Elgi Equipments financials and balance sheet

NSE: ELGIEQUIPBSE: 522074Industrial ProductsSmall Cap

₹512.85₹21.15 (3.96%)BSE ₹511.75

Share price at the NSE close on 23 Oct 2026. Previous close ₹534.00.

52-week range of traded prices to 23 Oct 2026

₹408.25Low, 21 Jan 2026₹653.40High, 7 Sep 2026

Next results date: the board meets on 6 Nov 2026 to consider: financial results.

Market cap: ₹16,253 Cr395th largest listed
P/E: 36.3
P/B: 7.3
Dividend yield: 0.53%
ROE: 21.9%
ROCE: 19.8%
Debt to equity: 0.18
Volume, NSE: 2,83,50445.3% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Elgi Equipments annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 6.4% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2018, GST replaced excise duty on 1 Jul 2017, and revenue before that day includes the duty.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue3,951
Materials and goods−1,934
Employee costs−776
Other expenses−662
Operating profit579
Depreciation−86
Other income+118
One-off items−15
Finance costs−25
Profit before tax571
Tax−147
Joint ventures+6.7
Net profit430

What the company owns

Plant, investments and other assets₹1,271 Cr
Receivables₹724 Cr
Cash and bank₹718 Cr
Inventory₹711 Cr
Current investments₹122 Cr

What pays for it: net worth and liabilities

Net worth₹2,232 Cr
Owed to suppliers₹460 Cr
Other liabilities₹449 Cr
Borrowings₹405 Cr

Elgi Equipments business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Elgi Equipments segment results by quarter

Revenue by segment

₹3,952 CrTotal

Air Compressors₹3,613 Cr91.4% of total
Automotive equipment₹339 Cr8.6% of total

Profit by segment

Air Compressors₹548 Cr93.7% of total
Automotive equipment₹37 Cr6.3% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Air Compressors
Revenue, ₹ crore
1,674
1,658
1,769
2,328
2,813
2,959
3,112
3,613
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
129
56
138
244
377
408
451
548
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Automotive equipment
Revenue, ₹ crore
190
172
155
199
230
262
302
339
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
12
12
13
18
26
27
25
37
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	1,864	1,830	1,924	2,526	3,043	3,220	3,413	3,952
Company revenue, as in its results	1,863	1,829	1,924	2,525	3,041	3,218	3,510	3,951
Revenue	1,674	1,658	1,769	2,328	2,813	2,959	3,112	3,613
Revenue growth	–	−1.0%	6.8%	31.5%	20.9%	5.2%	5.2%	16.1%
Profit	129	56	138	244	377	408	451	548
Profit growth	–	−56.4%	145.0%	76.8%	54.4%	8.4%	10.5%	21.6%
Margin	7.7%	3.4%	7.8%	10.5%	13.4%	13.8%	14.5%	15.2%
Return on capital	18.7%	8.2%	17.7%	26.2%	30.0%	27.5%	26.1%	26.5%
Assets	1,270	1,436	1,639	1,823	2,333	2,646	2,838	3,303
Liabilities	578	750	862	892	1,078	1,160	1,110	1,237
Capital employed	692	687	777	931	1,255	1,486	1,728	2,066
Revenue	190	172	155	199	230	262	302	339
Revenue growth	–	−9.3%	−10.1%	28.5%	15.6%	13.8%	15.3%	12.3%
Profit	12	12	13	18	26	27	25	37
Profit growth	–	−1.1%	12.0%	33.3%	45.8%	2.8%	−6.4%	48.4%
Margin	6.4%	6.9%	8.6%	9.0%	11.3%	10.2%	8.3%	11.0%
Return on capital	15.2%	14.5%	14.5%	17.5%	22.5%	21.3%	18.2%	22.4%
Assets	116	120	129	143	169	176	204	250
Liabilities	37	38	37	41	53	51	67	84
Capital employed	79	82	92	102	116	125	138	166

