ISGEC order book reaches record Rs 10,272.8 crore in H1 FY27

ISGEC Heavy Engineering Ltd. ended H1 FY27 with a record consolidated order book of Rs 10,272.8 crore on 30 September 2026 after booking Rs 5,724.9 crore of orders during the half. ISGEC’s disclosed backlog was 88% private-sector, 72% domestic and 62% Industrial Projects, according to its Q2 and H1 FY27 investor presentation.

How large is ISGEC’s consolidated order book?

ISGEC’s consolidated order book was Rs 10,272.8 crore at the end of H1 FY27, the highest level shown in the presentation. This was Rs 2,288.8 crore above the Rs 7,984 crore reported at the end of FY26 and exceeded the preceding four financial year-end balances, which ranged from Rs 7,905 crore in FY24 to Rs 8,321 crore in FY23.

The increase followed Rs 5,724.9 crore of consolidated bookings across Q1 FY27 and Q2 FY27. The Q2 FY27 intake of Rs 2,991.9 crore was the largest of the five quarters shown, ahead of Rs 2,733 crore in Q1 FY27 and more than double the Rs 1,461 crore booked in Q2 FY26. Both H1 FY27 quarters exceeded the highest quarterly booking shown for FY26, Rs 1,733 crore in Q3 FY26.

ISGEC’s standalone order book also reached an all-time high of Rs 8,757 crore on 30 September 2026. The standalone balance was Rs 1,515.8 crore below the consolidated balance on that date, with the presentation reporting the two measures on separate bases.

What drove ISGEC’s H1 FY27 order bookings?

ISGEC booked Rs 5,724.9 crore of consolidated orders in H1 FY27, comprising Rs 2,733 crore in Q1 FY27 and Rs 2,991.9 crore in Q2 FY27. Q2 bookings were Rs 258.9 crore higher than Q1 bookings, extending the increase from the Rs 1,265 crore booked in Q4 FY26.

The presentation gives a detailed order-book bridge only for ISGEC’s standalone business. Its opening standalone order book was Rs 6,946 crore on 31 March 2026; it booked Rs 4,844 crore during H1 FY27 and executed Rs 3,009.6 crore of revenue, resulting in a closing balance of Rs 8,757 crore on 30 September 2026. New standalone orders therefore exceeded revenue executed during the half by Rs 1,834.4 crore.

ISGEC reported standalone H1 FY27 book-to-bill of 1.6 times, meaning orders booked of Rs 4,844 crore were 1.6 times H1 revenue. It also reported standalone revenue visibility of 1.7 times, calculated as the Rs 8,757 crore closing order book divided by FY26 revenue. These ratios were disclosed for the standalone business rather than the consolidated order book.

What is ISGEC’s order-book mix by customer, geography and segment?

ISGEC’s Rs 10,272.8 crore consolidated order book was 88% private-sector and 12% public sector undertaking (PSU) and government business as of 30 September 2026. Private-sector orders were therefore the larger disclosed source of backlog, while PSU and government orders accounted for the remaining 12%.

Domestic orders accounted for 72% of ISGEC’s consolidated order book, compared with 28% for international orders. The disclosed backlog was therefore primarily domestic, while international work represented more than one-quarter of the order book at the H1 FY27 reporting date.

Industrial Projects made up 62% of the consolidated backlog, while Manufacturing of Machinery & Equipment contributed 38%. Industrial Projects was also ISGEC’s larger revenue segment in FY26, reporting revenue of Rs 3,702.1 crore compared with Rs 2,764.6 crore for Manufacturing of Machinery & Equipment.

The FY26 segment comparison showed different earnings before interest and tax, or EBIT, margins. Manufacturing of Machinery & Equipment recorded a 13.8% EBIT margin on Rs 2,764.6 crore of revenue, while Industrial Projects recorded a 4.7% margin on Rs 3,702.1 crore. ISGEC did not provide margin guidance or a profitability allocation for the H1 FY27 order book.

Which industries make up ISGEC’s order backlog?

ISGEC’s consolidated order book was spread across seven reported industry groups, with Sugar and Automobile each accounting for 18% as of 30 September 2026. Chemicals & Fertilizers represented 16%, Power 15%, Steel, Cement & Aluminium 12%, Others 12%, and Refineries 9%.

The seven industry categories total 100% of ISGEC’s Rs 10,272.8 crore consolidated backlog. ISGEC also listed exposure across Railways, Chemical, Power, Space, Fertilizer, Automobile, Cement, Defence, Mines, Sugar, Ports, Distillery, Oil & Gas, Paper, Steel and Water Treatment.

Management said the sector spread left ISGEC comfortably placed to counter cyclicality in any specific industry. That is management’s stated view: the presentation does not quantify cancellation risk, execution timing, individual project values or changes expected in the industry mix after 30 September 2026.

The order book spans businesses with different reported revenue patterns. In FY26, Industrial Projects generated Rs 3,702.1 crore, Manufacturing of Machinery & Equipment generated Rs 2,764.6 crore, and Sugar & Ethanol generated Rs 883.6 crore, excluding the ethanol plant in the Philippines. The disclosed consolidated order-book split allocates orders only between Industrial Projects and Manufacturing of Machinery & Equipment.

Conclusion

ISGEC entered the second half of FY27 with its largest disclosed consolidated order book, Rs 10,272.8 crore, after Rs 5,724.9 crore of first-half bookings. Private customers, domestic projects and Industrial Projects account for most of the disclosed backlog, while Sugar, Automobile, Chemicals & Fertilizers and Power each form material parts of the industry mix.

The next disclosed measure to watch is whether bookings remain near the Rs 2,991.9 crore reported in Q2 FY27 and how much of the backlog converts into revenue. ISGEC has disclosed standalone revenue visibility of 1.7 times FY26 revenue and a standalone H1 FY27 book-to-bill ratio of 1.6 times, but it has not provided a consolidated execution schedule or future booking target.