ISGEC
Isgec Heavy Engineering Limited
Boilers, presses and process equipment for sugar, oil & gas and power clients
Industrials›Construction›Construction›Civil Construction
isgec.com(opens the company website in a new tab)Key metrics
Price as of 2026-10-16
Stock price
₹899.75
Market cap
6,601 Cr
Stock P/E
33.7
P/B
2.42
Dividend yield
0.6%
ROE (FY26)
3.8%
ROCE (FY26)
10.3%
Operating margin (FY26)
4.1%
Debt / equity (FY26)
0.34
OCF / EBITDA (FY26)
135.2%
OCF / EBITDA (3Y)
97.6%
Full years shown; sign in free for the trailing twelve months. Learn about these metrics →
Price & valuation
Share price and valuation multiples (P/E, P/B and more) over time.
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Compare with peers
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What you need to know
Isgec Heavy Engineering (ISGEC) makes boilers, presses and process equipment and runs turnkey industrial projects for sugar, power, oil and gas, automobile, fertiliser and other industries, supplying equipment in 99 countries across six continents (August 2026 presentation).
Company snapshot
18thBy market cap
Ranked among 90 companies in Civil Construction.
Segment mix
Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.
Largest segment: 50.7% of revenue
| Segment | Revenue share | Revenue | PBT | Assets |
|---|---|---|---|---|
| Ethanol | 3.3% | 49 Cr | -0.25 Cr | 228 Cr |
| Ethanol Plant at Philippines** | 0.1% | 1 Cr | -44 Cr | 1,021 Cr |
| Industrial Projects* | 50.7% | 759 Cr | 34 Cr | 3,376 Cr |
| Manufacturing of Machinery & Equipment | 41.5% | 622 Cr | 76 Cr | 2,516 Cr |
| Sugar | 12.2% | 183 Cr | 19 Cr | 407 Cr |
| Unallocated | — | -12 Cr | -11 Cr | 700 Cr |
Shares add up to 108% because segment revenues are before inter-segment eliminations.
What we see
Positives
- ✓98% of operating profit came in as cash over the last three years — profits are backed by real cash.
Concerns
- ✗Net margin is very thin at 2.3% — little room for error if costs rise.
Statement tables · Consolidated
Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.
Amounts in ₹ Cr · tap + to expand rows
Quarterly results
Quarterly · ₹ Cr · tap + rows to expand
| Metric | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,473 Cr | 1,493 Cr | 1,868 Cr | 1,540 Cr | 1,644 Cr | 1,497 Cr | 1,744 Cr | 1,341 Cr | 1,691 Cr | 1,739 Cr | 2,048 Cr | 1,980 Cr |
| Operating expenses (approx.) | 1,340 Cr | 1,369 Cr | 1,730 Cr | 1,415 Cr | 1,505 Cr | 1,378 Cr | 1,592 Cr | 1,221 Cr | 1,544 Cr | 1,545 Cr | 1,892 Cr | 1,856 Cr |
| EBITDA | 134 Cr | 123 Cr | 138 Cr | 125 Cr | 139 Cr | 118 Cr | 152 Cr | 120 Cr | 147 Cr | 194 Cr | 156 Cr | 124 Cr |
| OPM % | 9.1% | 8.3% | 7.4% | 8.1% | 8.5% | 7.9% | 8.7% | 9.0% | 8.7% | 11.1% | 7.6% | 6.2% |
| Other income | 4 Cr | 5 Cr | 4 Cr | 9 Cr | 24 Cr | 4 Cr | 3 Cr | 18 Cr | 34 Cr | 18 Cr | 63 Cr | 13 Cr |
| Interest | 20 Cr | 13 Cr | 11 Cr | 11 Cr | 8 Cr | 20 Cr | 13 Cr | 16 Cr | 19 Cr | 17 Cr | 20 Cr | 19 Cr |
