Elgi Equipments (ELEQ IN) – Q2FY27 Result Update – Healthy Q2, GTM momentum fuels growth – Upgrade to ‘BUY’
Published on 07 Nov 2026
Elgi Equipments (ELGI) reported a healthy performance for Q2FY27, with revenue growing 17% YoY, including ~4% contribution from forex, while EBITDA increased 28% YoY, reflecting healthy volume growth and operating leverage. India witnessed strong growth, supported by improved customer conversion for Demand-Match, higher inquiry levels following the implementation of its go-to-market (GTM) strategy and buoyant domestic demand. The stock is currently trading at a PE of 29.6x/25.9x on FY28E/29E. We roll forward to Sep’28E and upgrade our rating from ‘Accumulate’ to ‘Buy’ on the stock given recent correction in the stock price valuing it at a PE of 33x Sep’28E (33x Mar’28E earlier) arriving at a TP of INR663 (INR638 earlier).
