Elgi Equipments Limited (ELGIEQUIP)

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Elgi Equipments Limited (ELGIEQUIP) · mywealthgrid

About

Elgi Equipments makes compressors, pumps, and diesel engines for industrial use. Mid-cap player (₹19,315 Cr) in India's industrial products sector. Consolidated quarterly revenue runs ₹1,000+ Cr.

Face value: ₹1

Market cap

₹18,528 Cr

P/E

41.4×

P/B

8.3×

Dividend yield

0.8%

ROE

21%

ROCE

28.4%

Debt / equity

0.18

OPM

14.7%

EPS (TTM)

₹14.1

Book value

₹70.4

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

PE 44.9 leaves limited upside; stock near 52w high ₹622 with elevated multiple
Operating margin swung 13.97%–21.02% in recent quarters; verify cost inflation and capacity utilization drivers
Industrial products exposure to commodity costs and capex cycles; verify hedging and customer contract terms
Scale vs competitors: ₹1,000 Cr quarterly revenue; verify competitive standing vs MNCs and larger domestic makers

Generated analysis · source review pending

Growth drivers

D/E 0.18 enables potential debt-financed capex if market opportunity justifies; verify near-term capacity and demand plans
Operating margin range 13.97%–21.02% suggests product mix or efficiency upside; verify which segments drive higher OPM
Dividend payer since 2022 indicates stable cash generation; verify if FCF growth can sustain or raise payouts

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹584.7-1.7%1Y

Quick read

rule-based

Pros

+Strong return on equity of 20.7% (3-yr avg)
+High return on capital employed of 28.3%
+Profit CAGR of 33.2% over the last 5 years
+Revenue CAGR of 15.5% over the last 5 years
+Comfortable interest coverage of 24.1×
+Dividend payout of 34.7% of profit

Cons

−Trading at 8.3× book value

Research score

Structured signal from quality, growth, valuation and momentum.

51/100

Business quality: 73
Growth: 55

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Cummins India LimitedCUMMINSINDCUMMINSIND	₹1,34,719 Cr	₹1,34,719 Cr	₹12,662 Cr	₹2,588 Cr	21.4%	₹2,367 Cr	19.5%	34.7%	29.5%	60
Kirloskar Oil Engines LimitedKIRLOSENGKIRLOSENG	₹32,609 Cr	₹37,923 Cr	₹7,937 Cr	₹1,389 Cr	18.4%	₹535 Cr	7.3%	18.8%	16.8%	28
Elgi Equipments LimitedELGIEQUIPELGIEQUIP	₹18,528 Cr	₹18,932 Cr	₹4,146 Cr	₹613 Cr	14.7%	₹448 Cr	10.9%	28.4%	21%	114
Kirloskar Brothers LimitedKIRLOSBROSKIRLOSBROS	₹14,035 Cr	₹14,222 Cr	₹4,664 Cr	₹548 Cr	12%	₹373 Cr	8.3%	20.8%	16.4%	68
Ksb LimitedKSBKSB	₹14,032 Cr	₹14,032 Cr	₹2,726 Cr	₹347 Cr	13.9%	₹246 Cr	10%	22.6%	17.1%	204
Ingersoll Rand (India) LimitedINGERRANDINGERRAND	₹13,142 Cr	₹13,142 Cr	₹1,450 Cr	₹348 Cr	23.9%	₹266 Cr	18.4%	56.9%	41.8%	179
Shakti Pumps (India) LimitedSHAKTIPUMPSHAKTIPUMP	₹5,604 Cr	₹6,090 Cr	₹2,934 Cr	₹361 Cr	15.6%	₹212 Cr	9.6%	27.2%	18%	134
Greaves Cotton LimitedGREAVESCOTGREAVESCOT	₹5,265 Cr	₹5,591 Cr	₹3,665 Cr	₹239 Cr	7%	₹100 Cr	1%	9.9%	7.6%	-6
Kirloskar Pneumatic Company LimitedKIRLPNUKIRLPNU	₹4,433 Cr	₹4,435 Cr	₹1,808 Cr	₹370 Cr	20%	₹263 Cr	14.2%	29.2%	21.8%	90
Swaraj Engines LimitedSWARAJENGSWARAJENG	₹4,287 Cr	₹4,287 Cr	₹2,111 Cr	₹282 Cr	13.6%	₹202 Cr	9.8%	57.6%	43.2%	-3
Oswal Pumps LimitedOSWALPUMPSOSWALPUMPS	₹3,012 Cr	₹3,250 Cr	₹2,024 Cr	₹447 Cr	24.9%	₹336 Cr	18.2%	46.3%	35.1%	218
Yuken India LimitedYUKENYUKEN	₹1,552 Cr	₹1,656 Cr	₹492 Cr	₹53 Cr	10.9%	₹16 Cr	3.1%	8.7%	4.3%	170

