Sanghvi Movers Limited (SANGHVIMOV)
₹334.80 -2.94% on 19 Oct, as of 12:25 IST · NSE
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Sanghvi Movers' revenue was ₹380 Cr (+38.9% year on year, +8.2% on the previous quarter), and net profit ₹65.3 Cr; the operating margin was 33.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹380 | +38.9% | +8.2% |
| Operating profit | ₹125 | +95.9% | -6.4% |
| Net profit | ₹65.3 | — | -5.4% |
| EPS (₹) | 7.54 | — | -5.2% |
| Operating margin | 33.0% | — | — |
SANGHVIMOV delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 49.03% of the SANGHVIMOV shares traded on NSE were taken to delivery, against the stock's own 20-session average of 52.31%. That is close to its usual level.
Delivery in the last 5 sessions: 45.6% · 54.2% · 60.3% · 58.3% · 49.0%
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
Sanghvi Movers Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from RTA MUFG Intime India confirms that all security certificates received for dematerialisation during the quarter were processed, verified, and cancelled within prescribed timelines. This is a recurring administrative filing and carries no operational or financial impact.
- Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
- Covers the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited dated October 06, 2026
- Confirms mutilation and cancellation of share certificates received for dematerialisation
Sanghvi Movers reported an off-market inter-se transfer of 1,05,53,614 equity shares (12.19% of total share capital) within the promoter group by way of gift. The shares were transferred from Rishi Chandrakant Sanghvi to Maithili Rishi Sanghvi without any monetary consideration. The overall aggregate promoter and promoter group shareholding remains unchanged post-transaction. The regulatory filing was completed under Regulation 10(7) of SEBI SAST Regulations, 2011.
- Inter-se gift transfer of 1,05,53,614 equity shares between promoter group members
- Transferred stake represents 12.19% of the company's equity capital
- Zero monetary consideration as the transfer is executed as a gift
- Overall aggregate promoter and promoter group shareholding remains unchanged
Sanghvi Movers Limited has scheduled an in-person interaction with institutional investors at the Anand Rathi Conference on Tuesday, September 22, 2026. The sessions will include both 1x1 and group meetings. Management stated that discussions will cover general business outlook based strictly on publicly available information without sharing any unpublished price-sensitive information (UPSI).
- Meeting scheduled for Tuesday, September 22, 2026
- Interaction type includes 1x1 and group formats
- Participation at the Anand Rathi Conference in person
- No unpublished price sensitive information (UPSI) to be shared
Sanghvi Movers Limited has announced a 1x1 virtual investor meeting scheduled for September 18, 2026, with Amin Family Office. The discussion will cover general business outlook based strictly on publicly available information without sharing any unpublished price sensitive information (UPSI). With a market capitalization of ₹3,476 Cr and TTM revenue of ₹962 Cr, such investor interactions are part of regular corporate engagement.
- 1x1 virtual meeting scheduled with Amin Family Office
- Meeting date set for September 18, 2026 (Friday)
- Discussions restricted strictly to publicly available general business outlook
- No unpublished price sensitive information (UPSI) will be disclosed
Sanghvi Movers Limited has announced the resignation of Mr. Amitabha Mukhopadhyay from his position as Non-Executive Independent Director, effective close of business hours on September 07, 2026. The director cited other professional commitments and preoccupations as the sole reason for his departure, confirming no other material reasons exist. He was also serving on key committees including the Audit, Nomination & Remuneration, and Risk Management Committees. The filing represents a routine corporate governance transition with no direct impact on day-to-day operations.
- Independent Director Amitabha Mukhopadhyay resigned effective September 07, 2026
- Resignation cited other professional commitments and confirmed no other material reasons
- Stepped down from multiple board committees including Audit, NRC, and Risk Management
Sanghvi Movers Limited announced the resignation of Mr. Amitabha Mukhopadhyay from his role as an Independent Director, effective at the close of business hours on September 07, 2026. The resignation was attributed to personal reasons, unavoidable circumstances, and professional commitments, with confirmation that no other material reasons exist. The Board has accepted the resignation and acknowledged his contributions to corporate governance. The departure has no operational impact on the company's crane rental business (TTM revenue of Rs 962 Cr).
