Ishan International Limited (ISHAN)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Ishan International's revenue was ₹13.5 Cr (-68.4% year on year, +0.8% on the previous half-year), and net profit ₹0.3 Cr (against a loss a year earlier); the operating margin was 1.2%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹13.5 | -68.4% | +0.8% |
| Operating profit | ₹0.2 | from loss | -54.3% |
| Net profit | ₹0.3 | from loss | +244.4% |
| EPS (₹) | 0.01 | from loss | — |
| Operating margin | 1.2% | — | — |
ISHAN delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 80.0% of the ISHAN shares traded on NSE were taken to delivery, against the stock's own 20-session average of 94.12%. That is lower than usual for this stock. Turnover was only ₹2 lakh, so a handful of trades can move this figure. It traded 4.0 times its average daily volume. It closed at its lower price band (circuit) on 16 Oct, one of 7 band closes in about the last 20 sessions.
Delivery in the last 5 sessions: 100.0% · 100.0% · 66.7% · 100.0% · 80.0%
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
Ishan International Limited submitted its integrated quarterly governance report for the quarter ended September 30, 2026. As an SME entity listed on the NSE Emerge platform, corporate governance reporting provisions under SEBI LODR Regulation 27 are not applicable. The company reported zero investor complaints received, disposed of, or pending for the quarter. Additionally, no unlisted entity acquisitions, fines, or new updates on tax litigations were reported.
- Zero investor complaints were pending, received, or unresolved for the quarter ended September 30, 2026
- SEBI LODR Regulation 27 corporate governance reporting requirements remain exempt as the company is listed on NSE Emerge
- Nil acquisitions of shares or voting rights in unlisted companies reported during the quarter
- Zero fines, penalties, or new tax dispute disclosures recorded
Ishan International Limited conducted its 31st Annual General Meeting on September 18, 2026, via video conferencing. The meeting covered five resolutions, including the adoption of FY26 financial statements and director re-appointments. Key resolutions tabled included remuneration revisions for the MD & CEO Shantanu Srivastava and CFO Neelam Gupta, alongside a related party transaction to purchase immovable property from the MD. Voting results and scrutinizer reports are scheduled to be disclosed within two working days.
- 31st Annual General Meeting held on September 18, 2026, starting at 11:30 AM and concluding at 11:56 AM
- Ordinary resolution proposed for related party transaction to purchase immovable property from MD Shantanu Srivastava
- Special resolutions presented to revise remuneration for MD & CEO Shantanu Srivastava and Director & CFO Neelam Gupta
- Final voting results to be announced within 2 working days
Ishan International Limited concluded its 31st Annual General Meeting on September 18, 2026. Key agenda items tabled for shareholder approval included adopting FY26 audited financial statements, re-appointing Director Neelam Gupta, and revising remuneration for CMD Shantanu Srivastava and CFO Neelam Gupta. Notably, the company also sought approval for a related party transaction to purchase immovable property from CMD Shantanu Srivastava. Detailed voting results and the Scrutinizer's report are scheduled to be released within two working days.
- 31st Annual General Meeting held on September 18, 2026, commencing at 11:30 a.m. and concluding at 11:56 a.m.
- Proposed related party transaction to purchase immovable property from MD & CEO Shantanu Srivastava.
- Special resolutions presented for remuneration revisions of CMD Shantanu Srivastava and CFO Neelam Gupta.
- Scrutinizer's e-voting report to be declared within 2 working days of meeting conclusion.
Ishan International Limited has issued notice convening its 31st Annual General Meeting (AGM) on September 18, 2026, via video conferencing. The cut-off date for remote e-voting eligibility is fixed for September 11, 2026, with the e-voting window open from September 15 to September 17, 2026. Per the Annual Report disclosures, FY 2025-26 revenue stood at ₹26.89 crore compared to ₹72.65 crore in FY 2024-25, while profit after tax rose to ₹41.44 lakh from ₹32.15 lakh.