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Elgi Equipments quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 2 Jul	Mar 2021Filed 21 May	Mar 2022Filed 16 May	Mar 2023Filed 22 May	Mar 2024Filed 28 May	Mar 2025Filed 16 Jun	Mar 2026Filed 27 May
Revenue from operations	1,438	1,622	1,863	1,829	1,924	2,525	3,041	3,218	3,510	3,951
	1,297	1,446	1,672	1,694	1,708	2,232	2,608	2,732	2,986	3,372
Materials and goods bought	754	905	1,031	981	1,028	1,357	1,533	1,569	1,717	1,934
Employee costs	–	–	341	405	412	484	572	655	683	776
Other expenses	–	–	300	308	269	391	503	508	585	662
Operating profit before depreciation	141	176	192	136	216	292	433	486	525	579
Operating margin	9.8%	10.9%	10.3%	7.4%	11.2%	11.6%	14.2%	15.1%	15.0%	14.7%
Materials, % of revenue	–	–	55.3%	53.6%	53.4%	53.8%	50.4%	48.8%	48.9%	49.0%
Employee costs, % of revenue	–	–	18.3%	22.1%	21.4%	19.2%	18.8%	20.4%	19.5%	19.6%
Other expenses, % of revenue	–	–	16.1%	16.9%	14.0%	15.5%	16.5%	15.8%	16.7%	16.8%
Depreciation and amortisation	45	45	51	65	74	74	78	77	76	86
Operating profit after depreciation	96	131	141	71	141	218	355	409	449	493
Other income	10	12	10	13	23	55	67	55	58	118
Finance costs	8	6	9	16	13	11	20	29	31	25
Profit before one-off items and tax	99	138	141	68	151	262	403	435	476	586
One-off items	0	−3	0	0	0	0	105	0	0	−15
Profit before tax	99	135	141	68	151	262	508	435	476	571
	26	41	40	27	50	85	140	128	131	147
Current tax	–	42	48	38	52	85	138	141	142	154
Deferred tax	–	−1	−8	−11	−1	0	2	−12	−11	−6
Share of profit of joint ventures and associates	2	–	2	1	1	1	2	5	6	7
	74	95	103	43	102	178	371	312	350	430
Belonging to the company's shareholders	74	95	103	43	–	–	371	312	350	430
Other comprehensive income	–	–	1	11	3	7	2	8	−6	20
Total comprehensive income	–	–	104	54	105	186	373	320	344	450
Net margin	5.1%	5.9%	5.5%	2.3%	5.3%	7.1%	12.2%	9.7%	10.0%	10.9%
Net margin without joint ventures and associates	5.0%	–	5.4%	2.3%	5.3%	7.0%	12.1%	9.5%	9.8%	10.7%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the year to Mar 2021: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because a split, bonus or rights issue between the start of the period and the filing changed the share count the earnings per share is on. Belonging to the company's shareholders is left blank for the year to Mar 2022: the filing's earnings per share, which its other quarters bear out, does not match the shareholders' share of the profit it states, and no known slip in its lines explains the difference.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 28 May	Mar 2020Filed 2 Jul	Mar 2021Filed 21 May	Mar 2022Filed 16 May	Mar 2023Filed 22 May	Mar 2024Filed 28 May	Mar 2025Filed 16 Jun	Mar 2026Filed 27 May
	771	769	870	1,033	1,371	1,611	1,866	2,232
Share capital	16	16	32	32	32	32	32	32
Reserves	755	753	838	1,001	1,339	1,579	1,834	2,200
	193	390	370	370	509	560	491	405
Repayable after a year	76	103	81	58	22	20	7	0
Repayable within a year	117	287	288	313	487	541	484	405
	521	630	749	806	1,021	1,104	1,082	1,196
Trade payables	247	209	289	319	314	345	337	460
Other financial liabilities	120	93	108	77	109	114	123	173
Other liabilities	22	29	30	56	57	59	76	80
Provisions	13	12	13	16	31	38	59	72
Tax owed	2	0	20	26	23	7	4	8
	94	156	148	126	109	106	94	118
Other financial liabilities	–	37	3	0	48	54	63	90
Other liabilities	–	–	50	48	–	–	–	–
Provisions	7	12	12	14	17	18	19	21
Deferred tax	10	4	2	6	22	14	5	8
	1,385	1,555	1,767	1,965	2,502	2,821	3,042	3,546
Held for sale or for a demerger	–	–	22	23	–	–	–	–
	558	653	631	631	678	702	764	1,055
Plant in use, after depreciation	299	345	320	305	346	349	354	434
Plant being built	5	4	4	7	3	10	53	136
Intangible assets	36	53	47	40	34	28	24	22
Goodwill	153	186	188	191	203	205	209	239
Intangible assets being developed	1	–	0	1	0	0	–	0
Property held to earn rent	17	17	17	17	4	4	4	4
Investments	7	5	9	0	14	19	25	23
Stakes in joint ventures and associates	7	8	15	20	23	21	21	20
Loans given	7	7	5	0	6	7	6	6
Other financial assets	7	8	6	24	6	7	6	112
Deferred tax	11	16	15	17	33	34	35	44
Other assets	10	5	5	9	6	17	28	17
	827	902	1,113	1,310	1,824	2,119	2,277	2,490
Inventories	279	343	343	483	602	622	609	711
Trade receivables	367	347	400	472	551	603	608	724
Cash and cash equivalents	70	46	128	117	125	229	120	164
Other bank balances	52	40	177	161	445	545	754	555
Current investments	0	0	0	0	0	0	35	122
Loans given	7	7	6	3	5	5	4	6
Other financial assets	4	63	10	7	12	24	34	110
Tax paid in advance	3	5	2	0	–	0	–	0
Other assets	45	51	48	67	83	90	112	100
Net debt	70	304	64	92	−62	−214	−419	−436

