ISGEC Heavy Engineering Ltd logo

ISGEC Heavy Engineering Ltd

ISGEC NSE

Key Fundamentals

MicrocapCivil ConstructionConstruction
Market Cap
₹5,625 Cr
Volatility
Low Risk
P/E Ratio
29.35
EBITDA
₹538 Cr
Return on Equity
12.49%
Debt to Equity
0.35
Book Value
₹372.17
EPS
₹35.15
52W High
₹1,113.9
52W Low
₹683.95

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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53 extracted metrics + investor summaries across FY15–FY27.

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Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 22.4%

Weaknesses

2
  • The company has delivered a poor sales growth of 4.59% over past five years.
  • Company has a low return on equity of 7.74% over last 3 years.

Growth Rate

Revenue Growth
5.07% ↗
Net Income Growth
-55.87% ↗
Cash Flow Change
-84.20% ↘
ROE
15.01% ↗
ROCE
4.64% ↗
EBITDA Margin (Avg.)
-18.79% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 42d ago
AI opinion · based on fundamentals
Risk high

ISGEC Heavy Engineering is a mid-cap industrials company with a market cap of ₹6,744 Cr trading at a PE of 44.1x. Consolidated revenue grew modestly to ~₹6,789 Cr in FY26 from ₹6,422 Cr in FY25, but compounded profit has declined at -53% TTM and the 3-year ROE averages only ~8%. The order book stood at ₹8,709 Cr as of December 2025, providing revenue visibility but profitability remains under pressure.

Bull Case 7
  • Order book stood at ₹8,709 Cr (consolidated) as of Dec 2025, providing ~1.3x book-to-bill ratio against FY26 revenue of ₹6,789 Cr, giving strong revenue visibility
  • Q4 FY26 revenue grew 17.42% YoY to ₹2,048 Cr, indicating an acceleration from the muted 6% TTM sales growth rate
  • FY26 consolidated revenue rose to ₹6,789 Cr from ₹6,422 Cr in FY25, reversing a period of flat-to-declining topline
  • Consistent dividend payout of 22.4% demonstrating management's commitment to shareholder returns even in a difficult profit environment
  • Diversified business across heavy engineering EPC, boilers, sugar, and ethanol — with exports to ~92 countries reducing single-market concentration
  • FY26 standalone net profit rose to ₹347 Cr (EPS ₹47.18) from ₹294 Cr (EPS ₹39.96) in FY25, showing a 18% YoY improvement
  • Operating profit margin improved from 5.65% in FY22 to ~8-9% in FY25-FY26, showing a multi-year expansion trend in consolidated OPM
Bear Case 8
  • PE ratio of 44.1x is elevated for a company with 5-year compounded profit CAGR of -14%, implying the stock prices in significant growth that has not yet materialized
  • Compounded profit growth is deeply negative: -53% TTM, -16% over 3 years, and -14% over 5 years on a consolidated basis
  • 3-year ROE averages only 8% and last year ROE dropped to 4%, well below the cost of equity for an industrial company
  • 5-year sales CAGR of just 4.59% lags nominal GDP growth and peers in the capital goods sector
  • Stock has declined 24% over the past 1 year, significantly underperforming broader market indices
  • Price-to-book of 2.48x appears expensive relative to the sub-8% ROE, implying the market pays a premium not justified by current return on capital
  • Dividend yield of only 0.54% offers limited income cushion against capital depreciation risk at current valuations
  • 10-year stock CAGR of only 6% suggests prolonged periods of value stagnation despite being in a cyclical upswing sector

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 42d ago
Neutral 1
  • JV stake sale completed Jun 25

    Isgec Heavy Engineering sold 25% stake in Isgec SFW Boilers for ₹4 crore, reducing its shareholding to 26%. The JV ceased to be a subsidiary as a result.

TL;DR: Limited recent news flow for Isgec Heavy Engineering. The only development is a minor ₹4 crore stake sale in a JV, which is a routine corporate restructuring event with negligible financial impact. No clear directional catalyst emerges from current newsflow.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
1,386
1,473
1,493
1,868
1,540
1,644
1,495
1,744
1,356
1,691
1,739
2,048
1,980
Expenses
1,282
1,340
1,369
1,730
1,415
1,517
1,364
1,592
1,232
1,544
1,545
1,892
1,856
Operating Profit
104
134
123
138
125
127
132
152
124
147
194
156
124
OPM %
7%
9%
8%
7%
8%
8%
9%
9%
9%
9%
11%
8%
6%
Other Income
13
4
5
4
9
34
-31
3
18
-7
-26
63
13
Interest
19
20
13
11
11
8
8
13
26
19
17
20
19
Depreciation
25
26
27
28
26
26
40
12
71
27
28
68
65
PBT
72
91
89
102
96
128
52
130
45
94
123
131
53
Tax %
27%
30%
25%
30%
30%
25%
56%
24%
70%
40%
31%
35%
67%
Net Profit
53
64
67
72
67
96
23
98
13
56
84
85
18
EPS in Rs
6.89
8.13
8.42
9.7
8.9
12.59
2.73
12.4
0.94
5.98
9.49
9.96
1.22
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
3,952
4,507
3,916
3,790
5,050
5,882
5,426
5,499
6,399
6,218
6,422
6,789
7,458
Expenses
3,679
4,157
3,510
3,481
4,761
5,537
4,956
5,165
5,926
5,671
5,824
6,235
6,837
Operating Profit
273
349
407
309
289
345
469
335
473
548
598
555
620
OPM %
7%
8%
10%
8%
6%
6%
9%
6%
7%
9%
9%
8%
8%
Other Income
47
76
93
56
65
31
52
13
12
-8
-54
117
42
Interest
51
66
58
34
45
61
64
88
91
84
56
85
75
Depreciation
83
76
75
81
82
101
101
101
104
101
102
278
187
PBT
188
284
367
251
227
214
356
158
290
354
386
308
401
Tax %
34%
33%
32%
33%
37%
30%
29%
27%
29%
28%
32%
50%
—
Net Profit
123
190
248
168
144
149
253
115
206
255
264
154
243
EPS in Rs
16.03
25.13
32.94
21.4
19.42
19.65
33.71
14.8
26.72
33.14
33.89
14.81
26.65
Div. Payout %
12%
8%
9%
7%
33%
10%
9%
14%
11%
12%
15%
40%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
7
7
7
7
7
7
7
7
7
7
7
7
Reserves
837
1,021
1,246
1,374
1,508
1,777
2,014
2,114
2,297
2,515
2,731
2,729
Borrowings
524
661
356
174
304
991
983
1,233
1,235
814
861
951
Other Liabilities
2,110
2,434
2,504
2,271
3,303
3,166
3,441
3,387
3,513
4,470
4,410
4,390
Total Liabilities
3,479
4,124
4,114
3,826
5,121
5,941
6,445
6,741
7,053
7,807
8,009
8,077
Fixed Assets
554
615
623
629
749
833
803
977
947
956
973
1,791
CWIP
14
10
19
32
19
706
893
702
805
959
66
137
Investments
348
554
697
371
155
98
60
135
33
29
85
66
Other Assets
2,562
2,944
2,775
2,794
4,199
4,303
4,689
4,928
5,267
5,863
6,884
6,083
Total Assets
3,479
4,124
4,114
3,826
5,121
5,941
6,445
6,741
7,053
7,807
8,009
8,077
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
261
123
236
101
-238
104
228
-70
208
735
116
765
Investing
-239
-261
-141
276
73
-328
-164
-159
-43
-274
-274
-131
Financing
-66
66
-370
-233
93
295
-89
176
-98
-487
108
-341
Net Cash Flow
-44
-72
-275
144
-71
71
-25
-53
67
-26
-49
293
Free Cash Flow
179
-3
149
2
-363
-328
-11
-135
51
493
-119
600
CFO/OP
124
63
85
60
-51
51
67
1
59
154
36
169
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
96
116
106
109
137
111
144
143
161
172
161
148
Inventory Days
125
115
183
143
142
125
129
153
110
140
145
162
Days Payable
179
183
241
189
174
147
182
157
141
141
123
118
Cash Conversion Cycle
42
48
48
64
105
89
92
138
129
171
183
192
Working Capital Days
-6
-7
3
42
60
34
53
54
58
61
73
69
ROCE %
16%
21%
23%
17%
15%
11%
14%
8%
11%
13%
15%
11%