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,438	1,622	1,863	1,829	1,924	2,525	3,041	3,218	3,510	3,951
COGS	754	905	1,031	981	1,028	1,357	1,533	1,569	1,717	1,934
Gross profit	684	717	832	849	896	1,168	1,507	1,649	1,793	2,017
	545	541	641	712	679	874	1,072	1,158	1,263	1,431
	139	176	192	137	217	294	435	491	530	586
OPM %	9.7%	10.9%	10.3%	7.5%	11.3%	11.6%	14.3%	15.3%	15.1%	14.8%
Depreciation	45	44	51	65	74	74	78	77	76	86
Interest	8	6	9	16	13	11	20	29	31	25
	9	9	14	13	24	55	173	55	58	103
Profit before tax	100	137	144	70	153	263	510	440	482	577
Tax	26	41	40	27	50	85	140	128	131	147
Tax %	26.3%	30.2%	28.2%	38.8%	32.9%	32.2%	27.3%	29.2%	27.3%	25.5%
	74	95	103	43	102	178	371	312	350	430
PAT margin %	5.2%	5.9%	5.5%	2.3%	5.3%	7.1%	12.2%	9.7%	10%	10.9%
EPS (₹)	—	—	—	2.7	4.6	322	11.7	9.9	11.1	13.7
EPS adjusted (₹)	—	3	3.3	1.3	3.2	5.6	11.7	9.8	11.1	13.6
	—	—	—	61.3%	17.4%	0.4%	17.1%	20.3%	19.8%	19.8%
Annual report	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	16	16	16	32	32	32	32	32	32
Reserves	673	755	753	838	1,001	1,339	1,579	1,834	2,200
Minority interest	—	—	—	—	—	0	—	—	—
	223	193	390	398	346	509	560	491	405
	347	421	396	498	586	622	649	685	909
Total equity & liabilities	1,259	1,385	1,555	1,767	1,965	2,502	2,821	3,042	3,546
	424	488	541	493	536	583	582	587	695
CWIP	1	5	4	4	7	3	10	53	136
Investments	15	14	12	24	48	41	45	85	169
	819	878	998	1,246	1,374	1,875	2,184	2,316	2,546
Total assets	1,259	1,385	1,555	1,767	1,965	2,502	2,821	3,042	3,546

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Air Compressors	3,613.4	548.4	3,303.3	1,237.1	2,066.2	26.54
Automotive equipment	338.6	37.1

