Larsen & Toubro Ltd.
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Industrials · Engineering & Construction
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Research updated
Elgi Equipments Ltd.
NSE: ELGIEQUIPIndustrialsSpecialty Industrial Machinery
- Last close
- ₹574.35
- Day change
- −₹13.15 (−2.24%)vs
- Market cap
- ₹18,019 crIndian rupees
- Research updated
- 1 report
About Elgi Equipments
Elgi Equipments Ltd. is a notable entity within the manufacturing industry, specializing in the production and distribution of air compressors and comprehensive compressed air solutions. The company's main function is to design and supply an array of compressed air products that cater to diverse industrial needs, ensuring efficiency and reliability. Their offerings are pivotal across multiple sectors, ranging from textiles, pharmaceuticals, and agriculture to food processing and electronics, where compressed air is a critical resource. Outstanding features of Elgi Equipments Ltd. include their commitment to innovation and sustainability, developing products that not only meet the rigorous demands of modern industry but also align with environmental standards. This has positioned them as a preferred supplier in both domestic and international markets. With a strong market presence, Elgi Equipments Ltd. plays a crucial role in enhancing operational productivity through advanced air technology solutions. Their global reach and expansive product portfolio underscore their significance in the financial market, as they continuously expand their influence in various industrial sectors through technological advancements and strategic partnerships.
- Sector
- Industrials
- Industry
- Specialty Industrial Machinery
- Listing
- NSE: ELGIEQUIP
- Chief executive
- Dr. Jairam Varadaraj
- Employees
- 1,432
- Headquarters
- Coimbatore, India
- ISIN
- INE285A01027
- Website
- elgi.com
Public research · Report of
Business model & financial foundation
Elgi Equipments (NSE: ELGIEQUIP), Industrial machinery - air compressors: revenue of ₹3,951 crore in FY26 (+12.5% on FY25), an EBITDA margin of 14.7%, net profit of ₹430.2 crore and net cash of ₹620.7 crore.
- Revenue, FY26 (₹ crore)
- 3,951
- consolidated
- Revenue growth, FY26
- +12.5%
- on FY25
- EBITDA margin, FY26
- 14.7%
- EBITDA (revenue less cogs, employee, other expenses) / revenue
- Net profit, FY26 (₹ crore)
- 430.2
- to owners
- Return on equity, FY26
- 21.0%
- on average equity
- Net debt, FY26 (₹ crore)
- -620.7
- Net debt, company definition (negative = net cash)
- Market capitalisation (₹ crore)
- 18,678
- at the close of 15 Oct 2026
Company profile
Elgi Equipments is India's second-largest air compressor maker and about the sixth largest globally, making oil-lubricated and oil-free screw, reciprocating, portable and centrifugal compressors and vacuum products, plus a small automotive (garage) equipment segment. About 53% of FY26 revenue came from India and the rest from the Americas, Europe, Australia and other markets through wholly owned distribution subsidiaries. Aftermarket parts and service are about 15-16% of global revenue.
| Item | Value |
|---|---|
| Legal name | Elgi Equipments Limited |
| Exchange and ticker | NSE: ELGIEQUIP; BSE: 522074 |
| ISIN | INE285A01027 |
| Sector | Industrials |
| Industry | Industrial machinery - air compressors |
| Headquarters | Coimbatore, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Price Waterhouse Chartered Accountants LLP |
| Market capitalisation | ₹18,678 crore (15 Oct 2026) |
| Shares outstanding | 31.52 crore shares (FY26) |
| Price | ₹574.3 (close, 15 Oct 2026) |
| 52-week range | ₹408.3 - ₹653.2 (to 15 Oct 2026) |
| Website | https://www.elgi.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Elgi Compressors USA Inc. | 100% | Distribution and servicing of air compressors in the US (material subsidiary) |
| Elgi Compressors Europe S.R.L. (Belgium) | 100% | Regional holding and distribution of compressors in Europe (material subsidiary) |
| Patton's Inc. (USA) | 100% | Distribution and servicing of compressors, step-down via Elgi USA (material subsidiary) |
| Industrial Air Compressors Pty Ltd (Australia) | 100% | Compressor distribution and service in Australia |
| Rotair S.p.A. (Italy) | 100% | Portable compressors manufacturing |
26 wholly owned subsidiaries; JVs Elgi Sauer (26%), Industrial Air Solutions LLP, Evergreen, PLA (50%).
