Sanghvi Movers FY26: Record Revenue, a Shifting Mix, and a Bigger Global Ambition

Sanghvi Movers Limited closed FY26 with its highest ever revenue, even as it continued to reshape the business under its ELEVATE 2030 agenda. Consolidated total income for FY26 stood at 1,100 crore, while revenue from operations came in at 1,070 crore, up 36.9% year on year. Profit after tax was 184 crore for the year, and 69 crore in Q4 FY26.

The company’s performance was supported by stronger asset deployment in India and a larger contribution from the renewables engineering and construction business. Management also highlighted traction in the Middle East operations, noting that the KSA platform has recently turned positive on a monthly EBITDA basis.

FY26 performance: growth remains strong, margins reflect mix

For Q4 FY26, revenue from operations was 351 crore versus 267 crore in Q4 FY25. EBITDA for the quarter was 143 crore, and PAT was 69 crore.

At the full-year level, EBITDA rose to 429 crore, up 15.6% year on year. However, EBITDA margin declined to 40.1% in FY26 from 47.4% in FY25. Management addressed this directly during the call, attributing the blended margin compression to a revenue mix shift toward renewables engineering and construction, which it described as an asset-light, high-ROCE business with a structurally different EBITDA profile.

Operationally, the company reported average capacity utilisation in India of 79.02% for FY26 and 86.76% for Q4 FY26. Average yield per month in India was 2.12% in FY26 and 2.24% in Q4.

Revenue mix: cranes remain the core, renewables is now material

The presentation provides a segment-wise revenue mix for FY26 operating revenue. Crane rentals delivered 693 crore, contributing 65% of revenue. Renewables contributed 333 crore, or 31%, and project EPC contributed 45 crore, or 4%.

This mix is important because it frames why headline margins have moved. Management emphasized that the renewables engineering and construction business is not capex-heavy and is positioned as a high return on capital employed segment, even if EBITDA margins are lower than the core crane rental business.

ELEVATE 2030 and expansion: fleet build-out plus new geographies

The company’s investor communication repeatedly anchors on ELEVATE 2030, describing a shift from a single-business India structure to a global group, a broader product portfolio beyond cranes, and a more professionalised leadership structure.

International expansion, particularly in Saudi Arabia, is positioned as a key growth engine. The presentation highlights a 0 to 24 month KSA inquiry pipeline visibility of about 32 to 49 million dollars, split across sectors including infrastructure, housing, giga projects, oil and gas, and wind energy. On the call, management stated that the inquiry pipeline over the next 24 months is nearly 50 million dollars.

Management also acknowledged operational constraints for the region. It specifically cited supply chain disruptions, port congestion including at Jeddah, and increased shipping costs as factors that can affect crane delivery timelines.

Capex and balance sheet: continued investment, leverage still within stated comfort zone

Capex remains central to the growth plan. FY26 planned capex was stated at 639 crore across India and KSA, with 474 crore incurred till FY26 end and 165 crore deferred to FY27. The company stated that India deferred capex of 42 crore was executed in April 2026, while KSA deferrals were linked to OEM delivery delays.

For FY27, the planned capex is 391 crore, split as 190 crore in India and 201 crore in KSA, adding 61 cranes.

On the balance sheet, consolidated net debt as of 31 March 2026 was stated at 612 crore, with net worth of 1,310 crore and net debt to equity of 0.47. The company also disclosed a treasury and liquidity table showing total liquidity of 353 crore, comprising 87 crore in liquid investments and 266 crore in bank balances and deposits.

What to watch next

Management commentary on the call pointed to a desire to maintain a similar growth trajectory in FY27 as in FY26, while also stating a target of 30% growth in the core crane rental business. It did not provide a precise consolidated revenue guidance number.

The other key monitorables are execution of the FY27 capex program, progress on shipping and delivery constraints for the Middle East fleet, and how the blended margin profile evolves as renewables engineering and construction continues to scale.

FY26 shows a company in expansion mode, with record revenue, visible order book at the start of FY27, and a stated push toward global markets. The next year will test whether the capex cadence and execution discipline can keep pace with the ambitions outlined under ELEVATE 2030.