ISGEC Heavy Engineering Ltd(ISGEC)

NSE: ISGECBSE: 533033

₹ 882.4+1.53%refreshed 26 Oct, 03:59 pm ISTMarket cap: ₹ 6,488 crNext results: 4 Nov 2026Website: www.isgec.comUpdated: 27 Oct 2026

About

ISGEC Heavy Engineering Ltd is an Indian capital goods conglomerate that designs, manufactures and executes large industrial projects across boilers, presses, process equipment, sugar plants, emission control and bulk material handling. The company holds the top or second position in the Indian market across its product lines and claims to be the largest supplier of sugar plants and distilleries globally.^[1][2][3]

Business segments

Industrial Projects (turnkey boilers, sugar plants, emission control, bulk material handling, railways, wastewater): 50.4% of FY26 revenue, EBIT margin 4.7%.^[3][2]
Manufacturing of Machinery & Equipment (presses, process vessels, pressure parts, castings, skids): 37.6% of FY26 revenue, EBIT margin 13.8%.^[3][2]
Sugar & Ethanol (Sugar 9.4% + Ethanol 2.7% of FY26 revenue): Sugar EBIT margin 6.1%; Ethanol EBIT margin -1.0% in FY26.^[3]
Manufacturing segment revenue share has grown 11.2 percentage points over FY2020 - FY2026, the largest shift among all segments.^[3]

Products and market position

Manufacturing portfolio spans Mechanical, Hydraulic and Servo Presses; Liquefied Gas Containers; Heat Exchangers, Reactors, Pressure Vessels; Boiler Pressure Parts; Piping Spools; Prefabricated Skids & Modules; Contract Manufacturing; Iron and Steel Castings.^[2]
Industrial Projects portfolio covers Industrial and Green Energy Boilers, Sugar Plants and Distilleries, Emission Control Systems, Bulk Material Handling, Railway and Metro Projects, Wastewater Treatment, and Process Plants.^[2]
Cumulative track record: 6,000+ presses supplied across 5 continents; 1,000+ boilers supplied; 250+ sugar plants and distilleries - described as the largest supplier globally.^[2]
The company holds the top or second position in the Indian market across its product lines.^[2]

Manufacturing operations

India plants: Yamunanagar (pressure vessels, presses, boilers, castings), Rattangarh (boiler pressure parts, process skids), Bawal (standard presses, boilers), Muzaffarnagar (castings), Dahej (pressure vessels, columns, heat exchangers), Damla and Aurangabad (piping spools), Bhartoli (under construction).^[2]
Saraswati Sugar Mills (WOS, Yamunanagar): sugar crushing capacity 10,000 TCD; ethanol distillery 160 KLPD.^[2]
Cavite Biofuel Producers Inc. (CBPI), Philippines: ethanol distillery capacity 130 KLPD; running at 65 - 70% utilisation in Q1 FY27 on molasses feedstock.^[2][4]
Eagle Press & Equipment Co. Ltd. (WOS, Windsor, Canada): press manufacturing and sales.^[2]
Key JVs: Isgec Hitachi Zosen Ltd. (process plant equipment, Dahej); Isgec Titan Metal Fabricators (pressure vessels, titanium fabrication); Isgec Redecam Enviro Solutions (emission control).^[2]
Quality approvals include ASME 'S', 'U', 'U-2', 'U-3', 'R', 'T' and 'PP' stamps; ISO 9001:2015, ISO 14001:2015, ISO 45001:2018; EU CE Marking; PED compliance; EN 1090-1 certification; IBR approvals.^[2]

Order book and inflows

Consolidated order book reached INR 8,958 cr as at June 30, 2026 - the highest reported level; standalone order book was INR 7,727 cr.^[4]
Consolidated order inflows in Q1 FY27 were INR 27,330 Mn; standalone inflows were INR 2,323 cr. By mid-July 2026, a further INR 1,200 cr of standalone orders had already been booked.^[4]
Private sector constituted 85% of the consolidated order book as of Q3 FY26; management is consciously reducing PSU and government exposure for shorter cycle times and supply-linked payment terms.^[5]
Isgec Hitachi Zosen orders in hand: INR 889 cr in Q1 FY27, down from INR 946 cr in Q3 FY26.^[4][5]

