Eimco Elecon (India) Limited (EIMCOELECO)
₹2,295.30 -1.34% last close, 16 Oct
Q2 FY27 results
Eimco Elecon (India) Limited reported Q2 FY27 results on 13 Oct 2026: revenue ₹56.8 Cr (+70.9% year on year, -26.7% on the previous quarter), and net profit ₹7.8 Cr (+46.4% year on year); the operating margin was 18.9%.
| Q2 FY27 (₹ Cr) | Value | YoY vs Q2 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹56.8 | +70.9% | -26.7% |
| Operating profit | ₹10.7 | +105.8% | -24.6% |
| Net profit | ₹7.8 | +46.4% | -49.1% |
| EPS (₹) | 13.58 | +46.5% | -49.1% |
| Operating margin | 18.9% | — | — |
- Profit +97% above its own trend
- Operating margin expanded 321 bps YoY
- Core business grew faster than reported profit (core profit +226%)
Quality of profit: of pre-tax profit of ₹10.4 Cr, ₹8.6 Cr (82%) came from the core business and the rest from other income and one-off items. Core profit (operating profit less interest and depreciation) moved +226.4% year on year.
Against its own trend: net profit of ₹7.8 Cr was +96.5% against the ₹4.0 Cr its recent growth pointed to (above trend). This is a statistical baseline, not an analyst estimate.
Share price since the results: +0.6% (close before the filing to the latest close).
EIMCOELECO delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 46.46% of the EIMCOELECO shares traded on NSE were taken to delivery, against the stock's own 20-session average of 47.92%. That is close to its usual level. Volume was 0.4 times its average, well below normal. 1 bulk or block deal was reported in EIMCOELECO in the last 60 days: ₹10 Cr bought, none sold.
Delivery in the last 5 sessions: 44.4% · 17.6% · 33.8% · 47.3% · 46.5%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 8 Oct | Buy | Enigma Small Opportunities Fund | ₹10.47 Cr | ₹2,221.23 | 47,141 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Eimco Elecon (India) Limited has announced the resignation of its Chief Financial Officer (Key Managerial Personnel), Vishal Begwani, submitted on September 5, 2026. The executive is stepping down to pursue another professional opportunity, with his relief date set for the close of business hours on October 30, 2026. The company oversees a market cap of approximately Rs 1,313 Cr and TTM revenue of Rs 227 Cr. A structured handover of financial operations and statutory audit closures is planned ahead of his departure.
- Chief Financial Officer Vishal Begwani resigned on September 5, 2026
- Relieving date requested and scheduled for close of business on October 30, 2026
- Resignation initiated to pursue another professional opportunity outside the company
- Full handover committed for statutory reporting, financial operations, and audit closures
Eimco Elecon (India) Limited has announced the resignation of its Chief Financial Officer (Key Managerial Personnel), Vishal Begwani, submitted on September 5, 2026. The executive is stepping down to pursue another professional opportunity, with his relief date set for the close of business hours on October 30, 2026. The company oversees a market cap of approximately Rs 1,313 Cr and TTM revenue of Rs 227 Cr. A structured handover of financial operations and statutory audit closures is planned ahead of his departure.
- Chief Financial Officer Vishal Begwani resigned on September 5, 2026
- Relieving date requested and scheduled for close of business on October 30, 2026
- Resignation initiated to pursue another professional opportunity outside the company
- Full handover committed for statutory reporting, financial operations, and audit closures
Eimco Elecon filed its Q2 & H1 FY27 investor presentation following standalone financial disclosures. Historical performance highlighted revenue of ₹231 crore in FY26 compared to ₹247 crore in FY25, alongside an EBITDA margin of 18.3%. The company reiterated its expansion into battery-operated underground equipment (MUV & MCAR-E) and piling rigs in partnership with CZM USA. Balance sheet strength remains solid with minimal borrowings of ₹3 crore against a net worth of ₹468 crore as of March 2026.
