ISGEC Heavy Engineering Ltd.

•

isgec.comBSE: 533033NSE: ISGEC

Market Cap₹ 5,772 Cr.

Current Price

High / Low₹ 1,114 / 684

Stock P/E16.4

Book Value₹ 384

Price to Book3.19

Dividend Yield0.76 %

ROCE17.2 %

ROE12.9 %

Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2025 • Engineering, Procurement and Construction: 68.4% • Manufacturing of Machinery & Equipment: 31.6%

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

Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.32x)
Company comfortably covers its interest (13.9x coverage)
Company has a consistent dividend-paying track record
Company generates healthy free cash flow
Attractively priced for its growth - PEG of 0.4
Company maintains a comfortable, low leverage position

CONS

Total debt has risen sharply - up 792.9% year on year
Company has delivered a poor sales growth of 0.5% over past five years

* 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	3925.00	32.55	540027.44	0.97	4988.03	15.51	67941.74	6.69	15.98	12.00
2.	RVNL	207.00	47.98	43159.92	0.34	159.52	18.73	4321.23	10.55	10.81	4.41
3.	KPIL	1408.65	21.17	24055.87	0.78	311.53	45.85	6407.97	3.84	18.95	8.77
4.	IRB	19.07	24.14	23032.75	1.36	3062.70	1412.58	21372.72	918.25	7.72	53.93
5.	CEMPRO	1268.60	36.23	21792.97	0.24	140.83	2.64	2720.92	7.02	33.53	10.09
6.	ENGINERSIN	273.15	19.58	15352.19	1.83	157.94	141.49	819.84	-5.80	30.94	20.61
7.	TECHNOE	983.20	26.53	11434.57	0.71	93.33	-31.44	630.34	19.84	14.86	15.79
8.	WELENT	782.45	35.43	10830.19	0.38	56.36	-44.29	773.72	-8.44	16.44	19.49
9.	IRCON	115.10	20.67	10825.34	1.65	92.03	-43.92	1955.83	9.49	10.15	9.81
10.	KEC	392.85	18.89	10457.67	1.40	72.62	-41.72	5023.54	0.01	16.35	5.79
11.	AFCONS	274.30	69.72	10088.33	0.73	30.30	-77.95	2671.00	-20.75	12.88	9.42
12.	ISGEC	785.05	29.46	5772.43	0.76	17.50	-70.15	1980.00	47.65	15.49	6.24

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	1,131	1,114	1,067	1,550	1,215	1,240	1,119	1,444	984	1,243	1,327	1,675	1,553
	1,054	1,020	985	1,436	1,113	1,126	1,029	1,340	908	1,150	1,221	1,587	1,462
Operating Profit	77	94	82	114	103	114	90	103	76	93	106	88	91
OPM %	6.77%	8.47%	7.65%	7.35%	8.44%	9.22%	8.08%	7.15%	7.70%	7.48%	8.01%	5.26%	5.83%
	28	6	5	6	28	15	9	10	61	50	24	81	32
Interest	11	14	10	6	3	3	3	6	8	13	13	17	16
Depreciation	16	16	17	18	16	17	17	18	17	18	19	19	18
Profit before Tax	78	70	60	96	111	109	78	89	112	111	99	133	123
Tax %	18.09%	24.16%	26.03%	26.62%	20.54%	23.66%	25.25%	29.18%	22.63%	24.28%	24.04%	24.13%	25.10%
Net Profit	64	53	44	71	88	83	59	63	87	84	75	101	92
	8.67	7.21	6.01	9.62	12.04	11.34	7.98	8.59	11.78	11.47	10.22	13.69	12.52

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	3,873	3,032	2,600	4,129	4,894	4,310	4,444	4,652	4,861	5,018	5,798
	3,559	2,760	2,419	3,864	4,598	3,958	4,215	4,337	4,478	4,594	5,420
Operating Profit	313	272	181	265	296	352	229	315	383	425	378
OPM %	8.09%	8.97%	6.95%	6.42%	6.05%	8.17%	5.16%	6.78%	7.88%	8.46%	6.52%
	64	93	72	37	19	36	26	35	45	61	187
Interest	31	34	18	33	33	35	43	53	57	30	58
Depreciation	64	64	67	66	74	68	65	63	67	67	75
Profit before Tax	283	268	168	203	207	285	147	234	304	388	466
Tax %	32.85%	29.53%	29.15%	36.81%	26.21%	23.30%	23.29%	24.09%	23.76%	24.35%	24.40%
Net Profit	190	189	119	128	153	218	113	178	232	294	352
EPS	258.30	256.54	16.18	17.45	20.82	29.68	15.34	24.20	31.51	39.95	—
Dividend Payout %	7.74%	11.69%	9.89%	11.46%	9.61%	10.11%	13.03%	12.40%	12.69%	12.52%	—

