Key Metrics of Elecon Engineering
About Elecon Engineering
Sectors
Company details
- Website
- elecon.com
- Founded
- 1951
- Registered office
- Anand, Sujitra Road, Vallabh Vidyanagar, In-gj, 388120
- Listed
- NSE: ELECON · ₹437.50
Operational Areas of Elecon Engineering
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 15 Jul 2026 | ICRA | Reaffirmed | AA | A1+ | Positive | ₹400 Cr | View |
| 26 Dec 2016 | CARE | Assigned | — | — | — | ₹1,63,923 Cr | View |
| 11 Jul 2016 | CARE | Assigned | — | — | — | ₹4,310 Cr | View |
| 23 Sep 2015 | CARE | Revised (from A-) | A | A2+ | — | ₹593 Cr | View |
| 13 Oct 2014 | CARE | Reaffirmed (from A) | A+ | A1+ | — | ₹526 Cr | View |
| 04 Apr 2014 | CARE | Reaffirmed | A+ | A1+ | — | ₹507 Cr | View |
| 11 Nov 2013 | CARE | Reaffirmed | A+ | — | — | ₹536 Cr | View |
| 06 Aug 2013 | CARE | Watch | — | — | — | ₹486 Cr | View |
| 02 May 2013 | CARE | Other | — | — | — | — | View |
Credit strengths (ICRA, Jul 2026)
+ Leading player in transmission products segment
EECL is a leading player in the transmission products segment, i.e. gears, with a sizeable market share of 38-40% in India and significant manufacturing capacities.
+ Favourable medium-term demand outlook; strong order book and order inflows provides revenue visibility
In FY2026, the company received a healthy order inflow of around Rs. 1,991 crore in transmission products on a consolidated basis, and the order book stood at Rs. 894 crore as on March 31, 2026.
+ Healthy financial profile, driven by revenue growth and strong operating margins
The company’s revenues increased to Rs. 2,369 crore in FY2026, representing a growth of 6.4% YoY, on the back of a healthy order inflow in the transmission and MHE divisions.
+ Comfortable capital structure and coverage indicators along with a strong liquidity profile
The company’s capital structure remained healthy, with no external debt (except lease liabilities) and a strong net worth position.
Credit challenges
− Revenues vulnerable to cyclicality in end-user industries
EECL’s revenues are exposed to the cyclicality in the domestic capex cycle, and any economic slowdown could impact its revenues.
− Margins susceptible to fluctuations in raw material prices
The company’s margins are susceptible to fluctuations in raw material prices, as the orders remain fixed-price in nature and the tenure of the orders for gears, especially engineered gears, is typically two to six months.
Could lead to an upgrade
ICRA could upgrade EECL’s ratings if it demonstrates sustained growth in its scale of operations, along with sustained profitability, a strong
Could lead to a downgrade
Pressure on the company’s ratings could arise if it witnesses a sharp deterioration in its revenues and profitability. Further, any deterioration in the working capital cycle or any large debt funded capex that weakens the
Agency-reported financials (ICRA, 15 Jul 2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
| Operating income | ₹2,227 Cr | ₹2,370 Cr |
| PAT | ₹407 Cr | ₹341 Cr |
| OPBDIT/OI | 24.6% | 22.2% |
| PAT/OI | 18.3% | 14.4% |
| Total outside liabilities/Tangible net worth (times) | 0.40× | 0.40× |
| Total debt/OPBDIT (times) | 0.30× | 0.50× |
| Interest coverage (times) | 41.10× | 21.00× |
| Revenue growth (YoY) | — | 6.4% |
| EBITDA (margin × income) | ₹548 Cr | ₹526 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹164 Cr | ₹263 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹13.33 Cr | ₹25.05 Cr |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| In case of partnership/proprietary concerns, the by CARE is based on the capital deployed by the partners/proprietor the financial strength of the firm at prese | Other | ₹400 Cr | ₹22.0 Cr | −94.5% | — | Assigned | CARE |
| Tel: +91-22-6754 | Fax: +91-22-6754 | E-mail: care careratings.com AHMEDABAD Mr. Mehul Pandya Titanium, Prahaladnagar Corporate Road, JAIPUR Satellite, Ahmedaba | Other | ₹380 Cr | ₹15.0 Cr | −96.1% | — | Other | CARE |
| Cell: +91-98242 Pashupati Akshat Heights, Plot No. D-91, Tel: +91-79-4026 Madho Singh Road, Near Collectorate Circle, E-mail: mehul.pandya careratings.com Bani | Other | — | ₹302 Cr | — | — | Other | CARE |
| Cell: +91 – BENGALURU Tel: +91-141-402 Mr. Deepak Prajapati E-mail: nikhil.soni careratings.com Unit No. 1101-1102, 11th Floor, Prestige Meridian II, No. M.G. R | Other | — | ₹560 Cr | — | — | Other | CARE |