- Independent Director Amitabha Mukhopadhyay resigned effective close of business on September 07, 2026
- Cessation cited personal reasons, unavoidable circumstances, and other professional commitments
- Confirmed no other material reasons for resignation exist beyond those disclosed
- Company acknowledged his governance contribution and committee roles
Sanghvi Movers Limited has announced the resignation of Independent Director Mr. Amitabha Mukhopadhyay, effective from the close of business hours on September 07, 2026. The resignation is attributed to personal reasons and other professional commitments. Mr. Mukhopadhyay confirmed there are no other material reasons for his departure, and the company acknowledged his contributions to corporate governance during his tenure.
- Independent Director Amitabha Mukhopadhyay resigned effective close of business on September 07, 2026
- Reason cited: Personal reasons and other professional commitments
- Confirmation provided that no other material reasons exist for the resignation
Sanghvi Movers Limited has announced the resignation of Mr. Amitabha Mukhopadhyay from his position as Non-Executive Independent Director, effective close of business hours on September 07, 2026. The director cited personal reasons and other professional commitments for his departure, confirming there are no other material reasons. The resignation also ceases his involvement across relevant board committees. This change has no operational or financial impact on the company's crane rental operations or its INR 1,239 Cr FY26 order book.
- Independent Director Amitabha Mukhopadhyay resigned effective close of business hours on September 07, 2026
- Departure cited as due to personal reasons and other professional commitments with no other material reasons confirmed
- Ceases membership across the Board of Directors and respective Board committees
- Company maintains market cap of Rs 3,797 Cr with no direct operational disruption from the board exit
Sanghvi Movers has submitted a prior intimation under Regulation 10(5) of SEBI (SAST) Regulations regarding an inter-se transfer within the promoter group. Mr. Rishi C Sanghvi proposes to transfer 1,05,53,614 equity shares by way of gift to his spouse, Mrs. Maithili Rishi Sanghvi. The transaction is scheduled to be completed on or before September 08, 2026. As an inter-se transfer between immediate relatives, the aggregate promoter shareholding in the company will remain unchanged.
- Proposed inter-se transfer of 1,05,53,614 equity shares within the promoter group.
- Transfer to be executed by way of gift between immediate relatives (spouse).
- Transferor: Mr. Rishi C Sanghvi; Transferee / Acquirer: Mrs. Maithili Rishi Sanghvi.
- Proposed date of acquisition is on or before September 08, 2026.
Sanghvi Movers Limited announced that its shareholders at the 37th Annual General Meeting have approved the re-appointment of M/s M S K A & Associates LLP, Chartered Accountants, as Statutory Auditors. The re-appointment is for a second term of 5 consecutive years, spanning from FY 2026-27 through FY 2030-31 (up to the conclusion of the 42nd AGM). This ensures continuity in the company's financial auditing and statutory reporting processes.
- Shareholders approved the re-appointment of M/s M S K A & Associates LLP as Statutory Auditors at the 37th AGM
- Tenure extends for a 2nd consecutive term of 5 years from FY 2026-27 to FY 2030-31
- Auditor's office is valid until the conclusion of the 42nd Annual General Meeting
- Firm is registered with ICAI (FRN: 105047W / W101187) and US PCAOB, operating across 9 major Indian cities
Sanghvi Movers Limited has released the voting results and scrutinizer's report for its 37th Annual General Meeting held on August 24, 2026. Shareholders approved all 6 tabled resolutions with overwhelming majorities. Key approvals include the adoption of FY26 financial statements, declaration of the final dividend for FY26, appointment of MSKA & Associates LLP as statutory auditors, and ratification of MD Rishi C. Sanghvi's remuneration.
- All 6 resolutions passed with requisite majorities at the 37th AGM held on August 24, 2026
- Adoption of FY26 financial statements and declaration of final dividend passed with >99.99% votes in favour
- Resolution ratifying MD Rishi C. Sanghvi's remuneration approved with 97.25% valid votes in favour (2,38,21,640 votes)
- Appointment of M/s MSKA & Associates LLP as Statutory Auditors approved with 99.99% voting approval
- Total voter turnout represented approximately 57.11% of outstanding equity shares (4,94,45,244 votes polled)
Sanghvi Movers Limited has scheduled a 1x1 virtual meeting with Fidelity International on Friday, August 28, 2026. The discussions will cover general business outlook based strictly on information available in the public domain. The company confirmed that no unpublished price sensitive information (UPSI) will be shared during the interaction.
