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Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹6691 Cr.
Stock P/E
18.8
P/B
2.4
Current Price
₹910
Book Value
₹ 372.2
Face Value
1
52W High
₹1278
52W Low
₹ 682.8
Dividend Yield
0.66%

ISGEC Heavy Engg. Overview

Business

ISGEC Heavy Engineering Ltd. is a diversified heavy engineering company based in India. Its core business involves the manufacturing of specialized process equipment, industrial boilers, and undertaking turnkey (EPC) projects for various industries. The company manufactures a wide range of capital goods including reactors, pressure vessels, heat exchangers, columns, storage tanks, and industrial presses. It also provides comprehensive solutions for sugar plants, power plants (balance of plant), and air pollution control systems. ISGEC generates revenue through the sale of its manufactured equipment and the execution of engineering, procurement, and construction (EPC) contracts.

Revenue Mix

ISGEC's operations are primarily divided into two broad segments:

Manufacturing (Heavy Engineering & Others): This segment involves the design and manufacturing of specialized process equipment for refineries, petrochemicals, fertilizers, steel, and other core industries, as well as industrial presses and castings. As per FY23 data, this segment contributed approximately 52.8% to the total revenue.

Projects (Boilers & EPC): This segment includes the design, manufacturing, supply, erection, and commissioning of industrial boilers, and undertaking turnkey EPC projects for sugar plants, power plants, and associated infrastructure. As per FY23 data, Boilers contributed ~21.8% and Projects (Sugar & Power) contributed ~25.4% to the total revenue.

Industry

ISGEC operates in the Indian capital goods and heavy engineering sector, which is highly cyclical and dependent on industrial CAPEX cycles. The company is positioned as a specialized manufacturer of critical, high-end process equipment and a reliable EPC contractor for industrial boilers and sugar/power plants. It caters to industries like oil & gas, petrochemicals, fertilizers, cement, steel, and power. ISGEC competes with larger diversified engineering conglomerates like Larsen & Toubro, BHEL (for some boiler segments), and Thermax (for boilers), as well as other specialized domestic and international engineering firms. Its positioning is built on technical expertise, quality manufacturing, and custom solutions for complex projects.

MOAT

ISGEC possesses several durable advantages:

Specialized Manufacturing & Technical Expertise: The company has long-standing expertise and advanced facilities to manufacture large, complex, and high-pressure equipment adhering to stringent international codes (e.g., ASME, TEMA, API). This high barrier to entry for complex equipment fabrication limits competition.

Accreditations and Certifications: A comprehensive set of national and international accreditations validates its quality standards and allows it to bid for global projects.

Established Client Relationships: A track record of successful project execution and quality delivery has fostered long-term relationships with marquee domestic and global clients in core sectors, leading to repeat business.

Integrated Manufacturing Facilities: Large, integrated facilities enable better control over the manufacturing process, cost efficiencies, and timely project delivery.

Growth Drivers

Domestic Industrial CAPEX Cycle: A potential resurgence in private sector capital expenditure, especially in core sectors like refining, petrochemicals, fertilizers, steel, and cement, will drive demand for ISGEC's equipment and project services.

Energy Transition & Decarbonization: Opportunities from demand for efficient industrial boilers, waste-to-energy solutions, flue gas desulphurization (FGD) systems, and equipment for emerging sectors like green hydrogen production.

Government Infrastructure Push: Continued government focus on infrastructure development indirectly stimulates industrial growth and related CAPEX.

Export Opportunities: Growing global demand for specialized process equipment, particularly from the Middle East, Southeast Asia, and developed economies, leveraging its international accreditations.

Diversified Order Book: A healthy and diversified order book provides revenue visibility and mitigates risks from a single sector slowdown.

Risks

Cyclicality: The company's performance is highly sensitive to the global and domestic industrial capital expenditure cycles, which can lead to volatility in order inflows and revenue.

Project Execution Risks: Large and complex EPC projects carry inherent risks of delays, cost overruns, and contractual disputes, which can impact profitability and reputation.

Raw Material Price Volatility: Fluctuations in the prices of key raw materials like steel, alloys, and other metals can impact project costs and margins, especially for fixed-price contracts.

Intense Competition: The sector faces competition from both domestic and international players, which can lead to pricing pressures and impact order win rates and margins.

Foreign Exchange Fluctuations: Exposure to international trade (imports of components and exports of equipment) makes the company susceptible to adverse movements in foreign currency exchange rates.

Management & Ownership

ISGEC Heavy Engineering Ltd. is promoted by the Saraswati family. Mr. S.K. Saraswati serves as the Chairman, with other family members holding key management positions. The management is generally perceived as experienced, with a long track record in the heavy engineering industry. The promoter group maintains a significant ownership stake (approximately 60.9% as of December 2023), indicating strong alignment of interests between the promoters and the public shareholders.