- Historical FY26 revenue stood at ₹231 crore with a 10.1% CAGR from FY23
- FY26 PAT reached ₹39 crore with an EPS of ₹67.11 and PAT margin of 16.8%
- Operating cash flow for FY26 stood at ₹22 crore compared to ₹33 crore in FY25
- Net fixed assets and CWIP stood at ₹66 crore against total assets of ₹524 crore as of March 2026
- Introduced battery-operated equipment (MUV & MCAR-E) and entered piling rigs segment
Eimco Elecon reported strong performance for Q2 FY27, with revenue growing 70.9% YoY to ₹57 crore (up from ₹33 crore in Q2 FY26). EBITDA surged 108.8% YoY to ₹11 crore, with EBITDA margins expanding 340 bps to 18.8%. Net profit (PAT) increased by 46.5% YoY to ₹8 crore. Additionally, the company's order book as of September 30, 2026, expanded significantly to ₹133 crore compared to ₹44 crore a year prior (~58.6% of TTM revenue).
- Q2 FY27 revenue rose 70.9% YoY to ₹57 crore (H1 FY27 revenue grew 33.3% to ₹134 crore)
- EBITDA surged 108.8% YoY to ₹11 crore with EBITDA margin expanding to 18.8%
- PAT rose 46.5% YoY to ₹8 crore with a margin of 13.8%
- Order book jumped over 3x to ₹133 crore as of September 30, 2026 vs ₹44 crore as of September 30, 2025
Eimco Elecon announced the resignation of Chief Financial Officer and KMP Vishal C. Begwani, effective October 30, 2026, to pursue external opportunities. Concurrently, the company declared Q2 FY27 results, posting revenue from operations of ₹56.80 crore (up 70.9% YoY from ₹33.24 crore) and a net profit of ₹7.83 crore (up 46.4% YoY from ₹5.35 crore). Operating EBITDA margin came in at 18.8%, supported by an open order book of ₹133 crore.
- CFO and KMP Vishal C. Begwani resigned with effect from close of business hours on October 30, 2026.
- Q2 Revenue from operations rose 70.9% YoY to ₹5,679.72 lakh (₹56.80 cr) versus ₹3,323.64 lakh in Q2 FY26.
- Q2 Net Profit after tax rose 46.4% YoY to ₹783.24 lakh (₹7.83 cr) from ₹535.12 lakh in the prior year period.
- Company reported an open order pipeline of ₹133 crore with an EBITDA margin of 18.8% for the quarter.
Eimco Elecon announced the resignation of Chief Financial Officer and KMP Vishal C. Begwani, effective October 30, 2026, to pursue external opportunities. Concurrently, the company declared Q2 FY27 results, posting revenue from operations of ₹56.80 crore (up 70.9% YoY from ₹33.24 crore) and a net profit of ₹7.83 crore (up 46.4% YoY from ₹5.35 crore). Operating EBITDA margin came in at 18.8%, supported by an open order book of ₹133 crore.
- CFO and KMP Vishal C. Begwani resigned with effect from close of business hours on October 30, 2026.
- Q2 Revenue from operations rose 70.9% YoY to ₹5,679.72 lakh (₹56.80 cr) versus ₹3,323.64 lakh in Q2 FY26.
- Q2 Net Profit after tax rose 46.4% YoY to ₹783.24 lakh (₹7.83 cr) from ₹535.12 lakh in the prior year period.
- Company reported an open order pipeline of ₹133 crore with an EBITDA margin of 18.8% for the quarter.
Eimco Elecon (India) Limited has submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter and half-year ended 30th September, 2026. The certificate was issued by the company's Registrar and Share Transfer Agent, MUFG Intime India Private Limited, on 3rd October, 2026. It confirms that share certificates received for dematerialisation during the quarter were properly processed, verified, and cancelled within prescribed timelines. This is a standard quarterly regulatory filing with zero financial or operational impact.
- Regulation 74(5) compliance certificate submitted for the quarter ended 30th September 2026
- Confirmation certificate issued by RTA MUFG Intime India Private Limited dated 03-10-2026
- Filing made to stock exchanges on 9th October, 2026
CRISIL Ratings has reaffirmed Eimco Elecon (India) Limited's credit ratings for its total bank loan facilities of Rs 101.5 Crore. The long-term facilities have been reaffirmed at 'CRISIL A/Stable', while the short-term facilities have been reaffirmed at 'CRISIL A1'. The rating letter was received by the company on August 18, 2026. The reaffirmed ratings reflect consistent financial stability and low balance sheet leverage (D/E at 0.01).
