Isgec Heavy Engineering Limited (ISGEC)
₹899.75 -1.99% last close, 16 Oct
Q2 FY27 results
📅 Next results: 04 Nov 2026 (board meeting)Isgec Heavy Engineering Limited's board meets on 4 Nov 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q4 FY26, Isgec Heavy's revenue was ₹2,048 Cr (+17.4% year on year, +17.8% on the previous quarter), and net profit ₹85.0 Cr (+9.0% year on year); the operating margin was 7.6%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹2,048 | +17.4% | +17.8% |
| Operating profit | ₹156 | +2.6% | -19.5% |
| Net profit | ₹85.0 | +9.0% | +0.7% |
| EPS (₹) | 9.96 | +3.0% | +5.0% |
| Operating margin | 7.6% | — | — |
ISGEC delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 53.19% of the ISGEC shares traded on NSE were taken to delivery, against the stock's own 20-session average of 51.32%. That is close to its usual level. Volume was 0.3 times its average, well below normal.
Delivery in the last 5 sessions: 52.0% · 51.7% · 60.6% · 62.4% · 53.2%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Isgec Heavy Engineering Limited has submitted its Reconciliation of Share Capital Audit Report for the quarter ended September 30, 2026, pursuant to SEBI regulations. The company's total issued and listed equity capital stands unchanged at 7,35,29,510 shares with a face value of Re. 1 each. Dematerialized holdings account for 99.00% of total shares (93.54% with NSDL and 5.46% with CDSL), while physical shares comprise 1.00% (7,31,090 shares). There were no discrepancies between issued, listed, and total capital.
- Total issued and listed capital stands at 7,35,29,510 equity shares of Re. 1 face value
- 93.54% of shares (6,87,81,867 shares) are held in dematerialized form via NSDL
- 5.46% of shares (40,16,553 shares) are held in dematerialized form via CDSL
- Physical shares represent 1.00% (7,31,090 shares) of total equity capital
Isgec Heavy Engineering Limited has issued Letters of Comfort for a cumulative amount of ₹61 crore (₹6,100 lakh) in favour of bankers of its joint venture and subsidiary, Isgec Titan Metal Fabricators Private Limited. This follows earlier board approval on May 27, 2026, which authorized corporate credit support of up to ₹65.50 crore (₹6,550 lakh). The credit support is intended to assist the subsidiary in obtaining working capital facilities for operational requirements. The company noted there is no immediate financial impact unless the subsidiary defaults on loan repayments.
- Issued Letters of Comfort for ₹6,100 lakh (₹61 crore) to bankers of JV/subsidiary Isgec Titan Metal Fabricators Private Limited
- Falls under previously approved limit of up to ₹6,550 lakh (₹65.50 crore) sanctioned on May 27, 2026
- Credit support represents ~0.89% of ISGEC's TTM revenue of ₹6,819 crore and ~2.2% of its net worth (₹2,733 crore)
- No immediate cash or financial impact unless the subsidiary defaults on repayment obligations
ISGEC Heavy Engineering Limited submitted the summary proceedings of its 93rd Annual General Meeting held via video conferencing on September 28, 2026. Key agenda items included the adoption of FY26 standalone and consolidated financial statements and the declaration of a Rs 6 per equity share dividend (face value Re 1). A total of 91 members attended the meeting, out of 39,332 members as on the cut-off date of September 21, 2026. Voting results and the scrutinizer's report will be declared within two working days.
- 93rd AGM convened on September 28, 2026, with 91 members present
- Shareholder count stood at 39,332 as of the cut-off date September 21, 2026
- Considered ordinary resolution for a dividend of Rs 6 per equity share of Re 1 face value for FY26
- Special business included revision in remuneration of Ms. Nayna Puri, related party, in subsidiary Saraswati Sugar Mills Limited
Isgec Heavy Engineering Limited has announced a scheduled one-on-one investor meeting with Coheron Wealth on Tuesday, September 22, 2026, at 11:00 AM. The interaction will be held in person. The company explicitly noted that no presentation will be delivered and no unpublished price-sensitive information (UPSI) will be shared.
