ELGIEQUIP
Large CapElgi Equipments Limited
Industrials
Elgi Equipments Limited manufactures compressors and automotive equipment. It operates in over 120 countries, with direct presence in 28 and manufacturing facilities in 3, serving markets including India, North America, Europe, Australia, and the Middle East.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 80/100Rev +12% YoY · PAT +25% YoY · margin expansion · +11% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,113 Cr | +12.1% | +11.0% |
| EBITDA | ₹173 Cr | +15.3% | +20.1% |
| Operating margin | 16.0% | +100 bps | +200 bps |
| PAT | ₹128 Cr | +25.5% | +34.7% |
| PAT margin | 11.5% | +123 bps | +203 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
ELGIEQUIP reported 12% YoY revenue growth and 17% YoY PBT growth in Q4 FY26. EBITDA margin improved QoQ to 15.6%, but contribution was impacted by product mix, tariff, and rising employee (17% YoY) and other (8% YoY) expenses.
While revenue and PBT growth are strong YoY, the EBITDA margin, despite sequential improvement, faced headwinds from product mix, tariff impact, and significant increases in employee and other operating costs. Sustained cost control is crucial for future profitability.
Global Market Reach
Company operates in 120+ countries with direct presence in 28, indicating broad market access.
North America Expansion
Three leases added in North America contributed to Q4 sales growth.
North America Leases
Three leases were added in North America during Q4 FY26, contributing to sales.
Product Mix Impact
Contribution was impacted due to product mix in Q4 FY26.
Tariff Impact
Tariff impact of 1.2% affected Q4 FY26 performance against Q4 FY25.
Rising Employee Costs
Employee cost increased by 17% YoY in Q4 FY26.
Rising Other Expenses
Other expenses increased by 8% YoY in Q4 FY26.
Rising Operating Costs
Employee costs increased 17% YoY and other expenses 8% YoY in Q4 FY26, impacting EBITDA contribution.
Product Mix & Tariff Impact
Contribution was impacted by product mix and a 1.2% tariff impact in Q4 FY26.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is essential to assess annual performance and account for seasonality in the final quarter. QoQ comparison is crucial to track sequential momentum, margin trends, and the impact of recent operational changes.
Sales Growth (YoY)
Sales grew by 12% in Q4 FY26 over Q4 FY25.
PBT Growth (YoY)
PBT grew by 17% in Q4 FY26 over Q4 FY25.
EBITDA Margin
EBITDA % was 15.6% in Q4 FY26, up from 15.0% in Q4 FY25 and 14.4% in Q3 FY26.
Employee Cost Increase (YoY)
Employee cost increased by INR 294 Mn (17%) in Q4 FY26 compared to Q4 FY25.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA Margin | 15.6% in Q4 FY26 | Sustained margin improvement and mitigation of product mix/tariff impacts. |
| Employee & Other Costs | Increased 17% and 8% YoY respectively in Q4 FY26 | Cost control measures and their impact on profitability. |
| North America Growth | Three leases added in Q4 FY26 | Further expansion and revenue contribution from North America. |
| Net Cash Position | INR 6,207 Mn in Mar-26 | Continued strengthening of net cash and debt reduction. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +18.0% / mo · near 52W high
Technical chart
ELGIEQUIPdaily · 6M+24.5%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 64. Wait for confirmation.
- SMA20 rising (~3.6% over last month) — short-term momentum positive.
- RSI(14) at 64 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 5% off 52W high · 48% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 14/20 to the score.
- Cash flow contributes 7/10 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Valuation is weaker at 2/30; verify the latest quarterly trend.
- Balance sheet is weaker at 8/15; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 96th percentile of the scored universe and 96th percentile within Industrials. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 96th pctile, median 68 · Large: 87th pctile, median 74
105 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.9%.
- ▸9 years of positive FCF.
- ▸ROCE is 23.7%.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 43.50
- P/B
- 8.59
- EV/EBITDA
- 29.64
- Market Cap
- 19180.00Cr
Profitability
- ROE
- 21.50%
- ROCE
- 23.70%
- ROA
- 12.13%
- Dividend Y
- 0.45%
Growth (CAGR)
- Revenue 5Y
- 15.00%
- EPS 5Y
- 34.00%
- Revenue 3Y
- 9.00%
- EPS 3Y
- 16.00%
Balance Sheet
- Debt/Equity
- 0.24
- Interest Coverage
- 23.16×
- Altman Z
- 8.75
- Book Value
- 70.40
Cash Flow
- FCF Yield
- 1.86%
- FCF Positive Y
- 9/5
- OCF
- 454.00 Cr
- EPS TTM
- 13.57
Shareholding
- Promoter Hold
- 31.19%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 87%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.