- CRISIL reaffirmed long-term rating at CRISIL A/Stable for bank facilities.
- CRISIL reaffirmed short-term rating at CRISIL A1.
- Total bank loan facilities rated stand at Rs 101.5 Crore.
- Rating communication received by the company on August 18, 2026.
Eimco Elecon (India) Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Private Limited, confirms that all securities received for dematerialization during the quarter ended June 30, 2026, were processed and listed on the stock exchanges. This is a standard administrative filing required to ensure the integrity of the company's shareholding records.
- Compliance certificate issued for the quarter ended June 30, 2026
- Confirmation provided by Registrar and Share Transfer Agent MUFG Intime India Private Limited
- Verification and cancellation of physical certificates completed within prescribed timelines
- Confirms that dematerialized securities are listed on the stock exchanges where earlier securities were listed
Eimco Elecon (India) Limited has announced the closure of its trading window for all designated persons starting July 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's Q1 FY27 financial results. The window will remain closed until 48 hours after the unaudited financial results for the quarter ended June 30, 2026, are declared. This is a standard regulatory procedure and does not indicate any change in business fundamentals.
- Trading window closure effective from July 1, 2026.
- Closure pertains to the unaudited financial results for the quarter ended June 30, 2026.
- Window to reopen 48 hours after the official declaration of results.
- Restriction applies to all Designated Persons and their immediate relatives/dependents.
Eimco Elecon (India) Limited's shareholders have approved all proposed resolutions at the 52nd Annual General Meeting held on June 25, 2026. Key approvals include the adoption of the audited financial statements for FY26 and the formal declaration of a dividend for the same period. The re-appointment of Mr. Prashant Amin as a director was also cleared with a 99.8% majority. Approximately 50.41% of the total shareholding participated in the voting process, reflecting stable shareholder engagement.
- Adoption of FY26 Audited Financial Statements passed with 99.99% of votes in favor.
- Dividend declaration for the financial year ended March 31, 2026, approved with near-unanimous support.
- Re-appointment of Mr. Prashant Amin as Director confirmed with 2,903,242 votes in favor.
- Total of 17,514 shareholders were on record as of the cut-off date on June 18, 2026.
Eimco Elecon (India) Limited reported a steady performance for the fiscal year with revenue reaching ₹231 Crore and a PAT of ₹39 Crore, representing a 16.8% margin. The company has significantly expanded its product portfolio by launching the Continuous Miner 3500 and entering the battery-operated equipment market with indigenous vehicles. A final dividend of ₹4 per equity share was recommended, supported by a robust net cash position. The management is pivoting towards R&D-driven product leadership to capture opportunities in India's growing coal and metal mining sectors.
- Achieved annual revenue of ₹231 Crore with an EBITDA margin of 18.3% (₹42 Crore).
- Recommended a final dividend of ₹4 per equity share of face value ₹10.
- Launched the Continuous Miner 3500, positioning the company as a one-stop solution provider for underground mining.
- Entered the electric vehicle segment with an indigenous battery-operated Passenger Car and Multi-Utility Vehicle.
- Maintains a strong financial foundation with a robust net cash position and zero debt mentioned implicitly through 'net cash' status.
Eimco Elecon (India) Limited conducted its 52nd Annual General Meeting on June 25, 2026, to transact business for the fiscal year ended March 31, 2026. Key resolutions included the adoption of audited financial statements, the declaration of an equity dividend, and the re-appointment of Mr. Prashant Amin as a Director. The company confirmed that both the Statutory and Secretarial Auditors' reports were free of any qualifications. Management addressed shareholder queries regarding the company's operational and financial performance during the session.
- 52nd Annual General Meeting successfully held on June 25, 2026, via Video Conferencing.
- Adoption of Audited Financial Statements for the financial year ended March 31, 2026.
