What Elecon Engineering Company does

Elecon Engineering Company Limited is a publicly listed Indian industrial engineering firm founded in 1951 and headquartered in Vallabh Vidyanagar, India, trading on NSE and BSE under the ticker ELECON. The company operates two business divisions: a Gear Division that manufactures industrial gearboxes and power transmission systems, and a Material Handling Equipment (MHE) Division that supplies bulk material handling solutions. It serves enterprise customers across four heavy-industry verticals — power, steel, cement, and mining — using a direct enterprise field sales motion.

The company earns revenue almost entirely through hardware sales of industrial equipment. In FY26 it reported consolidated revenue of ₹2,366 crores (up 6.2% year-over-year) with PAT of ₹341 crores and EBITDA margins of 21.3%. Revenue dynamics within the two divisions diverge: the MHE Division grew 43.6% in FY26 (with Q4 FY26 MHE revenue up 36.8% YoY to ₹274 crore), while the Gear Division faced order delays that contributed to a 26.4% Q4 PAT decline and a 33% Q3 PAT decline. An order book of ₹1,292 crores as of Q4 FY26 (and ₹1,372 crores as of Q3 FY26, up 24% YoY) provides forward revenue visibility across multiple sectors.

Strategically, the company is committing ₹4 billion of capex over FY26-FY28 — funded entirely from a ₹7 billion net cash position — and has incorporated a wholly-owned subsidiary in Mexico as the cornerstone of a stated objective to generate 50% of consolidated revenue from international markets by FY30. It is pursuing unspecified strategic alliances and R&D partnerships to support this expansion. The board has refreshed leadership, appointing Aayush Shah as Executive Director (effective October 1, 2026) and Dr. Savan Godiawala as Additional Independent Director (effective April 15, 2026), while CFO Narasimhan Raghunathan resigned effective January 31, 2026.

Name

Elecon Engineering Company

Legal name

Elecon Engineering Company Limited

Website

https://elecon.com

Company type

Public

Founded year

1951

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Elecon Engineering Company Limited is an India-listed industrial engineering firm founded in 1951 that manufactures industrial gearboxes, power transmission systems, and material handling equipment for enterprise customers in the power, steel, cement, and mining sectors in India and internationally.

Ownership category

akta.pro rank

Product category

Industrial Gearboxes and Power Transmission Equipment

NAICS

Mechanical Power Transmission Equipment Manufacturing (333613), Electrical Equipment Manufacturing (3353)

SIC

Construction, Mining & Materials Handling Machinery & Equip (3530), General Industrial Machinery & Equipment (3560)

akta.pro primary industry

Process Plant & Materials Handling EPC (Crushing, Conveying, Stockpiles, Loadout) (IMAKAOAE)

Keywords

• Industrial gearboxes
• Material handling equipment
• Power transmission solutions
• Bulk material handling
• Industrial gear manufacturing

Headquarters

HQ city

Vallabh Vidyanagar

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Gear Division: Industrial gear solutions including gearboxes and power transmission equipment for various industrial sectors
2. Material Handling Equipment Division: Material handling equipment solutions with 43.6% revenue growth in FY26

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Elecon Engineering Company manufactures and sells industrial gearboxes and power transmission systems through its Gear Division, and material handling equipment through its Material Handling Equipment (MHE) Division. The company's products serve large enterprise customers in power, steel, cement, mining, and material handling sectors, with FY26 consolidated revenue of Rs 2,366 crores. The Material Handling Equipment division recorded 36.8% YoY growth in Q4 FY26, contributing Rs 274 crore.

Product overview

Elecon Engineering Company Limited operates two core business divisions: the Gear Division providing industrial gear solutions and power transmission systems, and the Material Handling Equipment Division. The company serves infrastructure sectors including power, steel, cement, mining, and material handling. Based on FY26 results, the company reported consolidated revenue of Rs 2,366 crores with a strong order book of Rs 1,292 crore.

Differentiator

Problem solved

Functional benefit

Products and services

• Industrial Gear Solutions

Quantifiable outcome

• 43.6% revenue growth in Material Handling Equipment Division in FY26
• +2 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

One partnership is on record.

• Strategic Alliances (unspecified)coreStrategic or Co-development Partner · 9 January 2026Elecon Engineering is pursuing strategic alliances as part of its international expansion strategy, with the goal of generating 50% of consolidated revenue from international markets by FY30 through R&D investments and partnerships.

Scale indicators10 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• FLSmidth: Danish supplier of engineered equipment and services for cement and mining industries, including bulk material handling systems. Closely comparable to Elecon's MHE Division in product scope (conveying, processing, and material handling) and customer verticals (cement, mining).
• Metso: Global leader in equipment, services, and consumables for mining, aggregates, and metals processing, with a substantial materials handling portfolio. Comparable to Elecon's MHE Division on bulk-material handling equipment and overlapping cement/mining customer base.
• Bonfiglioli Riduttori: Italian manufacturer of gearboxes, gearmotors, and power transmission solutions for industrial and renewable applications. Closely comparable to Elecon's Gear Division on product mix (helical, bevel, planetary gearboxes) and overlapping customer verticals including cement, steel, and mining.
• David Brown Santasalo: Specialist industrial gearbox manufacturer serving mining, cement, power, and bulk material handling industries. Highly comparable to Elecon's Gear Division on product range, heavy-duty application focus, and target verticals (mining/materials handling).
• Bosch Rexroth: Manufacturer of drive and control technologies including gearboxes, gear motors, and conveyor/material handling solutions. Directly comparable to Elecon's industrial gear and material handling equipment product lines, serving similar industrial OEM and end-user customers.
• Terex Corporation: Manufacturer of lifting and material processing equipment for construction, infrastructure, mining, and material handling applications, including conveying and processing systems. Directly comparable to Elecon's MHE Division on heavy-duty material handling equipment and industrial verticals.
• SEW-Eurodrive: Global leader in gearmotors, drive electronics, and mechatronic drive solutions for industrial automation. Direct competitor to Elecon's Gear Division across power transmission and material handling drive applications, with comparable product categories and end-customers in cement, mining, and bulk handling.

Broad incumbents

• Siemens (Flender): Siemens owns the Flender mechanical drives business which manufactures industrial gearboxes and couplings directly competing with Elecon's Gear Division; broader Siemens Digital Industries portfolio (now including Flender in the mechanical drives segment) provides a global reference customer and incumbent channel Elecon is competing against.
• Nidec Corporation: Japanese global manufacturer of motors, gearboxes, and drive solutions across industrial, appliance, and automotive applications. Comparable to Elecon at the gearbox/motor product level and competing in industrial motion and material handling segments, though with a substantially broader portfolio.
• Thyssenkrupp (Industrial Solutions): German industrial conglomerate offering engineered material handling systems (crushing, conveying, processing) plus power transmission components through legacy businesses. Comparable to Elecon's MHE Division in bulk material handling scope and target verticals (cement, mining, steel); broader portfolio makes it a broad incumbent rather than direct competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Elecon Engineering Company