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 21 May	Mar 2022Filed 16 May	Mar 2023Filed 22 May	Mar 2024Filed 28 May	Mar 2025Filed 16 Jun	Mar 2026Filed 27 May
	239	69	166	288	391	454
	267	147	285	452	531	603
	42	−174	−180	−40	−15	−62
Receivables	−56	−74	−82	−58	−35	−119
Inventories	1	−140	−119	−20	14	−102
Payables	80	30	−5	32	−9	123
Other working capital	18	11	27	6	14	35
Tax paid	−29	−78	−119	−165	−140	−150
Capital spending	31	41	69	49	95	154
Free cash flow	207	28	97	239	296	299
	−110	2	−217	−101	−283	−98
Plant and property sold	2	16	120	7	2	49
Companies bought	−7	0	0	0	0	0
Interest received	8	12	15	34	45	65
Dividends received	1	2	3	3	4	4
	−48	−81	60	−82	−217	−312
Borrowings raised	13	0	186	71	0	0
Borrowings repaid	−29	−27	−52	−19	−65	−165
Interest paid	−13	−11	−18	−30	−32	−26
Lease payments	−14	−18	−21	−22	−25	−30
Dividends paid	0	25	36	63	63	69
Shares bought back	4	0	0	22	40	26
Shares issued	0	0	0	0	0	0
Net change in cash	81	−11	8	105	−109	43

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Elgi Equipments dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 2 Jul	Mar 2021Filed 21 May	Mar 2022Filed 16 May	Mar 2023Filed 22 May	Mar 2024Filed 28 May	Mar 2025Filed 16 Jun	Mar 2026Filed 27 May
	₹2.34	₹3.01	₹3.26	₹1.35	₹4.61	₹321.95	₹11.72	₹9.86	₹11.09	₹13.65
As stated that year	₹4.67	₹6.02	₹6.51	₹2.69	₹4.61	₹321.95	₹11.72	₹9.86	₹11.09	₹13.65
	₹2.34	₹3.01	₹3.26	₹1.35	₹4.61	–	₹11.71	₹9.86	₹11.08	₹13.61
As stated that year	₹4.67	₹6.02	₹6.51	₹2.69	₹4.61	–	₹11.71	₹9.86	₹11.08	₹13.61
	₹0.50	₹0.60	₹0.65	₹0.83	₹0.80	₹1.15	₹2.00	₹2.00	₹2.20	₹2.70
As declared that year	₹1.00	₹1.20	₹1.30	₹1.65	₹0.80	₹1.15	₹2.00	₹2.00	₹2.20	₹2.70
	–	–	₹24.34	₹24.28	₹27.45	₹32.58	₹43.27	₹50.84	₹58.85	₹70.43
On that year's share count	–	–	₹48.69	₹48.57	₹27.45	₹32.58	₹43.27	₹50.84	₹58.85	₹70.43
Dividend payout	21.4%	20.0%	20.0%	61.4%	–	–	17.1%	20.3%	19.9%	19.9%
Shareholder yield	–	–	–	–	0.1%	0.3%	0.3%	0.4%	0.7%	0.6%
Market cap at the year end (₹ crore)	3,400	4,000	3,890	1,775	6,045	8,859	13,885	19,068	15,266	14,804

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from.

