Eimco Elecon (India) LimitedQ2 FY27 Results & Financial Update
Eimco Elecon (India) Limited: Q2 FY27 standalone results and company financials – revenue ₹56.80 Cr, PAT ₹7.83 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Eimco Elecon (India) Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
For the quarter ended September 30, 2026 (Q2 FY27), Eimco Elecon reported standalone revenue from operations of INR 56.80 crore, alongside total income of INR 58.69 crore.
Profit before tax (PBT) for the quarter stood at INR 10.44 crore, while profit after tax (PAT) reached INR 7.83 crore, yielding basic and diluted earnings per share (EPS) of INR 13.58.
Sequentially, operations moderated from the peak recorded in Q1 FY27, with revenue declining by 26.74% and PAT contracting by 49.07% due to lower other income contributions and normalization following earlier execution spikes.
The investor presentation reports that year-on-year performance expanded sharply, with management noting a 71% increase in quarterly revenue and a 46.5% growth in PAT compared to Q2 FY26, underpinned by robust order book execution.
Order intake momentum remained exceptionally strong, with the company's order book surging 202% year-on-year to INR 133 crore as of September 30, 2026, compared to INR 44 crore in the previous year, providing robust multi-quarter revenue visibility.
The broader operational environment was supported by favorable government initiatives in underground coal mining, including reduced floor revenue shares and performance security rebates, alongside expanding activity in metal mining and infrastructure piling sectors.
01 · Business model
What does Eimco Elecon (India) do?
Eimco Elecon (India) Limited, established in 1974 and headquartered with manufacturing operations at Vallabh Vidyanagar in Gujarat, is a pioneer in introducing specialized machinery for semi-mechanized underground coal mining in India.
The company's core product portfolio spans heavy-duty underground mining and tunneling equipment, including load haul dump (LHD) loaders, side dump loaders (SDLs), underground drilling machines (UDMs), continuous miner packages, feeder breakers, chair lift man riding systems (CLMRS), piling rigs, and newly introduced battery-operated vehicles.
Revenue is generated through both original equipment manufacturing sales and an aftermarket spare parts segment, servicing a diverse roster of public-sector undertakings and private mining contractors across India.
With an in-house DSIR-approved R&D center staffed by over 50 engineers, the company continually evolves its product lines toward greater mechanization, electrification, and safety compliance for subterranean operations.
02 · Historical context
What shaped the business before this quarter
Established in 1974, Eimco Elecon became the first in India to introduce specialized equipment for semi-mechanized underground coal mining.
The company was listed on Indian stock exchanges in 1993, marking a new phase of growth and corporate expansion.
Launched the 7-ton LHD in 2017 to expand its equipment footprint into metal mines, followed by the 10-ton variant and complete continuous miner packages in subsequent years.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹56.80 Cr | ₹77.52 Cr |
| Total income | ₹58.69 Cr | ₹85.28 Cr |
| Profit before tax | ₹10.44 Cr | ₹19.62 Cr |
| Profit after tax | ₹7.83 Cr | ₹15.38 Cr |
| EPS | ₹13.58 | ₹26.66 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Revenue was driven by the steady execution of mining equipment orders across both public-sector and private-sector accounts.
Sales are derived from a combination of heavy machinery manufacturing (products) and recurring aftermarket requirements (spares), supporting revenue resilience.
What drove margins
Quarterly profitability experienced moderation sequentially primarily due to lower other income contributions compared to the preceding quarter (Q1 FY27).
Management noted that efficient plant execution and optimal utilization at the Vallabh Vidyanagar facility helped maintain operating margins within targeted industry ranges.
05 · Demand, customers & order book
Where demand is coming from
The company's order book reached INR 133 crore as of September 30, 2026, representing a 202% year-on-year increase from INR 44 crore as of September 30, 2025.
