Elgi Equipments (ELEQ IN) – Q1FY27 Result Update – Healthy Q1, Demand Match gains traction – ACCUMULATE
Published on 14 Aug 2026
Elgi Equipments (ELGI) reported a healthy Q1FY27 performance, with revenue growth of ~23% YoY and EBITDA margin by 65bps YoY, supported by broad-based growth across India and key international markets. India revenue grew ~28%, led by healthy traction across industrials, aftermarket, EV, renewables and the semiconductor ecosystem, while North America and Europe grew ~37% and ~21%, respectively. Demand Match continued to gain strong customer acceptance, enabling market-share gains in India and supporting the planned global rollout over FY27. Aftermarket remained a key margin-supporting lever, contributing ~30% of India revenue and ~15–16% US, with further headroom for growth. We maintain our ‘Accumulate’ rating on the stock valuing it at a PE of 35x Mar’28E (same as earlier) arriving at a TP of Rs638 (Rs637 earlier).
