Skip to content
MarketDeck StockProof
ELGIEQUIP.NS

Elgi Equipments Ltd.

Capital Goods
Price research

Price history

3Y window · 2023-09-25 to 2026-09-22

Start 2023-09-25 ₹506.50
End 2026-09-22 ₹608.95
Change over window +20.23%
Methodology

Price is the daily close from stored Kite history. The other metrics pair that daily price with the company's periodic filings — each fundamental (revenue, EPS, equity…) is held flat at its latest filed value between annual filings, so a ratio steps at each filing and moves daily only through its price term. A metric with no input on file for this company (e.g. EV/EBITDA for a bank, which has no EBIT) is shown as unavailable, never guessed. Share-count-based metrics use the latest diluted share count against split/bonus-adjusted prices.

Technical analysis

Technical indicators

Same window as the price chart above

These reflect only the stock's recent price and volume behavior — not the company's fundamentals — and are not a recommendation to buy or sell. Standard published parameters are used throughout (see each chart's own label); a company with too little stored price history for a given indicator's lookback window shows that plainly below rather than a garbage or misleading value.

Latest value of each line in the charted window
Methodology

MACD (12,26,9), Stochastic Oscillator (14,3) and Money Flow Index (14-day) each carry their own published reference lines/bands (20/80 for the oscillator readings) where one is standard. ADX includes +DI/-DI for direction alongside trend strength; a dashed line marks the commonly published 25 "trending market" reading. ATR is shown in raw rupees here; the price/volume preset screen (below, and on the Screener page) reports it as a % of price so it's comparable across stocks at different price levels. Computed from the same stored daily OHLCV history as the price chart above — no new data source.

Ratios as of FY2025-26 Annual filing · published 2026-05-27
Price (live) ₹608.95 INR fetched 2026-09-23 02:12
Fundamental analysis

Ratios

Calculated from this company's filed figures, and from the current price where a ratio needs one. Every ratio shows its source trace: the filed elements it reads and the arithmetic behind the result.

P/E

44.86

P/E = Price / EPS

Source trace FY2025-26 · Annual filing

P/E = Price / (ProfitOrLossAttributableToOwnersOfParent / PaidUpValueOfEquityShareCapital ÷ FaceValueOfEquityShareCapital) → ₹608.95 / (₹4,302,000,000 / 316,910,000 shares) = ₹608.95 / ₹13.57 EPS

ROE

19.28%

ROE = Net Income / Shareholder Equity

Source trace FY2025-26 · Annual filing

ROE = ProfitOrLossAttributableToOwnersOfParent / EquityAttributableToOwnersOfParent → ₹4,302,000,000 / ₹22,319,000,000 = 19.28%

Debt/Equity

0.18

Debt/Equity = Total Debt / Shareholder Equity

Source trace FY2025-26 · Annual filing

Debt/Equity = BorrowingsCurrent + BorrowingsNoncurrent / EquityAttributableToOwnersOfParent → ₹4,048,000,000 / ₹22,319,000,000 = 0.18

Current Ratio

2.08

Current Ratio = Current Assets / Current Liabilities

Source trace FY2025-26 · Annual filing

Current Ratio = CurrentAssets / CurrentLiabilities → ₹24,902,000,000 / ₹11,959,000,000 = 2.08

ROCE

23.18%

ROCE = EBIT / (Shareholder Equity + Total Debt)

Source trace FY2025-26 · Annual filing

ROCE = ProfitBeforeExceptionalItemsAndTax + FinanceCosts / (EquityAttributableToOwnersOfParent + BorrowingsCurrent + BorrowingsNoncurrent) → ₹6,111,000,000 / (₹22,319,000,000 + ₹4,048,000,000) = 23.18%

Dividend Yield

0.36%

Dividend Yield = (Dividends Paid / Diluted Shares Outstanding) / Price

Qualification This is cash paid during the fiscal year, not a per-share rate declared for it (no such element exists in the filing data) — timing can straddle interim/final dividends across years, and pre-FY2020-21 figures may include the since-abolished Dividend Distribution Tax, reading higher than later years for that reason alone.