Shareholding Pattern

As of Jun 2026
Promoters 62.43%
Public 17.02%
DIIs 10.23%
Others 6.54%
FIIs 3.76%
Government 0.01%
Total 99.99%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
62.43%
62.43%
62.43%
62.43%
62.43%
62.43%
62.43%
62.43%
62.43%
62.43%
62.43%
62.43%
62.43%
62.43%
62.43%
62.43%
62.43%
62.43%
62.43%
62.43%
62.43%
62.43%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
3.53%
3.51%
3.82%
3.90%
4.20%
3.47%
3.54%
3.48%
3.61%
3.85%
3.76%
DIIs
6.85%
7.08%
6.76%
6.58%
6.76%
7.12%
7.10%
7.14%
7.80%
8.16%
7.70%
8.73%
8.82%
8.82%
11.26%
11.56%
11.11%
10.63%
10.40%
10.46%
10.31%
10.23%
Government
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
Public
18.38%
19.16%
20.33%
20.40%
20.08%
19.62%
19.81%
19.45%
19.23%
18.67%
18.31%
18.09%
18.02%
17.71%
16.19%
15.58%
16.34%
16.57%
16.71%
16.70%
16.74%
17.02%
Others
12.32%
11.32%
10.47%
10.57%
10.71%
10.82%
10.64%
10.96%
10.53%
10.72%
11.54%
7.20%
7.21%
7.21%
6.20%
6.21%
6.64%
6.82%
6.97%
6.79%
6.66%
6.54%
No. of Shareholders
13,823
17,980
37,116
37,561
35,548
34,286
34,014
33,170
33,309
30,686
32,601
32,484
31,635
30,328
30,009
28,925
32,763
37,060
38,449
39,402
38,998
38,896

Documents

1
Concall - Jun 2018 Jun 2018
2
Concall - May 2019 May 2019
3
Concall - May 2019 May 2019
4
Concall - Aug 2019 Aug 2019
5
Concall - Mar 2020 Mar 2020

Frequently Asked Questions about ISGEC Heavy Engineering Ltd

What does ISGEC Heavy Engineering Ltd do?
ISGEC Heavy Engineering Ltd is a diversified heavy engineering company engaged in manufacturing and project business with an extensive global presence. It manufactures process plant equipment, presses, Iron & Steel castings & Boiler pressure parts. It also undertakes turnkey projects for setting-...
Where is ISGEC Heavy Engineering Ltd (ISGEC) listed?
ISGEC Heavy Engineering Ltd is listed on the Indian stock exchanges. It is listed on NSE: ISGEC and BSE: 533033. You can view its live share price, financials, and ratios on Tapetide.
Which sector does ISGEC Heavy Engineering Ltd belong to?
ISGEC Heavy Engineering Ltd operates in the Construction sector within the Civil Construction industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of ISGEC Heavy Engineering Ltd?
ISGEC Heavy Engineering Ltd has a market capitalisation of approximately ₹5624.64 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of ISGEC Heavy Engineering Ltd?
The Price-to-Earnings (PE) ratio of ISGEC Heavy Engineering Ltd is 29.35. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of ISGEC Heavy Engineering Ltd?
Over the past 52 weeks, ISGEC Heavy Engineering Ltd has traded between a low of ₹683.95 and a high of ₹1,113.9. This range helps investors understand the stock's price volatility and recent trading levels.
Does ISGEC Heavy Engineering Ltd pay dividends?
Yes, ISGEC Heavy Engineering Ltd has a dividend yield of 0.80%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of ISGEC Heavy Engineering Ltd?
ISGEC Heavy Engineering Ltd has a Return on Equity (ROE) of 12.49%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research ISGEC Heavy Engineering Ltd on Tapetide?
On Tapetide, you can view ISGEC Heavy Engineering Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

ISGEC Heavy Engineering Ltd is a diversified heavy engineering company engaged in manufacturing and project business with an extensive global presence. It manufactures process plant equipment, presses, Iron & Steel castings & Boiler pressure parts. It also undertakes turnkey projects for setting-up boilers, power plants, sugar plants, distilleries, factories and others. It also has strengths in the business of construction.[1] It is also engaged in the business of manufacture of sugar and its by-products through a subsidiary.[2]

Website isgec.com
CEO Mr. Aditya Puri
Employees 3,089
Listed 2021-05-05
Face Value ₹ 1
Issued Size 7,35,29,510

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