Construction
Valuation | |
|---|---|
| Market Cap | 6.1 kCr |
| Price/Earnings (Trailing) | 32.55 |
| Price/Sales (Trailing) | 0.96 |
| EV/EBITDA | 11.58 |
| Price/Free Cashflow | -50.37 |
| MarketCap/EBT | 14.75 |
| Enterprise Value | 6.91 kCr |
Fundamentals | |
|---|---|
Growth & Returns | |
|---|---|
| Price Change 1W | -7.7% |
| Price Change 1M | 2.1% |
| Price Change 6M | -29.7% |
| Price Change 1Y | -39.3% |
| 3Y Cumulative Return | 22% |
Cash Flow & Liquidity | |
|---|---|
| Cash Flow from Investing (TTM) | -296.54 Cr |
| Cash Flow from Operations (TTM) |
| Revenue (TTM) |
| 6.33 kCr |
| Rev. Growth (Yr) | 3.5% |
| Earnings (TTM) | 215.97 Cr |
| Earnings Growth (Yr) | -41.2% |
Profitability | |
|---|---|
| Operating Margin | 7% |
| EBT Margin | 7% |
| Return on Equity | 7.42% |
| Return on Assets | 2.73% |
| Free Cashflow Yield | -1.99% |
| 108.61 Cr |
| Cash Flow from Financing (TTM) | 108.4 Cr |
| Cash & Equivalents | 98.44 Cr |
| Free Cash Flow (TTM) | -131.27 Cr |
| Free Cash Flow/Share (TTM) | -17.85 |
Balance Sheet | |
|---|---|
| Total Assets | 7.92 kCr |
| Total Liabilities | 5.01 kCr |
| Shareholder Equity | 2.91 kCr |
| Current Assets | 5.68 kCr |
| Current Liabilities | 4.24 kCr |
| Net PPE | 907.75 Cr |
| Inventory | 1.35 kCr |
| Goodwill | 11.14 Cr |
Capital Structure & Leverage | |
|---|---|
| Debt Ratio | 0.11 |
| Debt/Equity | 0.31 |
| Interest Coverage | 5.03 |
| Interest/Cashflow Ops | 2.88 |
Dividend & Shareholder Returns | |
|---|---|
| Dividend/Share (TTM) | 5 |
| Dividend Yield | 0.60% |
| Shares Dilution (1Y) | 0.00% |
| Shares Dilution (3Y) | 0.00% |
Size: Market Cap wise it is among the top 20% companies of india.
Past Returns: Outperforming stock! In past three years, the stock has provided 22% return compared to 12.8% by NIFTY 50.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Balance Sheet: Reasonably good balance sheet.
Growth: Poor revenue growth. Revenue grew at a disappointing -3.8% on a trailing 12-month basis.
Momentum: Stock has a weak negative price momentum.
Smart Money: Smart money looks to be reducing their stake in the stock.
Technicals: SharesGuru indicator is Bearish.
Size: Market Cap wise it is among the top 20% companies of india.
Past Returns: Outperforming stock! In past three years, the stock has provided 22% return compared to 12.8% by NIFTY 50.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Balance Sheet: Reasonably good balance sheet.
Growth: Poor revenue growth. Revenue grew at a disappointing -3.8% on a trailing 12-month basis.
Momentum: Stock has a weak negative price momentum.
Smart Money: Smart money looks to be reducing their stake in the stock.
Technicals: SharesGuru indicator is Bearish.
Investor Care | |
|---|---|
| Dividend Yield | 0.60% |
| Dividend/Share (TTM) | 5 |
| Shares Dilution (1Y) | 0.00% |
| Earnings/Share (TTM) | 25.49 |
Financial Health | |
|---|---|
| Current Ratio | 1.34 |
| Debt/Equity | 0.31 |
Technical Indicators | |
|---|---|
| RSI (14d) | 53.24 |
| RSI (5d) | 0.00 |
| RSI (21d) | 52.53 |
| MACD Signal | Sell |
| Stochastic Oscillator Signal | Hold |
| SharesGuru Signal | Sell |
| RSI Signal | Hold |
| RSI5 Signal | Buy |
| RSI21 Signal | Hold |
| SMA 5 Signal | Sell |
| SMA 10 Signal |
Summary of ISGEC Heavy Engineering's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.