Source trace FY2025-26 · Annual filing

Dividend Yield = (|DividendsPaidClassifiedAsFinancingActivities| / PaidUpValueOfEquityShareCapital ÷ FaceValueOfEquityShareCapital) / Price → (₹694,000,000 / 316,910,000 shares) / ₹608.95 = ₹2.19 / ₹608.95

Growth & quality

Growth & earnings trend

Computed from this company's stored annual filings. Each figure carries the filed values behind it as a tooltip.

Revenue CAGR · 3y 11.8%
Net profit CAGR · 3y 20.7%
Operating margin · FY2025-26 15.5%
ROCE · FY2025-26 23.2%

Revenue & Profit CAGR

Revenue (3y, 8.0y actual)
11.8%
Net Profit (3y)
20.7%
Revenue (5y, 8.0y actual)
11.8%
Net Profit (5y)
20.7%
Revenue (10y, 8.0y actual)
11.8%
Net Profit (10y)
20.7%

Operating Margin Trend

Expanding
FY2017-18
8.9%
FY2019-20
4.6%
FY2020-21
8.6%
FY2021-22
10.8%
FY2022-23
13.9%
FY2023-24
14.4%
FY2024-25
14.4%
FY2025-26
15.5%

ROCE Trajectory

FY2017-18
N/A
FY2019-20
N/A
FY2020-21
N/A
FY2021-22
N/A
FY2022-23
22.5%
FY2023-24
21.4%
FY2024-25
21.5%
FY2025-26
23.2%

Earnings Quality

No persistent gap detected

Net Profit CAGR 24.61% vs CFO CAGR 60.37% over 4.0y (2022-03-31 → 2026-03-31); most recent year: Net Profit +22.84% vs CFO +16.01%

Sector-Relative Percentile

Sector · Capital Goods
ROE 65th percentile Better than 40 of 62 sector peers (65th percentile).
ROCE 61th percentile Better than 38 of 62 sector peers (61th percentile).
Debt/Equity 26th percentile Better than 16 of 62 sector peers (26th percentile).
P/E 61th percentile Better than 38 of 62 sector peers (61th percentile).
Forensic accounting

Beneish M-Score

Eight year-over-year accounting indices (Beneish, 1999) computed for Elgi Equipments Ltd. across its two most recently stored annual filings. Read the disclosures below before anything past this paragraph.

This is not an accusation and not a finding that any manipulation occurred. Beneish's own paper is explicit that the score identifies companies whose accounting CHARACTERISTICS resemble those of a sample of past manipulators -- nothing more. StockProof never labels a company "manipulator", "red flag" or "suspicious", and never shows any list of companies ordered by this score. The eight components below -- factual statements about figures the company itself filed -- always come before the composite number, which is the inference, not the fact.

The M-Score is calibrated on 74 US-listed companies from 1982-1992 later found to have manipulated earnings (Beneish, M. D. (1999), "The Detection of Earnings Manipulation", Financial Analysts Journal 55(5)) -- not on any Indian company or era. Measured on StockProof's own Nifty 500 universe as of 2026-09-02, 13.6% of companies score above Beneish's own published cutoff. On any realistic base rate of actual earnings manipulation, that flag rate is overwhelmingly false positives, not overwhelmingly real ones.

No "Selling, General & Administrative Expense" element exists anywhere in NSE's filed data. The SGAI component below is approximated as Employee Benefit Expense + Other Expenses, divided by revenue -- a reasonable stand-in for a manufacturer, but for a services company this proxy is closer to the entire cost base than to SG&A specifically. This is disclosed because it is a genuine deviation from Beneish's published specification; its coefficient (-0.172) is the smallest of the eight, which bounds how far the approximation can move the composite.

This measures something different from a financial-distress score like Altman's Z-Score, and the two essentially never agree. Measured on StockProof's own 389-company overlap as of 2026-09-02: only 5 companies were flagged by both, an agreement rate (intersection ÷ union) of 6.2%, and a correlation between the two scores of +0.088 -- closely matching the independently measured +0.092 over 3,242 Malaysian-listed companies. A low Z-Score and a high M-Score are not corroborating each other; they are unrelated measurements.

