The smallcap company, which was added to Kedia’s portfolio in September, reported a 59% decline in profit after tax (PAT) in the September quarter to Rs 5.35 crore, compared to Rs 13 crore in the same period a year ago. PAT fell 63% quarter-on-quarter, compared to Rs 14.48 crore in Q1FY26.
Operating income from operations stood at Rs 33.23 crore, down 50% from Rs 66.62 crore in the same period a year ago. On a sequential basis, the decline was 51% versus Rs 67.56 crore in Q1FY26.
Major investor Vijay Kedia on Tuesday picked up a stake worth Rs 11 crore in Eimco Elecon in a bulk deal. Over 57,400 shares were bought by his investment company, Kedia Securities Private Ltd, at Rs 1,906.71 each.
Eimco Elecon (India) is engaged in the manufacturing and marketing of equipment for underground and open-pit mines. It was founded in 1974 and went public in 1992. Located in Vallabh Vidyanagar, Anand, Gujarat, the company is spread over 15 acres.
Kedia’s stock purchase follows a significant correction in the stock, indicating a dip buy. The stock price has fallen 34% in the past year and is currently down 77% from its 52-week high of Rs 3,394.75. The stock is a multibagger with a return of 426% over a three-year period, significantly outperforming the benchmark indices Nifty and the BSE Sensex, whose returns in the same period are 45% and 41% respectively. Shares of Eimco Elecon are currently trading below their 50-day and 200-day simple moving averages (SMAs) of Rs 2,148 and Rs 2,003 respectively, according to Trendlyne data.
Also read: Equity fund inflows fall to Rs 30,422 cr, decline for second month in a row
The stock has been quite volatile, posting a one-year beta of 1.4, Trendlyne data shows.
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