| Depreciation | 26 Cr | 27 Cr | 28 Cr | 26 Cr | 27 Cr | 51 Cr | 12 Cr | 26 Cr | 27 Cr | 28 Cr | 68 Cr | 65 Cr |
| Profit before tax | 91 Cr | 89 Cr | 102 Cr | 96 Cr | 128 Cr | 52 Cr | 110 Cr | 90 Cr | 94 Cr | 123 Cr | 131 Cr | 53 Cr |
| Tax % | 29.8% | 24.9% | 29.6% | 30.4% | 25.0% | 55.7% | 28.9% | 35.2% | 40.3% | 31.2% | 35.0% | 66.9% |
| Net profit | 64 Cr | 67 Cr | 72 Cr | 67 Cr | 96 Cr | 23 Cr | 78 Cr | 59 Cr | 56 Cr | 84 Cr | 85 Cr | 18 Cr |
| EPS (₹) | ₹8.13 | ₹8.42 | ₹9.70 | ₹8.90 | ₹12.59 | ₹2.73 | ₹9.67 | ₹7.11 | ₹5.98 | ₹9.49 | ₹9.96 | ₹1.22 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 4,056 Cr | 3,826 Cr | 5,051 Cr | 5,852 Cr | 5,426 Cr | 5,499 Cr | 6,399 Cr | 6,219 Cr | 6,422 Cr | 6,789 Cr | Sign in free for the trailing twelve months |
| Operating expenses (approx.) | 3,664 Cr | 3,529 Cr | 4,784 Cr | 5,557 Cr | 4,971 Cr | 5,188 Cr | 5,944 Cr | 5,721 Cr | 5,843 Cr | 6,235 Cr | Sign in free for the trailing twelve months |
| EBITDA | 392 Cr | 297 Cr | 266 Cr | 295 Cr | 455 Cr | 311 Cr | 455 Cr | 498 Cr | 579 Cr | 555 Cr | Sign in free for the trailing twelve months |
| OPM % | 9.7% | 7.8% | 5.3% | 5.0% | 8.4% | 5.7% | 7.1% | 8.0% | 9.0% | 8.2% | Sign in free for the trailing twelve months |
| Other income | 94 Cr | 57 Cr | 69 Cr | 62 Cr | 52 Cr | 13 Cr | 13 Cr | 26 Cr | 39 Cr | 133 Cr | Sign in free for the trailing twelve months |
| Interest | 43 Cr | 22 Cr | 26 Cr | 41 Cr | 50 Cr | 65 Cr | 73 Cr | 64 Cr | 39 Cr | 85 Cr | Sign in free for the trailing twelve months |
| Depreciation | 75 Cr | 81 Cr | 82 Cr | 99 Cr | 101 Cr | 101 Cr | 104 Cr | 106 Cr | 102 Cr | 278 Cr | Sign in free for the trailing twelve months |
| Profit before tax | 367 Cr | 251 Cr | 227 Cr | 217 Cr | 356 Cr | 158 Cr | 290 Cr | 354 Cr | 386 Cr | 308 Cr | Sign in free for the trailing twelve months |
| Tax % | 32.3% | 32.9% | 36.5% | 30.4% | 28.9% | 27.3% | 29.1% | 28.0% | 31.6% | 50.0% | Sign in free for the trailing twelve months |
| Net profit | 248 Cr | 168 Cr | 144 Cr | 151 Cr | 253 Cr | 115 Cr | 206 Cr | 255 Cr | 264 Cr | 154 Cr | Sign in free for the trailing twelve months |
| EPS (₹) | ₹329.25 | ₹213.90 | ₹19.42 | ₹19.91 | ₹33.71 | ₹14.80 | ₹26.72 | ₹33.14 | ₹33.89 | ₹14.81 | Sign in free for the trailing twelve months |
| Dividend payout % | — | — | — | — | 6.8% | 9.0% | 8.4% | 9.9% | 12.2% | 26.7% | Sign in free for the trailing twelve months |
Sign in free for the trailing twelve months
The latest four quarters added up, next to each full year
Balance sheet
Annual · ₹ Cr · tap + rows to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 7 Cr | 7 Cr | 7 Cr | 7 Cr | 7 Cr | 7 Cr | 7 Cr | 7 Cr | 7 Cr | 7 Cr |
| Reserves | 1,246 Cr | 1,374 Cr | 1,508 Cr | 1,874 Cr | 2,014 Cr | 2,114 Cr | 2,297 Cr | 2,515 Cr | 2,731 Cr | 2,729 Cr |
| Borrowings | 337 Cr | 143 Cr | 304 Cr | 938 Cr | 880 Cr | 1,205 Cr | 1,200 Cr | 787 Cr | 843 Cr | 918 Cr |