Comparing FY2024-25FY2025-26

Index Value Beneish's own threshold Reading, vs. that threshold
DSRI — Days' Sales in Receivables Index 1.057 1.031 Exceeds Beneish's published threshold
GMI — Gross Margin Index 1.001 1.014 Below Beneish's published threshold
AQI — Asset Quality Index 1.298 1.039 Exceeds Beneish's published threshold
SGI — Sales Growth Index 1.125 1.134 Below Beneish's published threshold
DEPI — Depreciation Index 1.071 1.077 Below Beneish's published threshold
SGAI — SG&A Index 1.007 1.041 Below Beneish's published threshold
LVGI — Leverage Index 0.942 1.111 Below Beneish's published threshold
TATA — Total Accruals to Total Assets -0.007 0.018 Below Beneish's published threshold
M-Score (composite) -2.199 Beneish's own published cutoff: -1.78 (a looser cutoff sometimes used in Indian applications: -2.22)

This is a reading against a published statistical model, not a finding and not a verdict on this company -- see the disclosures above, especially how this compares to a general population's own measured false-positive rate.

Financials

Quarterly trend

10 stored quarters

Revenue Net Profit Net Profit (loss quarter)
Metric (to shareholders basis) Q4 FY2023-24 Q1 FY2024-25 Q2 FY2024-25 Q3 FY2024-25 Q4 FY2024-25 Q1 FY2025-26 Q2 FY2025-26 Q3 FY2025-26 Q4 FY2025-26 Q1 FY2026-27 Source
Revenue ₹8.66 Bn ₹8.01 Bn ₹8.69 Bn ₹8.48 Bn ₹9.93 Bn ₹8.67 Bn ₹9.68 Bn ₹10.03 Bn ₹11.13 Bn ₹10.62 Bn RevenueFromOperations
Net Profit ₹0.76 Bn ₹0.73 Bn ₹0.95 Bn ₹0.81 Bn ₹1.02 Bn ₹0.86 Bn ₹1.21 Bn ₹0.95 Bn ₹1.28 Bn ₹1.03 Bn ProfitOrLossAttributableToOwnersOfParent
Basis

Primary figures are Revenue from Operations and Net Profit attributable to shareholders — the basis the ratios use. Where they differ, the companion Gross revenue (incl. inter-segment) and incl. minority net profit (the totals a news headline usually quotes) are shown beneath, each traceable to its own XBRL element. Quarters shown are however many are actually stored (up to 10).

Ownership

Shareholding pattern

Latest filing Jun 2026 · 12 filings on file

Promoter & Promoter Group
31.19%
Public
68.32%
Employee Trusts
0.49%
Promoter % Public %
Metric Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter & Promoter Group 31.19% 31.19% 31.19% 31.19% 31.19% 31.19% 31.19% 31.19% 31.19% 31.19% 31.19% 31.19%
Public 68.63% 68.65% 68.65% 68.58% 68.64% 68.63% 68.43% 68.43% 68.43% 68.45% 68.28% 68.32%
Employee Trusts 0.18% 0.16% 0.16% 0.23% 0.17% 0.18% 0.38% 0.38% 0.38% 0.35% 0.53% 0.49%
Source

Promoter vs. public shareholding, from NSE's own quarterly shareholding-pattern filings. This is the headline promoter/public split only — a further breakdown by FII/DII/mutual fund holders requires each filing's own detailed disclosure and isn't shown here.

Trading activity

Delivery volume

20 trading days shown

Latest (2026-09-22) 53.1%
Trailing 20-day average 49.8%
Date Traded Qty Delivery Qty Delivery %
2026-09-22 306980 163132 53.14%
2026-09-21 203148 103381 50.89%
2026-09-18 398074 216857 54.48%
2026-09-17 381647 184921 48.45%
2026-09-16 533822 256358 48.02%
2026-09-15 626303 308067 49.19%
2026-09-11 335930 147420 47.47%
2026-09-10 574129 230981 40.23%
2026-09-09 367633 187978 51.13%
2026-09-08 286900 130745 45.57%
2026-09-07 807924 355760 44.03%
2026-09-04 691967 317521 45.89%
2026-09-03 564479 247236 43.80%
2026-09-02 340531 201174 59.08%
2026-09-01 341868 195870 57.29%
2026-08-31 394792 218274 55.29%
2026-08-28 1169585 633196 54.14%
2026-08-27 400200 242381 60.56%
2026-08-26 300039 143800 47.93%
2026-08-25 591241 233066 39.42%
Source

Delivery quantity/percentage from the NSE bhavcopy (DELIV_QTY/DELIV_PER) — the share of that day's traded volume that actually settled into a demat account, rather than being squared off intraday. A higher delivery percentage is commonly read as genuine accumulation/distribution rather than speculative same-day trading; this describes recent trading PATTERN, not the company itself, and is not a recommendation to buy or sell. A blank cell is a day NSE itself published no figure for, never a zero.