Key institutional and corporate customers include subsidiaries of Coal India Limited (such as Eastern Coalfields, Mahanadi Coalfields, South Eastern Coalfields, Western Coalfields), Singareni Collieries, Tata Steel, MOIL, Hutti Gold Mines, and Uranium Corporation of India.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Coal mining applications represent 64.1% of the total 1,065 machines fielded by the company, supported by ongoing underground mechanization roadmaps.
Non-coal mining accounts for 35.9% of active field machines, serving diverse metal and mineral operators across India.
Geography and market mix
The company operates through its head office and manufacturing plant in Gujarat, supplemented by 10 strategically positioned sales and service offices across major mining belts.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Operations are anchored at Vallabh Vidyanagar, featuring specialized assembly shops, a heavy assembly shop for new product development, shot blasting units, paint booths, and modern machining centers.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Commercialized fully indigenous battery-operated passenger cars (MCAR-E) and material utility vehicles (MUV) to address zero-emission underground mining requirements.
Showcased and expanded the EC series of piling rigs (EC125, EC216, EC267) targeting infrastructure and foundation engineering markets.
09 · Reported developments
What changed operationally
Reported significant year-on-year expansion in revenue (71%) and PAT (46.5%) for Q2 FY27 according to company presentation disclosures.
Order book expansion to INR 133 crore provides robust visibility for future quarters.
10 · Items worth noticing
The line items that can distort a quick read
The company recorded provisions of INR 7.72 crore and tax expenses of INR 2.61 crore during Q2 FY27.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Working capital stood at 219 days on a TTM basis for H1 FY27, improving from 232 days in FY26.
Capital allocation & funding
The company maintains a debt-free or near-zero long-term debt structure, with current borrowings of INR 6 crore as of September 30, 2026.
12 · Management guidance & targets
What management is targeting from here
Management stated in investor presentations that operating margins are targeted within the 18-20% range.
13 · Beyond the numbers
What changed beyond the numbers
Reported update
Bauma ConExpo Exhibition
The company showcased its construction portfolio, including EC piling rigs, at the Bauma ConExpo India 2026 exhibition in Greater Noida in September 2026.
Reported update
Sustainability and ESG Initiatives
Reported that approximately 65% of energy consumption at manufacturing facilities is sourced from renewables, including 0.6 MW of wind power capacity.
14 · Previous-quarter changes
What changed since the previous quarter
Revenue and PAT moderated from the robust levels achieved in Q1 FY27, reflecting normal quarterly delivery cycles and lower other income.
15 · Key Q&A
The quarter, answered directly
What does Eimco Elecon (India) do?
Eimco Elecon (India) Limited, established in 1974 and headquartered with manufacturing operations at Vallabh Vidyanagar in Gujarat, is a pioneer in introducing specialized machinery for semi-mechanized underground coal mining in India.
What is the clearest takeaway from Q2 FY27?
For the quarter ended September 30, 2026 (Q2 FY27), Eimco Elecon reported standalone revenue from operations of INR 56.80 crore, alongside total income of INR 58.69 crore.
What drove revenue or demand?
Revenue was driven by the steady execution of mining equipment orders across both public-sector and private-sector accounts.
What mattered most for margins or profitability?
Quarterly profitability experienced moderation sequentially primarily due to lower other income contributions compared to the preceding quarter (Q1 FY27).
What changed operationally beyond the headline numbers?
Operations are anchored at Vallabh Vidyanagar, featuring specialized assembly shops, a heavy assembly shop for new product development, shot blasting units, paint booths, and modern machining centers.
What is management guiding or targeting from here?
Management stated in investor presentations that operating margins are targeted within the 18-20% range.
16 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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17 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Order Book Conversion: Monitor the pace of conversion of the INR 133 crore order book into recognized revenue over subsequent quarters.
- 02
Electric Vehicle Adoption: Track market uptake and commercial deployment of newly introduced battery-operated underground vehicles (MUV and MCAR-E).
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