ISGEC Heavy Engineering Ltd

ISGEC

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Market Cap

₹ 5,963 Cr

P/E

23.43

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

SLUGGISH

Profitability

LOW MARGIN

Technicals

Bearish

Risk

MODERATE RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Isgec Heavy Engineering Limited is a diversified heavy engineering company, primarily engaged in manufacturing machinery and executing EPC projects. Its core offerings include process plant equipment, presses, castings, boiler tubes, containers, and project execution for boilers, sugar and power plants.

The company is significantly expanding its manufacturing capacity. A new facility at Bhartoli is under construction, expected to boost revenue by INR 225 crores annually from July 2026.

Isgec holds a healthy order book of INR 8,789 crores with a strong export component worth INR 1,644 crores, indicating solid future revenue prospects.

Strategic partnerships with international firms like Hitachi Zosen and Sumitomo SHI FW Energia expand its technological prowess and market reach, especially in specialized segments like boilers and air pollution control.

Sector

Infrastructure Developers & Operators

Industry

Engineering - Turnkey Services

Market Cap

5,963 Cr

Volatility

High Risk

P/E Ratio

23.4

Industry P/E

25.7

PEG Ratio

0.9

P/B Ratio

2.1

52W High

1,598.95

52W Low

750.00

Sales CAGR

3.28%

4.13%

0.50%

10Y

2.68%

Profit CAGR

3.57%

37.57%

13.92%

10Y

4.96%

ROE

TTM

9.13%

8.77%

8.60%

10Y

9.85%

ROCE

TTM

12.47%

13.00%

12.11%

10Y

13.68%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
POWERMECH	2317.40	7,249 Cr	22.19	3.17	0.05	14.30	18.71	7.54
RELINFRA	157.50	6,436 Cr	1.57	0.38	0.00	24.27	35.16	11.30
ISGEC	809.50	5,963 Cr	23.43	2.14	0.62	9.13	12.47	2.98
IONEXCHANG	378.15	5,546 Cr	26.39	4.29	0.40	16.26	17.46	6.79
ASHOKA	171.30	4,792 Cr	3.13	1.14	0.00	36.41	35.00	7.46
SWSOLAR	204.60	4,778 Cr	22.86	10.16	0.00	44.47	23.95	-7.55
ORIANA	2136.55	4,341 Cr	27.38	8.52	0.00	36.38	36.11	13.66

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	1,386	1,473	1,493	1,868	1,540	1,644	1,497	1,744	1,341	1,691
Expenses	1,282	1,340	1,369	1,730	1,415	1,505	1,378	1,592	1,221	1,544
Operating Profit	104	134	123	138	125	139	118	152	120	147
OPM %	7.47	9.07	8.26	7.37	8.10	8.46	7.90	8.72	8.96	8.72
Other Income	13	3.58	5.34	4.03	8.79	24	4.33	2.63	18	34
Interest	19	20	13	11	11	8.46	20	13	16	19
Depreciation	25	26	27	28	26	27	51	12	26	27
Profit Before Tax	72	91	89	102	96	128	52	130	96	136
Tax %	27.30	29.85	24.92	29.64	30.38	24.96	55.73	24.41	33.21	27.91
Net Profit	53	64	67	72	67	96	23	98	64	98
EPS in Rs	6.89	8.13	8.42	9.70	8.90	12.59	2.73	9.67	7.11	5.98