Insider trading activity

20 disclosures shown

Disclosed Person Category Type Mode Quantity Value (₹) Resulting stake Source
02 Jul 2024 Dark Horse Portfolio Investment Private Limited Promoter Group Buy Scheme of Amalgamation/Merger/Demerger/Arrangement 10310972 7572377837 20.10% XBRL
18 Jun 2022 SUDARSAN VARADARAJ Promoter Group Pledge Pledge Creation 204984 0 0.06% XBRL
13 Jun 2022 SURYAVARADH SERCURITIES PVT LTD Other Sell Market Sale 5000 2000000 0.00% XBRL
25 May 2022 Varshini Varadaraj Promoter Group Buy Gift 78588 26531308 0.05% XBRL
25 May 2022 Sudarsan Varadaraj Promoter Group Sell Gift 78588 26531308 0.06% XBRL
23 May 2022 ELGI RUBBER COMPANY LIMITED Promoter Group Pledge Pledge Creation 664160 217180000 0.21% XBRL
04 Apr 2022 Elgi Ultra Industries Limited Promoter Group Sell Scheme of Amalgamation/Merger/Demerger/Arrangement 1847760 517927128 3.25% XBRL
31 Dec 2021 L G BALAKRISHNAN & BROS. Other Sell Market Sale 232500 67843449 0.00% XBRL
31 Dec 2021 ELGI EQUIPMENTS LIMITED EMPLOYEES STOCK OPTION TRUST Other Buy Market Purchase 232500 68337230 0.19% XBRL
24 Sep 2021 JAIRAM VARADARAJ Promoters Sell Gift 200000 41440000 9.30% XBRL
24 Sep 2021 Sudarsan Varadaraj Promoter Group Buy Gift 200000 41440000 0.89% XBRL
20 Sep 2021 Gayathri Balaji Promoter Group Buy Gift 33000 7000950 0.26% XBRL
20 Sep 2021 JAIRAM VARADARAJ Promoters Sell Gift 54000 11456100 9.36% XBRL
20 Sep 2021 Vanitha Mohan Promoter Group Buy Gift 21000 4455150 0.43% XBRL
08 Sep 2021 Dark Horse Portfolio Investment Private Limited Promoter Group Buy Market Purchase 218000 42957358 16.46% XBRL
08 Sep 2021 JAIRAM VARADARAJ Promoters Sell Market Sale 218000 42956922 9.38% XBRL
25 Jun 2021 JAIRAM VARADARAJ Promoters Buy Others 400 85460 9.45% XBRL
18 Dec 2020 M/S. L.G.B.Public Welfare Society Promoter Group Sell Off Market 2522260 0 0.00% XBRL
18 Dec 2020 JAIRAM VARADARAJ Promoters Buy Off Market 2522260 0 9.45% XBRL
06 Oct 2020 Sudarsan Varadaraj Promoter Group Buy Bonus 41786 4993427 0.03% XBRL
About these disclosures

SEBI PIT (Prohibition of Insider Trading) Regulation 7 disclosures — designated persons (promoters, directors, KMPs, and their immediate relatives) reporting their own dealing in the company's securities, as NSE publishes them. Distinct from the SAST (Regulation 29 substantial-acquisition) filings on the market-wide SAST activity page. Public record only — this is descriptive disclosure data, not a signal, and is not a recommendation to buy or sell.

Filings & evidence

Source documents

FY2025-26 · Annual filing

The raw filing line items behind the figures on this page, and NSE's own filing document where NSE publishes one.

Source document — income statement (FY2025-26, raw filing line items)
Line itemFiled value
ProfitOrLossAttributableToOwnersOfParent4302000000.0
PaidUpValueOfEquityShareCapital ÷ FaceValueOfEquityShareCapital316910000.0
Source document — balance sheet (FY2025-26, raw filing line items)
Line itemFiled value
CurrentAssets24902000000.0
CurrentLiabilities11959000000.0
EquityAttributableToOwnersOfParent22319000000.0
BorrowingsCurrent + BorrowingsNoncurrent4048000000.0
Research notes

My notes