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	44.7%	46.4%	46.6%	46.3%	49.6%	51.2%	51.1%	51%
EBITDA margin %	10.3%	7.4%	11.2%	11.6%	14.2%	15.1%	15%	14.7%
EBIT margin %	7.5%	3.9%	7.3%	8.6%	11.7%	12.7%	12.8%	12.5%
PAT margin %	5.5%	2.3%	5.3%	7.1%	12.2%	9.7%	10%	10.9%
Working capital
Receivable days	72	69	76	68	66	68	63	67
Inventory days	99	128	122	130	143	145	129	134
Payable days	87	—	—	86	75	80	72	87
NWC days	83	—	—	112	135	133	121	114
Leverage
Current ratio	1.58	1.42	1.51	1.65	1.79	1.92	2.1	2.08
Debt to EBITDA	1.01	2.87	1.85	1.18	1.18	1.15	0.94	0.7
Debt to equity	0.25	0.51	0.46	0.34	0.37	0.35	0.26	0.18
Interest coverage	16.7	5.4	12.2	24.6	21.4	15.8	16.6	24.1
Asset turnover	1.35	1.18	1.09	1.28	1.22	1.14	1.15	1.11
Return ratios
Return on assets %	7.4%	2.7%	5.8%	9.1%	14.8%	11.1%	11.5%	12.1%
Return on capital employed %	18.5%	9.4%	17%	25.1%	32%	29%	27.6%	28.4%
Return on equity %	13.4%	5.5%	11.8%	17.3%	27%	19.4%	18.8%	19.3%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	31.19%	31.19%	31.19%	31.19%	31.19%	31.19%	31.19%	31.19%	31.19%	31.19%	31.19%	31.19%
	28.82%	29.02%	29.54%	29.47%	29.4%	29.39%	29.09%	27.62%	26.12%	23.11%	22.2%	21.9%
	4.84%	4.93%	4.98%	5%	5.05%	5.08%	4.98%	5.23%	6.25%	8.09%	9.08%	10.13%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	34.97%	34.7%	34.13%	34.11%	34.19%	34.16%	34.36%	35.58%	36.06%	37.25%	37%	36.29%
No. of shareholders	—	—	—	—	—	—	—	—	79,971	92,465	89,695	89,318

Promoter holding up 0 percentage points since Sep 2023.

11 deals · 16 Sept 2022 – 25 Nov 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
25 Nov 2025	SBI MUTUAL FUND	Bulk	BSE	Buy	35,00,000	₹483.00	₹169.05 Cr
25 Nov 2025	SBI MUTUAL FUND	Bulk	NSE	Buy	20,61,915	₹483.00	₹99.59 Cr
8 Jul 2025	SBI MUTUAL FUND	Bulk	BSE	Buy	18,12,760	₹532.00	₹96.44 Cr
18 Mar 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	18,34,094	₹504.26	₹92.49 Cr
18 Mar 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	18,34,094	₹503.96	₹92.43 Cr
17 Mar 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	25,00,703	₹486.91	₹121.76 Cr
17 Mar 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	25,00,703	₹486.87	₹121.75 Cr
23 Jul 2024	AL MEHWAR COMMERCIAL INVESTMENTS L.L.C.	Bulk	NSE	Sell	22,97,777	₹673.00	₹154.64 Cr
16 Sept 2022	THE VANGUARD GROUP INC A/C VANGUARD EMERG. MKTS STOCK INDEXFD A SERIES OF V I E I F	Bulk	NSE	Buy	28,09,639	₹489.20	₹137.45 Cr
16 Sept 2022	INTEGRATED CORE STRATEGIES (ASIA) PTE. LTD.	Bulk	NSE	Sell	27,57,923	₹490.64	₹135.31 Cr

1–10 of 11

1 / 2

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. JAIRAM VARADARAJExecutive Director-Chairperson-MD
Mr. SUDARSAN VARADARAJNon-Executive - Non Independent Director
Mr. ANVAR JAY VARADARAJExecutive Director
Mr. SRINIVASAN KRISHNAMURTHINon-Executive - Independent Director
Mr. SRINIVASAN RAVINDRANNon-Executive - Independent Director
Mr. SUMAN KUMAR DASNon-Executive - Independent Director
Mrs. PADMAJA ALAGANANDANNon-Executive - Independent Director
Mr. VARUN JAY VARADARAJNon-Executive - Non Independent Director
Mr. Indranil SenChief Financial Officer
Mr. Rohit GupteCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 11 fund houses