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	4,056	3,826	5,051	5,882	5,426	5,499	6,399	6,219	6,422	6,226
Expenses	3,525	3,494	4,784	5,557	4,971	5,188	5,944	5,721	5,843	5,696
Operating Profit	531	332	266	325	455	311	455	498	579	530
OPM %	13.09	8.67	5.27	5.52	8.39	5.66	7.10	8.01	9.02	8.51
Other Income	94	57	69	32	52	13	13	26	39	48
Interest	43	22	26	41	50	65	73	64	39	58
Depreciation	75	81	82	101	101	101	104	106	102	115
Profit Before Tax	367	251	227	214	356	158	290	354	477	405
Tax %	32.32	32.92	36.54	30.46	28.87	27.27	29.13	28.04	25.49	30.70
Net Profit	248	168	144	149	253	115	206	255	356	281
EPS in Rs	—	—	6.77	19.91	33.72	14.80	26.71	33.14	33.89	25.49
Dividend Payout %	9.11	74.80	33.47	10.18	8.90	13.51	11.23	12.07	14.75	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	7.35	7.35	7.35	7.35	7.35	7.35	7.35	7.35	7.35	7.35
Reserves	1,021	1,246	1,374	1,508	1,777	2,014	2,114	2,297	2,515	2,731
Borrowings	622	337	143	304	970	913	1,233	1,235	814	861
Other Liabilities	2,480	2,532	2,304	3,309	3,203	3,526	3,406	3,535	4,498	4,442
Total Liabilities	4,131	4,122	3,829	5,128	5,958	6,460	6,760	7,075	7,835	8,041
Fixed Assets	615	623	629	749	833	803	977	946	955	973
CWIP	10	19	32	19	706	893	702	805	959	66
Investments	554	697	371	155	98	60	135	33	29	85
Other Assets	2,951	2,784	2,797	4,206	4,320	4,704	4,947	5,291	5,892	6,916
Total Assets	4,131	4,122	3,829	5,128	5,958	6,460	6,760	7,075	7,835	8,041

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	123	342	101	-238	104	228	-70	208	735	116
Cash from Investing Activity	-261	-141	276	70	-347	-186	-141	-58	-232	-304
Cash from Financing Activity	66	-370	-233	93	295	-89	176	-98	-487	108
Net Cash Flow	-72	-169	144	-74	52	-47	-36	51	16	-80

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
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%
FIIs	2.81%	2.45%	2.77%	3.47%	3.53%	3.51%	3.82%	3.90%	4.20%	3.47%	3.54%	3.48%
DIIs	7.16%	7.81%	8.18%	8.34%	8.74%	8.83%	8.83%	11.27%	11.57%	11.12%	10.64%	10.41%
Public	27.60%	27.31%	26.62%	25.76%	25.29%	25.23%	24.91%	22.39%	21.80%	22.98%	23.39%	23.68%
Total Shareholders	33,170	33,309	30,686	32,601	32,484	31,635	30,328	30,009	28,925	32,763	37,060	38,449

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Feb 20, 2025	Nippon india small cap fund	Bulk	Buy	915.00	76.21 Cr	8,32,923	1.13
Feb 20, 2025	Goldman sachs funds - goldman...	Bulk	Sell	915.49	95.50 Cr	10,43,192	1.41
Sep 13, 2023	Vani prasad	Insider - Directors Immediate Relative	Disposal	792.57	0.20 Cr	2,500	—

Projection

Actions

Action Type

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Announcements

Last 7 days

Newest

Sentiment

Acquisition Update

11 hours ago

Completion of Acquisition of 26% Equity in FPEL HR1 Energy

The company has successfully completed the acquisition of 26% equity share capital in FPEL HR1 Energy Private Limited as of December 17, 2025.

Investor Meeting

1 day ago

Schedule of Investor Meeting on December 23, 2025

The company has scheduled a one-on-one investor meeting for December 23, 2025, with LIC Mutual Fund.

Regulatory Filing

1 day ago

Imposition of Penalty by State Tax Officer

ISGEC Heavy Engineering Ltd has reported a penalty imposed by the State Tax Officer amounting to Rs. 24,58,323 due to tax-related violations.

Analyst/Investor Meet

2 days ago

Cancellation of Investor Meeting

The Investor Meeting with Quantum Asset Management Company scheduled for December 15, 2025, has been cancelled due to unforeseen reasons and will be rescheduled.

Investor Meeting

2 days ago

Cancellation of Investor Meet

The Investor Meet scheduled with Quantum Asset Management Company for December 15, 2025, has been cancelled and will be rescheduled for a later date.

Investor Meeting

5 days ago

Investor Meeting Scheduled for December 18, 2025

ISGEC Heavy Engineering Ltd. has announced an in-person one-to-one investor meeting scheduled for December 18, 2025, with Abakkus Asset Managers.