| Other liabilities | 2,471 Cr | 2,233 Cr | 3,238 Cr | 3,160 Cr | 3,481 Cr | 3,353 Cr | 3,482 Cr | 4,429 Cr | 4,350 Cr | 4,271 Cr |
| Total liabilities | 4,122 Cr | 3,829 Cr | 5,128 Cr | 6,033 Cr | 6,460 Cr | 6,760 Cr | 7,075 Cr | 7,835 Cr | 8,041 Cr | 8,077 Cr |
| Fixed assets (net) | 579 Cr | 576 Cr | 672 Cr | 760 Cr | 741 Cr | 912 Cr | 891 Cr | 896 Cr | 921 Cr | 1,737 Cr |
| CWIP | 18 Cr | 32 Cr | 19 Cr | 789 Cr | 893 Cr | 702 Cr | 792 Cr | 959 Cr | 66 Cr | 137 Cr |
| Investments | 697 Cr | 371 Cr | 155 Cr | 92 Cr | 60 Cr | 135 Cr | 33 Cr | 29 Cr | 85 Cr | 66 Cr |
| Loans & advances | — | — | 20 Cr | 20 Cr | 21 Cr | 8 Cr | 9 Cr | 11 Cr | 9 Cr | 5 Cr |
| Inventories | 1,076 Cr | 840 Cr | 1,209 Cr | 1,196 Cr | 1,153 Cr | 1,403 Cr | 1,164 Cr | 1,410 Cr | 1,477 Cr | 1,653 Cr |
| Trade receivables | 1,179 Cr | 1,172 Cr | 1,893 Cr | 1,793 Cr | 2,145 Cr | 2,152 Cr | 2,819 Cr | 2,929 Cr | 2,833 Cr | 2,751 Cr |
| Cash & bank | 36 Cr | 180 Cr | 108 Cr | 180 Cr | 155 Cr | 101 Cr | 168 Cr | 143 Cr | 92 Cr | 324 Cr |
| Other assets | 539 Cr | 658 Cr | 1,052 Cr | 1,204 Cr | 1,293 Cr | 1,347 Cr | 1,198 Cr | 1,459 Cr | 2,557 Cr | 1,403 Cr |
| Total assets | 4,122 Cr | 3,829 Cr | 5,128 Cr | 6,033 Cr | 6,460 Cr | 6,760 Cr | 7,075 Cr | 7,835 Cr | 8,041 Cr | 8,077 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | 236 Cr | 101 Cr | -238 Cr | 103 Cr | 228 Cr | -70 Cr | 200 Cr | 735 Cr | 109 Cr | 750 Cr |
| Cash from investing | -141 Cr | 276 Cr | 70 Cr | -353 Cr | -186 Cr | -141 Cr | -51 Cr | -232 Cr | -297 Cr | -116 Cr |
| Cash from financing | -370 Cr | -233 Cr | 93 Cr | 310 Cr | -89 Cr | 176 Cr | -98 Cr | -487 Cr | 108 Cr | -341 Cr |
| Net cash flow | -275 Cr | 144 Cr | -74 Cr | 60 Cr | -25 Cr | -53 Cr | 67 Cr | -26 Cr | -49 Cr | 231 Cr |
| Free cash flow (OCF − Capex) | 144 Cr | -2 Cr | -363 Cr | -339 Cr | -15 Cr | -136 Cr | 43 Cr | 490 Cr | -132 Cr | 582 Cr |
Ratios
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % | 24.8% | 17.1% | 13.4% | 9.0% | 13.6% | 6.6% | 10.1% | 12.3% | 11.5% | 10.3% |
| ROE % | 18.4% | 10.8% | 9.0% | 7.6% | 11.8% | 4.9% | 8.2% | 9.3% | 8.7% | 3.8% |
| Debtor days | 106 | 112 | 136 | 112 | 144 | 142 | 160 | 172 | 161 | 148 |
| Inventory days | 368 | 262 | 293 | 312 | 343 | 321 | 230 | 258 | 267 | 302 |
| Days payable | 485 | 346 | 359 | 367 | 482 | 330 | 296 | 260 | 226 | 219 |
| Cash conversion cycle | -11 | 27 | 70 | 57 | 4 | 133 | 94 | 170 | 202 | 230 |
| OCF / EBITDA % | 60.4% | 34.0% | -89.3% | 35.0% | 50.1% | -22.6% | 44.1% | 147.6% | 18.7% | 135.2% |
| OCF / EBITDA % (3 years) | — | — | 10.4% | -3.9% | 9.2% | 24.6% | 29.3% | 68.5% | 68.2% | 97.6% |
| Debt / equity | 0.27 | 0.10 | 0.20 | 0.50 | 0.44 | 0.57 | 0.52 | 0.31 | 0.31 | 0.34 |
| Current ratio | 1.34 | 1.50 | 1.36 | 1.25 | 1.29 | 1.29 | 1.32 | 1.28 | 1.35 | 1.39 |
| Net debt / EBITDA | 0.77 | -0.12 | 0.73 | 2.57 | 1.60 | 3.54 | 2.27 | 1.29 | 1.30 | 1.07 |