- 31st AGM scheduled for Friday, September 18, 2026, at 11:30 AM IST via VC/OAVM
- Cut-off date for remote e-voting eligibility fixed as September 11, 2026
- Remote e-voting window open from September 15, 2026 (9:00 AM) to September 17, 2026 (5:00 PM)
- FY 2025-26 revenue from operations reported at ₹2,688.81 lakhs vs ₹7,265.34 lakhs in FY 2024-25
- Total Comprehensive Income / PAT for FY 2025-26 stood at ₹41.44 lakhs vs ₹32.15 lakhs in FY 2024-25
Ishan International's Board met on August 22, 2026, and took note of a Show Cause Notice issued by SEBI and a fine levied by NSE for delayed compliance regarding related-party disclosures (Regulation 23(9)). The board approved a related-party transaction to purchase immovable property from Managing Director & CEO Shantanu Srivastava, alongside revisions to top management remuneration. Additionally, the company authorized executives to finalize conciliation/consent terms and noted an overdraft facility availed from Bank of India ahead of its 31st AGM.
- Noted a Show Cause Notice issued by market regulator SEBI
- Noted fine levied by NSE for delayed filing under SEBI LODR Regulation 23(9)
- Approved related-party purchase of immovable property from MD & CEO Shantanu Srivastava
- Approved revision in remuneration for MD & CEO and Director & CFO
- Authorized executives to negotiate and sign a Conciliation Agreement / Consent Terms
Ishan International and two of its Key Managerial Personnel (KMP) received a Show Cause Notice (SCN) from SEBI on August 10, 2026. The investigation pertains to the utilization of ₹18.24 crore raised during the company's IPO in September 2022, alleging violations of PFUTP and LODR regulations. The company has stated its intention to seek a settlement under the SEBI (Settlement Proceedings) Regulations, 2018. Given the company's small market capitalization of ₹14 crore, any significant penalty or settlement fee could be highly material.
- Investigation focuses on the utilization of ₹18.24 crore raised via IPO in September 2022
- SCN alleges violations of SEBI (PFUTP) Regulations, 2003 and SEBI (LODR) Regulations, 2015
- Company and two KMPs intend to apply for settlement under SEBI (Settlement Proceedings) Regulations, 2018
- IPO proceeds of ₹18.24 crore represent approximately 130% of the company's current market cap of ₹14 crore
- Potential penalties may be imposed under Sections 15HA and 15HB of the SEBI Act, 1992
Financial Performance
Revenue Growth by Segment
Total revenue from operations decreased by 68.6% YoY, falling from INR 4,270.55 Lakhs in H1 FY25 to INR 1,339.19 Lakhs in H1 FY26. Segment-specific growth percentages are not disclosed, but the company operates in heavy engineering projects for sugar, hydro power, and pollution control.
Geographic Revenue Split
Not explicitly disclosed as percentages, but the company is a 'Government of India Certified Star Export House,' indicating a significant portion of revenue is derived from international markets across its 29+ years of marketing heavy engineering equipment globally.
Profitability Margins
Net profit margin for H1 FY26 stood at 0.66% (INR 9.04 Lakhs profit on INR 1,376.83 Lakhs total income). This is an improvement from H1 FY25, which saw a net loss of INR 11.08 Lakhs, despite the 68.6% drop in revenue, primarily due to a 90% reduction in material costs.
EBITDA Margin
Operating profit before working capital changes was INR 22.19 Lakhs in H1 FY26, representing an EBITDA-like margin of 1.61%. This is a decrease from H1 FY25's operating profit of INR 35.71 Lakhs, reflecting lower scale despite better cost control.
Capital Expenditure
Tangible assets (Property, Plant, and Equipment) were valued at INR 443.47 Lakhs as of September 30, 2025, compared to INR 459.24 Lakhs as of March 31, 2025, suggesting minimal new CapEx and primarily depreciation-led changes during the period.
Credit Rating & Borrowing
Not disclosed in available documents. However, finance costs for H1 FY26 were low at INR 2.30 Lakhs on short-term borrowings of INR 427.09 Lakhs.
Operational Drivers
Raw Materials
Specific raw materials are not named, but material costs for heavy engineering projects (sugar and hydro plants) accounted for 29.3% of revenue (INR 392.47 Lakhs) in H1 FY26, down from 91.9% in H1 FY25.
