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Elecon Engineering stock has soared nearly 4,700% over the last 5 years, making it a long-term multibagger.
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Elecon Engineering plan includes maintaining strong quarterly order inflows and growth in domestic and export markets.
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Analysts continue to recommend a ‘buy’ with target prices ranging from Rs 750 to Rs 774, citing robust execution and strong enquiry pipeline.
Elecon Engineering Stock Delivers Massive Multibagger Returns
The Elecon Engineering stock has been a standout performer on Dalal Street. Over the past five years, it has surged nearly 4,700%, or 47 times, from Rs 11.40, rewarding long-term investors with substantial gains. In the last three years, the stock has tripled investors’ wealth, and from its Covid-19 lows, it has soared nearly 5,500%, or 55 times, highlighting its resilience and market leadership.
Despite a recent correction post-Q2FY26 results, where the stock dropped 10% and nearly 27% from its 52-week high of Rs 738.85, it has rebounded 60% from its 52-week low of Rs 348.05 in March 2025 to Rs 552 in recent trading sessions.
Elecon Engineering Plan Focuses on Sustaining Growth
The Elecon Engineering plan aims to maintain a strong quarterly order run rate of Rs 800 crore to meet its full-year revenue guidance of Rs 2,650 crore for FY26. The management expects a meaningful recovery in exports across Europe, Middle East, Americas, and Nordic countries, complementing domestic demand.
The plan also emphasizes growth in material handling equipment (MHE), a key revenue driver, and a strategic focus on high-value industrial orders, ensuring long-term operational stability. Analysts remain confident in the company’s ability to execute this plan effectively despite short-term challenges in the gear division.
Elecon Engineering Stock Reports Mixed Q2FY26 Results
In the September 2025 quarter, Elecon Engineering posted a profit after tax (PAT) of Rs 87.72 crore, while its total income grew 14.8% YoY to Rs 596.45 crore. EBITDA for the quarter stood at Rs 126 crore, up 11.9% YoY, and order intake rose 28% YoY to Rs 688 crore.
However, the gear division underperformed due to delayed orders from the Middle East market. Revenue growth was largely supported by the MHE division, while the gear division’s slowdown prevented stronger overall numbers.
Elecon Engineering Plan Targets Strategic Orders
The Elecon Engineering plan includes strengthening the order book and securing high-value contracts. Currently, the company has an order book of Rs 1,230 crore, with Rs 770 crore from the gear division and the remainder from MHE.
Looking ahead, management anticipates a major defence sector order worth Rs 1,000 crore in Q4FY27, which could significantly boost revenue. Share India analysts recommend maintaining a ‘buy’ rating with a target price of Rs 774, citing the company’s strong execution and consistent order inflows. Emkay Global also retains a ‘buy’ stance with a target of Rs 750, highlighting the strong enquiry pipeline and growing domestic and export demand.
Elecon Engineering Stock Backed by Vijay Kedia
The Elecon Engineering stock has the backing of veteran investor Vijay Kedia, who owns 22,50,000 equity shares (1% stake), valued at Rs 124.2 crore as of September 2025. Although he has been trimming his stake since March 2023, his involvement continues to lend confidence to other investors.
Long-term gains are supported by Elecon’s position as one of Asia’s largest manufacturers of industrial gearboxes. The company produces a wide range of gearboxes, including helical, worm, and planetary types, as well as material handling equipment.
Elecon Engineering Plan for Export Recovery and Global Presence
The Elecon Engineering plan includes a strong focus on exports. Key markets like Europe, Middle East, Americas, and Nordic countries are expected to drive meaningful recovery in the gear division. Combined with growing domestic demand, this strategy positions the company for sustained revenue growth and global market expansion.
Analysts emphasize that continued focus on high-value industrial orders, product diversification, and robust execution is likely to sustain the stock’s growth trajectory and create further upside for investors.
Elecon Engineering Stock Outlook & Analyst Ratings
The Elecon Engineering stock outlook remains positive due to:
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A robust domestic and international order pipeline
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Recovery in the gear division and major defence sector contracts
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Sustained quarterly revenue run rate of Rs 800 crore
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Positive management outlook and execution capabilities
Even after recent corrections, the stock’s long-term multibagger potential is intact, and analysts see up to 45% upside from current levels. Investors should monitor domestic and export market trends along with Elecon’s strategic plan for FY26–FY27 to assess further growth opportunities.
Elecon Engineering Stock Summary
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Q2FY26 PAT: Rs 87.72 crore
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Total Income: Rs 596.45 crore (+14.8% YoY)
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EBITDA: Rs 126 crore (+11.9% YoY)
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Order Intake: Rs 688 crore (+28% YoY)
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Current Order Book: Rs 1,230 crore
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Multibagger Returns: ~4,700% in 5 years
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Target Price: Rs 750–774
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