- Declaration of dividend on equity shares for FY 2025-26 approved as an ordinary resolution.
- Re-appointment of Mr. Prashant Amin as Director and ratification of Cost Auditor remuneration for FY 2026-27.
- Statutory and Secretarial Auditors' reports for FY 2025-26 contained no qualifications or adverse remarks.
Eimco Elecon (India) Limited has scheduled its 52nd Annual General Meeting for June 25, 2026, to review the FY 2025-26 performance. The company is undergoing a strategic transformation, recently launching India's first battery-operated passenger and multi-utility vehicles for underground mining. Key technological advancements include upgrading the Continuous Miner platform to the CM 3500 and transitioning the Rocker Shovel Loader from pneumatic to battery operation. These moves signal a strong shift toward electrification and sustainable mining solutions.
- 52nd Annual General Meeting (AGM) scheduled for June 25, 2026, via Video Conferencing.
- Launched the MCAR-E battery-operated man-riding vehicle (15-person capacity) and UV-A-BE multi-utility vehicle (10-tonne payload) in April 2026.
- Upgraded the Continuous Miner platform from CM 3000 to CM 3500 to enhance performance and productivity.
- Successfully transitioned the Rocker Shovel Loader from pneumatic to battery operation, marking a significant step toward electrification.
- Unveiled a new brand identity and logo in October 2025 as part of a broader corporate transformation strategy.
Promoters of Eimco Elecon (India) Limited have submitted annual disclosures under Regulation 31(4) of the SEBI Takeover Regulations for the financial year ended March 31, 2026. Major promoter Elecon Engineering Company Limited, holding 16.62% of the company, confirmed that no shares were encumbered or pledged during the year. Other promoter entities, including Power Build Private Limited and individual promoter Prashant Chandrakant Amin, also reported zero encumbrances. This routine filing provides assurance that the promoter stake remains free of liens.
- Elecon Engineering Company Limited holds 9,58,426 equity shares, representing a 16.62% stake.
- Power Build Private Limited holds 16,050 equity shares, representing a 0.28% stake.
- Individual promoter Prashant Chandrakant Amin holds 1,275 equity shares (0.02%).
- All promoters confirmed zero direct or indirect encumbrances on their holdings for the FY ended March 31, 2026.
Financial Performance
Revenue Growth by Segment
The Underground (UG) coal mining segment contributes 75-80% of total revenue as of FY25, a decrease from over 90% prior to 2022. Total revenue grew by 8.3% YoY to INR 246 Cr in FY25, following a 32% growth in FY24 (INR 228 Cr) and 31.8% growth in FY23 (INR 173 Cr).
Geographic Revenue Split
Not disclosed in available documents; however, operations are primarily based in Vallabh Vidyanagar, Gujarat, serving domestic mining giants like CIL and SCCL.
Profitability Margins
Gross Profit Margin improved significantly to 53.8% in FY25 from 45.9% in FY24 and 44.0% in FY23. Net Profit Margin (PAT Margin) rose to 19.8% in FY25 compared to 17.8% in FY24 and 12.1% in FY23, driven by a shift toward higher-margin private sector clients and technologically advanced products.
EBITDA Margin
EBITDA Margin reached a record high of 22.8% in FY25, up from 17.6% in FY24 and 14.1% in FY23. This 520 bps YoY improvement is attributed to better operating leverage and an improved product mix featuring value-added equipment.
Capital Expenditure
Planned capital expenditure for FY25 is INR 25 Cr, a significant increase from the historical range of INR 2-5 Cr per annum. This capex is intended to support capacity for new product lines and is funded entirely through internal accruals.
Credit Rating & Borrowing
The company maintains a 'Stable' outlook with a healthy financial risk profile characterized by nil debt. Interest costs are negligible at INR 1 Cr (FY25), reflecting a zero-debt capital structure. Liquidity is strong with INR 228 Cr in cash and marketable securities as of March 31, 2025.
Operational Drivers
Raw Materials
Manufacturing expenses, including raw materials and components, totaled INR 114 Cr in FY25 (46.3% of revenue). Specific materials include steel and specialized components for mining machinery, though individual material percentages are not disclosed.