COMPOUNDED SALES GROWTH

10 Years:: 4%
5 Years:: 1%
3 Years:: 4%

COMPOUNDED PROFIT GROWTH

10 Years:: 7%
5 Years:: 14%
3 Years:: 38%

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:: 11%
Last Year:: 13%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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
	950	1,118	1,215	1,340	1,463	1,667	1,776	1,938	2,147	2,410
	469	260	337	331	528	435	656	608	180	390
Trade Payables	1,346	1,312	1,025	1,290	1,225	1,451	1,222	1,331	1,268	1,133
	727	748	792	1,364	1,265	1,279	1,281	1,494	2,298	2,047
Total Liabilities	3,499	3,446	3,377	4,332	4,488	4,840	4,942	5,380	5,900	5,988
	460	464	455	507	519	483	475	471	456	495
Capital Work in Progress	10	15	29	11	8	9	8	4	33	55
	693	831	509	325	251	213	288	180	168	244
	303	404	466	611	511	476	552	641	778	796
	0	0	0	0	0	0	0	0	3,107	3,014
Cash & Bank	290	122	207	92	136	121	78	136	81	82
	1,743	1,609	1,710	2,785	3,064	3,539	3,541	3,947	1,279	1,302
Total Assets	3,499	3,446	3,377	4,332	4,488	4,840	4,942	5,380	5,900	5,988

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	299	225	-63	-81	-125	214	-76	93	519	365
Cash from Investing	-285	-183	310	100	23	36	-108	56	-92	-542
Cash from Financing	1	-236	-57	-27	219	-208	201	-44	-486	181
	-82	-264	140	-90	51	-21	-41	56	-59	5

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	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

2026-09-09

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

2026-08-12

Investor Presentation

2026-08-12 - Isgec Heavy Engineering Limited has informed the Exchange about Investor Presentation

News

Recent coverage and analyst commentary for ISGEC

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ISGEC Heavy Engineering Ltd.

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Free 5nance Account

Name

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

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

1,131

1,114

1,067

1,550

1,215

1,240

1,119

1,444

984

1,243

1,327

1,675

1,553

1,054

1,020

985

1,436

1,113

1,126

1,029

1,340

908

1,150

1,221

1,587

1,462

Operating Profit

114

103

114

103

106

OPM %

6.77%

8.47%

7.65%

7.35%

8.44%

9.22%

8.08%

7.15%

7.70%

7.48%

8.01%

5.26%

5.83%

Interest

Depreciation

Profit before Tax

111

109

112

111

133

123

Tax %

18.09%

24.16%

26.03%

26.62%

20.54%

23.66%

25.25%

29.18%

22.63%

24.28%

24.04%

24.13%

25.10%

Net Profit

101

8.67

7.21

6.01

9.62

12.04

11.34

7.98

8.59

11.78

11.47

10.22

13.69

12.52

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

3,873

3,032

2,600

4,129

4,894

4,310

4,444

4,652

4,861

5,018

5,798

3,559

2,760

2,419

3,864

4,598

3,958

4,215

4,337

4,478

4,594

5,420

Operating Profit

313

272

181

265

296

352

229

315

383

425

378

OPM %

8.09%

8.97%

6.95%

6.42%

6.05%

8.17%

5.16%

6.78%

7.88%

8.46%

6.52%

187

Interest

Depreciation

Profit before Tax

283

268

168

203

207

285

147

234

304

388

466

Tax %

32.85%

29.53%

29.15%

36.81%

26.21%

23.30%

23.29%

24.09%

23.76%

24.35%

24.40%

Net Profit

190

189

119

128

153

218

113

178

232

294

352

EPS

258.30

256.54

16.18

17.45

20.82

29.68

15.34

24.20

31.51

39.95

—

Dividend Payout %

7.74%

11.69%

9.89%

11.46%

9.61%

10.11%

13.03%

12.40%

12.69%

12.52%

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

950

1,118

1,215

1,340

1,463

1,667

1,776

1,938

2,147

2,410

469

260

337

331

528

435

656

608

180

390

Trade Payables

1,346

1,312

1,025

1,290

1,225

1,451

1,222

1,331

1,268

1,133

727

748

792

1,364

1,265

1,279

1,281

1,494

2,298

2,047

Total Liabilities

3,499

3,446

3,377

4,332

4,488

4,840

4,942

5,380

5,900

5,988

460

464

455

507

519

483

475

471

456

495

Capital Work in Progress

693

831

509

325

251

213

288

180

168

244

303

404

466

611

511

476

552

641

778

796

3,107

3,014

Cash & Bank

290

122

207

136

121

136

1,743

1,609

1,710

2,785

3,064

3,539

3,541

3,947

1,279

1,302

Total Assets

3,499

3,446

3,377

4,332

4,488

4,840

4,942

5,380

5,900

5,988

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

299

225

-63

-81

-125

214

-76

519

365

Cash from Investing

-285

-183

310

100

-108

-92

-542

Cash from Financing

-236

-57

-27

219

-208

201

-44

-486

181

-82

-264

140

-90

-21

-41

-59

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