- One-on-one in-person meeting scheduled with Coheron Wealth on September 22, 2026
- Interaction set to start at 11:00 AM
- No investor presentation will be made and no UPSI will be shared
ISGEC Heavy Engineering Limited has appointed Mr. Rajesh Goyal as Chief Supply Chain Officer-Project Business (Senior Management Personnel) effective September 15, 2026. Mr. Goyal brings 35 years of experience in project procurement and management, holding an M.Tech from IIT Delhi and past leadership roles at L&T, ReNew, Essar, and BPCL. The appointment aims to strengthen the company's project procurement and execution across its turnkey services portfolio, which generated Rs 6,819 Cr in TTM revenue.
- Rajesh Goyal appointed Chief Supply Chain Officer-Project Business effective September 15, 2026
- Appointee brings 35 years of industry experience in project procurement and management
- Educational background includes a Post Graduate degree in Mechanical Engineering from IIT Delhi
- Terms of appointment specified as Full-time Employment
Isgec Heavy Engineering Limited has notified exchanges of scheduled one-to-one, in-person investor meetings. The interactions will take place with Sunidhi Securities on September 16, 2026, at 12:00 Noon, and Green Lantern Capital LLP on September 17, 2026, at 3:00 PM. The company stated that no presentation will be made and no unpublished price sensitive information (UPSI) will be shared.
- Meeting with Sunidhi Securities scheduled for September 16, 2026, at 12:00 Noon
- Meeting with Green Lantern Capital LLP scheduled for September 17, 2026, at 3:00 PM
- Both interactions are in-person and one-to-one formats
- No investor presentation or UPSI will be shared during the meets
Isgec Heavy Engineering has issued the notice for its 93rd Annual General Meeting scheduled for September 28, 2026, alongside its FY26 Annual Report. The company fixed September 21, 2026, as the record date for determining shareholder eligibility for a final dividend of ₹6 per equity share (face value Re 1). Remote e-voting runs from September 25 to September 27, 2026. Key AGM resolutions include dividend declaration and approval for remuneration revisions of a related party in subsidiary Saraswati Sugar Mills.
- 93rd AGM scheduled for September 28, 2026 via Video Conferencing
- Record date and cut-off date for ₹6 per share dividend fixed as September 21, 2026
- Remote e-voting window open from September 25 (9:00 AM) to September 27 (5:00 PM), 2026
- AGM agenda includes approving related-party remuneration up to ₹60,00,000 per annum for Ms. Nayna Puri in subsidiary Saraswati Sugar Mills
Isgec Heavy Engineering Limited has sent reminder communications to physical shareholders mandating submission of PAN, KYC, bank details, and nomination in compliance with SEBI guidelines. The company stated that the recommended dividend of ₹6 per equity share for FY 2025-26 will only be disbursed electronically to compliant folios. The dividend is subject to approval by shareholders at the upcoming Annual General Meeting scheduled for September 28, 2026.
- Mandated submission of PAN, KYC, bank details, and nomination for physical folios per SEBI Master Circular dated June 23, 2025
- Recommended dividend of Rs. 6/- per equity share for FY 2025-26 will be paid exclusively via electronic mode
- Annual General Meeting (AGM) to approve the FY26 dividend is scheduled for September 28, 2026
- Shareholders must link Aadhaar with PAN and submit Form ISR-1, ISR-2, and SH-13 to RTA Alankit Assignments
ISGEC Heavy Engineering released the transcript for its Q1 FY27 earnings conference call. Consolidated revenue rose 45% YoY to ₹1,993 crore, supported by a healthy consolidated order book of ₹8,958 crore (representing ~1.31x TTM revenue of ₹6,819 crore). Consolidated net debt declined substantially by ₹170 crore during the quarter to ₹304 crore. However, profitability remained partially suppressed due to a ₹83 crore quarterly loss in the Philippines ethanol business.
- Consolidated revenue grew 45% YoY to ₹1,993 crore, while standalone revenue surged 51% to ₹1,585 crore.
- Total consolidated order backlog stood at ₹8,958 crore with Q1 standalone order inflows of ₹2,323 crore.
- Consolidated net borrowings fell to ₹304 crore from ₹476 crore in March 2026 (down ₹170 crore in the quarter).
- Philippines ethanol business incurred a quarterly loss of ₹83 crore, including ₹37 crore depreciation and ₹20 crore interest costs.
ISGEC Heavy Engineering has released the audio recording of its investor conference call held on August 12, 2026. The call discussed the company's financial performance for the quarter ended June 30, 2026. With a TTM revenue of Rs 6,819 Cr and a market cap of Rs 6,522 Cr, the company is currently navigating a period of margin recovery, with OPM at 9.1%. Investors can access the recording to understand management's progress on the Rs 275 Cr skids and modules expansion at Dahej.
- Conference call conducted on August 12, 2026, at 16:00 IST regarding Q1 FY2026-27 results.
- Company maintains a TTM revenue base of Rs 6,819 Cr with a current P/E of 22.9.
- Management is targeting a revenue potential of Rs 275 Cr from the Dahej SEZ expansion.
- Exports currently contribute approximately 68% of total order bookings.
- Standalone OPM has shown improvement from 4.0% to 8.9% through better pricing power.
ISGEC reported a robust consolidated order book of Rs 8,958 Cr as of June 30, 2026, representing approximately 1.3x its TTM revenue. The company secured fresh orders worth Rs 2,733 Cr during Q1 FY27, a significant increase compared to Rs 2,074 Cr in the same quarter last year. While the Manufacturing segment showed strong EBIT margins of 13.8% in FY26, the Industrial Projects segment continues to operate at lower margins of 4.7%. The company is expanding its high-margin skids and modules manufacturing at Dahej with a revenue potential of Rs 275 Cr.
- Consolidated order book reached Rs 8,958 Cr as of June 30, 2026, providing strong revenue visibility.
- Fresh order bookings in Q1 FY27 stood at Rs 2,733 Cr, a 31.7% increase over Q1 FY26.
- Manufacturing segment EBIT margins improved to 13.8% in FY26 from 11.7% in FY25.
- Export orders now constitute 28% of the total order book, covering 99 countries.
- Ethanol capacity at Saraswati Sugar Mills enhanced to 160 KLPD to drive non-engineering revenue.
ISGEC Heavy Engineering has fixed September 21, 2026, as the record date for its recommended dividend of ₹6 per share (600% of face value). The company also reported its Q1 FY27 standalone results, showing a robust 57.8% YoY revenue growth to ₹1,553.04 Cr. Standalone PAT for the quarter rose 6.3% YoY to ₹92.02 Cr. Additionally, the company booked a ₹3.73 Cr gain from diluting its stake in SFW Isgec Energy from 51% to 26% during the quarter.
- Dividend of ₹6 per equity share of ₹1 face value recommended for FY26.
- Record date for dividend eligibility fixed as September 21, 2026.
- Standalone revenue for Q1 FY27 reached ₹1,553.04 Cr vs ₹983.80 Cr in Q1 FY26.
- Standalone PAT for Q1 FY27 stood at ₹92.02 Cr, up from ₹86.59 Cr YoY.
- Divested 25% stake in SFW Isgec Energy Private Limited on June 25, 2026, resulting in a ₹3.73 Cr gain.
ISGEC Heavy Engineering reported a robust 57.8% YoY increase in standalone revenue to ₹1,553.04 Cr for Q1 FY27. However, standalone PAT grew more modestly by 6.3% to ₹92.02 Cr, as total expenses rose 56.7% YoY to ₹1,462.46 Cr. The company confirmed a dividend of ₹6 per share (600% of face value) with a record date of September 21, 2026. Additionally, the company divested a 25% stake in SFW Isgec Energy, booking a small gain of ₹3.73 Cr.
- Standalone revenue from operations increased 57.8% YoY to ₹1,553.04 Cr for the quarter ended June 30, 2026.
- Standalone PAT rose 6.3% YoY to ₹92.02 Cr, compared to ₹86.59 Cr in the same quarter last year.
- Recommended a dividend of ₹6 per equity share of ₹1 each, with the record date fixed for September 21, 2026.
- Divested 25% stake in SFW Isgec Energy Private Limited, reducing holding to 26% and recognizing a gain of ₹3.73 Cr.
- Total standalone expenses increased to ₹1,462.46 Cr from ₹933.00 Cr YoY, a 56.7% rise.
