ISGEC Heavy Engineering Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Engineering, Procurement and Construction: 53.9% • Manufacturing of Machinery & Equipment: 34.8% • Sugar: 8.1%
AI Sector View
AI GENERATEDConstruction
Construction fundamentals are strong, led by government and infrastructure spending. Capital expenditure was up 66% YoY (2026-06), cement output grew 13.1% YoY (2026-07), and the sector also benefits from improving housing and GFCF conditions. FPI flows turned supportive with INR 1720 crore net inflow over 3 months to 2026-08-31 from INR -9439 crore in the prior 3 months, reinforcing the positive view.
PROS
- Company has consistently been profitable over the last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.25x)
- Company comfortably covers its interest (9.5x coverage)
- Company has a consistent dividend-paying track record
- Company generates healthy free cash flow
- Attractively priced for its growth - PEG of 0.6
CONS
- Recent results are weak - TTM profit is down 13.8% versus prior year
- Company has delivered a poor sales growth of 1.8% over past five years
- Though reporting repeated profits, the company pays out little dividend (14.8%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| LT | 3925.00 | 32.55 | 540027.44 | 0.97 | 4988.03 | 15.51 | 67941.74 | 6.69 | 15.98 | 12.00 |
| RVNL | 207.00 | 47.98 | 43159.92 | 0.34 | 159.52 | 18.73 | 4321.23 | 10.55 | 10.81 | 4.41 |
| KPIL | 1408.65 | 21.17 | 24055.87 | 0.78 | 311.53 | 45.85 | 6407.97 | 3.84 | 18.95 | 8.77 |
| IRB | 19.07 | 24.14 | 23032.75 | 1.36 | 3062.70 | 1412.58 | 21372.72 | 918.25 | 7.72 | 53.93 |
| CEMPRO | 1268.60 | 36.23 | 21792.97 | 0.24 | 140.83 | 2.64 | 2720.92 | 7.02 | 33.53 | 10.09 |
| ENGINERSIN | 273.15 | 19.58 | 15352.19 | 1.83 | 157.94 | 141.49 | 819.84 | -5.80 | 30.94 | 20.61 |
| TECHNOE | 983.20 | 26.53 | 11434.57 | 0.71 | 93.33 | -31.44 | 630.34 | 19.84 | 14.86 | 15.79 |
| WELENT | 782.45 | 35.43 | 10830.19 | 0.38 | 56.36 | -44.29 | 773.72 | -8.44 | 16.44 | 19.49 |
| IRCON | 115.10 | 20.67 | 10825.34 | 1.65 | 92.03 | -43.92 | 1955.83 | 9.49 | 10.15 | 9.81 |
| KEC | 392.85 | 18.89 | 10457.67 | 1.40 | 72.62 | -41.72 | 5023.54 | 0.01 | 16.35 | 5.79 |
| AFCONS | 274.30 | 69.72 | 10088.33 | 0.73 | 30.30 | -77.95 | 2671.00 | -20.75 | 12.88 | 9.42 |
| ISGEC | 785.05 | 29.46 | 5772.43 | 0.76 | 17.50 | -70.15 | 1980.00 | 47.65 | 15.49 | 6.24 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,386 | 1,473 | 1,493 | 1,867 | 1,539 | 1,644 | 1,495 | 1,745 | 1,341 | 1,691 | 1,739 | 2,048 | 1,980 | |
| 1,282 | 1,340 | 1,369 | 1,719 | 1,389 | 1,517 | 1,364 | 1,600 | 1,221 | 1,544 | 1,545 | 1,892 | 1,941 | |
| Operating Profit | 104 | 134 | 123 | 148 | 150 | 127 | 132 | 145 | 120 | 147 | 194 | 156 | 39 |
| OPM % | 7.47% | 9.07% | 8.26% | 7.92% | 9.74% | 7.73% | 8.80% | 8.29% | 8.96% | 8.72% | 11.14% | 7.61% | 1.99% |
| 13 | 4 | 5 | 4 | 9 | 24 | 4 | 3 | 18 | 34 | 1 | 63 | 13 | |
| Interest | 19 | 20 | 13 | 11 | 9 | 8 | 8 | 26 | 16 | 19 | 17 | 20 | 19 |
| Depreciation | 25 | 26 | 27 | 27 | 25 | 26 | 40 | 71 | 26 | 27 | 28 | 68 | 65 |
| Profit before Tax | 72 | 91 | 89 | 114 | 125 | 117 | 87 | 50 | 96 | 136 | 150 | 131 | 53 |
| Tax % | 27.31% | 29.85% | 24.94% | 26.23% | 23.43% | 27.29% | 33.18% | 63.28% | 33.21% | 27.91% | 25.42% | 35.02% | 66.92% |
| Net Profit | 0 | 0 | 0 | 0 | 67 | 96 | 231 | 780 | 59 | 563 | 84 | 85 | 18 |
| 6.89 | 8.13 | 8.42 | 9.70 | 8.90 | 11.14 | 7.51 | 1.57 | 7.11 | 11.65 | 13.26 | 9.96 | 1.22 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 4,510 | 3,917 | 3,791 | 5,051 | 5,882 | 5,426 | 5,499 | 6,399 | 6,218 | 6,422 | 7,458 | |
| 4,164 | 3,510 | 3,482 | 4,765 | 5,538 | 4,957 | 5,165 | 5,927 | 5,672 | 5,826 | 6,922 | |
| Operating Profit | 346 | 407 | 308 | 286 | 344 | 469 | 334 | 472 | 547 | 596 | 536 |
| OPM % | 7.66% | 10.38% | 8.14% | 5.65% | 5.85% | 8.64% | 6.07% | 7.38% | 8.79% | 9.29% | 7.19% |
| 80 | 94 | 57 | 69 | 32 | 52 | 13 | 13 | 22 | 39 | 112 | |
| Interest | 66 | 58 | 34 | 45 | 61 | 64 | 88 | 91 | 84 | 56 | 75 |
