Sanghvi Movers Ltd(SANGHVIMOV)

NSE: SANGHVIMOVBSE: 530073

₹ 331.5+3.63%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 2,870 crWebsite: www.sanghvicranes.comUpdated: 24 Oct 2026

About

Sanghvi Movers Ltd is India's and Asia's largest crane rental company, ranked 5th largest globally per the IC Index 2025, with a fleet of over 550 cranes ranging from 40 MT to 1,600 MT capacity. The company also operates renewable energy EPC and project EPC businesses, with consolidated revenue from operations of ₹1,070 crore in FY26. It has expanded internationally into Saudi Arabia, Botswana, and Qatar, and holds approximately 40 - 45% market share in India's wind energy lifting segment.^[1][2][3]

Business segments

Wind EPC (Sangreen Future Renewables): ₹333 Cr revenue, 27.5% of group revenue, 14.2% EBIT margin in FY26.^[4][1]
Project EPC: ₹45 Cr revenue, 3.7% of group revenue, 18.2% EBIT margin in FY26.^[4]
In Q1 FY27, crane rental contributed ~60% of revenue, renewable E&C 37%, and project EPC 3%; full-year FY27 mix expected to revert to ~two-thirds crane rental and one-third renewables.^[5]

Fleet and capacity

Fleet comprises over 550 tyre-mounted and crawler cranes with capacities from 40 MT to 1,600 MT, plus more than 100 high-bed trailers and 100 multi-axle lines.^[1]
Addition of 132 new cranes in FY26 took cumulative lifting capacity to 22,450 MTPA.^[1]
Fleet stood at 492 cranes with gross block of ₹3,300 Cr in Q1 FY27.^[5]

Key operating metrics

India and Botswana crane utilisation: 86% in Q1 FY27, up from 79% average in FY26 and 74% in FY25.^[5][3]
India and Botswana yield: 2.29% per month in Q1 FY27, vs 2.24% in Q4 FY26 and 2.06% in Q1 FY26.^[5]
GCC (KSA and Qatar) utilisation: 86% in Q1 FY27; yield: 4.10% per month vs India's 2.29%.^[5]
Core crane rental EBITDA margin: 47% in Q1 FY27, down from 53% in FY26, with management citing ECL provisions, forex MTM, one-time incentives, and revenue mix shift as drivers.^[5]
Group DSO: 116 days in Q1 FY27.^[5]
Group ROCE: 16% in FY26.^[5]

Order book and pipeline

Consolidated order book: ₹1,253 Cr as of 24 July 2026, up 19% from ₹1,053 Cr on 14 May 2026.^[5]
Order book breakdown as of 24 July 2026: crane rental India and Botswana ₹539 Cr, GCC ₹28 Cr, Sangreen renewable E&C ₹686 Cr.^[5]
Group inquiry pipeline: ₹5,641 Cr in Q1 FY27; Sangreen's inquiry pipeline alone stands at ₹4,656 Cr.^[5]

Customers and distribution

Named customers include Reliance Industries, BHEL, NTPC, and L&T; SML serves leading Indian corporates, public sector undertakings, and global organisations.^[1]
Repeat business share: 40 - 45% in FY26, reflecting strong customer retention.^[1]
Operations span 15 states in India; export contribution is 0% of total turnover in FY26.^[1]
SML holds approximately 40 - 45% market share in India's wind energy lifting segment and has supported over 17 GW of cumulative wind installations across more than 100 projects.^[1]

International operations

Sanghvi Movers Middle East (KSA subsidiary) commenced commercial operations in September 2025 with 30+ cranes deployed at 100% utilisation; achieved cumulative EBITDA positivity in Q1 FY27.^[1][5]
GCC operations (KSA and Qatar) reported total income of ₹19 Cr at a 23% EBITDA margin in Q1 FY27.^[5]
Company secured its first order in Botswana in Q3 FY26, opening an Africa presence via an existing customer relationship.^[6]
Management targets becoming a top-3 crane rental player in KSA within five years.^[7]

Capex and expansion

Board-approved FY27 capex pool: ₹652 Cr (₹327 Cr India, ₹324 Cr KSA including carry-forward); ₹92 Cr capitalised in Q1 FY27, ₹560 Cr to be deployed in the remaining nine months.^[5]
KSA capex of ₹324 Cr is expected to come online for revenue generation between Q3 and Q4 FY27.^[5]
Management expects approximately 15% incremental revenue uplift within FY27 from FY27 capex deployment.^[5]
FY26 total capex incurred was ₹474 Cr (₹373 Cr India, ₹101 Cr KSA) against a planned ₹639 Cr; balance ₹165 Cr deferred to FY27.^[3]

Subsidiaries and recent developments

Wind EPC business carved into wholly owned subsidiary Sangreen Future Renewables Private Limited in Q2 FY26, with dedicated leadership and individual P&L accountability.^[7]
Sangreen revenue has doubled each year for three years; management expects to double again in FY27 from a base of approximately ₹250 Cr at inception.^[5]
Sangreen already contributes approximately 20% of the group's consolidated bottom line in FY26.^[1]
SML signed an MoU with Action Construction Equipment Limited (ACE) for deployment of indigenously manufactured heavy cranes in India.^[1]
C-suite build-out completed in Q2 FY26: CFO, CPO, Strategy Officer, People Officer, Business Officer, and KSA MD all hired.^[7]

Market Cap

₹2,870 Cr

High / Low

₹532 / 221

Stock P/E

13.9

Price / Book

2.1

Book Value

₹151

EPS

₹21.3

No. of Shares

8.66 Cr

ROCE

16.7%

ROE

15.0%

OPM

27.0%

Debt / Equity

0.51

Sales

₹1,070 Cr

Net Profit

₹184 Cr

Promoter holding

47.3%

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Sanghvi Movers Ltd(SANGHVIMOV)

About

Business segments

Fleet and capacity

Key operating metrics

Order book and pipeline

Customers and distribution

International operations

Capex and expansion

Subsidiaries and recent developments

Signal history

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