ISGEC Heavy Engineering Ltd

ISGEC Heavy Engineering Ltd

₹ 1,398 -0.85%
24 Jul - close price
About

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]

Key Points

History
Established in 1933, the company initially offered Sugar Machinery and Boilers. Over the years, it evolved into a diversified heavy engineering company involved in manufacturing and project businesses, with a strong global presence. [1]

  • Market Cap 10,276 Cr.
  • Current Price 1,398
  • High / Low 1,530 / 656
  • Stock P/E 42.2
  • Book Value 343
  • Dividend Yield 0.21 %
  • ROCE 11.8 %
  • ROE 10.1 %
  • Face Value 1.00

Pros

  • Company has reduced debt.

Cons

  • Stock is trading at 4.07 times its book value
  • The company has delivered a poor sales growth of 4.26% over past five years.
  • Company has a low return on equity of 8.17% over last 3 years.
  • Company might be capitalizing the interest cost
  • Dividend payout has been low at 8.24% of profits over last 3 years
  • Company has high debtors of 172 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.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
1,618 1,132 1,376 1,396 1,596 1,247 1,513 1,597 2,043 1,386 1,473 1,493 1,868
1,496 1,080 1,330 1,289 1,490 1,175 1,422 1,469 1,878 1,282 1,340 1,369 1,730
Operating Profit 122 51 46 107 106 72 91 128 164 104 134 123 138
OPM % 8% 5% 3% 8% 7% 6% 6% 8% 8% 7% 9% 8% 7%
10 2 3 7 1 4 3 1 6 13 4 5 4
Interest 14 11 12 11 32 20 18 17 17 19 20 13 11
Depreciation 22 24 24 26 27 25 26 26 27 25 26 27 28
Profit before tax 96 18 14 78 48 30 49 85 126 72 91 89 102
Tax % 28% 25% 26% 33% 19% 40% 42% 23% 26% 27% 30% 25% 30%
69 14 10 52 39 18 28 66 93 53 64 67 72
EPS in Rs 8.63 1.85 1.43 6.40 5.12 2.42 4.02 8.56 11.71 6.89 8.13 8.42 9.70
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Sep 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
2,933 1,679 3,952 4,507 3,916 3,790 5,050 5,882 5,426 5,499 6,399 6,219
2,748 1,595 3,679 4,157 3,510 3,481 4,761 5,537 4,956 5,165 5,926 5,721
Operating Profit 186 84 273 349 407 309 289 345 469 335 473 498
OPM % 6% 5% 7% 8% 10% 8% 6% 6% 9% 6% 7% 8%
42 30 47 76 93 56 65 31 52 13 12 26
Interest 41 23 51 66 58 34 45 61 64 88 91 64
Depreciation 64 34 83 76 75 81 82 101 101 101 104 106
Profit before tax 123 58 188 284 367 251 227 214 356 158 290 354
Tax % 38% 33% 34% 33% 32% 33% 37% 30% 29% 27% 29% 28%
76 39 123 190 248 168 144 149 253 115 206 255
EPS in Rs 11.10 5.74 16.03 25.13 32.94 21.40 19.42 19.65 33.71 14.80 26.72 33.14
Dividend Payout % 9% 12% 12% 8% 9% 7% 33% 10% 9% 14% 11% 0%
Compounded Sales Growth
10 Years: 14%
5 Years: 4%
3 Years: 5%
TTM: -3%
Compounded Profit Growth
10 Years: 22%
5 Years: 13%
3 Years: 0%
TTM: 25%
Stock Price CAGR
10 Years: 20%
5 Years: 27%
3 Years: 21%
1 Year: 93%
Return on Equity
10 Years: 11%
5 Years: 9%
3 Years: 8%
Last Year: 10%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Sep 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 7 7 7 7 7 7 7 7 7 7 7 7
Reserves 709 744 837 1,021 1,246 1,374 1,508 1,777 2,014 2,114 2,297 2,515
364 537 524 661 356 174 304 991 983 1,233 1,235 814
1,614 1,803 2,110 2,434 2,504 2,271 3,303 3,166 3,441 3,387 3,513 4,498
Total Liabilities 2,694 3,091 3,479 4,124 4,114 3,826 5,121 5,941 6,445 6,741 7,053 7,835
544 532 554 615 623 629 749 833 803 977 947 957
CWIP 18 41 14 10 19 32 19 706 893 702 805 959
Investments 241 143 348 554 697 371 155 98 60 135 33 29
1,891 2,375 2,562 2,944 2,775 2,794 4,199 4,303 4,689 4,928 5,267 5,891
Total Assets 2,694 3,091 3,479 4,124 4,114 3,826 5,121 5,941 6,445 6,741 7,053 7,835

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Sep 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
342 -193 261 123 236 101 -238 104 228 -70 208 735
-128 66 -239 -261 -141 276 73 -328 -164 -159 -43 -232
25 150 -66 66 -370 -233 93 295 -89 176 -98 -487
Net Cash Flow 238 23 -44 -72 -275 144 -71 71 -25 -53 67 16

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Sep 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 95 173 96 116 106 109 137 111 144 143 161 172
Inventory Days 102 311 125 115 183 143 142 125 128 153 110 138
Days Payable 135 306 179 183 241 189 174 147 180 157 141 139
Cash Conversion Cycle 62 178 42 48 48 64 105 89 92 138 129 171
Working Capital Days 18 82 32 36 31 55 78 68 82 104 103 84
ROCE % 14% 6% 16% 21% 23% 17% 15% 11% 14% 8% 11% 12%

Shareholding Pattern

Numbers in percentages

Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024
62.43% 62.43% 62.43% 62.43% 62.43% 62.43% 62.43% 62.43% 62.43% 62.43% 62.43% 62.43%
2.00% 2.29% 2.29% 2.35% 2.45% 2.81% 2.45% 2.77% 3.48% 3.53% 3.51% 3.83%
6.97% 6.86% 7.03% 7.39% 7.10% 7.14% 7.80% 8.17% 8.33% 8.73% 8.81% 8.82%
0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01%
28.59% 28.41% 28.23% 27.82% 27.99% 27.60% 27.30% 26.61% 25.75% 25.30% 25.23% 24.91%
No. of Shareholders 37,11637,56135,54834,28634,01433,17033,30930,68632,60132,48431,63530,328

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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