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 31.19% | 31.19% | 31.19% | 31.19% |
| Promoter holding pledged | 0.67% | 0.88% | 0.88% | 0.88% |
| Foreign institutions | 26.12% | 23.11% | 22.20% | 21.90% |
| Domestic institutions | 6.25% | 8.09% | 9.08% | 10.13% |
| of which mutual funds | 4.71% | 6.50% | 7.56% | 8.58% |
| Retail | 36.10% | 37.30% | 37.00% | 36.29% |
| Other | 0.40% | 0.40% | 0.53% | 0.49% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Elgi Equipments makes and sells air compressors (oil-lubricated and oil-free screw, reciprocating, portable, centrifugal, vacuum) and a small automotive (garage) equipment line. FY26 consolidated revenue was 3,950.7 cr: air compressors 3,613.4 cr and automotive equipment 338.6 cr segment revenue. India was 2,099.5 cr of external revenue, the Americas 939.1 cr, Europe 380.8 cr, Australia 163.0 cr and others 347.1 cr. Manufacturing is concentrated in Coimbatore with Rotair (Italy) for portables; overseas the group sells through wholly owned distribution and service subsidiaries (Elgi USA, Patton's, Europe SRL). Aftermarket parts and service are about 15-16% of global revenue. Elgi controls design, motors (88% made in-house, rising) and air-ends; it does not control metal and copper prices, the rupee, or US trade policy.
| Peer | Why the dossier compares them |
|---|---|
| Kirloskar Pneumatic (KIRLPNU) | Indian listed compressor maker, direct domestic competitor |
| Ingersoll-Rand (India) (INGERRAND) | Listed Indian arm of global compressor major; same product market in India |
| Atlas Copco AB | Global compressor leader and India market leader; benchmark for margins and orders |
| Triveni Turbine (TRITURBINE) | |
| Thermax (THERMAX) | Indian industrial capex-linked capital goods company |
| Grindwell Norton (GRINDWELL) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 2,508 | 3,041 | 3,218 | 3,510 | 3,951 |
| Cost of revenue (vendor classification) * | 1,379 | 1,558 | 1,595 | 1,746 | 1,967 |
| Other operating costs (vendor classification) * | 344.7 | 450.1 | 453.6 | 513.7 | 578.3 |
| EBITDA (vendor classification) * | 335.0 | 490.9 | 539.6 | 589.8 | 661.3 |
| EBIT * | 274.1 | 530.1 | 469.5 | 512.1 | 602.8 |
| Finance costs | 11.1 | 19.8 | 29.3 | 30.5 | 25.4 |
| Profit before tax (incl. share of JV) | 263.0 | 510.4 | 440.2 | 481.6 | 577.4 |
| Total tax expense | 84.6 | 139.6 | 128.3 | 131.4 | 147.2 |
| Net profit for the period | 178.4 | 370.8 | 311.9 | 350.2 | 430.2 |
| Diluted EPS (INR) | 5.64 | 11.71 | 9.86 | 11.08 | 13.61 |
| Cost of goods sold (materials + traded goods + inventory change) | 1,533 | 1,569 | 1,717 | 1,934 | |
| Employee benefits expense | 571.9 | 654.9 | 682.8 | 775.5 | |
| Other expenses | 502.6 | 507.9 | 585.3 | 662.2 | |
| EBITDA (revenue less cogs, employee, other expenses) | 432.8 | 486.0 | 524.9 | 579.1 | |
| Other income | 67.2 | 55.0 | 57.7 | 117.8 | |
| Depreciation and amortisation | 77.7 | 76.7 | 76.0 | 85.8 | |
| Exceptional items (signed) | 105.4 | 0.00 | 0.00 | -15.0 | |
| Share of net profit of joint ventures | 2.48 | 5.18 | 5.50 | 6.70 | |
| Non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | |
| Net profit attributable to owners | 370.8 | 311.9 | 350.2 | 430.2 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 1,033 | 1,371 | 1,611 | 1,866 | 2,232 |
| Borrowings * | 435.8 | 576.8 | 638.1 | 577.2 | 533.1 |
| Cash and cash equivalents * | 116.3 | 124.7 | 229.5 | 120.3 | 163.5 |
| Trade receivables * | 471.9 | 550.7 | 603.1 | 608.4 | 723.9 |
| Inventories * | 483.1 | 602.4 | 622.2 | 608.5 | 710.7 |
| Trade payables * | 318.7 | 313.8 | 345.4 | 336.7 | 459.6 |
| Net property, plant and equipment * | 5.33 | 5.96 | 5.50 | 7.40 | 2.10 |
| Capital work in progress * | 6.82 | 2.79 | 9.53 | 74.1 | 146.5 |
| Total assets * | 1,965 | 2,502 | 2,821 | 3,042 | 3,546 |
| Net debt, company definition (negative = net cash) | -418.8 | -620.7 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 63.0 | 342.8 | 389.5 | 390.9 | 453.5 |