Outlook

ISGEC's outlook is tied to the industrial CAPEX cycle both in India and globally. The company is well-positioned to benefit from a potential upturn in domestic industrial spending, particularly in the refining, petrochemical, and power sectors, driven by government policies and private sector investments. Its specialized manufacturing capabilities and established client relationships also support its expansion in export markets and participation in emerging areas like energy transition. However, the inherent cyclicality of its business, potential project execution challenges, and raw material price volatility remain key concerns. While a strong order book and niche expertise provide a buffer, sustained growth will depend on robust industrial activity and effective risk management.

ISGEC Heavy Engg. Share Price

Live · BSE / NSE · Inception: 1933
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Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

ISGEC Heavy Engg. Quarterly Results

#(Fig in Cr.) Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Net Sales 1493 1867 1539 1644 1495 1745 1341 1691 1739 2048
Other Income 5 4 9 24 4 3 18 34 18 63
Total Income 1498 1871 1547 1667 1500 1747 1359 1725 1756 2111
Total Expenditure 1369 1719 1389 1517 1364 1600 1221 1544 1545 1892
Operating Profit 129 152 159 151 136 147 138 182 211 219
Interest 13 11 9 8 8 26 16 19 17 20
Depreciation 27 27 25 26 40 71 26 27 28 68
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 -16 0
Profit Before Tax 89 114 125 117 87 50 96 136 150 131
Provision for Tax 22 30 29 32 29 32 32 38 38 46
Profit After Tax 67 84 95 85 58 18 64 98 112 85
Adjustments -5 -13 -30 8 -38 -7 -12 -54 -42 -12
Profit After Adjustments 62 71 65 93 20 12 52 44 70 73
Adjusted Earnings Per Share 8.4 9.7 8.9 12.6 2.7 1.6 7.1 6 9.5 10

ISGEC Heavy Engg. Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 3954 4510 3917 3791 5051 5882 5426 5499 6399 6218 6422 6819
Other Income 47 80 94 57 69 32 52 13 13 22 39 133
Total Income 4001 4590 4010 3848 5119 5914 5477 5513 6412 6240 6462 6951
Total Expenditure 3680 4164 3510 3482 4765 5538 4957 5165 5927 5672 5826 6202
Operating Profit 321 426 500 366 354 376 521 347 485 569 636 750
Interest 51 66 58 34 45 61 64 88 91 84 56 72
Depreciation 83 76 75 81 82 101 101 101 104 101 102 149
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0 -16
Profit Before Tax 188 284 367 251 227 214 356 158 290 383 477 513
Provision for Tax 64 93 119 83 83 65 103 43 84 99 122 154
Profit After Tax 123 190 248 168 144 149 253 115 206 284 356 359
Adjustments -6 -6 -6 -11 -1 -5 -5 -6 -9 -41 -107 -120
Profit After Adjustments 118 185 242 157 143 145 248 109 196 244 249 239
Adjusted Earnings Per Share 16 25.1 32.9 21.4 19.4 19.7 33.7 14.8 26.7 33.1 33.9 32.6

ISGEC Heavy Engg. Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 845 1029 1254 1381 1515 1785 2022 2121 2304 2523 2739
Minority's Interest 46 53 61 72 72 75 78 81 88 96 110
Borrowings 74 88 37 0 56 386 464 465 433 406 221
Other Non-Current Liabilities 286 258 228 313 327 285 350 331 318 284 255
Total Current Liabilities 2306 2779 2641 2173 3294 3550 3606 3791 4016 4676 4454
Total Liabilities 3556 4208 4221 3940 5263 6080 6520 6788 7159 7985 8101
Fixed Assets 554 615 623 629 749 833 803 977 947 956 973
Other Non-Current Assets 34 35 89 99 97 858 1095 946 943 1112 102
Total Current Assets 2968 3557 3509 3212 4418 4389 4621 4865 5268 5918 5976
Total Assets 3556 4208 4221 3940 5263 6080 6520 6788 7159 7985 8101

ISGEC Heavy Engg. Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 426 382 310 36 180 108 180 155 101 168 143
Cash Flow from Operating Activities 261 123 236 101 -238 104 228 -70 208 735 116
Cash Flow from Investing Activities -239 -261 -141 276 70 -347 -186 -141 -58 -232 -304
Cash Flow from Financing Activities -66 66 -370 -233 93 295 -89 176 -98 -487 108
Net Cash Inflow / Outflow -44 -72 -275 144 -74 52 -47 -36 51 16 -80
Closing Cash & Cash Equivalent 382 310 36 180 108 180 155 101 168 143 93

