저자: PranayPhulkar · 외국인
요약 보기
마이크로캡 Elecon은 광산용 건설장비를 만들며 Coal India 매출 비중이 약 90%다. 최근 유명 투자자가 지분을 매입해 주가가 반등 중이라고 소개한다. 정부의 지하광산 선호와 수주잔고(FY26 매출의 6배)가 성장 촉매로 꼽힌다. 다만 매출·이익 성장률 부진, 영업이익률 5~23% 변동, 낮은 가격결정력과 긴 매출채권 회수기간 등 약점이 제시되며, 경기순환주라 진입·청산 시점이 중요하다고 강조한다.
다듬은 글
In today's video we are going to review a micro cap company. The the special thing about this company is that very recently a top investor has bought stakes in this company. So previous quarter a very renowned very famous investor has bought stakes and since then the stock price has turned around and if you look at the stock chart or if you look at the stock price then you'll get a feeling that you know the stock price is on its way up right.
So it's a micro cap company recently turned around and backed by a very strong investor, right? So we'll discuss this company more. So you know if you look at what this company manufactures it manufactures construction equipments, right? So it's a capital goods company and the construction equipments that it manufactures get used in mining.
So wherever or whenever there is mining tenders that are released, whenever there is a lot of capex that is happening in the mining sector, whenever you hear news about critical mineral mining, all these factors somewhere play a role in deciding the growth prospects, the growth triggers or these form the growth triggers, the future growth triggers for this company, right?
So the name of the company's Imco Ellicon and it manufactures construction equipment that go into the mining sector. Now there is one very important competitive advantage that this company has. So you know if you look at the client mix of this company 90% of the business comes from Coal India. So for for the last 40-45 years it is working very closely with Coal India plus you know there are certain new critical mineral projects that this company has gone got, right?
So if you look at coal mining, so the competitive advantage which I was talking about, if you look at coal mining, there are two top two type of mines in you know in coal mining. One is the open cast mine, you know which is the land and then there is the underground mining. So the so the equipment that this company manufactures is used in underground mining and what the government has done very recently is that it is preferring under underground mining, you know, as compared to over open cast mining because open cast mining requires a lot of regulatory approvals.
There are a lot of environmental clearances that, you know, that are required in open cast mining. There are multiple regulatory bureaucratic hurdles and there are certain critical minerals that the government wants desperately. That's why it is, you know, pushing for underground mining. You know, if you look at the, you know, past data for M Coal India you you you do not see a lot you you it's very difficult to build con- build confidence if you look at the past data, right?
So, the sales growth profit growth is very poor. I think the profit growth is negative as well. The return ratios are in single digit, right? Even if you look at the Q1 FY 27 results, they have been very very average, right? If you look at, you know, the operating profit margin, they fluctuate from 5% to 23%.
So, this is the kind of fluctuating fluctuation the EBITDA margin or the operating profit margin, you know, see. So, if there is so much fluctuation, it becomes very clear that there is no pricing power that this company has, right? So, you know, and you know, it works with such bigger clients. It works with the Tata Steel.
It works with the Coal India who can very easily arm twist this company when it comes to payments. So, you know, the working capital cycle, the debtor days, the receivable days are very very extended. So, the bargaining power that this micro cap has in front of all these mega caps is very very limited.
So, you know, there are enough, you know, negatives in the business model. But, one thing which you need to understand is that this is a pure play cyclical company. So, there is an exit which you have to I mean, that is if you invest in this company. So, there is an entry and an exit which you have to do.
You cannot be forever invested in companies like these, right? So, these are some of the past facts about this company. But, the most important thing that you need to understand are the growth triggers and there are two major growth triggers. One is the push by the government to go for underground mining which kind of gets, you know, clearly visible in the order book of the company.
So, the order book is 6 x FY26 sales, right? This is the size of the order book of the company. And, you know, it is coming up with new automated machinery that goes in underground mining. So, these are some of the factors which you need to keep in mind and read more about this company. So, this was a brief about Elecon.
Thank you very much for your time. If you like the video, please give me a simple like. It helps in distribution. Thank you very much for your time. Take care. Bye-bye.
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