Management Outlook and Major Points:
1. Financial Performance:
2. Order Book & Pipeline:
3. Margins & Growth Targets:
4. Philippines Ethanol Plant:
5. Subsidiaries & Exports:
6. Sectoral Outlook:
7. Debt & Capex:
Key Risks: Global economic uncertainty, chemical sector slowdown, and Philippines plant delays. Execution of legacy FGD orders (Rs.400 Cr pending) remains a near-term focus.
Understand ISGEC Heavy Engineering ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.
| Shareholder Name | Holding % |
|---|---|
| THE YAMUNA SYNDICATE LTD | 45% |
| RANJIT PURI | 8.97% |
| ADITYA PURI | 6.21% |
| NIPPON LIFE INDIA TRUSTEE LTD-A/C NIPPON INDIA SMALL CAP FUND | 5.95% |
| N. A. COLD STORAGES PVT. LTD. | 2.04% |
| 3P INDIA EQUITY FUND 1 | 1.2% |
| SHRI PARASRAM HOLDINGS PRIVATE LIMITED | 1.2% |
Detailed comparison of ISGEC Heavy Engineering against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.
Ticker | Name | Mkt Cap | Revenue | Price %, 1M | Returns, 1Y | P/E | P/S | Rev 1-Yr | Inc 1-Yr |
|---|---|---|---|---|---|---|---|---|---|
| LT | Larsen & Toubro | 5.54 LCr | 2.76 LCr | +0.90% | +14.10% | 33.75 | 2.01 | - | - |
| BHEL | Bharat Heavy Electricals | 95.5 kCr | 29.87 kCr |
Comprehensive comparison against sector averages
ISGEC metrics compared to Construction
| Category | ISGEC | Construction |
|---|---|---|
| PE | 32.55 | 27.30 |
| PS | 0.96 | 1.67 |
| Growth | -3.8 % | 5.1 % |
Isgec Heavy Engineering Limited provides engineering solutions worldwide. It operates through two segments: Manufacturing of Machinery & Equipment; and Engineering, Procurement & Construction. The company provides process plant equipment, including reactors, high pressure vessels, shell and tube heat exchangers, columns and towers, and high pressure boiler drums; boilers, such as solid and biomass fuels, bagasse and biomass, oil and gas fired, blast furnace gas fired, waste to energy, and heat recovery boilers, as well as auxiliaries, such as air pollution control equipment, bag filters, SCR/SNCR, flue gas desulphurization systems, and deaerators; and field services comprising site construction and commissioning, operation and maintenance, supervision, retrofitting and modernization, residual life assessment studies, spares, and technical assistance. It offers engineering, procurement, and construction services; sugar plants and machinery that include mills, diffusers, process house equipment, sugar refinery, turnkey distillery plants, and spares and retrofits; presses comprising mechanical and hydraulic straight sided presses, mechanical gap and ring frame presses, and servo presses; and steel castings, including steam/gas turbine, hydro turbine, valve, pump, mining and crushing, and general engineering castings. In addition, the company offers iron castings, air pollution control equipment, and liquefied gas containers, as well as provides contract manufacturing services. Further, it manufactures and sells sugar and its by-products, and ethanol and its by-products. It serves power, fertilizer, sugar and distillery, oil and gas, petrochemicals, automobile, steel, defense, cement, chemicals industries, etc. The company was formerly known as The Saraswati Industrial Syndicate Limited and changed its name to Isgec Heavy Engineering Limited in 2011. The company was incorporated in 1933 and is headquartered in Noida, India.