- 1x1 virtual investor meeting scheduled for August 28, 2026
- Interaction planned with Fidelity International
- Discussions restricted to public domain information without any UPSI
Sanghvi Movers conducted its 37th Annual General Meeting, where Managing Director Rishi Sanghvi highlighted that FY26 revenue crossed the ₹1,000 crore milestone to reach ₹1,070 crore (up 36.9% YoY). FY26 EBITDA reached ₹429 crore (40.1% margin) and PAT stood at ₹184 crore, supported by a 79% fleet utilization rate. The company deployed ₹474 crore in capex across India and Saudi Arabia, with the Saudi subsidiary achieving monthly EBITDA profitability. Group secured order book stands at approximately ₹1,250 crore (~130% of TTM revenue), offering healthy revenue visibility.
- FY 2025-26 revenue from operations crossed ₹1,000 cr to reach ₹1,070 cr (+36.9% YoY) with EBITDA of ₹429 cr (40.1% margin).
- Net profit (PAT) for FY26 stood at ₹184 cr (+17.7% YoY) alongside a recommended final dividend of ₹2.00 per share.
- Secured order book reached ~₹1,250 cr, representing ~130% of TTM revenue.
- Deployed ₹474 cr in capex across India and Saudi Arabia while maintaining net debt-to-equity at 0.47.
- Fleet utilization improved to 79% (up from 73%), and the Saudi Arabian subsidiary turned monthly EBITDA profitable.
Sanghvi Movers Limited has informed the exchanges that management will participate in a 1x1 virtual investor meeting with Unifi Capital on Tuesday, September 01, 2026. The discussions will focus on general business outlook and publicly available information. No unpublished price-sensitive information (UPSI) will be shared during the interaction.
- 1x1 virtual meeting scheduled with Unifi Capital
- Meeting date set for Tuesday, September 01, 2026
- Discussion limited to publicly available general business outlook without any UPSI
Sanghvi Movers Limited has notified the exchanges regarding a scheduled one-on-one physical interaction with SRE PMS on Wednesday, August 26, 2026. The meeting will focus on general business outlook and publicly available information without sharing any unpublished price-sensitive information (UPSI). The schedule remains subject to changes depending on exigencies from either party.
- One-on-one physical interaction scheduled with SRE PMS
- Meeting date set for Wednesday, August 26, 2026
- Discussions restricted strictly to publicly available general business information with no UPSI
Financial Performance
Revenue Growth by Segment
H1 FY26 revenue grew 57% YoY to INR 483 Cr from INR 307 Cr. FY 2024-25 total income grew 27% YoY to INR 823 Cr, primarily driven by the Renewable segment which accounts for a significant portion of the order book. The Wind segment specifically contributed 52% of revenues in FY24, up from 45% in FY23.
Geographic Revenue Split
India remains the primary market; however, the company is aggressively expanding into Saudi Arabia (KSA). In H1 FY26, INR 123 Cr of capex was deployed in India and INR 17 Cr in KSA. For the full FY26, the company has earmarked 35.6% of its total capex (INR 224 Cr out of INR 629 Cr) for the KSA subsidiary.
Profitability Margins
Net profit for FY 2024-25 moderated to INR 157 Cr from INR 188 Cr in the previous year due to higher depreciation and interest costs. Q2 FY26 blended yield stood at 2.04% per month, which is stable compared to previous quarters, though margins face pressure from the lower-margin EPC business.
EBITDA Margin
EBITDA margin for FY 2024-25 was 45%, a significant decline from 63% in the previous year. This compression is attributed to softer crane rental demand, prolonged monsoons, and a shift in revenue mix toward lower-margin engineering, procurement, and construction (EPC) services in the wind sector.
Capital Expenditure
The Board has approved a massive capex plan of INR 629 Cr for FY26, with INR 405 Cr for India and INR 224 Cr for KSA. In H1 FY26, the company already incurred INR 140 Cr of this total.
Credit Rating & Borrowing
The company maintains a healthy leverage profile with a debt-equity ratio of 0.36x as of September 30, 2025. The average borrowing cost is stable at 8.48% per annum on a net debt of INR 440 Cr.
Operational Drivers
Raw Materials
The primary capital assets are heavy-duty cranes (lattice boom, telescopic, etc.). Operational costs are driven by fuel (diesel), spare parts, and maintenance materials, though specific percentage splits for these consumables are not disclosed.