Import Sources
The company faces high lead times on imported components, though specific countries of origin are not explicitly named in the documents.
Capacity Expansion
Current capacity is not disclosed in units, but the company is expanding its product range to include continuous miner packages and tunneling loaders to meet Coal India's target of 100 MT UG production by 2035.
Raw Material Costs
Manufacturing expenses decreased by 7.3% YoY to INR 114 Cr in FY25 despite higher revenue, indicating improved procurement efficiency and a shift toward higher value-added manufacturing.
Manufacturing Efficiency
Net Fixed Assets Turnover Ratio improved from 2.3 in FY23 to 3.5 in FY25, reflecting higher utilization of existing plant and machinery at the Gujarat facility.
Strategic Growth
Expected Growth Rate
10-15%
Growth Strategy
Growth will be driven by diversifying the client base toward Mine Developer cum Operators (MDOs) and private companies, expanding the product portfolio into technologically advanced 'Continuous Miner' packages, and capitalizing on Coal India's mandate to quadruple underground coal production by 2035.
Products & Services
Air-powered rocker shovels, electro-hydraulic side-dump loaders (SDL), electro-hydraulic and air-powered load-haul dumpers (LHD), continuous miner packages, and tunneling loaders.
Brand Portfolio
Eimco Elecon.
New Products/Services
Technologically advanced products like continuous miner packages and tunneling loaders are expected to drive future revenue growth and further reduce client concentration.
Market Expansion
Targeting non-coal mining segments and increasing the share of revenue from private sector mining companies to reduce dependence on CIL and SCCL.
Market Share & Ranking
Maintains a near-monopoly in the underground coal mining intermediate technology equipment industry in India.
Strategic Alliances
Terminated shareholding agreement with Sandvik AB on April 23, 2025; however, Sandvik remains a shareholder while the final shareholding structure is being finalized.
External Factors
Industry Trends
The UG coal mining industry is undergoing a positive transformation with CIL aiming to increase UG production from 25 MT to 100 MT by FY2035, creating a massive replacement and new equipment cycle for domestic manufacturers.
Competitive Landscape
Primary competition comes from imports, but the company benefits from the 'Atmanirbhar Bharat' initiative and CIL's focus on reducing import dependence for mining machinery.
Competitive Moat
The company's moat is built on a near-monopoly in intermediate UG mining tech, an extensive after-sales service network that is difficult for new entrants to replicate, and long-standing relationships with PSU mining giants.
Macro Economic Sensitivity
Highly sensitive to national coal production policies and the shift from open-cast to underground mining in India.
Consumer Behavior
Shift in demand from traditional loading equipment to 'continuous miner' packages that offer higher safety and productivity in underground environments.
Geopolitical Risks
Exposure to trade barriers or supply chain disruptions for imported components required for high-tech mining machinery.
Regulatory & Governance
Industry Regulations
Operations are subject to mining safety standards and manufacturing regulations; the company must comply with CIL's technical specifications for equipment used in hazardous underground environments.
Taxation Policy Impact
Effective tax rate was approximately 25.7% in FY25 (INR 17 Cr tax on INR 66 Cr PBT).
Legal Contingencies
The company has disclosed pending litigations in Note 39 of its financial statements, though the specific case values were not detailed in the provided text.
Risk Analysis
Key Uncertainties
The primary uncertainty is the pace of execution of Coal India's underground mining expansion; any delay could lead to a steep decline in order flow, impacting profitability.
Geographic Concentration Risk
Manufacturing is concentrated at a single location in Vallabh Vidyanagar, Gujarat.
Third Party Dependencies
High dependency on the capital expenditure cycles of CIL and SCCL, which historically accounted for the vast majority of revenue.
Technology Obsolescence Risk
Risk of technology shift toward fully automated mining systems; the company is mitigating this by developing its own 'continuous miner' and technologically advanced loaders.
Credit & Counterparty Risk
Receivables stood at INR 51 Cr as of September 2023, with major exposure to PSU entities (CIL/SCCL) which typically carries low credit risk but can involve long working capital cycles.
