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Geopolitical delays in international markets
View Risks →Elecon Engineering Company Limited — Q2 FY26
Elecon Engineering reported a resilient Q2 FY26 with consolidated revenue of ₹578 crore, up 14% YoY, driven by strong domestic demand across both gear and MHE divisions.
bullish
high
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Elecon Engineering reported a resilient Q2 FY26 with consolidated revenue of ₹578 crore, up 14% YoY, driven by strong domestic demand across both gear and MHE divisions. EBITDA stood at ₹126 crore with a margin of 21.7%, down 20bps YoY due to higher employee costs and product mix shift in gears. The gear division grew 9% YoY, while MHE surged 33% YoY. Order intake was robust at ₹688 crore, up 28% YoY, providing strong visibility. Management reiterated full-year guidance of ₹2,650 crore revenue and 24% EBITDA margin, expecting H2 acceleration from capacity ramp-up and international execution. Risks include further geopolitical delays in overseas markets and margin pressure from mix changes.
एल्कॉन इंजीनियरिंग ने दूसरी तिमाही (जुलाई-सितंबर 2025) में 578 करोड़ रुपये की कमाई की, जो पिछले साल से 14% ज्यादा है। यह वृद्धि देश में गियर और मटेरियल हैंडलिंग उपकरण (MHE) दोनों की मजबूत मांग से हुई। कंपनी ने 126 करोड़ रुपये का मुनाफा (EBITDA) कमाया, जो कमाई का 21.7% है। यह मार्जिन पिछले साल से थोड़ा कम (0.2% गिरावट) है, क्योंकि कर्मचारी खर्च बढ़ा और गियर के मिश्रण में बदलाव हुआ। गियर डिवीजन की बिक्री 9% और MHE की 33% बढ़ी। कंपनी को 688 करोड़ रुपये के नए ऑर्डर मिले, जो 28% ज्यादा हैं। प्रबंधन को उम्मीद है कि पूरे साल 2,650 करोड़ रुपये की कमाई और 24% मार्जिन रहेगा। लेकिन विदेशों में देरी और मिश्रण बदलने से मार्जिन पर दबाव रह सकता है।
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Read Transcript →Quarter Snapshot
Order Intake
₹688 crore
+28% YoY
Strong order inflow driven by domestic market up 32% YoY and overseas up 18% YoY.
Gear Division Revenue
₹441 crore
+9% YoY
Gear division grew 9% YoY despite execution delays in international markets.
MHE Division Revenue
₹137 crore
+33% YoY
Material handling equipment division continued strong momentum from power, cement, and port sectors.
Open Order Book
₹1,226 crore
+22% YoY
Combined order book of gears (₹771 cr) and MHE (₹455 cr) provides strong revenue visibility.
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Guidance and risk preview
Management expects consolidated revenue of ₹2,650 crore for FY26, implying H2 revenue of ~₹1,500 crore.
Execution delays in overseas markets due to geopolitical volatility may persist, impacting revenue recognition.
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