ISGEC
ISGEC Heavy share price & financials
- Price
- ₹925
- Market cap
- ₹5.8k Cr
- Sector
- Construction
- Calls analysed
- 4
ISGEC Heavy Q1 FY27
What went well
- Standalone total income surged 51% YoY to INR 1,585 crores, driven by improved order execution and large order dispatch.
- Standalone PBT increased 10% YoY to INR 123 crores, reflecting higher operational profit.
- Q1 FY27 standalone order booking was strong at INR 2,323 crores, contributing to a healthy consolidated order book of INR 8,958 crores.
What to watch
- The Philippines ethanol plant incurred a significant loss of INR 83 crores in Q1 FY27, primarily due to depreciation (INR 37 crores), interest (INR 20 crores), and forex fluctuations (INR 10 crores), impacting consolidated profitability.
- Geopolitical tensions led to increased logistics costs, transit times, and reduced shipping availability, though management expects these to be absorbed by contingency provisions.
What ISGEC Heavy does
Isgec Heavy Engineering is a diversified industrial group built on three businesses: manufacturing of machinery and equipment (presses & press brakes, industrial boilers, process plant equipment, liquefied-gas containers, and steel/iron castings), industrial (EPC) projects covering power plants, air pollution control equipment, bulk material handling, industrial wastewater treatment and railway projects, and a sugar & ethanol business. It operates 8 manufacturing plants across India, Canada, and the Philippines and has supplied engineered equipment to customers in 93 countries across 6 continents, serving marquee clients such as BP, Vedanta, Reliance, Siemens, IndianOil, Bharat Petroleum, ExxonMobil, Toyota, Mitsubishi, and SAIL. It also holds technology-licensing tie-ups and joint ventures with global engineering companies including Hitachi Zosen (Japan), Sumitomo SHI FW Energia (Finland), CB&I (USA) and Babcock Power Environmental (USA) to execute complex process, energy and emission-control projects.
Segments
- Manufacturing of Machinery & Equipment
- Industrial Projects
- Sugar & Ethanol
- Manufacturing plants
- 8 plants across India, Canada and the Philippines
- Countries served
- 93 countries across 6 continents
- Domestic manufacturing locations
- Yamunanagar, Rattangarh & Bawal (Haryana), Muzaffarnagar (Uttar Pradesh), Dahej (Gujarat)
- Overseas manufacturing units
- Eagle Press & Equipment Co. (Windsor, Canada); Cavite Biofuel Producers ethanol plant (Philippines)
- Industrial Projects execution offices
- Noida, Pune, Chennai
- Ethanol distillery capacity (Saraswati Sugar Mills, Yamunanagar)
- 160 KLPD
Guidance record · Q1 FY27
what the last two calls moved 20 tracked 0 delivered 2 missed 18 open- Revenue Growth missed said Q2 FY26 Promised: 7% to 8% increase in revenue and profits for the full year Q1 FY27: No update. Promise concluded in the previous fiscal year.
- Asset Sale delayed said Q2 FY26 Promised: Sell subsidiary companies along with the assets Q1 FY27: No new updates on the sale process. The plant continues to be treated as a continuing operation, with the sale timeline remaining uncertain.
- Manufacturing Revenue Capacity on track said Q2 FY26 Promised: INR 3,200 - 3,300 crores a year post-expansions Q1 FY27: Capex of INR 502 cr for manufacturing capacity is under implementation. Bhartauli Phase 1 to start production in Sep 2026, supporting the long-term goal.
All 20 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 46.0%, net profit up 38.5% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,644 | 1,495 | 1,744 | 1,356 | 1,691 +3% | 1,739 +16% | 2,048 +17% | 1,980 +46% |
| EBITDA | 127 | 132 | 152 | 124 | 147 +16% | 194 +47% | 156 +3% | 124 +0% |
| Net profit | 96 | 23 | 98 | 13 | 56 −42% | 84 +265% | 85 −13% | 18 +38% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −21.2% 1Y
1Y: ₹1,010.7 on 10 Sept 2025 → ₹795.95. High ₹1,094.95 (28 Apr 2026), low ₹694.5 (27 Jan 2026).