This is an informational page just to provide a quick 'first look' at the stock. You must do your own deeper research. Know your risk appetite. Consult a SEBI-registered financial advisor before making any investment decisions.
| Sell |
| SMA 20 Signal | Sell |
| SMA 50 Signal | Sell |
| SMA 100 Signal | Sell |
ISGEC vs Construction (2022 - 2026)
1. Question: "Sir, first of all, thank you very much for this opportunity. My question is specifically pertaining to couple of segments. So, I just wanted to get some idea how is the captive power market in India? Based on your assessment for FY25, how big can be the market for captive power India, if you can help on this number with in terms of mega wattages, it would be really very helpful? Also, according to you, what can be the outlook for waste heat recovery plants in India for next couple of years?"
Answer: Management stated the captive power plant demand remains robust, driven by process industries needing steam and power. Waste heat recovery demand is tied to decarbonization efforts. No specific figures were provided, but the outlook is positive.
2. Question: "Do we intend to get into the thermal power plant boiler market (e.g., 800 MW boilers)?"
Answer: ISGEC will focus on smaller packages (e.g., material handling, piping) for thermal plants but avoid large boiler projects like 800 MW units.
3. Question: "How does consolidated PAT differ from standalone PAT? What are the subsidiary contributions?"
Answer: Subsidiaries like Saraswati Sugar Mills (INR 20 crore profit), ISGEC Hitachi Zosen (INR 5 crore profit), and Eagle Press (INR 9 crore profit) contributed. Losses in the Philippines project (INR 29 crore) included forex mark-to-market adjustments. Dividends from subsidiaries were adjusted in consolidation.
4. Question: "What is the margin outlook for industrial projects and steps to improve them?"
Answer: Margins for industrial projects (~5%) may improve gradually by prioritizing shorter-duration, technology-led projects with less civil work. Double-digit margins are unlikely in this segment.
5. Question: "Is the 13.5% manufacturing margin sustainable? What drives it?"
Answer: Margins are sustainable due to expanded capacities (e.g., foundry, boilers) and improved order pricing. Subsidiary contributions (e.g., Hitachi Zosen, Eagle Press) also boosted margins.
6. Question: "What is the status of the Philippines ethanol plant?"
Answer: The plant produced 3.5 million liters of ethanol but is temporarily shut for corrections. It is expected to restart in August and operate at full capacity by mid-November, targeting INR 500 crore annual revenue with ~24% EBITDA margins.
7. Question: "What is the capex guidance for FY25 and FY26?"
Answer: FY25 capex is ~INR 60 crore for engineering business. FY26 plans are undecided.
8. Question: "What is the order book trajectory and growth outlook?"
Answer: Consolidated order book stands at INR 7,741 crore (69% projects, 31% manufacturing). FY25 revenue is expected to grow in early double digits, driven by manufacturing.
9. Question: "Will the Philippines plant be sold?"
Answer: No immediate plans; focus is on stabilizing operations. Disposal updates will be shared later.