Held by these funds

7.63%

of the company's equity

All mutual funds

8.58%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

38 schemes · 11 fund houses

		Shares
Smallcap Fund	SBI Mutual Fund	1 Cr	627.35	1.47%	3.156%	-0
MultiCap Fund	SBI Mutual Fund	80 L	501.88	2.05%	2.524%	-0
SMALL CAP FUND	Nippon India Mutual Fund	21.94 L	137.63	0.17%	0.692%	-0
POWER & INFRA FUND	Nippon India Mutual Fund	10.28 L	64.52	0.79%	0.325%	+30,000
Infrastructure Fund	SBI Mutual Fund	10 L	62.74	1.3%	0.316%	-0
Small Cap FundNEW	ICICI Prudential Mutual Fund	7.5 L	47.06	0.48%	0.237%	—
Nifty Smallcap 250 Index Fund	Nippon India Mutual Fund	3.42 L	21.48	0.61%	0.108%	+4,188
Nifty Smallcap 250 Index Fund	SBI Mutual Fund	1.74 L	10.92	0.61%	0.055%	+1,947

1–8 of 38

1 / 5

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

30 announcementsExport CSV

22 Sept 2026, 4:17 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

Loading announcements…

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	44.7%	46.4%	46.6%	46.3%	49.6%	51.2%	51.1%	51%
EBITDA margin %	10.3%	7.4%	11.2%	11.6%	14.2%	15.1%	15%	14.7%
EBIT margin %	7.5%	3.9%	7.3%	8.6%	11.7%	12.7%	12.8%	12.5%
PAT margin %	5.5%	2.3%	5.3%	7.1%	12.2%	9.7%	10%	10.9%
Working capital
Receivable days	72	69	76	68	66	68	63	67
Inventory days	99	128	122	130	143	145	129	134
Payable days	87	—	—	86	75	80	72	87
NWC days	83	—	—	112	135	133	121	114
Leverage
Current ratio	1.58	1.42	1.51	1.65	1.79	1.92	2.1	2.08
Debt to EBITDA	1.01	2.87	1.85	1.18	1.18	1.15	0.94	0.7
Debt to equity	0.25	0.51	0.46	0.34	0.37	0.35	0.26	0.18
Interest coverage	16.7	5.4	12.2	24.6	21.4	15.8	16.6	24.1
Asset turnover	1.35	1.18	1.09	1.28	1.22	1.14	1.15	1.11
Return ratios
Return on assets %	7.4%	2.7%	5.8%	9.1%	14.8%	11.1%	11.5%	12.1%
Return on capital employed %	18.5%	9.4%	17%	25.1%	32%	29%	27.6%	28.4%
Return on equity %	13.4%	5.5%	11.8%	17.3%	27%	19.4%	18.8%	19.3%

Date	Category	Subject	Filing
22 Sept 2026, 4:17 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
13 Sept 2026, 11:08 am	Company Update Credit Rating	Announcement under Regulation 30 (LODR)-Credit Rating	PDF
4 Sept 2026, 12:30 pm	Company Update Diversification / Disinvestment	Announcement under Regulation 30 (LODR)-Diversification / Disinvestment	PDF
1 Sept 2026, 11:40 am	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management	PDF
29 Aug 2026, 7:40 am	Company Update General	General Update	PDF
28 Aug 2026, 3:00 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
25 Aug 2026, 11:23 am	Company Update Credit Rating	Announcement under Regulation 30 (LODR)-Credit Rating	PDF
20 Aug 2026, 6:55 pm	Company Update Acquisition	Announcement under Regulation 30 (LODR)-Acquisition	PDF

₹ Cr	Mar 2016	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	134	47	172	35	239	69	166	288	391	454
	-25	-53	-107	-152	-110	2	-217	-101	-283	-98
	-101	-10	-60	91	-48	-81	60	-82	-217	-312
Net cash flow	8	-17	5	-25	81	-11	8	105	-109	43
Free cash flow	—	—	—	—	207	28	97	239	296	299
CFO / Operating profit %	—	26.4%	89.6%	26.1%	110.7%	23.5%	38.3%	59.2%	74.5%	78.3%

Elgi Equipments Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

22

1

2

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

AIR COMPRESSORS · revenue

Elgi Equipments Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends22

Board meetings1

Bonus issues2

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

AIR COMPRESSORS · revenue

22

1

2