Elecon Engineering Company shares slump nearly 14% after CFO resigns, profit slumps 33% in Q3

Shares of heavy electrical equipment maker, Elecon Engineering Company, dropped as much as 13.57% to hit an intraday low of ₹435 on Friday, January 9, on the National Stock Exchange after the company informed exchanges that its Chief Financial Officer (CFO) Narasimhan Raghunathan resigned from his position. On the BSE, Elecon Engineering Company shares dropped as much as 13.43%.

The company post market hours said that its board has approved the resignation of Narasimhan Raghunathan as Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) of the Company with effect from the close of business hours on 31st January, 2026, on account of his personal or family commitments.

“He shall also cease to be the Key Managerial Personnel authorised for determining materiality of events or information for the purpose of disclosures to the stock exchange(s) under Regulation 30 of the SEBI Listing Regulations, with effect from the close of business hours on 31st January, 2026,” ELecon Engineering said in a statement.

“The Company places on record its deep appreciation for the valuable services rendered by Mr. Narasimhan Raghunathan and his contribution during his tenure as the CFO of the Company,” the company added.

Elecon Engineering Company's net profit in the third quarter of current financial year dropped 33% to ₹62 crore compared with ₹92 crore in the same period last year.

Its revenue from operations however rose nearly 2% to ₹454 crore ads against ₹446 crore in the year-ago period.

Its operating profit also known as EBITDA (Earnings before interest, taxes, depreciation and amortization) declined 23% to ₹109 crore compared with₹143 crore.

“Despite near-term softness, 9M performance was strong. FY26 Revenue Guidance may be lower by up to 5%, while Adjusted EBITDA margins may be lower by up to 2%. Going forward, improvement is expected considering healthy order book and robust inquiry pipeline,” Elecon Engineering said in an exchange filing.

As of 9:43 am, Elecon Engineering shares traded 12.33% lower at ₹441.85, underperforming the NIFTY500 index which was down 0.53%.