10. Question: "What is the net debt position?"
Answer: Consolidated net debt reduced to INR 491 crore (down 54% YoY). Standalone net surplus is INR 133 crore. Full-year debt reduction is expected but not elimination.
| NINA PURI | 0.22% |
| TANU PRIYA PURI | 0% |
| TANVI PURI | 0% |
| NAYNA PURI | 0% |
| ASHOK BHAN | 0% |
| AKSHAY BHAN | 0% |
| MADHU JAIN | 0% |
| RANJIT PURI HUF | 0% |
Distribution across major stakeholders
Distribution across major institutional holders
| +26.70% |
| 170.34 |
| 3.2 |
| - |
| - |
| THERMAX | Thermax | 36.03 kCr | 10.48 kCr | +9.00% | -22.50% | 57.36 | 3.44 | - | - |
| KIRLOSBROS | Kirloskar Brothers | 12.69 kCr | 4.51 kCr | +2.30% | -25.10% | 32.36 | 2.82 | - | - |
| TRIVENI | Triveni Engineering & Industries | 7.84 kCr | 7.57 kCr | +3.00% | -14.70% | 30.62 | 1.03 | - | - |
| 25.9% |
| 1,590 |
| 1,263 |
| 1,617 |
| 1,449 |
| 1,540 |
| 1,452 |
| Profit Before exceptional items and Tax | 42.1% | 136 | 96 | 130 | 52 | 127 | 97 |
| Total profit before tax | 42.1% | 136 | 96 | 130 | 52 | 127 | 97 |
| Current tax | 16.1% | 37 | 32 | 35 | 32 | 33 | 30 |
| Deferred tax | 107.4% | 1.07 | 0.05 | -2.93 | -3 | -0.68 | -0.64 |
| Total tax | 19.4% | 38 | 32 | 32 | 29 | 32 | 29 |
| Total profit (loss) for period | -5.2% | 56 | 59 | 78 | 23 | 96 | 67 |
| Other comp. income net of taxes | 45% | -3.29 | -6.8 | -1.9 | 0.24 | -2.7 | 0.53 |
| Total Comprehensive Income | 2% | 53 | 52 | 76 | 23 | 93 | 68 |
| Earnings Per Share, Basic | -18.5% | 5.98 | 7.11 | 9.67 | 2.73 | 12.59 | 8.9 |
| Earnings Per Share, Diluted | -18.5% | 5.98 | 7.11 | 9.67 | 2.73 | 12.59 | 8.9 |
| Debt equity ratio | 0% | 0.0172 | 0.0169 | 0.0182 | 0.0173 | 0.02 | 0.0187 |
| Debt service coverage ratio | 0.3% | 08 | 053 | 073 | 072 | 0.01 | 07 |
| Interest service coverage ratio | 1.7% | 0.0872 | 0.0716 | 0.1213 | 0.0404 | 0.18 | 0.1022 |
| 13.4% |
| 432 |
| 381 |
| 343 |
| 319 |
| 279 |
| 313 |
| Finance costs | -62.5% | 16 | 41 | 37 | 23 | 23 | 16 |
| Depreciation and Amortization | 0% | 67 | 67 | 63 | 65 | 68 | 74 |
| Other expenses | 141.6% | 3,139 | 1,300 | 1,303 | 1,199 | 1,150 | 1,512 |
| Total Expenses | 1.9% | 4,691 | 4,602 | 4,453 | 4,323 | 4,061 | 4,705 |
| Profit Before exceptional items and Tax | 27.7% | 388 | 304 | 234 | 147 | 285 | 207 |
| Total profit before tax | 27.7% | 388 | 304 | 234 | 147 | 285 | 207 |
| Current tax | 40.3% | 109 | 78 | 64 | 44 | 71 | 57 |
| Deferred tax | -122.6% | -14.29 | -5.87 | -7.38 | -9.96 | -5.02 | -2.67 |
| Total tax | 32.4% | 95 | 72 | 56 | 34 | 66 | 54 |
| Total profit (loss) for period | 26.8% | 294 | 232 | 178 | 113 | 218 | 153 |
| Other comp. income net of taxes | -74.4% | -2.07 | -0.76 | -0.74 | 3.18 | 0.55 | 0.27 |
| Total Comprehensive Income | 26.5% | 292 | 231 | 177 | 116 | 219 | 153 |
| Earnings Per Share, Basic | 27.7% | 39.95 | 31.513 | 24.2 | 15.343 | 29.68 | 20.82 |
| Earnings Per Share, Diluted | 27.7% | 39.95 | 31.513 | 24.2 | 15.343 | 29.68 | 20.82 |
| Debt equity ratio | -0.3% | 0.0147 | 0.0172 | 0.0176 | 0.0176 | 0.0186 | 0.0188 |
| Debt service coverage ratio | -14.3% | 0.0181 | 0.1407 | 075 | 054 | 0.0216 | 0.0121 |
| Interest service coverage ratio | 24.8% | 0.3182 | 0.0928 | 0.0546 | 0.0837 | 0.1696 | 0.2225 |
