ISGEC Heavy Engineering Ltd.

•

isgec.comBSE: 533033NSE: ISGEC

Market Cap₹ 5,858 Cr.

Current Price

High / Low₹ 1,114 / 684

Stock P/E29.9

Book Value₹ 375

Price to Book2.82

Dividend Yield0.75 %

ROCE15.5 %

ROE13.5 %

Face Value₹ 1

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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 GENERATED

Construction

Buy

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.

Confidence

80%

View full sector analysis →

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 0.7

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

ConstructionInfrastructureEngineering - Construction

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	LT	3915.00	32.47	538651.57	0.97	4988.03	15.51	67941.74	6.69	15.98	12.00
2.	RVNL	205.00	47.52	42742.91	0.35	159.52	18.73	4321.23	10.55	10.81	4.41
3.	KPIL	1435.05	21.56	24506.71	0.77	311.53	45.85	6407.97	3.84	18.95	8.77
4.	IRB	19.64	24.86	23721.19	1.32	3062.70	1412.58	21372.72	918.25	7.72	53.93
5.	CEMPRO	1244.10	35.53	21372.09	0.24	140.83	2.64	2720.92	7.02	33.53	10.09
6.	ENGINERSIN	269.20	19.30	15130.18	1.86	157.94	141.49	819.84	-5.80	30.94	20.61
7.	TECHNOE	972.50	26.24	11310.13	0.72	93.33	-31.44	630.34	19.84	14.86	15.79
8.	WELENT	782.75	35.45	10834.34	0.38	56.36	-44.29	773.72	-8.44	16.44	19.49
9.	KEC	406.45	19.54	10819.70	1.35	72.62	-41.72	5023.54	0.01	16.35	5.79
10.	IRCON	113.20	20.33	10646.64	1.68	92.03	-43.92	1955.83	9.49	10.15	9.81
11.	AFCONS	253.95	64.55	9339.89	0.79	30.30	-77.95	2671.00	-20.75	12.88	9.42
12.	ISGEC	796.70	29.90	5858.10	0.75	17.50	-70.15	1980.00	47.65	15.49	6.24

Detailed Comparison with:

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:: 2%
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

Shareholding Pattern

Numbers in percentages

Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
62.43	62.43	62.43	62.43	62.43	62.43	62.43	62.43	62.43
3.83	3.91	4.20	3.47	3.53	3.48	3.60	3.85	3.76
8.82	11.26	11.57	11.11	10.63	10.39	10.47	10.31	10.24
0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
24.91	22.39	21.80	22.98	23.39	23.68	23.49	23.40	23.56

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-11

Copy of Newspaper Publication

2026-09-11 - Isgec Heavy Engineering Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-09

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-09 - Isgec Heavy Engineering Limited has informed the Exchange about Schedule of Investor Meet

2026-09-09

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-09 - Isgec Heavy Engineering Limited has informed the Exchange about Schedule of Investor Meet

2026-09-03

Shareholders meeting

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

General Updates

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

Copy of Newspaper Publication

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

Analysts/Institutional Investor Meet/Con. Call Updates

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

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-12 - Isgec Heavy Engineering Limited has informed the Exchange about Link of Recording

2026-08-12

Copy of Newspaper Publication

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

News

Recent coverage and analyst commentary for ISGEC

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ISGEC Heavy Engineering Ltd.

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Name

3915.00

32.47

538651.57

0.97

4988.03

15.51

67941.74

6.69

15.98

12.00

RVNL

205.00

47.52

42742.91

0.35

159.52

18.73

4321.23

10.55

10.81

4.41

KPIL

1435.05

21.56

24506.71

0.77

311.53

45.85

6407.97

3.84

18.95

8.77

IRB

19.64

24.86

23721.19

1.32

3062.70

1412.58

21372.72

918.25

7.72

53.93

CEMPRO

1244.10

35.53

21372.09

0.24

140.83

2.64

2720.92

7.02

33.53

10.09

ENGINERSIN

269.20

19.30

15130.18

1.86

157.94

141.49

819.84

-5.80

30.94

20.61

TECHNOE

972.50

26.24

11310.13

0.72

93.33

-31.44

630.34

19.84

14.86

15.79

WELENT

782.75

35.45

10834.34

0.38

56.36

-44.29

773.72

-8.44

16.44

19.49

KEC

406.45

19.54

10819.70

1.35

72.62

-41.72

5023.54

0.01

16.35

5.79

IRCON

113.20

20.33

10646.64

1.68

92.03

-43.92

1955.83

9.49

10.15

9.81

AFCONS

253.95

64.55

9339.89

0.79

30.30

-77.95

2671.00

-20.75

12.88

9.42

ISGEC

796.70

29.90

5858.10

0.75

17.50

-70.15

1980.00

47.65

15.49

6.24

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

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%

Interest

Depreciation

Profit before Tax

114

125

117

136

150

131

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

231

780

563

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

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%

112

Interest

Depreciation

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%

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

Minority Interest

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

706

893

702

792

959

554

697

371

155

135

895

1,076

840

1,209

1,196

1,153

1,403

1,164

1,410

1,477

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

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

279

735

116

Cash from Investing

-261

-141

276

-347

-186

-141

-58

-232

-304

Cash from Financing

-370

-233

295

-89

176

-98

-487

108

-72

-275

144

-74

-47

-36

-80

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

62.43

3.83

3.91

4.20

3.47

3.53

3.48

3.60

3.85

3.76

8.82

11.26

11.57

11.11

10.63

10.39

10.47

10.31

10.24

0.01

24.91

22.39

21.80

22.98

23.39

23.68

23.49

23.40

23.56

ISGEC Heavy Engineering Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

ISGEC Heavy Engineering Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI