 48 | 51 | 74 | 95 | 103 | 43 | 102 | 178 | 371 | 312 | 350 | 430 |
| EPS in Rs | 1.52 | 1.61 | 2.34 | 3.01 | 3.25 | 1.34 | 3.23 | 5.63 | 11.70 | 9.85 | 11.05 | 13.57 |
| Dividend Payout % | 33% | 31% | 21% | 20% | 20% | 61% | 25% | 20% | 17% | 20% | 20% | 0% |
Financials of Elgi Equipments Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 16 | 16 | 16 | 16 | 16 | 16 | 32 | 32 | 32 | 32 | 32 | 32 |
| Reserves | 478 | 530 | 591 | 673 | 755 | 753 | 838 | 1,001 | 1,339 | 1,580 | 1,834 | 2,200 |
| Borrowings + | 367 | 304 | 251 | 266 | 238 | 448 | 465 | 436 | 577 | 638 | 577 | 533 |
| Other Liabilities + | 296 | 256 | 250 | 298 | 366 | 334 | 430 | 491 | 531 | 558 | 594 | 780 |
| Total Liabilities | 1,156 | 1,106 | 1,108 | 1,253 | 1,375 | 1,551 | 1,765 | 1,959 | 2,479 | 2,807 | 3,037 | 3,546 |
| Fixed Assets + | 454 | 462 | 441 | 440 | 504 | 600 | 572 | 553 | 587 | 587 | 592 | 699 |
| CWIP | 10 | 2 | 4 | 2 | 6 | 4 | 4 | 7 | 3 | 10 | 53 | 136 |
| Investments | 15 | 15 | 15 | 15 | 14 | 12 | 24 | 31 | 37 | 41 | 81 | 261 |
| Other Assets + | 677 | 627 | 648 | 795 | 851 | 935 | 1,165 | 1,367 | 1,852 | 2,170 | 2,312 | 2,450 |
| Total Assets | 1,156 | 1,106 | 1,108 | 1,253 | 1,375 | 1,551 | 1,765 | 1,959 | 2,479 | 2,807 | 3,037 | 3,546 |
Financials of Elgi Equipments Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 78 | 126 | 126 | 47 | 172 | 35 | 240 | 69 | 166 | 285 | 391 | |
| Cash from Investing Activity + | -17 | -16 | -39 | -53 | -107 | -152 | -110 | 2 | -217 | -101 | -283 | |
| Cash from Financing Activity + | -52 | -100 | -77 | -10 | -60 | 91 | -48 | -81 | 60 | -79 | -217 | |
| Net Cash Flow | 10 | 10 | 9 | -17 | 5 | -25 | 82 | -11 | 8 | 105 | -109 | |
| Free Cash Flow | 55 | 103 | 98 | 7 | 120 | -6 | 211 | 44 | 109 | 243 | 298 | |
| CFO/OP | 106% | 119% | 102% | 49% | 114% | 57% | 124% | 49% | 65% | 92% | 100% |
Financials of Elgi Equipments Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 69 | 66 | 65 | 78 | 72 | 69 | 76 | 68 | 66 | 67 | 63 | 67 |
| Inventory Days | 132 | 106 | 109 | 110 | 99 | 128 | 122 | 130 | 143 | 145 | 129 | 134 |
| Days Payable | 82 | 79 | 83 | 86 | 87 | 78 | 103 | 86 | 75 | 80 | 72 | 87 |
| Cash Conversion Cycle | 119 | 92 | 91 | 102 | 83 | 119 | 95 | 112 | 135 | 132 | 121 | 114 |
| Working Capital Days | 28 | 34 | 36 | 39 | 38 | 36 | 23 | 36 | 28 | 27 | 30 | 45 |
| ROCE % | 8% | 11% | 13% | 16% | 16% | 8% | 13% | 19% | 24% | 22% | 22% | 24% |
Guidance history
How Elgi Equipments Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Up 2%+ | Planned | — | Rising |
| Q4 FY26 call → | 10–20% | Flat | Planned | — | Rising |
| Q3 FY26 call → | 10–20% | Up 0–2% | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
25 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +1.5% | 62% |
| Last 6 months | −8.0% | 43% |
| Last 3 months | −10.6% | 43% |
The price is 31% below its all-time high of ₹737.85 (5 Jul 2024). Stocks more than 20% below their peak have their score halved, so 51 became 25.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Elgi Equipments Ltd: 0.4 × 62 + 0.4 × 43 + 0.2 × 43 = 51, halved to 25 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Elgi Equipments Ltd's management said in earlier quarters
- Q1 FY27 earnings call analysis →
- Q3 FY25 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q2 FY26 earnings call analysis →
- Q3 FY26 earnings call →
- Q4 FY25 earnings call →
- Q3 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY24 earnings call →
- Q4 FY23 earnings call →
- Q3 FY23 earnings call →
- Q2 FY23 earnings call →
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