| -0.4% |
| 468 |
| 470 |
| 437 |
| 427 |
| 440 |
| 453 |
| Capital work-in-progress | 61.1% | 88 | 55 | 52 | 33 | 13 | 4.1 |
| Non-current investments | 0% | 160 | 160 | 158 | 156 | 163 | 163 |
| Loans, non-current | 71% | 950 | 556 | 287 | 177 | 121 | 113 |
| Total non-current financial assets | 53.5% | 1,132 | 738 | 496 | 419 | 374 | 365 |
| Total non-current assets | 33.5% | 1,794 | 1,344 | 1,060 | 955 | 895 | 885 |
| Total assets | 9.4% | 6,529 | 5,969 | 5,699 | 5,865 | 5,767 | 5,354 |
| Borrowings, non-current | 130.3% | 480 | 209 | 17 | 7.21 | 0 | 0 |
| Total non-current financial liabilities | 122.3% | 490 | 221 | 30 | 19 | 14 | 13 |
| Provisions, non-current | 15.6% | 53 | 46 | 56 | 53 | 61 | 76 |
| Total non-current liabilities | 67.2% | 695 | 416 | 185 | 212 | 288 | 238 |
| Borrowings, current | 129.4% | 118 | 52 | 34 | 22 | 246 | 447 |
| Total current financial liabilities | 0.5% | 1,311 | 1,305 | 1,288 | 1,372 | 1,686 | 1,842 |
| Provisions, current | 4% | 185 | 178 | 189 | 166 | 135 | 100 |
| Current tax liabilities | -27% | 28 | 38 | 24 | 6.56 | 0.29 | 7.35 |
| Total current liabilities | 4.7% | 3,284 | 3,136 | 3,219 | 3,499 | 3,436 | 3,170 |
| Total liabilities | 12% | 3,979 | 3,552 | 3,404 | 3,711 | 3,724 | 3,408 |
| Equity share capital | 0% | 7.35 | 7.35 | 7.35 | 7.35 | 7.35 | 7.35 |
| Total equity | 5.5% | 2,550 | 2,417 | 2,296 | 2,155 | 2,043 | 1,946 |
| Total equity and liabilities | 9.4% | 6,529 | 5,969 | 5,699 | 5,865 | 5,767 | 5,354 |
| -2.6% |
| 77 |
| 79 |
| 49 |
| 59 |
| - |
| - |
| Net Cashflows From Operating Activities | -28.4% | 369 | 515 | 42 | -134.3 | - | - |
| Proceeds from sales of PPE | -18.2% | 1.18 | 1.22 | 1.09 | 1.07 | - | - |
| Purchase of property, plant and equipment | 106.8% | 123 | 60 | 42 | 48 | - | - |
| Purchase of intangible assets | -93.8% | 1.99 | 17 | 2.58 | 7.65 | - | - |
| Purchase of intangible assets under development | 90.7% | -0.2 | -11.93 | 13 | 0 | - | - |
| Dividends received | 13% | 27 | 24 | 17 | 14 | - | - |
| Interest received | -85.9% | 1.54 | 4.82 | 3.59 | 7.67 | - | - |
| Other inflows (outflows) of cash | - | 0 | 0 | 0 | -74.18 | - | - |
| Net Cashflows From Investing Activities | -514.7% | -545.35 | -87.88 | 57 | -107.56 | - | - |
| Proceeds from borrowings | 172.2% | 231 | -317.54 | 113 | 306 | - | - |
| Repayments of borrowings | -101% | 0 | 100 | 100 | 71 | - | - |
| Payments of lease liabilities | -5.9% | 6.38 | 6.72 | 5.47 | 4.28 | - | - |
| Dividends paid | 33.3% | 29 | 22 | 15 | 7.54 | - | - |
| Interest paid | -65.8% | 14 | 39 | 36 | 22 | - | - |
| Net Cashflows from Financing Activities | 137% | 181 | -485.97 | -43.64 | 201 | - | - |
| Net change in cash and cash eq. | 105.9% | 4.54 | -59.16 | 56 | -40.7 | - | - |
Analysis of ISGEC Heavy Engineering's financial performance, highlighting revenue trends, growth patterns, and key metrics through quarterly analysis.
Last Updated: Sep 30, 2025
| Description | Share | Value |
|---|---|---|
| Industrial Projects | 48.2% | 843.7 Cr |
| Manufacturing of Machinery & Equipment | 38.1% | 666.7 Cr |
| Sugar | 9.7% | 169.3 Cr |
| Ethanol | 4.0% | 69.9 Cr |
| Total | 1.7 kCr |