ISGEC Q1 FY27: Strong income growth meets uneven profitability

Consolidated total income was Rs 1,993.5 crore and PAT was Rs 17.5 crore in Q1 FY27, as per the investor presentation.

In Q1 FY27, Manufacturing of Machinery and Equipment revenue was Rs 796.6 crore, Industrial Projects was Rs 1,103.8 crore, and Sugar and Ethanol (excluding Philippines ethanol plant) was Rs 137.1 crore, per the investor presentation.

The consolidated order book was Rs 8,958 crore as of June 30, 2026, according to management commentary and the investor presentation.

Management guided FY27 standalone revenue growth of 10 to 12 percent, manufacturing EBIT margins of 12 to 13 percent, and projects EBIT margins within the 5 to 6 percent range.

Management said the key reason was losses from the Philippines ethanol plant, which incurred a segment loss of Rs 83 crore in Q1 FY27, driven mainly by depreciation, interest and forex fluctuations.

Management stated standalone export revenue was Rs 385 crore, about 25 percent of revenue, up from about 15 percent in Q1 FY26, and they expect the higher export level to continue.

Management discussed manufacturing capacity additions including presses at the new Bhartauli plant, skids and modules at the Dahej SEZ facility, and expansions at casting, tubing and piping, and press facilities. The board-approved manufacturing capacity capex was stated as Rs 502 crore.