ISGEC Heavy Engineering has announced its Q1FY27 earnings conference call for August 12, 2026, at 4:00 PM IST. The call will feature top management, including the Managing Director and CFO, to discuss financial performance for the quarter ended June 30, 2026. This follows a fiscal year (FY26) where the company achieved a TTM revenue of ₹6,819 Cr and a PAT of ₹284 Cr. Investors will likely seek updates on the Dahej facility expansion and the status of overseas subsidiary divestments.
- Conference call scheduled for August 12, 2026, at 16:00 hrs IST.
- Management representation includes the Managing Director, JMD & CFO, and JMD & Head of Manufacturing.
- Discussion will cover financial results for the quarter ended June 30, 2026.
- Company reported TTM revenue of ₹6,819 Cr and TTM PAT of ₹284 Cr as per latest context.
- Focus remains on the ₹275 Cr revenue potential from the Dahej skids and modules expansion.
ISGEC Heavy Engineering has appointed Mr. Gaurav Sharma as Business Head for its Global Industrial Services and Solutions division, effective August 03, 2026. Mr. Sharma brings 25 years of experience from major industry players like Thermax Global and GE Power. He will lead high-margin segments including Operations & Maintenance (O&M), Retrofit & Modernization, and Digitization. This move aligns with the company's focus on improving its current 9.1% operating margins by expanding service-oriented revenue streams.
- Mr. Gaurav Sharma appointed as Business Head - Global Industrial Services and Solutions effective August 03, 2026
- Brings 25 years of industry experience from leadership roles at Thermax Global, GE Power, and STEAG Energy
- Mandate covers O&M, Retrofit & Modernization, Services, Spares, and Digitization business activities
- ISGEC reported TTM revenue of Rs 6,819 Cr and a net profit of Rs 284 Cr prior to this appointment
Financial Performance
Revenue Growth by Segment
Consolidated total income grew 3% YoY to INR 1,725 crores in Q2 FY26, driven by standalone growth and Saraswati Sugar Mills. The project business holds an order book of INR 6,004 crores, while the manufacturing segment holds INR 2,785 crores. Eagle Press (Canada) saw a 36.3% revenue increase to INR 104.99 crores from INR 77.01 crores.
Geographic Revenue Split
Exports are a major driver, contributing 68% of total order bookings during FY25. The United States remains a primary market for the Eagle Press subsidiary, while the company maintains a presence in Canada, Mexico, and the Philippines (via CBPI assets).
Profitability Margins
Consolidated PBT from continuing operations increased 16% to INR 136 crores in Q2 FY26. Standalone OPM has shown a steady recovery from 4.0% in FY22 to 6.4% in FY23, reaching 7.6% in H1 FY24 and approximately 8.9% by 9M FY25 due to a higher mix of manufacturing and sugar/ethanol revenue.
EBITDA Margin
Consolidated OPBDIT/OI improved from 5.3% in FY22 to 7.1% in FY23 and reached 8.3% in H1 FY24. This 300 bps improvement over two years is attributed to the reduction of legacy low-margin fixed-price contracts and better pricing power in new orders.
Capital Expenditure
The company is investing INR 87 crores in a two-phase expansion at Dahej SEZ for skids and modules. Phase 1 involves INR 65 crores (expected revenue INR 160 crores) and Phase 2 involves INR 22 crores (incremental revenue to INR 275 crores).
Credit Rating & Borrowing
Maintains a 'Stable' outlook from ICRA. Total debt/OPBDIT improved significantly from 4.3x in FY22 to 2.0x in H1 FY24. Standalone net borrowings stood at INR 429 crores as of September 2025, up from INR 96 crores in March 2025 due to working capital needs.
Operational Drivers
Raw Materials
Steel and various bought-out components constitute the primary raw material costs. These are critical as they represent a significant portion of the cost structure for heavy engineering and EPC projects.
Import Sources
Not specifically disclosed, though the company operates globally with subsidiaries in Canada (Eagle Press) and Singapore (ISGEC Investments Pte Ltd), suggesting global procurement for specialized components.
Capacity Expansion
Expanding manufacturing of skids and modules at Dahej SEZ to reach a total revenue potential of INR 275 crores upon completion of Phase 2. Eagle Press shops are currently expected to operate at full capacity due to strong order bookings.
