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Swing Capital

Eimco Elecon (India) Ltd

NSE: EIMCOELECO BSE: 523708

Eimco Elecon (India) Limited, incorporated in 1974, is in the business of Manufacturing and Marketing Equipment for Underground and Opencast mines. The Co is situated at Vallabh Vidyanagar, Gujarat. It was the first Co. to introduce the intermediate technology of Side Dump Loaders, Load Haul Dumpers and Rocker Shovel Loaders in India. [1]

₹1,565
52W: ₹1406 — ₹3020
PE 23.3 · Book ₹810 · +93% vs book
Market Cap₹903 Cr
Stock P/E23.3Price to Earnings
ROCE11.3%Return on Capital
ROE8.61%Return on Equity
Div. Yield0.33%Face Value ₹10

Strengths

  • +Company is almost debt free.
  • +Company has delivered good profit growth of 27.9% CAGR over last 5 years

Weaknesses

  • −Company has a low return on equity of 10.3% over last 3 years.
  • −Earnings include an other income of Rs.17.0 Cr.
  • −Promoter holding has decreased over last 3 years: -25.1%

Shareholding Pattern

Promoters48.96%
FIIs3.1%
DIIs1.05%
Public46.89%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters74.06%74.06%73.64%▼0.473.64%73.64%48.96%▼24.748.96%48.96%
FIIs0.1%0.1%0.28%▲0.20.45%▲0.20.21%▼0.20.6%▲0.43.39%▲2.83.1%▼0.3
DIIs0.36%0.37%▲0.00.75%▲0.40.33%▼0.40.33%0.23%▼0.11%▲0.81.05%▲0.1
Public25.47%25.47%25.32%▼0.125.58%▲0.325.82%▲0.250.22%▲24.446.65%▼3.646.89%▲0.2

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales48.2684.369.7266.6345.8464.2967.5733.2463.0666.88
Expenses40.3667.5854.6551.5437.9946.1455.2628.0250.5553.95
Operating Profit7.916.7215.0715.097.8518.1512.315.2212.5112.93
OPM %16.37%19.83%21.62%22.65%17.12%28.23%18.22%15.7%19.84%19.33%
Net Profit7.5514.8414.7813.066.1914.8714.485.3512.526.36
EPS ₹13.0925.7325.6222.6410.7325.7825.19.2721.711.03

AI Insights

Revenue Trend

Mar 2026 revenue at ₹231Cr, down 6.1% YoY. OPM at 19%.

Debt Position

Borrowings at ₹4Cr. Debt-to-equity ratio: 0.01x. Healthy balance sheet.

Capex Cycle

CWIP at ₹2Cr (3% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 1.05% (+1.05pp change). FIIs: 3.1% (+3.09pp change). Promoters hold 48.96%.

Margin & Efficiency

ROCE declining from 14% (Mar 2015) to 11% (Mar 2026). Working capital days: 251.

Valuation

PE 23.3x with 11.3% ROCE. Price is 93% above book value of ₹810. Dividend yield: 0.33%.

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