| Cell: +91-9099028864 Ms. Priti Agarwal Tel: +91-80-4115 3rd Floor, Prasad Chambers, (Shagun Mall Bldg.) E-mail: deepak.prajapati careratings.com 10A, Shakespear | Other | — | ₹700 Cr | — | — | Other | CARE |
| Cell: +91-98319 CHANDIGARH Tel: +91-33-Mr. Sajan Goyal E-mail: priti.agarwal careratings.com SCF No. 54-55, First Floor, Phase NEW DELHI Sector Mohali Ms. Swati | Other | — | ₹1,60,062 Cr | — | — | Other | CARE |
| Chandigarh 13th Floor, E-1 Block, Videocon Tower, Cell: +91 Jhandewalan Extension, New Delhi 055. | Other | — | ₹110 Cr | — | — | Other | CARE |
| Tel: +91-172-5171 Cell: +91-98117 Email: sajan.goyal careratings.com Tel: +91-11-4533 E-mail: swati.agrawal careratings.com CHENNAI Mr. V Pradeep Kumar PUNE Uni | Other | — | ₹600 Cr | — | — | Other | CARE |
| Cell: +91 Plot No. Bhamburda, Senapati Bapat Road, Tel: +91-44-2849 Shivaji Nagar, Pune 015. | Other | — | ₹411 Cr | — | — | Other | CARE |
| Email: pradeep.kumar careratings.com Cell: +91-98361 Tel: +91-20-COIMBATORE E-mail: pratim.banerjee careratings.com Mr. V Pradeep Kumar T-3, 3rd Floor, Manchest | Other | — | ₹641 Cr | — | — | Other | CARE |
| Email: pradeep.kumar careratings.com HYDERABAD Mr. Ramesh Bob Ashoka Scintilla, 3-6-502, Himayat Nagar, Hyderabad 029. | Other | — | ₹500 Cr | — | — | Other | CARE |
Credit assessment · Auto components
Rating Methodology – Auto Components and Equipment (Oct 2026) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 94% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 94% chance the next rating action is stable or better
- Current rating AA (investment grade)
- Interest coverage 21×
Rated limits by facility
Timeline
From the report
Liquidity position: Strong EECL has a strong liquidity profile, reflected in its healthy cash flow from operations and cash and investments of more than Rs. 900 crore at the consolidated level as on March 31, 2026.
From the report
Brief Rationale JULY 11, 2016 CARE WITHDRAWS RATING ASSIGNED TO COMMERCIAL PAPER ISSUE OF ELECON ENGINEERING COMPANY LTD CARE, has withdrawn the rating assigned to the Commercial Paper issue of Rs.80 crore of Elecon Engineering Company Limited, with immediate effect at the request of the company, as there is no amount outstanding under the Commercial Paper issue as on date and the company does not propose to place in the immediate future.
From the report
Crore) (i) Long-term bank CARE A+ 295.90 Reaffirmed facilities (Single A Plus) CARE A+/CARE A1+ (ii) Long-term / Short- 211.25 (Single A Plus / Reaffirmed term bank facilities A One Plus) #CARE A1+ (SO) (iii) Short-term bank 30.65 [A One Plus (Structured Assigned facilities Obligation)] Total bank facilities 537.80 Non Convertible CARE A+ 25.00 Reaffirmed Debenture (NCD) – I (Single A Plus) CARE A+ NCD - II (proposed) 25.00 Reaffirmed (Single A Plus) Short-term Debt / Commercial Paper CARE A1+ issue (STD/CP) Carved 80.00 Reaffirmed (A One Plus) out of tied-up working capital facility # backed
From the report
Furthermore, EEPC would pay cash consideration (slump sale) of Rs.127 crore to EECL for the transfer of MHE activity.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Elecon Engineering
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Larsen & Toubro |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | larsentoubro.com | 1938 | Mumbai, India |
 Thermax |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | thermaxglobal.com | 1980 | Pune, India |
 Blue Dart Express |
Outlets operated by Blue Dart Express. | bluedart.com | 1983 | Mumbai, India |
| H.G. INFRA ENGINEERING LIMITED (PART IX) | Machine Tools & Industrial Machinery · Heavy Engineering & Capital Goods | — | — | Jodhpur, Rajasthan, India |
 Tata Hitachi Construction Machinery Company |
Machine Tools & Industrial Machinery · Heavy Engineering & Capital Goods | tatahitachi.co.in | — | India |
 Kirloskar Brothers |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | kirloskarpumps.com | 1888 | Pune, India |
 Sansera Engineering Limited |
Machine Tools & Industrial Machinery · Heavy Engineering & Capital Goods | sansera.in | — | Bangalore, Karnataka, India |
 Action Construction Equipment Limited |
Fertilisers, Seeds & Crop Protection · Agriculture & Agri-Inputs | ace-cranes.com | 2009 | Palwal, India |
 AJAX Engineering |
Commercial Vehicles & Buses · Automobile Manufacturers | ajax-engg.com | 1992 | Bangalore, India |
| Il&FS Engineering And Construction Company Limited | · Construction | — | — | Hyderabad, Telangana, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Industrial gears
Filings
No filings on record yet.