Raw Material Costs
Raw material volatility poses a risk to the 18-24 month execution cycle of fixed-price EPC contracts. Profitability in FY22 was adversely hit when OPM dropped to 4.0% due to commodity price headwinds, but has since recovered as newer contracts factor in higher input prices.
Manufacturing Efficiency
Capacities at ISGEC Hitachi Zosen were fully utilized for most of FY25 except Q1. The company is focusing on 'sophisticated equipment' orders to drive higher value per man-hour.
Logistics & Distribution
The company faces risks from client-side delays; for instance, ISGEC Hitachi Zosen's profits were capped because clients deferred the dispatch of finished equipment due to site unreadiness.
Strategic Growth
Expected Growth Rate
15-18%
Growth Strategy
Growth is targeted through the expansion into high-margin skids and modules (INR 275 Cr revenue potential), increasing export contributions (currently 68% of bookings), and leveraging JVs like ISGEC Hitachi Zosen. The company is also divesting non-core loss-making assets like Bioeq Energy to focus on core engineering.
Products & Services
Heavy engineering equipment, EPC turnkey services, boilers, pressurized vessels, sugar, ethanol, skids, modules, and automotive presses.
Brand Portfolio
ISGEC, Saraswati Sugar Mills, Eagle Press, ISGEC Hitachi Zosen, ISGEC Titan, ISGEC SFW Boilers.
New Products/Services
Expansion into skids and modules manufacturing at Dahej is expected to contribute INR 275 crores to annual revenue upon full completion.
Market Expansion
Targeting the Steel and Cement sectors for equipment orders. Expanding automotive industry presence in Canada, USA, and Mexico through Eagle Press.
Market Share & Ranking
Leading market position in several capital goods categories and a leading EPC player in India.
Strategic Alliances
Key JVs include Hitachi Zosen Corp (51% ISGEC), Sumitomo SHI FW (51% ISGEC), and Titan Metal Fabricators (51% ISGEC). Strategic partnerships exist with BabcockPower USA and Riley Power USA.
External Factors
Industry Trends
The industry is shifting toward cleaner fuels and renewable energy. ISGEC is positioning itself by increasing renewable energy use and providing equipment for 'comparatively clean fuel' transitions (RLNG).
Competitive Landscape
Faces intense competition from both domestic and international EPC players, which historically limited operating margins to the 4-8% range.
Competitive Moat
Moat is built on long-standing technology JVs with global leaders (Hitachi, Sumitomo) and a diversified order book of INR 8,789 crores, which provides revenue visibility for 18-24 months.
Macro Economic Sensitivity
Highly sensitive to industrial CapEx cycles in the Steel, Cement, and Power sectors. Domestic weakness in FY25 led to project deferrals.
Consumer Behavior
Industrial customers are increasingly deferring projects during periods of domestic economic uncertainty, as seen in the weak domestic market of FY25.
Geopolitical Risks
US Tariffs on Canada currently do not impact Eagle Press products, but remain a monitored risk as the USA is a main market.
Regulatory & Governance
Industry Regulations
Sugar and ethanol business margins are highly vulnerable to changes in Government of India policies regarding pricing and blending mandates.
Environmental Compliance
Implementing STP cum ETP systems for waste water management and reusing scrap to promote a circular economy.
Legal Contingencies
The company was involved in arbitration with Cavite Biofuels Producers Inc (CBPI), leading to the acquisition of its assets in 2019; it is currently attempting to sell these assets after a buyer failed to make payments.
Risk Analysis
Key Uncertainties
The primary uncertainty is the successful divestment of discontinued operations (Bioeq), which currently drags down consolidated PAT (down 41.7% in Q2 FY26).
Geographic Concentration Risk
68% of new orders are from exports, creating high sensitivity to global trade conditions and international project execution risks.
Third Party Dependencies
Dependency on JV partners like Hitachi Zosen and Sumitomo for specialized technology and design engineering.
Technology Obsolescence Risk
Mitigated through continuous strategic technology partnerships with global engineering firms.
Credit & Counterparty Risk
Risk highlighted by the failure of the buyer for the Singapore/Cayman subsidiary to complete payments, impacting the company's liquidity and profit realization.