ISGEC Heavy Engg. Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 16.02 25.12 32.92 21.39 19.42 19.65 33.71 14.8 26.72 33.14 33.89
CEPS(Rs) 27.99 36.2 44.01 33.89 30.8 34.04 48.14 29.42 42.14 52.47 62.25
DPS(Rs) 2 2 3 1.6 2 2 3 2 3 4 5
Book NAV/Share(Rs) 114.87 139.92 170.5 187.83 206.07 242.71 274.93 288.45 313.39 343.07 372.48
Core EBITDA Margin(%) 6.79 7.46 10.02 8.06 5.65 5.85 8.64 6.07 7.38 8.79 9.29
EBIT Margin(%) 5.91 7.56 10.48 7.45 5.38 4.68 7.74 4.47 5.95 7.51 8.31
Pre Tax Margin(%) 4.66 6.13 9.05 6.56 4.49 3.65 6.56 2.87 4.53 6.16 7.43
PAT Margin (%) 3.06 4.11 6.12 4.4 2.85 2.54 4.66 2.09 3.21 4.57 5.54
Cash Profit Margin (%) 5.11 5.75 7.98 6.51 4.48 4.26 6.52 3.93 4.84 6.2 7.13
ROA(%) 3.69 4.91 5.89 4.13 3.13 2.63 4.02 1.73 2.95 3.76 4.42
ROE(%) 15.46 20.33 21.76 12.78 9.94 9.04 13.3 5.55 9.29 11.78 13.52
ROCE(%) 17.93 22.88 25.76 18.01 16.11 12.07 14.7 7.81 11.15 13.71 15.49
Receivable days 83.12 97.29 115.35 108.25 109.44 114.36 132.47 142.59 141.78 168.7 163.72
Inventory Days 77.02 68.4 88.69 91.38 74.03 74.61 79.01 84.83 73.22 75.55 82.06
Payable days 152.48 168.72 247.85 220.73 153.78 153.14 169.61 166.9 138.57 145.07 131.26
PER(x) 35.11 16.3 18.3 30.42 31.16 12.99 14.83 34.73 16.29 27.07 30.94
Price/Book(x) 4.9 2.93 3.53 3.46 2.94 1.05 1.82 1.78 1.39 2.62 2.82
Dividend Yield(%) 0.36 0.49 0.5 0.25 0.33 0.78 0.6 0.39 0.69 0.45 0.48
EV/Net Sales(x) 1.08 0.75 1.19 1.24 0.91 0.45 0.82 0.88 0.65 1.16 1.31
EV/Core EBITDA(x) 13.34 7.9 9.28 12.9 13.02 6.97 8.54 13.96 8.64 12.65 13.22
Net Sales Growth(%) 135.27 14.06 -13.15 -3.21 33.23 16.46 -7.76 1.36 16.36 -2.82 3.28
EBIT Growth(%) 195.89 46.87 21.45 -32.93 -4.64 1.29 52.6 -41.45 54.84 22.7 14.21
PAT Growth(%) 218.7 54.43 30.39 -32.19 -14.48 3.55 69.69 -54.56 78.75 38.35 25.09
EPS Growth(%) 179.03 56.83 31.05 -35.03 -9.23 1.22 71.51 -56.1 80.58 24.01 2.27
Debt/Equity(x) 0.62 0.64 0.28 0.13 0.2 0.54 0.47 0.57 0.52 0.31 0.31
Current Ratio(x) 1.29 1.28 1.33 1.48 1.34 1.24 1.28 1.28 1.31 1.27 1.34
Quick Ratio(x) 0.92 0.96 0.92 1.09 0.97 0.9 0.96 0.91 1.02 0.96 1.01
Interest Cover(x) 4.7 5.29 7.32 8.4 6.06 4.53 6.54 2.8 4.19 5.57 9.49
Total Debt/Mcap(x) 0.13 0.22 0.08 0.04 0.07 0.51 0.26 0.32 0.38 0.12 0.11

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +3% +5% +2% +5%
Operating Profit CAGR +12% +22% +11% +7%
PAT CAGR +25% +46% +19% +11%
Share Price CAGR -28% +14% +8% +7%
ROE Average +14% +12% +11% +13%
ROCE Average +15% +13% +13% +16%

ISGEC Heavy Engg. Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 62.43 %
FII 3.85 %
DII (MF + Insurance) 10.32 %
Public (retail) 37.57 %
# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 62.4362.4362.4362.4362.4362.4362.4362.4362.4362.43
FII 3.533.513.823.94.23.473.543.483.613.85
DII 8.748.838.8311.2711.5711.1210.6410.4110.4810.32
Public 37.5737.5737.5737.5737.5737.5737.5737.5737.5737.57
Others 0000000000
Total 100100100100100100100100100100

ISGEC Heavy Engg. Peer Comparison

Engineering - Construction Edit Columns

ISGEC Heavy Engg. Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

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ISGEC Heavy Engg. Pros & Cons

Pros

  • Debtor days have improved from 145.07 to 131.26days.
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Company has a low return on equity of 12% over the last 3 years.
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