Isgec Heavy Engineering Limited (ISGEC)

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Isgec Heavy Engineering Limited (ISGEC) · mywealthgrid

About

Isgec Heavy Engineering operates in civil construction within the Industrials sector, with a market cap of ₹5,381.3 Cr. It maintains moderate leverage (D/E 0.34) and has generated consistent cash returns through annual dividends since 2021.

Face value: ₹1

Market cap

₹6,760 Cr

P/E

34.5×

P/B

2.5×

Dividend yield

0.7%

ROE

ROCE

11%

Debt / equity

0.34

OPM

8.2%

EPS (TTM)

₹26.7

Book value

₹372.3

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

ROE of 3.98% indicates poor capital efficiency — capital deployment returns do not justify the leverage available or cost of equity
Operating margin volatility from 5.26% (Mar 2026) to 11.14% (Dec 2025) suggests execution challenges or project-mix sensitivity creating earnings unpredictability
Valuation disconnect: PE 27.47 on ROE 3.98% leaves limited margin of safety — verify whether earnings growth can justify the multiple
Stock down 31% YoY from 52-week high of ₹1,094.95 reflects market's deteriorating view; verify whether this signals a cyclical trough or structural weakness

Generated analysis · source review pending

Growth drivers

Balance sheet has leverage capacity at D/E 0.34 — verify order pipeline and project wins to determine if scale can be expanded
Five-year dividend history (2021-2025) shows recurring cash generation — verify whether earnings growth can sustain and grow dividends
Construction sector typically benefits from infrastructure capex cycles — verify sector spending trends and company's positioning for acceleration

Generated analysis · source review pending

1,851 historical price candles were omitted because the exchange source has not been verified.

₹919.7+4.5%1Y

Quick read

rule-based

Pros

+High promoter holding of 62.4% with no pledge

Cons

−Low return on equity of 7.8% (3-yr avg)
−Profit declined 15.2% a year over the last 5 years
−Modest revenue growth of 4.6% a year over the last 5 years

Research score

Structured signal from quality, growth, valuation and momentum.

38/100

Business quality: 28
Growth: 27
Valuation: 58

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	5,426	5,499	6,399	6,219	6,422	6,789
COGS	3,295	3,396	3,932	3,730	1,946	1,954
Gross profit	2,130	2,103	2,468	2,489	4,476	4,835
	1,675	1,792	2,013	1,991	3,897	4,280
	455	311	455	498	579	555
OPM %	8.4%	5.7%	7.1%	8%	9%	8.2%
Depreciation	101	101	104	106	102	278
Interest	50	65	73	64	39	85
	52	13	13	26	-53	117
Profit before tax	356	158	290	354	386	308
Tax	103	43	84	99	122	154
Tax %	28.9%	27.3%	29.1%	28%	31.6%	50%
	253	115	206	255	264	154
PAT margin %	4.7%	2.1%	3.2%	4.1%	4.1%	2.3%
EPS (₹)	33.7	14.8	26.7	33.1	33.9	14.8
EPS adjusted (₹)	33.7	14.8	26.7	33.2	33.9	14.8
	8.9%	13.5%	11.2%	12.1%	14.8%	40.5%
Annual report	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	7	7	7	7	7	7	7	7	7	7	7
Reserves	857	1,246	1,374	1,508	1,777	2,014	2,114	2,297	2,515	2,731	2,729
Minority interest	—	61	72	72	75	78	81	88	96	110	151
	486	337	199	304	938	950	1,205	1,200	787	843	918
	2,149	2,471	2,177	3,238	3,160	3,411	3,353	3,482	4,429	4,350	4,271
Total equity & liabilities	3,499	4,122	3,829	5,128	5,958	6,460	6,760	7,075	7,835	8,041	8,077
	549	617	629	749	778	751	932	946	955	973	1,790
CWIP	14	18	32	19	706	893	702	792	959	66	137
Investments	357	697	371	155	82	112	179	33	29	85	66
	2,579	2,790	2,797	4,205	4,392	4,704	4,947	5,303	5,893	6,917	6,084
Total assets	3,499	4,122	3,829	5,128	5,958	6,460	6,760	7,075	7,835	8,041	8,077

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Industrial Projects	3,702.07	175.06	3,323.83	2,843.93	479.9	36.48
Manufacturing of Machinery & Equipment	2,764.61	382.38

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	39.3%	38.2%	38.6%	40%	69.7%	71.2%
EBITDA margin %	8.4%	5.7%	7.1%	8%	9%	8.2%
EBIT margin %	6.5%	3.8%	5.5%	6.3%	7.4%	4.1%
PAT margin %	4.7%	2.1%	3.2%	4.1%	4.1%	2.3%
Working capital
Receivable days	144	143	161	172	161	148
Inventory days	128	151	108	138	277	309
Payable days	180	155	139	139	234	224
NWC days	92	138	130	171	204	232
Leverage
Current ratio	1.29	1.29	1.32	1.28	1.35	1.39
Debt to EBITDA	2.09	3.87	2.64	1.58	1.46	1.65
Debt to equity	0.47	0.57	0.52	0.31	0.31	0.34
Interest coverage	8.1	3.4	5	6.6	13.1	4.8
Asset turnover	0.84	0.81	0.9	0.79	0.8	0.84
Return ratios
Return on assets %	3.9%	1.7%	2.9%	3.3%	3.3%	1.9%
Return on capital employed %	13.9%	7.5%	11.7%	12.8%	14.7%	11%
Return on equity %	12.5%	5.4%	8.9%	10.1%	9.6%	5.6%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	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%	62.43%	62.43%	62.43%
	3.47%	3.53%	3.51%	3.82%	3.9%	4.2%	3.47%	3.54%	3.48%	3.61%	3.85%	3.76%
	8.32%	8.73%	8.82%	8.82%	11.26%	11.56%	11.11%	10.63%	10.4%	10.46%	10.31%	10.23%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0.01%	0.01%	0.01%	0.01%
	25.78%	25.31%	25.24%	24.93%	22.41%	21.81%	22.99%	23.4%	23.68%	23.49%	23.4%	23.57%
No. of shareholders	—	—	—	—	—	—	—	—	38,449	39,402	38,998	38,896

Promoter holding up 0 percentage points since Sep 2023.

6 deals · 14 Sept 2021 – 20 Feb 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
20 Feb 2025	GOLDMAN SACHS FUNDS - GOLDMAN SACHS INDIA EQUITY PORTFOLIO	Bulk	NSE	Sell	10,43,192	₹915.49	₹95.50 Cr
20 Feb 2025	NIPPON INDIA SMALL CAP FUND	Bulk	NSE	Buy	8,32,923	₹915.00	₹76.21 Cr
14 Sept 2021	GOLDMAN SACHS INDIA LIMITED	Block	BSE	Sell	13,83,655	₹729.45	₹100.93 Cr
14 Sept 2021	GOLDMAN SACHS FUNDS - GOLDMAN SACHS INDIA EQUITY PORTFOLIO	Block	BSE	Buy	13,83,655	₹729.45	₹100.93 Cr
14 Sept 2021	GOLDMAN SACHS INDIA LIMITED	Bulk	BSE	Sell	13,83,655	₹729.45	₹100.93 Cr
14 Sept 2021	GOLDMAN SACHS FUNDS - GOLDMAN SACHS INDIA EQUITY PORTFOLIO	Bulk	BSE	Buy	13,83,655	₹729.45	₹100.93 Cr

1–6 of 6

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. Ranjit PuriNon-Executive - Non Independent Director-Chairperson
Mr. Aditya PuriExecutive Director-MD
Mr. Arvind SagarNon-Executive - Independent Director
Mrs. Rashi SikkaNon-Executive - Independent Director
Mr. Rajiv Roy ChaudhuryNon-Executive - Independent Director
Mr. Vivek DhirNon-Executive - Independent Director
Mr. Kishore ChatnaniExecutive Director
Mr. Sanjay GulatiExecutive Director
Mr. Kalyan GhoshCompliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 3 fund houses

Held by these funds

7.03%

of the company's equity

All mutual funds

9.63%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

5 schemes · 3 fund houses

		Shares
SMALL CAP FUND	Nippon India Mutual Fund	44.98 L	355.64	0.43%	6.12%	-0
RETIREMENT FUND - WEALTH CREATION SCHEME	Nippon India Mutual Fund	2.6 L	20.56	0.66%	0.354%	-0
POWER & INFRA FUND	Nippon India Mutual Fund	2.33 L	18.4	0.23%	0.317%	-30,000
INFRASTRUCTURE FUND	Tata Mutual Fund	1.73 L	13.65	0.68%	0.235%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	81	0.01	0.01%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