Ratios

Consolidated, years to March.Elgi Equipments PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 2 Jul	Mar 2021Filed 21 May	Mar 2022Filed 16 May	Mar 2023Filed 22 May	Mar 2024Filed 28 May	Mar 2025Filed 16 Jun	Mar 2026Filed 27 May
Revenue growth	–	–	–	−1.8%	5.2%	31.2%	20.4%	5.8%	9.1%	12.5%
Operating profit growth	–	24.8%	8.9%	−29.1%	58.7%	35.6%	48.0%	12.3%	8.0%	10.3%
Net profit growth	16.8%	28.8%	8.2%	−58.7%	140.8%	74.1%	107.8%	−15.9%	12.3%	22.8%
Earnings per share growth	–	28.9%	8.1%	−58.7%	242.8%	6,883.7%	−96.4%	−15.9%	12.5%	23.1%
	–	–	13.4%	5.5%	–	–	30.9%	20.9%	20.1%	21.0%
	–	–	–	−7.8 pts	–	–	–	−9.9 pts	−0.8 pts	0.9 pts
From the net margin	–	–	–	−7.7 pts	–	–	–	−6.3 pts	0.6 pts	1.8 pts
From asset turnover	–	–	–	−0.4 pts	–	–	–	−2.7 pts	−0.2 pts	0.0 pts
From borrowing	–	–	–	0.3 pts	–	–	–	−0.9 pts	−1.2 pts	−1.0 pts
Return on capital employed	–	–	14.6%	6.1%	11.4%	15.5%	18.9%	18.9%	19.1%	18.7%
Cash conversion	–	–	–	–	232.8%	38.4%	44.7%	92.2%	111.6%	105.4%
Interest cover	12.4	22.1	15.7	4.5	10.5	19.6	18.0	13.9	14.7	19.4
Debt to equity	–	–	0.25	0.51	0.42	0.36	0.37	0.35	0.26	0.18
Receivable days	–	–	72	69	76	68	66	68	63	67
Inventory days	–	–	99	128	122	130	143	145	129	134
Payable days	–	–	87	78	103	86	75	80	72	87
Cash conversion cycle, days	–	–	83	119	95	112	135	133	121	114
Working capital days	–	–	59	94	66	78	86	89	80	79
Asset turnover	–	–	1.35	1.24	1.16	1.35	1.36	1.21	1.20	1.20
Assets per rupee of net worth	–	–	1.80	1.91	2.03	1.96	1.86	1.78	1.69	1.61
Sales per rupee of plant	–	–	6.24	5.31	6.01	8.27	8.80	9.21	9.91	9.10
Capital spending to depreciation	–	–	–	–	0.42	0.54	0.89	0.64	1.25	1.80
Plant being built, % of plant in use	–	–	1.7%	1.1%	1.3%	2.2%	0.8%	2.7%	15.0%	31.2%

Revenue growth and operating profit growth are left blank for the year to Mar 2017: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. Revenue growth is left blank for the years to Mar 2018 and Mar 2019: between the two periods excise duty was taken out of revenue when GST replaced it, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 13.1%
Cash from operations against operating profit: 78.3%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	10.8%	15.5%	9.1%
Profit growth, yearly rate	21.1%	–	5.1%
Return on equity, average	–	23.2%	20.7%
Return on capital employed, average	–	18.2%	18.9%
Operating margin, average	12.0%	14.1%	14.9%
Net margin, average	7.4%	10.0%	10.2%
Asset turnover, average	–	1.26	1.20
Cash conversion cycle, days, average	–	123	123
Interest cover, average	15.1	17.1	16.0
Debt to equity, average	–	0.30	0.26

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	1,367	1,132	454
Cash from investing	−698	−482	−98
Cash from financing	−632	−611	−312
Capital spending	408	298	154
Dividends paid	258	196	69
Shares bought back	88	88	26
Shares issued for cash	0	0	0
Borrowings raised	258	71	0
Borrowings repaid	328	249	165

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	7	7	8	6	5	7
Altman Z-scorePublished threshold 1.81	–	–	6.53	3.60	6.35	8.47	10.42	12.36	10.81	9.74
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.73	−2.03	−2.10	−2.40	−2.47	−2.17
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−1.60	5.79	18.91	4.70	8.26	2.28
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.73	0.61	0.82	1.04
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−3.66	10.10	−13.17	−3.73	3.69	−8.22	6.44
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	28.14	−5.00	8.90	11.70	0.98	−11.67	4.19
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	3.69	−3.11	0.59	0.72	0.57	0.91	1.60
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.03	0.08	0.11	0.02	0.12	0.66	0.82
Effective tax ratePublished threshold 17.16 per cent	26.75	30.60	28.62	39.51	33.21	32.33	27.48	29.49	27.60	25.79
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	2.36	4.11	−8.35	−1.74	−0.42

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
22 May 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AAReview, Re-affirm	Stable	6.90
22 May 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Re-affirm		140

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.