Key operating metrics

Manufacturing segment EBIT margin: 12% in Q1 FY27 (within guided 12 - 13% band); 13.8% for full-year FY26 vs 11.7% in FY25.^[4][6]
Industrial Projects EBIT margin: 5.25% in Q1 FY27; 4.7% in FY26 vs 4.6% in FY25.^[4][6]
Export revenue (standalone): INR 385 cr in Q1 FY27, ~25% of total standalone revenue, up from 15% in Q1 FY26; 9M FY26 export revenue was INR 803 cr vs INR 354 cr for 9M FY25.^[4][5]
International revenue share (consolidated): 23% in FY26, up from 14% in FY25. International mix of order book: 25% as at March 2026.^[6]

Customers and distribution

Export markets include Latin America, Africa and Southeast Asia; the company has a representative office in Thailand and marketing agents in many countries.^[2][4]
Export of goods and services accounted for 22.36% of total turnover in FY2025-26.^[2]
Government (FGD/emission control) orders have declined sharply; Q2 FY26 call noted recent government guidelines have curtailed FGD demand significantly.^[7]

Expansion and capex

Board-approved manufacturing capex totals INR 502 cr across machine building (Bhartoli), process modules (Dahej SEZ), castings, tubing/piping, and standard presses; full incremental revenue potential INR 1,200 cr/year when complete.^[4]
Bhartoli Machine Building Phase 1 (INR 73 cr, INR 225 cr annual revenue potential): completing first week of September 2026; billing expected to start from Q1 FY28.^[4]
Dahej SEZ skids and modules facility (INR 110 cr total, revised up from INR 87 cr): Phase 1 by March 2027 (INR 160 cr annual revenue); Phase 2 by March 2028 (INR 275 cr total annual revenue).^[5][7]
Machine Building Division major phase (INR 218 cr) approved in Q3 FY26; completion end of calendar 2027 or Q1 calendar 2028, adding INR 375 cr annual revenue; Machine Building Division revenue target raised to INR 1,000 cr/year from INR 400 cr currently.^[5]

Recent developments

A new Global Industrial Services and Solutions division was created within Industrial Projects in Q1 FY27 to pursue O&M, retrofit/modernisation, spares and digitisation, targeting to double the existing O&M revenue base within two years.^[4]
CBPI Philippines was reclassified from 'Assets Held for Sale' back to continuing operations in FY26 after the original buyer defaulted on payment under the SPA; a deferred depreciation catch-up of Rs 1,699 Mn was recognised in FY26.^[6]
CBPI Philippines began ethanol production on December 17, 2025; Philippine DOE allocated 6 Mn litres of bioethanol sales for Q1 FY27 and 6 Mn litres for Q2 FY27.^[6]
Standalone net borrowings fell to INR 240 cr at June 2026 from INR 408 cr at June 2025; consolidated net borrowings fell to INR 304 cr from INR 832 cr over the same period.^[4]

Market Cap

₹6,488 Cr

High / Low

₹1,124 / 683

Stock P/E

32.6

Price / Book

2.3

Book Value

₹372

EPS

₹14.8

No. of Shares

7.35 Cr

ROCE

10.9%

ROE

4.0%

OPM

5.9%

Debt / Equity

0.34

Sales

₹6,789 Cr

Net Profit

₹154 Cr

Promoter holding

62.4%

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ISGEC Heavy Engineering Ltd(ISGEC)

About

Business segments

Products and market position

Manufacturing operations

Order book and inflows

Key operating metrics

Customers and distribution

Expansion and capex

Recent developments

Signal history

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