Import Sources
Not specifically disclosed, though the company's status as a Star Export House and its history in international markets suggest global procurement for heavy engineering components.
Capacity Expansion
The company has promoted over 40 Hydro Power Projects ranging from 1 MW to 60 MW. Specific manufacturing capacity in units or MT is not disclosed as the business is project-based engineering and supply.
Raw Material Costs
Material costs were INR 392.47 Lakhs in H1 FY26, a 90% decrease from INR 3,924.72 Lakhs in H1 FY25. This massive shift is linked to the project-based nature of the business where material procurement is tied to specific project milestones.
Manufacturing Efficiency
Not disclosed. The company focuses on marketing, selling, erection, installation, and commissioning rather than pure-play manufacturing volume.
Logistics & Distribution
Not explicitly disclosed as a percentage; distribution and logistics are bundled within 'Other expenses' which totaled INR 121.48 Lakhs in H1 FY26.
Strategic Growth
Expected Growth Rate
15%
Growth Strategy
Growth is targeted through the promotion of Renewable Energy (Hydro Power) and Pollution Control equipment. The company leverages its 29+ years of experience to provide high-end engineering services and operational training for sugar and hydro plants in international markets.
Products & Services
Sugar plants, hydro power plants, pollution control systems, heavy engineering equipment, erection/installation services, and operational training.
Brand Portfolio
Ishan International.
New Products/Services
Expansion into high-end engineering services and solutions for all types of activities in Hydro Power and Pollution Control Systems is expected to drive future service-linked revenue.
Market Expansion
Targeting global markets for renewable energy and pollution control equipment, building on its history of 40+ hydro projects.
Market Share & Ranking
Not disclosed. The engineering sector in India is highly fragmented, with Ishan positioning itself as a specialized project exporter.
External Factors
Industry Trends
The global engineering services market is projected to reach US$ 1 trillion by 2032. There is a strong shift toward Renewable Energy and Pollution Control, which aligns with Ishan's core project focus.
Competitive Landscape
Competes with global heavy engineering firms like Siemens (market cap US$ 127 billion) and various domestic engineering project exporters.
Competitive Moat
Durable advantages include 29+ years of specialized experience in heavy engineering and a 'Star Export House' certification. These are sustainable because they build high switching costs for clients requiring specialized operational training and installation.
Macro Economic Sensitivity
Highly sensitive to global infrastructure spending and renewable energy policies. The engineering sector accounts for 27% of India's industrial segment, making it a proxy for industrial GDP growth.
Consumer Behavior
Industrial shift toward green energy and stricter pollution norms is driving demand for the company's hydro and pollution control systems.
Geopolitical Risks
Trade barriers and changes in international engineering standards could impact the company's ability to export to its primary international markets.
Regulatory & Governance
Industry Regulations
Operations are governed by pollution control norms and hydro power licensing requirements in target export countries. Compliance with SEBI LODR and Companies Act 2013 is maintained.
Environmental Compliance
The company is ISO 9001:2015 certified and its core business includes supplying pollution control systems, aligning it with global ESG and environmental norms.
Taxation Policy Impact
Effective tax rate for H1 FY26 was approximately 67.4% (INR 18.72 Lakhs tax on INR 27.76 Lakhs PBT), likely due to deferred tax adjustments or earlier year interest expenses.
Legal Contingencies
No pending applications or proceedings under the Insolvency and Bankruptcy Code, 2016 were reported for the financial year.
Risk Analysis
Key Uncertainties
Revenue volatility is a major risk, as evidenced by the 68.6% YoY decline in H1 FY26 revenue, which can impact fixed cost absorption by 10-15%.
Geographic Concentration Risk
High concentration in international markets (exports) exposes the company to global economic cycles and trade policy shifts.
Third Party Dependencies
Significant reliance on third-party suppliers for project materials, with trade payables making up nearly 40% of the balance sheet.
Technology Obsolescence Risk
Risk of falling behind in high-end engineering service technology, though the company is actively integrating new solutions for hydro and pollution control.
Credit & Counterparty Risk
Trade payables of INR 2,022.30 Lakhs indicate high leverage with suppliers, while the lack of reported Expected Credit Losses (ECL) suggests stable receivable quality.
