1. Opening Hook
While the world worries about wars, Elecon seems to have built its own — against time, geopolitics, and gravity itself. The CMD calmly called delays “timing issues,” which in manufacturing lingo means: client wants it next quarter, not now.
With exports flat and defense orders stuck in bureaucratic fog, Elecon still clocked double-digit growth — proving that old-school engineering can out-stubborn chaos. The real question though — can their 70-year-old gears spin fast enough to hit FY26’s ₹2,650 crore target? Stick around, this call had more torque than Tesla’s Cybertruck. ⚙️
2. At a Glance
- Revenue – ₹578 Cr – Up 14% YoY; growth running on diesel, not EV mode.
- EBITDA – ₹126 Cr – Margins at 21.7%; gearbox smooth, but a little grease needed.
- PAT – ₹88 Cr – 15.2% margin; shareholders can finally unclench.
- Gear Division – ₹441 Cr (76% of revenue) – Custom gears turning profits, not heads.
- MHE Division – ₹137 Cr (24%) – Up 33% YoY; the underdog’s comeback story.
- Order Intake – ₹688 Cr (+28% YoY) – Pipeline thicker than a steel shaft.
- Cash Reserves – ₹600 Cr – CFO sleeping well at night.
- Interim Dividend – ₹0.50/share – Enough to buy a chai, not a gear tooth.
3. Management’s Key Commentary
“Despite short-term delays, fundamentals remain strong.”
(Translation: clients ghosted us for a quarter, but we’ll get closure soon.)
“Order intake of ₹688 Cr shows robust demand.”
(Because Power, Cement, and Sugar still love big shiny metal boxes.)
“EBITDA margins
