ELGIEQUIP · Capital Goods
Elgi Equipments Ltd. reported revenue of ₹848 cr for October to December 2024, +3.2% on the year and −2.4% on the quarter.
Operating profit (EBITDA) was ₹119 cr, a margin of 14.0%, −166 bps on the year and −231 bps on the quarter. Over the last 7 quarters the margin has ranged from 12.3% to 17.7%, averaging 15.0%. Operating costs grew +5.2%, faster than revenue at +3.2%, so operating profit grew less than sales.
Net profit was ₹81.0 cr, −3.6% on the year and −14.7% on the quarter, with earnings per share of ₹2.54. Profit before other income, one-offs and tax fell 5.0%, so the profit growth came from the business itself. The tax rate of 27% is in line with its recent average.
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 ₹10.24 over the last four quarters, the stock at ₹577.00 trades at 56.3 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Operating margin slipped on the year.
EBITDA margin 14.0%, −166 bps on the year (−231 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.
| 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 ₹848 cr (+3.2% on the year) and net profit of ₹81.0 cr (−3.6% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved −5.0% on the year, against −3.6% for reported profit.
None of the 7 checks that could run raised a question.
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