ISGEC Heavy Engineering Ltd
ISGEC Heavy Engineering Ltd is a diversified heavy engineering company engaged in manufacturing and project business with an extensive global presence. It manufactures process plant equipment, presses, Iron & Steel castings & Boiler pressure parts.
It also undertakes turnkey projects for setting-up boilers, power plants, sugar plants, distilleries, factories and others. It also has strengths in the business of construction.[1]
It is also engaged in the business of manufacture of sugar and its by-products through a subsidiary.[2]
- Market Cap ₹ 7,262 Cr.
- Current Price ₹ 988
- High / Low ₹ 1,677 / 842
- Stock P/E 27.8
- Book Value ₹ 372
- Dividend Yield 0.50 %
- ROCE 14.8 %
- ROE 9.37 %
- Face Value ₹ 1.00
Pros
Cons
- Stock is trading at 2.66 times its book value
- The company has delivered a poor sales growth of 1.77% over past five years.
- Company has a low return on equity of 9.41% over last 3 years.
- Company might be capitalizing the interest cost
- Company has high debtors of 161 days.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Industrials Construction Construction Civil Construction
Part of BSE SmallCap BSE Allcap BSE Industrials Nifty Microcap 250 Nifty Total Market
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
Mar 2014 6m | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1,679 | 3,952 | 4,507 | 3,916 | 3,790 | 5,050 | 5,882 | 5,426 | 5,499 | 6,399 | 6,218 | 6,422 | 6,226 | |
1,595 | 3,679 | 4,157 | 3,510 | 3,481 | 4,761 | 5,537 | 4,956 | 5,165 | 5,926 | 5,671 | 5,824 | 5,696 | |
Operating Profit | 84 | 273 | 349 | 407 | 309 | 289 | 345 | 469 | 335 | 473 | 548 | 598 | 530 |
OPM % | 5% | 7% | 8% | 10% | 8% | 6% | 6% | 9% | 6% | 7% | 9% | 9% | 9% |
30 | 47 | 76 | 93 | 56 | 65 | 31 | 52 | 13 | 12 | -8 | -54 | 48 | |
Interest | 23 | 51 | 66 | 58 | 34 | 45 | 61 | 64 | 88 | 91 | 84 | 56 | 58 |
Depreciation | 34 | 83 | 76 | 75 | 81 | 82 | 101 | 101 | 101 | 104 | 101 | 102 | 115 |
Profit before tax | 58 | 188 | 284 | 367 | 251 | 227 | 214 | 356 | 158 | 290 | 354 | 386 | 405 |
Tax % | 33% | 34% | 33% | 32% | 33% | 37% | 30% | 29% | 27% | 29% | 28% | 32% | |
39 | 123 | 190 | 248 | 168 | 144 | 149 | 253 | 115 | 206 | 255 | 264 | 281 | |
EPS in Rs | 5.74 | 16.03 | 25.13 | 32.94 | 21.40 | 19.42 | 19.65 | 33.71 | 14.80 | 26.72 | 33.14 | 33.89 | 35.55 |
Dividend Payout % | 12% | 12% | 8% | 9% | 7% | 33% | 10% | 9% | 14% | 11% | 12% | 15% |
Compounded Sales Growth | |
---|---|
10 Years: | 5% |
5 Years: | 2% |
3 Years: | 5% |
TTM: | -2% |
Compounded Profit Growth | |
---|---|
10 Years: | 8% |
5 Years: | 12% |
3 Years: | 32% |
TTM: | 1% |
Stock Price CAGR | |
---|---|
10 Years: | 7% |
5 Years: | 29% |
3 Years: | 23% |
1 Year: | -29% |
Return on Equity | |
---|---|
10 Years: | 10% |
5 Years: | 9% |
3 Years: | 9% |
Last Year: | 9% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 |
Reserves | 744 | 837 | 1,021 | 1,246 | 1,374 | 1,508 | 1,777 | 2,014 | 2,114 | 2,297 | 2,515 | 2,731 |
537 | 524 | 661 | 356 | 174 | 304 | 991 | 983 | 1,233 | 1,235 | 814 | 861 | |
1,803 | 2,110 | 2,434 | 2,504 | 2,271 | 3,303 | 3,166 | 3,441 | 3,387 | 3,513 | 4,470 | 4,410 | |
Total Liabilities | 3,091 | 3,479 | 4,124 | 4,114 | 3,826 | 5,121 | 5,941 | 6,445 | 6,741 | 7,053 | 7,807 | 8,009 |
532 | 554 | 615 | 623 | 629 | 749 | 833 | 803 | 977 | 947 | 956 | 973 | |
CWIP | 41 | 14 | 10 | 19 | 32 | 19 | 706 | 893 | 702 | 805 | 959 | 66 |
Investments | 143 | 348 | 554 | 697 | 371 | 155 | 98 | 60 | 135 | 33 | 29 | 85 |