How the price took the results
close before → close after
- Q1 FY27
- −7.5%
- 12 Aug
- Q4 FY26
- −9.9%
- 29 May
- Q3 FY26
- +18.1%
- 10 Feb
- Q2 FY26
- +2.9%
- 14 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 2.2% a year over 3 years, FY23 to FY26. Operating margin widened to 9.1%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹6.4k Cr | ₹6.2k Cr | ₹6.4k Cr | ₹6.8k Cr |
| Operating profit | ₹455 Cr | ₹499 Cr | ₹536 Cr | ₹621 Cr |
| Operating margin | 7.1% | 8.0% | 8.3% | 9.1% |
| Interest | ₹72 Cr | ₹63 Cr | ₹40 Cr | ₹82 Cr |
| Depreciation | ₹104 Cr | ₹106 Cr | ₹104 Cr | ₹194 Cr |
| Net profit | ₹205 Cr | ₹256 Cr | ₹284 Cr | ₹238 Cr |
| Net margin | 3.2% | 4.1% | 4.4% | 3.5% |
| Cash from operations | ₹208 Cr | ₹735 Cr | ₹116 Cr | ₹765 Cr |
| Free cash flow | ₹51 Cr | ₹493 Cr | ₹-119 Cr | ₹600 Cr |
| ROCE | 11.0% | 13.0% | 15.0% | 11.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹7 Cr | ₹7 Cr | ₹7 Cr | ₹7 Cr | ₹7 Cr | ₹7 Cr |
| Reserves | ₹2.0k Cr | ₹2.1k Cr | ₹2.3k Cr | ₹2.5k Cr | ₹2.8k Cr | ₹2.7k Cr |
| Borrowings | ₹983 Cr | ₹1.2k Cr | ₹1.2k Cr | ₹814 Cr | ₹925 Cr | ₹951 Cr |
| Other liabilities | ₹3.4k Cr | ₹3.4k Cr | ₹3.5k Cr | ₹4.5k Cr | ₹4.2k Cr | ₹4.4k Cr |
| Total liabilities | ₹6.4k Cr | ₹6.7k Cr | ₹7.1k Cr | ₹7.8k Cr | ₹7.9k Cr | ₹8.1k Cr |
| Fixed assets | ₹803 Cr | ₹977 Cr | ₹947 Cr | ₹956 Cr | ₹960 Cr | ₹1.8k Cr |
| Capital work in progress | ₹893 Cr | ₹702 Cr | ₹805 Cr | ₹959 Cr | ₹99 Cr | ₹137 Cr |
| Investments | ₹60 Cr | ₹135 Cr | ₹33 Cr | ₹29 Cr | ₹43 Cr | ₹66 Cr |
| Other assets | ₹4.7k Cr | ₹4.9k Cr | ₹5.3k Cr | ₹5.9k Cr | ₹6.8k Cr | ₹6.1k Cr |
| Total assets | ₹6.4k Cr | ₹6.7k Cr | ₹7.1k Cr | ₹7.8k Cr | ₹7.9k Cr | ₹8.1k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs trimmed −0.39 pp while FIIs added +0.23 pp. The shareholder count grew 5% to 38,896.
- Promoters
- 62.4%
- FIIs
- 3.8%
- DIIs
- 10.2%
- Government
- 0.0%
- Public
- 23.6%
Since Jun 2025
- DIIs −0.39 pp
- FIIs +0.23 pp
- Public +0.16 pp
How it drifted, 12 quarters
Over this window the public fell from 25.8% to 23.6% — −2.2 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 62.4%, FIIs 3.5%, DIIs 8.3%, Government 0.0%, Public 25.8%.Dec '23: Promoters 62.4%, FIIs 3.5%, DIIs 8.7%, Government 0.0%, Public 25.3%.Mar '24: Promoters 62.4%, FIIs 3.5%, DIIs 8.8%, Government 0.0%, Public 25.2%.Jun '24: Promoters 62.4%, FIIs 3.8%, DIIs 8.8%, Government 0.0%, Public 24.9%.Sep '24: Promoters 62.4%, FIIs 3.9%, DIIs 11.3%, Government 0.0%, Public 22.4%.Dec '24: Promoters 62.4%, FIIs 4.2%, DIIs 11.6%, Government 0.0%, Public 21.8%.Mar '25: Promoters 62.4%, FIIs 3.5%, DIIs 11.1%, Government 0.0%, Public 23.0%.Jun '25: Promoters 62.4%, FIIs 3.5%, DIIs 10.6%, Government 0.0%, Public 23.4%.Sep '25: Promoters 62.4%, FIIs 3.5%, DIIs 10.4%, Government 0.0%, Public 23.7%.Dec '25: Promoters 62.4%, FIIs 3.6%, DIIs 10.5%, Government 0.0%, Public 23.5%.Mar '26: Promoters 62.4%, FIIs 3.9%, DIIs 10.3%, Government 0.0%, Public 23.4%.Jun '26: Promoters 62.4%, FIIs 3.8%, DIIs 10.2%, Government 0.0%, Public 23.6%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Bandhan Large & Mid Cap Fund Mutual fund +0.59 pp 1.69% held
- Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund +0.25 pp 6.83% held
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of ISGEC Heavy above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| The Yamuna Syndicate Ltd | 45.00% | unchanged |
| Ranjit Puri | 8.97% | unchanged |
| Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund | 6.83% | +0.25 pp |
| Aditya Puri | 6.21% | unchanged |
| N. A. Cold Storages Pvt. Ltd. | 2.04% | unchanged |
| Bandhan Large & Mid Cap Fund Mutual fund | 1.69% | +0.59 pp |
| Shri Parasram Holdings Private Limited | 1.21% | unchanged |
| Nina Puri | 0.22% | unchanged |
| Tanvi Puri | 0.00% | unchanged |
| Nayna Puri | 0.00% | unchanged |
| Ashok Bhan | 0.00% | unchanged |
| Tanu Priya Puri | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in ISGEC
Filings to Aug 2026
0 new, 0 added, 1 trimmed, 0 sold out — net −0.30 L shares (−0.6%).
- Held by funds
- ₹395 Cr
- 3 schemes
- Biggest holder
- Nippon India Small Cap Fund
- ₹356 Cr · 0.4% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹356 Cr | held | Mar '19 |
| Nippon India Retirement Fund - Wealth Creation Scheme Nippon India Mutual Fund | ₹21 Cr | held | Jun '24 |
| Nippon India Power & Infra Fund Nippon India Mutual Fund | ₹18 Cr | −0.30 L | Oct '25 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
0 added, 1 trimmed — net −30,000 shares (−0.6%)
- Funds are sitting on
- +28%
- vs est. average cost
- Held by funds
- ₹395 Cr
- 3 schemes · ≈ 8.0% of the company
- Biggest holder
- Nippon India Small Cap Fund
- ₹356 Cr · 0.4% of that fund
Shares held by these funds +70%
Aug '23 50.21 L shares Jul '26
All earnings calls (4)
Read the Q1 FY27 call →Learn to analyse ISGEC Heavy
Guides on how to read this kind of business and the numbers that matter.