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Investor Presentation

Q4 FY25

Investor Presentation

Q3 FY25

Investor Presentation

Q2 FY25

Investor Presentation

Q4 FY24

Investor Presentation

Q3 FY24

Investor Presentation

Q2 FY24

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Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	1,386	1,473	1,493	1,868	1,540	1,644	1,497	1,744	1,341	1,691
Expenses	1,282	1,340	1,369	1,730	1,415	1,505	1,378	1,592	1,221	1,544
Operating Profit	104	134	123	138	125	139	118	152	120	147
OPM %	7.47	9.07	8.26	7.37	8.10	8.46	7.90	8.72	8.96	8.72
Other Income	13	3.58	5.34	4.03	8.79	24	4.33	2.63	18	34
Interest	19	20	13	11	11	8.46	20	13	16	19
Depreciation	25	26	27	28	26	27	51	12	26	27
Profit Before Tax	72	91	89	102	96	128	52	130	96	136
Tax %	27.30	29.85	24.92	29.64	30.38	24.96	55.73	24.41	33.21	27.91
Net Profit	53	64	67	72	67	96	23	98	64	98
EPS in Rs	6.89	8.13	8.42	9.70	8.90	12.59	2.73	9.67	7.11	5.98

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	4,056	3,826	5,051	5,882	5,426	5,499	6,399	6,219	6,422	6,226
Expenses	3,525	3,494	4,784	5,557	4,971	5,188	5,944	5,721	5,843	5,696
Operating Profit	531	332	266	325	455	311	455	498	579	530
OPM %	13.09	8.67	5.27	5.52	8.39	5.66	7.10	8.01	9.02	8.51
Other Income	94	57	69	32	52	13	13	26	39	48
Interest	43	22	26	41	50	65	73	64	39	58
Depreciation	75	81	82	101	101	101	104	106	102	115
Profit Before Tax	367	251	227	214	356	158	290	354	477	405
Tax %	32.32	32.92	36.54	30.46	28.87	27.27	29.13	28.04	25.49	30.70
Net Profit	248	168	144	149	253	115	206	255	356	281
EPS in Rs	—	—	6.77	19.91	33.72	14.80	26.71	33.14	33.89	25.49
Dividend Payout %	9.11	74.80	33.47	10.18	8.90	13.51	11.23	12.07	14.75	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	7.35	7.35	7.35	7.35	7.35	7.35	7.35	7.35	7.35	7.35
Reserves	1,021	1,246	1,374	1,508	1,777	2,014	2,114	2,297	2,515	2,731
Borrowings	622	337	143	304	970	913	1,233	1,235	814	861
Other Liabilities	2,480	2,532	2,304	3,309	3,203	3,526	3,406	3,535	4,498	4,442
Total Liabilities	4,131	4,122	3,829	5,128	5,958	6,460	6,760	7,075	7,835	8,041
Fixed Assets	615	623	629	749	833	803	977	946	955	973
CWIP	10	19	32	19	706	893	702	805	959	66
Investments	554	697	371	155	98	60	135	33	29	85
Other Assets	2,951	2,784	2,797	4,206	4,320	4,704	4,947	5,291	5,892	6,916
Total Assets	4,131	4,122	3,829	5,128	5,958	6,460	6,760	7,075	7,835	8,041

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	123	342	101	-238	104	228	-70	208	735	116
Cash from Investing Activity	-261	-141	276	70	-347	-186	-141	-58	-232	-304
Cash from Financing Activity	66	-370	-233	93	295	-89	176	-98	-487	108
Net Cash Flow	-72	-169	144	-74	52	-47	-36	51	16	-80

Overview

Detailed Summary

The company is significantly expanding its manufacturing capacity. A new facility at Bhartoli is under construction, expected to boost revenue by INR 225 crores annually from July 2026.

Isgec holds a healthy order book of INR 8,789 crores with a strong export component worth INR 1,644 crores, indicating solid future revenue prospects.

Sector

Infrastructure Developers & Operators

Industry

Engineering - Turnkey Services

Market Cap

5,963 Cr

Volatility

High Risk

P/E Ratio

23.4

Industry P/E

25.7

PEG Ratio

0.9

P/B Ratio

2.1

52W High

1,598.95

52W Low

750.00

Sales CAGR

3.28%

4.13%

0.50%

10Y

2.68%

Profit CAGR

3.57%

37.57%

13.92%

10Y

4.96%

ROE

TTM

9.13%

8.77%

8.60%

10Y

9.85%

ROCE

TTM

12.47%

13.00%

12.11%

10Y

13.68%