Elecon Engineering Company Ltd. share price target

Quarterly Update Q3FY26

We maintain our BUY rating on the stock.

We initiate coverage on Elecon Engineering Ltd. with a BUY recommendation

FY26 revenue guidance: Rs 2,650 crore.

Quarterly Update Q2FY26

We maintain BUY on Elecon Engineering Company (EECL), with TP of Rs750. EECL reported a mixed set of results for Q2FY26, with consolidated revenue/EBITDA/PAT growing 14%/12%/flat YoY.

Quarterly Update Q1FY26

Initiating Coverage Report

Continuation of margin trend cushions soft revenue

Strong margin trend cushions soft revenue growth

The strong margin trend continues

ELCN has ~40% share in gearbox and components, catering to industries such as sugar, power, steel, cement, rubber and fertilisers

Strong performance, big beat on margin

Steady performance, guidance unchanged

Strong numbers deliver big beat, outlook maintained

In-line performance, outlook maintained

Geared for Growth

Recuperating from the Losses, Recovery Seems Farther Disappointing results for Q3FY17: ECNL has registered a turnover growth of 15.1% sequentially and a negative -12.9% YoY growth for Q3FY17 mainly owing tolower than anticipated off-take from key customers. Despite the smooth integration of the merger between transmission & Materials Handling Equipment (MHE)business, the company has faced some teething issues which resulted in lower than expected numbers for 9MFY17.

Disappointing results for Q2FY17: ELCN has registered a meager turnover growth of 1.5% sequentially and a negative -12.9% YoY growth for Q2FY17 mainly owing to lower than anticipated off-take from key customers. Despite the smooth integration of the merger between transmission & MHE (Material Handling Equipment) business, the company has faced some teething issues which resulted in lower than expected numbers for H1FY17.