| Free cash flow (vendor definition) * | 28.0 | 96.9 | 238.8 | 296.1 | 299.1 |
| Dividends paid (negative) | -25.3 | -36.4 | -63.3 | -63.2 | -69.4 |
| Purchase of PPE and intangibles (negative) | -24.3 | -56.5 | -41.8 | -94.8 | -154.4 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 31.63 | 31.64 | 31.62 | 31.57 | 31.52 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 868.9 | 847.6 | 992.9 | 866.7 | 968.0 | 1,003 | 1,113 | 1,062 |
| Cost of revenue (vendor classification) * | 412.5 | 412.7 | 535.7 | 414.5 | 465.8 | 494.8 | 558.8 | 528.8 |
| Other operating costs (vendor classification) * | 145.2 | 142.7 | -28.5 | 145.5 | 167.9 | 170.7 | 178.1 | 169.6 |
| EBITDA (vendor classification) * | 158.0 | 134.8 | 167.7 | 143.8 | 163.4 | 170.2 | 194.9 | 177.5 |
| EBIT * | 139.1 | 116.2 | 148.2 | 125.0 | 174.0 | 133.9 | 169.9 | 145.5 |
| Finance costs | 8.40 | 5.60 | 7.90 | 7.30 | 7.00 | 5.00 | 6.10 | 6.00 |
| Profit before tax (incl. share of JV) | 130.7 | 110.6 | 140.3 | 117.7 | 167.0 | 128.9 | 163.8 | 139.5 |
| Total tax expense | 36.0 | 30.0 | 38.2 | 32.1 | 45.6 | 33.7 | 35.8 | 36.2 |
| Net profit for the period | 94.7 | 80.6 | 102.1 | 85.6 | 121.4 | 95.2 | 128.0 | 103.3 |
| Diluted EPS (INR) | 2.99 | 2.55 | 3.24 | 2.70 | 3.83 | 3.01 | 4.05 | 3.27 |
| Cost of goods sold (materials + traded goods + inventory change) | 412.4 | 412.6 | 507.4 | 414.5 | 465.8 | 494.8 | 558.8 | 528.8 |
| Employee benefits expense | 169.6 | 172.7 | 172.1 | 185.6 | 194.4 | 194.0 | 201.5 | 208.5 |
| Other expenses | 145.3 | 142.8 | 163.5 | 145.5 | 167.9 | 170.7 | 178.1 | 169.6 |
| EBITDA (revenue less cogs, employee, other expenses) | 141.6 | 119.5 | 149.9 | 121.1 | 139.9 | 143.9 | 174.2 | 155.3 |
| Other income | 14.1 | 13.3 | 16.7 | 19.7 | 51.4 | 24.5 | 22.2 | 20.4 |
| Depreciation and amortisation | 18.9 | 18.6 | 19.5 | 18.8 | 20.7 | 21.3 | 25.0 | 24.7 |
| Exceptional items (signed) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -15.0 | 0.00 | -7.30 |
| Share of net profit of joint ventures | 2.30 | 2.00 | 1.10 | 3.00 | 3.40 | 1.80 | -1.50 | 1.80 |
| Non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net profit attributable to owners | 94.7 | 80.6 | 102.1 | 85.6 | 121.4 | 95.2 | 128.0 | 103.3 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 31.2% | 21.2% | 5.8% | 9.1% | 12.5% |
| EBITDA margin | 14.2% | 15.1% | 15.0% | 14.7% | |
| Net margin | 12.2% | 9.7% | 10.0% | 10.9% | |
| Return on equity | 30.9% | 20.9% | 20.1% | 21.0% | |
| Return on capital employed | 19.6% | 31.0% | 22.4% | 21.8% | 23.1% |
| Return on assets | 16.6% | 11.7% | 11.9% | 13.1% | |
| Net debt (₹ crore) | -418.8 | -620.7 | |||
| Net debt / EBITDA | -0.80x | -1.07x | |||
| Interest cover | 24.7x | 26.8x | 16.0x | 16.8x | 23.7x |
| Asset turnover | 1.34x | 1.36x | 1.21x | 1.20x | 1.20x |
| Receivable days | 69 | 66 | 68 | 63 | 67 |
| Inventory days (on revenue) | 70 | 72 | 71 | 63 | 66 |
| Payable days (on revenue) | 46 | 38 | 39 | 35 | 42 |
| Cash conversion | 0.92x | 1.25x | 1.12x | 1.05x | |
| Capex intensity | 1.0% | 1.9% | 1.3% | 2.7% | 3.9% |
| Free cash flow (₹ crore) | 38.7 | 286.3 | 347.6 | 296.1 | 299.1 |
| Dividend payout | 9.8% | 20.3% | 18.0% | 16.1% | |
| EPS, diluted (₹) | 5.64 | 11.71 | 9.86 | 11.08 | 13.61 |
| Book value per share (₹) | 32.64 | 43.33 | 50.95 | 59.09 | 70.80 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue less cogs, employee, other expenses) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt, company definition (negative = net cash).
- Net debt / EBITDA: net debt / EBITDA (revenue less cogs, employee, other expenses).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (INR)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 15 Oct 2026); market data at the close of 15 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Elgi Equipments includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Elgi Equipments
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