Import Sources
Not explicitly disclosed, but the company invests in a 'world-class crane fleet' typically sourced from global manufacturers in Europe or China to maintain its leadership position.
Capacity Expansion
The company added 22 cranes in India and 9 cranes in Saudi Arabia during H1 FY26. The current fleet supports over 150 sites across India with a workforce of 2,500+ employees.
Raw Material Costs
Operating costs have increased significantly on a quarterly basis due to the establishment of the Saudi subsidiary. Fixed costs in KSA currently consist primarily of employee salary costs for the newly hired regional team.
Manufacturing Efficiency
Average capacity utilization was 70% in Q2 FY26, down from 80% in Q1 FY26. This decline was influenced by prolonged monsoons and election-related disruptions.
Logistics & Distribution
The company operates across 150+ sites, implying significant mobilization and demobilization costs for heavy machinery, though specific INR values for logistics are not provided.
Strategic Growth
Expected Growth Rate
50.50%
Growth Strategy
Growth is driven by a robust order book of INR 1,239 Cr for FY26. The strategy involves aggressive expansion in Saudi Arabia to capture the 'top three' global position, increasing the fleet size through a INR 629 Cr capex program, and deepening penetration in the high-demand Renewable/Wind energy sector.
Products & Services
Heavy-duty crane rental services, wind farm EPC (Engineering, Procurement, and Construction) services, and specialized lifting solutions for infrastructure, power, and refinery sectors.
Brand Portfolio
Sanghvi Movers Limited (SML), Sanghvi Cranes.
New Products/Services
Expansion into the Saudi Arabian market (KSA) as a new geographic service offering, with 9 cranes already added to the region.
Market Expansion
Targeting the Middle East via the KSA subsidiary with a dedicated local team and a planned investment of INR 224 Cr in FY26.
Market Share & Ranking
The company is a leader in the Indian crane rental industry and aims to reach a top-three global ranking.
Strategic Alliances
Recent execution of a major project with Reliance Industries Limited involving over 75 cranes and a capital expenditure exceeding INR 50 Cr.
External Factors
Industry Trends
The industry is shifting toward larger capacity cranes to support taller wind turbines. There is a trend of increasing revenue share from EPC contracts, which offers higher volume but lower margins (EBITDA margin fell from 63% to 45% as EPC share rose).
Competitive Landscape
Facing 'rising competition' in the domestic rental market, which has contributed to the moderation of EBITDA margins.
Competitive Moat
Moat is built on a massive, specialized fleet of cranes and a skilled workforce of 2,500+. The high capital intensity (INR 629 Cr annual capex) and technical expertise required for heavy lifting serve as significant entry barriers.
Macro Economic Sensitivity
Highly sensitive to infrastructure spending and government policy regarding renewable energy, particularly wind power capacity additions.
Consumer Behavior
Shift in client preference toward integrated EPC solutions rather than pure crane rentals in the renewable sector.
Geopolitical Risks
Operations in Saudi Arabia expose the company to Middle Eastern geopolitical dynamics and local regulatory requirements for hiring (Saudi team).
Regulatory & Governance
Industry Regulations
Compliance with SEBI Listing Obligations and Disclosure Requirements (LODR) 2015. Operations are subject to safety and transport regulations for heavy machinery movement.
Legal Contingencies
The company faces contingent liabilities of approximately INR 871 Cr as of March 31, 2023, related to VAT/CST dues. A favorable ruling was received from the Bombay High Court for FY2008-09 involving INR 120.3 Cr, but other cases remain pending.
Risk Analysis
Key Uncertainties
The primary uncertainty is the 10% potential delay in the INR 1,239 Cr order book due to external factors like weather and client readiness. Margin volatility due to revenue mix shifts is also a key risk.
Geographic Concentration Risk
High concentration in India (150+ sites), though KSA expansion is underway to diversify.
Third Party Dependencies
Dependent on wind energy OEMs and large infrastructure players like Reliance Industries for project flow.
Technology Obsolescence Risk
Risk of fleet obsolescence if newer, more efficient crane technologies or higher capacity requirements emerge in the wind sector.
Credit & Counterparty Risk
Not disclosed, but the company maintains a strong net worth of INR 1,212 Cr to buffer against credit risks.
