Sanghvi Movers Limited: Lifting Growth with Strategic Expansion and Robust Performance in H1 FY26

Sanghvi Movers Limited, a prominent name in India's heavy lift and material handling sector and the world's fifth-largest crane rental company, has announced a robust financial performance for the first half of fiscal year 2026 (H1 FY26) and the second quarter (Q2 FY26) ended September 30, 2025. The company's results underscore its strategic positioning amidst favorable market tailwinds and sustained demand across key sectors like infrastructure and renewable energy.

For H1 FY26, the company reported an impressive revenue from operations of INR 483 crores, marking a significant 57% year-on-year (YoY) growth compared to INR 307 crores in H1 FY25. The second quarter alone saw revenue reach INR 210 crores, a 35% YoY increase from INR 156 crores in Q2 FY25. This strong top-line performance translated into healthy profitability, with H1 FY26 EBITDA standing at INR 195 crores (up 11% YoY) and Profit After Tax (PAT) at INR 87 crores (up 24% YoY). The PAT margin for H1 FY26 was 18%. The company's average capacity utilization for the quarter was 70%, with an average blended yield of 2.04% per month.

Financial Highlights at a Glance

Strategic Initiatives Driving Future Growth

Sanghvi Movers is actively implementing its ambitious five-year strategic roadmap, 'ELEVATE 2030', which focuses on expanding its global footprint, diversifying its portfolio, and strengthening customer-centric value creation. A significant milestone in this journey is the successful commencement of commercial operations in the Kingdom of Saudi Arabia (KSA) in September 2025. The company has already deployed over 30 cranes in KSA, achieving 100% capacity utilization, and has a healthy inquiry pipeline of approximately $45-50 million, indicating promising expansion opportunities in a market estimated at$800 million to $1 billion annually.

To further streamline operations and enhance focus, the company has carved out its Renewable/Wind EPC business into a separate wholly-owned subsidiary, Sangreen Future Renewables. This new entity is already gaining significant traction and showing strong potential for growth. Furthermore, Sanghvi Movers has strengthened its leadership team by onboarding key C-suite executives, including a BU CEO, CFO, CPO, CSO, CBO, and KSA MD, to drive future growth plans and ensure focused execution of its strategic objectives.

Operational Excellence and Market Outlook

The company's operational strength is reflected in its robust consolidated order book, which stands at INR 1,239 crores as of October 31, 2025. Of this, approximately INR 756 crores is expected to be executed within FY26. Management, however, transparently noted that about 10-15% of the order book might spill over into FY27 due to factors like prolonged monsoon delays and client-side site clearance issues. Despite competitive pressures, the company aims to maintain its average blended yield and expects capacity utilization to improve to 78-80% in the stronger Q3 and Q4 quarters.

Sanghvi Movers continues to invest in its fleet and infrastructure, with a total capex plan of INR 629 crores for FY26. This includes INR 405 crores for India and INR 224 crores for KSA, demonstrating a commitment to supporting future growth. The company's financial position remains strong, with net debt at INR 440 crores and a healthy debt-equity ratio of 0.36x as of September 30, 2025, providing a solid foundation for its expansion plans.

Segment Performance in H1 FY26

Concluding Thoughts: A Future-Ready Approach

Sanghvi Movers Limited is clearly demonstrating strategic clarity and disciplined execution. The company's proactive approach to global expansion, portfolio diversification, and digital transformation, as outlined in 'ELEVATE 2030', positions it well for sustained growth. By leveraging its market leadership, operational excellence, and a strengthened management team, Sanghvi Movers is not just lifting heavy equipment but also its growth trajectory, instilling confidence in its ability to deliver long-term value for all stakeholders.