| Depreciation | 76 | 75 | 81 | 82 | 101 | 101 | 101 | 104 | 101 | 102 | 187 |
| Profit before Tax | 284 | 367 | 251 | 227 | 214 | 356 | 158 | 290 | 383 | 477 | 470 |
| Tax % | 32.88% | 32.32% | 32.92% | 36.54% | 30.46% | 28.87% | 27.27% | 29.13% | 25.82% | 25.49% | 33.48% |
| Net Profit | 190 | 248 | 168 | 144 | 149 | 253 | 115 | 206 | 284 | 356 | 313 |
| EPS | 251.25 | 329.25 | 21.39 | 19.42 | 19.65 | 33.71 | 14.80 | 26.72 | 33.14 | 33.89 | — |
| Dividend Payout % | 7.96% | 9.11% | 7.48% | 10.30% | 10.18% | 8.90% | 13.51% | 11.23% | 12.07% | 14.75% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 5%
- 5 Years:
- 2%
- 3 Years:
- 5%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 8%
- 5 Years:
- 12%
- 3 Years:
- 32%
STOCK PRICE CAGR
- 10 Years:
- 87%
- 5 Years:
- 2%
- 3 Years:
- 1%
- 1 Year:
- -20%
RETURN ON EQUITY
- 10 Years:
- 13%
- 5 Years:
- 11%
- 3 Years:
- 12%
- Last Year:
- 14%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 |
| Minority Interest | 53 | 61 | 72 | 72 | 75 | 78 | 81 | 88 | 96 | 110 |
| 1,021 | 1,246 | 1,374 | 1,508 | 1,777 | 2,014 | 2,114 | 2,297 | 2,515 | 2,731 | |
| 819 | 509 | 430 | 560 | 1,174 | 1,234 | 1,479 | 1,440 | 910 | 1,000 | |
| Trade Payables | 1,424 | 1,417 | 1,110 | 1,482 | 1,409 | 1,622 | 1,445 | 1,497 | 1,423 | 1,249 |
| 882 | 981 | 947 | 1,634 | 1,639 | 1,565 | 1,662 | 1,829 | 3,034 | 3,003 | |
| Total Liabilities | 4,208 | 4,221 | 3,940 | 5,263 | 6,080 | 6,520 | 6,788 | 7,159 | 7,985 | 8,101 |
| 615 | 623 | 629 | 749 | 833 | 803 | 977 | 947 | 956 | 973 | |
| Capital Work in Progress | 10 | 18 | 32 | 19 | 706 | 893 | 702 | 792 | 959 | 66 |
| 554 | 697 | 371 | 155 | 98 | 60 | 135 | 33 | 29 | 85 | |
| 895 | 1,076 | 840 | 1,209 | 1,196 | 1,153 | 1,403 | 1,164 | 1,410 | 1,477 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2,929 | 2,833 | |
| Cash & Bank | 310 | 142 | 240 | 140 | 214 | 179 | 136 | 211 | 192 | 146 |
| 1,822 | 1,666 | 1,828 | 2,991 | 3,032 | 3,431 | 3,435 | 4,012 | 1,511 | 2,520 | |
| Total Assets | 4,208 | 4,221 | 3,940 | 5,263 | 6,080 | 6,520 | 6,788 | 7,159 | 7,985 | 8,101 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 220 | 346 | 184 | -148 | 176 | 315 | 4 | 279 | 735 | 116 | |
| Cash from Investing | -261 | -141 | 276 | 70 | -347 | -186 | -141 | -58 | -232 | -304 |
| Cash from Financing | 66 | -370 | -233 | 93 | 295 | -89 | 176 | -98 | -487 | 108 |
| -72 | -275 | 144 | -74 | 52 | -47 | -36 | 51 | 16 | -80 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - Isgec Heavy Engineering Limited has informed the Exchange about Schedule of Investor Meet
2026-09-09 - Isgec Heavy Engineering Limited has informed the Exchange about Schedule of Investor Meet
2026-09-03 - Isgec Heavy Engineering Limited has informed the Exchange about Notice of the 93rd Annual General Meeting and the Annual Report for the financial year 2025-26
2026-09-01 - Isgec Heavy Engineering Limited has informed the Exchange about letter sent to the shareholders holding shares in physical form regarding mandatory furnishing of PAN, KYC (including Bank Account details) and Nomination details
2026-08-27 - Isgec Heavy Engineering Limited has informed the Exchange about Copy of Newspaper Advertisement/ Publication regarding the 93rd Annual General Meeting (AGM) to be held through Video Conferencing (VC) Facility or Other Audio Visual Means (OAVM).
2026-08-18 - Isgec Heavy Engineering Limited has informed the Exchange about Transcript of the Conference Call/ Meet to discuss the financial results of the Company for the quarter ended June 30, 2026.
2026-08-12 - Isgec Heavy Engineering Limited has informed the Exchange about Link of Recording
2026-08-12 - Isgec Heavy Engineering Limited has informed the Exchange about Newspaper Publication of Unaudited Financial Results for the quarter ended June 30, 2026
2026-08-12 - Isgec Heavy Engineering Limited has informed the Exchange about Investor Presentation
News
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