Detailed Narrative
Strong Financial Performance in Q4 and FY26
Sanghvi Movers reported robust financial results for Q4 FY26 and the full fiscal year. Revenue from operations for Q4 FY26 stood at INR 351 crores, marking a 31.4% year-on-year growth compared to INR 267 crores in Q4 FY25. For the full year FY26, revenue reached INR 1,070 crores, a significant 36.9% increase over INR 782 crores in FY25. PAT also saw healthy growth, rising 27.8% YoY in Q4 FY26 to INR 69 crores and 17.7% for the full year to INR 184 crores.
Improved Asset Utilization and Stable Yields
The company achieved an average capacity utilization of 87% in Q4 FY26 and 79% for the full year, an improvement from 74% in FY25, reflecting better fleet deployment and execution. Average blended yields remained stable at 2.24% per month for Q4 FY26 and 2.12% for FY26. Management expects to maintain India yields around 2.1% with a +/- 5% deviation, indicating confidence in pricing power.
Strategic Shift and Segment Contribution
The revenue profile is strategically shifting, with the core crane rental business contributing 65% of operating revenue in FY26, renewables 31%, and project EPC 4%. The renewables segment, driven by Sangreen Future Renewables, is an asset-light, high ROCE business that doubled its revenue, contributing significantly to incremental growth beyond the core 30% growth in the crane rental business. This shift explains the focus on business unit level profitability rather than blended EBITDA margins.
Robust Order Book and Inquiry Pipeline
As of May 14, FY27, the consolidated order book stands at INR 1,053 crores, which management stated is fully executable in the current financial year. The inquiry pipeline is exceptionally strong, valued at almost INR 4,000 crores, reflecting real customer demand and project activity. This robust pipeline provides significant visibility for future revenue generation.
KSA Expansion and Profitability
The Middle East expansion, particularly in Saudi Arabia and Qatar, is showing strong momentum. The KSA business is already generating positive monthly EBITDA and is expected to achieve cumulative positive YTD EBITDA by the end of H1 FY27. The region maintains high utilization rates of 85-90% and yields upwards of 4.5%, driven by a crane shortage and Sanghvi's strong reputation. The company plans to spend approximately INR 320 crores in the Middle East this year for new cranes.
Capital Expenditure and Debt Management
Total capital expenditure for FY26 was INR 474 crores, with INR 373 crores in India and INR 101 crores in KSA. The company has approved new capex of INR 190 crores for India and INR 200 crores for KSA in the current financial year, totaling approximately INR 513 crores for FY27. Net debt as of March 31, 2026, stood at INR 612 crores, with a healthy net debt-to-equity ratio of 0.47x and an average borrowing cost of 8.12%, reflecting a comfortable leverage position.
Industry Tailwinds and Growth Drivers
Management highlighted strong tailwinds across key sectors that require heavy lifting services. India added a record 6.1 gigawatts of wind capacity in FY26, with targets of 100 GW by 2030. Other sectors like thermal power (300 GW by 2030), nuclear power (100 GW by 2047), refinery (310 MTPA by 2030), cement (850 MTPA by 2030), and steel (300 MTPA by 2030) are all undergoing significant expansion, positioning Sanghvi Movers for sustained demand.