2,375 | 2,562 | 2,944 | 2,775 | 2,794 | 4,199 | 4,303 | 4,689 | 4,928 | 5,267 | 5,863 | 6,884 | |
Total Assets | 3,091 | 3,479 | 4,124 | 4,114 | 3,826 | 5,121 | 5,941 | 6,445 | 6,741 | 7,053 | 7,807 | 8,009 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
-193 | 261 | 123 | 236 | 101 | -238 | 104 | 228 | -70 | 208 | 735 | 116 | |
66 | -239 | -261 | -141 | 276 | 73 | -328 | -164 | -159 | -43 | -274 | -274 | |
150 | -66 | 66 | -370 | -233 | 93 | 295 | -89 | 176 | -98 | -487 | 108 | |
Net Cash Flow | 23 | -44 | -72 | -275 | 144 | -71 | 71 | -25 | -53 | 67 | -26 | -49 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 173 | 96 | 116 | 106 | 109 | 137 | 111 | 144 | 143 | 161 | 172 | 161 |
Inventory Days | 311 | 125 | 115 | 183 | 143 | 142 | 125 | 128 | 153 | 110 | 140 | 145 |
Days Payable | 306 | 179 | 183 | 241 | 189 | 174 | 147 | 180 | 157 | 141 | 141 | 123 |
Cash Conversion Cycle | 178 | 42 | 48 | 48 | 64 | 105 | 89 | 92 | 138 | 129 | 171 | 183 |
Working Capital Days | 2 | -6 | -7 | 3 | 42 | 60 | 34 | 53 | 54 | 58 | 61 | 73 |
ROCE % | 16% | 21% | 23% | 17% | 15% | 11% | 14% | 8% | 11% | 13% | 15% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Change in Directorate
17h - Kishore Chatnani re-designated Joint MD Oct 1, 2025; Sanjay Gulati Joint MD Oct 1; two independents appointed July 8, 2025.
- Shareholder Meeting / Postal Ballot-Scrutinizer''s Report 17h
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Summary Proceedings Of 92Nd Annual General Meeting Held On September 16, 2025
1d - 92nd AGM on Sep 16, 2025: Rs.5 dividend; financials adopted; director appointments/re-designations; auditors unqualified
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Announcement under Regulation 30 (LODR)-Change in Directorate
1d - Vishal K.K. Marwaha ceased as Independent Director after completing second term on September 16, 2025.
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Update On The Transaction Of Sale/Disposal Of Step-Down Subsidiaries.
2d - Buyer failed to pay under SPA; transaction completion expected by Sep 15, 2025; sale delayed.
Annual reports
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Financial Year 2025
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Concalls
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Aug 2025TranscriptNotesPPT
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Nov 2024TranscriptNotesPPT
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Nov 2021Transcript PPT
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Aug 2021Transcript PPT
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Jun 2021TranscriptNotesPPT
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Feb 2021Transcript PPT
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Nov 2020Transcript PPT
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Sep 2020Transcript PPT
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Jul 2020Transcript PPT
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Mar 2020Transcript PPT
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Aug 2019TranscriptNotesPPT
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May 2019TranscriptNotesPPT
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May 2019TranscriptNotesPPT
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Jun 2018TranscriptNotesPPT
History
Established in 1933, the company initially offered Sugar Machinery and Boilers. Over the years, it has transformed into a diversified heavy engineering company with 86% Consolidated Revenues from Engineering Products and Projects. [1]