24 announcementsExport CSV

1 Oct 2026, 4:10 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management

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Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	39.3%	38.2%	38.6%	40%	69.7%	71.2%
EBITDA margin %	8.4%	5.7%	7.1%	8%	9%	8.2%
EBIT margin %	6.5%	3.8%	5.5%	6.3%	7.4%	4.1%
PAT margin %	4.7%	2.1%	3.2%	4.1%	4.1%	2.3%
Working capital
Receivable days	144	143	161	172	161	148
Inventory days	128	151	108	138	277	309
Payable days	180	155	139	139	234	224
NWC days	92	138	130	171	204	232
Leverage
Current ratio	1.29	1.29	1.32	1.28	1.35	1.39
Debt to EBITDA	2.09	3.87	2.64	1.58	1.46	1.65
Debt to equity	0.47	0.57	0.52	0.31	0.31	0.34
Interest coverage	8.1	3.4	5	6.6	13.1	4.8
Asset turnover	0.84	0.81	0.9	0.79	0.8	0.84
Return ratios
Return on assets %	3.9%	1.7%	2.9%	3.3%	3.3%	1.9%
Return on capital employed %	13.9%	7.5%	11.7%	12.8%	14.7%	11%
Return on equity %	12.5%	5.4%	8.9%	10.1%	9.6%	5.6%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Larsen & ToubroLTLT	₹5,05,996 Cr	₹6,27,679 Cr	₹2,90,137 Cr	₹28,950 Cr	10.2%	₹16,590 Cr	6.6%	15.4%	15.5%	-142
Rail Vikas Nigam LimitedRVNLRVNL	₹41,075 Cr	₹45,888 Cr	₹20,825 Cr	₹891 Cr	3.8%	₹900 Cr	4.3%	10.2%	9%	66
Kalpataru Projects International LimitedKPILKPIL	₹23,167 Cr	₹26,474 Cr	₹27,380 Cr	₹2,277 Cr	8.3%	₹1,136 Cr	3.8%	20.3%	14.6%	-94
Nbcc (India) LimitedNBCCNBCC	₹20,898 Cr	₹20,898 Cr	₹12,752 Cr	₹656 Cr	4.8%	₹743 Cr	5.8%	29.3%	26.2%	-7,663
Irb Infrastructure Developers LimitedIRBIRB	₹20,533 Cr	₹40,541 Cr	₹7,686 Cr	₹4,182 Cr	52.1%	₹954 Cr	11.1%	6.1%	4.2%	67
Cemindia Projects LimitedCEMPROCEMPRO	₹20,254 Cr	₹21,120 Cr	₹10,185 Cr	₹1,058 Cr	10.2%	₹602 Cr	5.9%	44.8%	28.2%	-110
Engineers India LimitedENGINERSINENGINERSIN	₹17,577 Cr	₹17,577 Cr	₹3,878 Cr	₹750 Cr	17.7%	₹784 Cr	17.6%	28.8%	23.8%	-22
Techno Electric & Engineering Company LimitedTECHNOETECHNOE	₹11,614 Cr	₹11,686 Cr	₹3,356 Cr	₹469 Cr	14.2%	₹431 Cr	14.6%	13.6%	12%	-33
Ircon International LimitedIRCONIRCON	₹10,369 Cr	₹16,033 Cr	₹9,241 Cr	₹771 Cr	8.4%	₹524 Cr	6.5%	7.8%	9.2%	-469
Rites LimitedRITESRITES	₹10,068 Cr	₹10,068 Cr	₹2,458 Cr	₹555 Cr	22.9%	₹417 Cr	18.8%	19.3%	15.4%	-2,276
Welspun Enterprises LimitedWELENTWELENT	₹10,026 Cr	₹11,998 Cr	₹3,544 Cr	₹716 Cr	20.7%	₹308 Cr	10.9%	17.3%	12.5%	-422
Kec International LimitedKECKEC	₹9,912 Cr	₹15,015 Cr	₹23,506 Cr	₹1,599 Cr	7.1%	₹554 Cr	2.6%	23.1%	10.5%	-132

Date	Category	Subject	Filing
1 Oct 2026, 4:10 pm	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management	PDF
30 Sept 2026, 3:01 pm	Company Update General	Intimation Of ESG Rating By Crisil ESG Ratings And Analytics Limited	PDF
29 Sept 2026, 4:42 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
28 Sept 2026, 3:42 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
22 Sept 2026, 3:43 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
21 Sept 2026, 5:49 pm	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management	PDF
17 Sept 2026, 4:44 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
15 Sept 2026, 4:06 pm	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	123	236	-113	-238	104	228	-70	200	735	109	750
	-261	-141	310	70	-347	-186	-141	-51	-232	-297	-116
	66	-370	-57	93	295	-89	176	-98	-487	108	-341
Net cash flow	-72	-275	140	-74	52	-47	-36	51	16	-80	293
Free cash flow	-5	—	—	-358	-329	-14	-127	59	496	-131	585
CFO / Operating profit %	—	—	—	—	—	50.1%	-22.6%	44.1%	147.6%	18.8%	135.2%

Isgec Heavy Engineering Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

25

1

1

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Classified as Held for sale · revenue

Isgec Heavy Engineering Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends25

Board meetings1

Stock splits1

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Classified as Held for sale · revenue

25

1

1