ELGIEQUIP · Capital Goods
Elgi Equipments Ltd. reported revenue of ₹968 cr for July to September 2025, +11.4% on the year and +11.6% on the quarter. Over the last four quarters revenue comes to ₹3,676 cr, +9.5% on the four before.
Operating profit (EBITDA) was ₹140 cr, a margin of 14.5%, −188 bps on the year and +51 bps on the quarter. Over the last 8 quarters the margin has ranged from 14.0% to 16.3%, averaging 14.8%. Operating costs grew +13.9%, faster than revenue at +11.4%, so operating profit grew less than sales.
Net profit was ₹121 cr, +27.4% on the year and +40.7% on the quarter, with earnings per share of ₹3.83. Profit before other income, one-offs and tax fell 2.6%, so 30 points of the headline growth came from outside the core business. The tax rate of 27% is in line with its recent average. Profit over the last four quarters totals ₹390 cr, +18.9% on the four before.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹12.29 over the last four quarters, the stock at ₹577.00 trades at 46.9 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Headline profit grew much faster than core profit. What made up the difference?
Reported profit +27.4% on the year; profit before other income, exceptional items and tax −2.6%.
Source: Quarterly statements
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
Other income was 33% of profit before tax, against 12% a year earlier.
Source: Quarterly statements
Operating margin slipped on the year.
EBITDA margin 14.5%, −188 bps on the year (+51 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹806 cr | ₹822 cr | ₹866 cr | ₹801 cr | ₹869 cr | ₹848 cr | ₹993 cr | ₹867 cr | ₹968 cr | ₹1,003 cr | ₹1,113 cr | ₹1,062 cr |
| YoY | — | — | — | +11% | +8% | +3% | +15% | +8% | +11% | +18% | +12% | +22% |
| EBITDA margin | 17.7% | 15.7% | 14.4% | 14.2% | 16.3% | 14.0% | 15.1% | 14.0% | 14.5% | 14.4% | 15.5% | 14.6% |
| Other income, % of PBT | 10% | 11% | 14% | 14% | 12% | 14% | 13% | 19% | 33% | 9% | 13% | 11% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 30% | 27% | 31% | 27% | 28% | 27% | 27% | 27% | 27% | 26% | 22% | 26% |
| Net profit | ₹91.0 cr | ₹84.0 cr | ₹76.0 cr | ₹73.0 cr | ₹95.0 cr | ₹81.0 cr | ₹102 cr | ₹86.0 cr | ₹121 cr | ₹95.0 cr | ₹128 cr | ₹103 cr |
| YoY | — | — | — | +22% | +4% | −4% | +34% | +18% | +27% | +17% | +25% | +20% |
| Core profit YoY | — | — | — | +30% | −2% | −5% | +28% | +10% | −3% | +23% | +16% | +32% |
| EPS | ₹2.88 | ₹2.65 | ₹2.41 | ₹2.30 | ₹2.99 | ₹2.54 | ₹3.22 | ₹2.70 | ₹3.83 | ₹3.00 | ₹4.04 | ₹3.26 |
| Flags | · | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | 2 | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Elgi Equipments Ltd. reported revenue of ₹968 cr (+11.4% on the year) and net profit of ₹121 cr (+27.4% on the year) for July to September 2025.
Profit before other income, exceptional items and tax moved −2.6% on the year, against +27.4% for reported profit.
2 checks raised a question: Headline profit grew much faster than core profit. What made up the difference?
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