ISGEC Heavy Engineering share price today

ISGEC Heavy Engineering Ltd's share price was ₹974.05 at the close on 5 November 2026. It has been falling for 15 weeks. That is 8.5% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹732 and ₹1,087, and at that close it sat 68% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today ISGEC Heavy Engineering Ltd is in stage 4. The phase helps read everything below.

Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 7 weeks in a row.

Over the last 11 years the share price moved +142% while the NIFTY 500 moved +251%, so it is behind the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Three changes stood out: lowest operating margin in 15 quarters, indian funds and insurers (DIIs) cut their stake for 3 quarters in a row and revenue up on a year earlier for 4 quarters in a row.

1. Lowest operating margin in 15 quarters

   Operating margin was 6% in the June 2026 quarter, against 9% a year earlier.

   Why: Operating margin fell because the Philippines ethanol plant lost money and did not cover its fixed costs.

   Next results: check whether the Philippines ethanol loss falls as management expects.

   From the earnings call on 12 Aug 2026.

2. Indian funds and insurers (DIIs) cut their stake for 3 quarters in a row

   From 10.5% to 10% of the company by the September 2026 quarter.

3. Revenue up on a year earlier for 4 quarters in a row

   In the June 2026 quarter revenue was ₹1,980 crore, +46% on a year earlier.

   Why: Revenue rose because the company executed more projects and shipped a US order it had been holding.

   Next results: check whether order bookings keep coming and project work stays smooth.

   From the earnings call on 12 Aug 2026.

For July to September 2026 (the quarter ended 30 September 2026), ISGEC Heavy Engineering reported revenue of ₹1,850 crore, up 9.4% from ₹1,691 crore a year earlier, and a profit of ₹66.0 crore, up 17.9% from ₹56.0 crore.

ISGEC Heavy Engineering results: July to September 2026 against a year earlier

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

The newest call in our records is from 12 August 2026, about April to June 2026; a call about these results is not in our records yet.

From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.

ISGEC Heavy Engineering closed at ₹974.05 on 5 November 2026, up 12.6% from ₹865.20 a year earlier (7 November 2025) and up 43.1% over five years. Its highest weekly close since March 2016 was ₹1,587.70 on 13 December 2024.

ISGEC Heavy Engineering share price: then and now

Weekly closing prices. Each change is the move from that price to the 5 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

562 weekly closes from 11 March 2016 to 5 November 2026.

5 Nov 2026: ISGEC Heavy Engineering closed at ₹974.05, up 5.9% on the week and up 7.1% on the month. Results for July to September 2026: Revenue up 9.4% and profit up 17.9% on a year earlier.

Earlier

• 21 Sep 2026: ex-date for a dividend of ₹6 a share.
• 12 Aug 2026: ISGEC Heavy Engineering held its results call for April to June 2026. Management guided: FY27 standalone revenue growth 10-12%; manufacturing EBIT margin 12-13%; projects EBIT margin 5-6%.

ISGEC Heavy Engineering paid ₹6 a share in regular dividends in the 12 months to 5 November 2026 (1 payment), a yield of 0.62% at the ₹974.05 close on 5 November 2026. The last was a dividend of ₹6 a share, ex-date 21 September 2026.

ISGEC Heavy Engineering dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date.

Yes. ISGEC Heavy Engineering Ltd paid out 40% of its profit as dividends in FY26, and it paid a dividend in each of its last 13 reported years.

From the NSE corporate-actions record, read 5 November 2026.

On the call for April to June 2026, held on 12 August 2026, ISGEC Heavy Engineering's management guided: FY27 standalone revenue growth 10-12%; manufacturing EBIT margin 12-13%; projects EBIT margin 5-6%.

“We are no longer taking longer-duration projects. The maximum duration of the projects we are now taking is approximately 2.5 years, or at most 33-36 months.”Kishore Chatnani, Joint Managing Director and CFO, on the call for April to June 2026

What management guided

• Q2 industrial projects revenue around ₹1,000 crore.
• Q2 consolidated manufacturing revenue at least ₹750 crore; standalone manufacturing revenue at the Q1 level.
• FY27 ISGEC Hitachi Zosen revenue and profit about 10% higher; ISGEC Titan revenue about ₹150 crore.
• Manufacturing expansion: ₹502 crore approved; Bharatoli phase one ₹73 crore completes in the first week of September with ₹225 crore annual potential, major ₹218 crore phase by end-CY27 or Q1 CY28, Dahej by May 31, 2027, and full benefit largely from early 2028-29.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for April to June 2026, 12 August 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

What is changing at ISGEC Heavy Engineering, from the latest results and calls: operating leverage inflection, profit before tax growing 3-4x faster than revenue, export revenue acceleration, 134% nine-month growth, now 28% of standalone revenue and order book strength, ₹8,709 crore consolidated, 5+ quarters visibility.

• Operating Leverage Inflection, profit before tax growing 3-4x faster than revenue. October to December 2025 standalone profit before tax +27% on +21% revenue; consolidated profit before tax from continuing ops +72%, machine building margins at 15.5% are the levered driver. ⚠ estimate
• Export Revenue Acceleration, 134% nine-month growth, now 28% of standalone revenue. Nine-month export revenue ₹830 crore vs ₹354 crore on a year earlier (+134%); Q3 alone ₹378 crore (+166% on a year earlier), management dedicating 'a lot of time and energy' to grow this channel. ⚠ estimate
• Order Book Strength, ₹8,709 crore consolidated, 5+ quarters visibility. Consolidated orders ₹8,709 crore (vs ₹7,334 crore Dec 2024), October to December 2025 bookings ₹1,733 crore (+15% on a year earlier), private sector 85%, nuclear/defense orders actively bid. ⚠ estimate
• Machine Building Capital spending, 2.5x revenue from ₹400 crore to ₹1,000 crore by FY28. Board-approved ₹361 crore capital spending across 4 facilities goals machine-building division revenue of ₹1,000 crore by FY28 (from ₹400 crore), at sustained 10-11% margins. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Our read after the latest results, written 17 May 2026.

Three HIGH catalysts active per overlay: operating leverage inflection (+14% profit), order book (+10%), geographical expansion (+8%)

• Export orders ₹1,629 crore (21% of consolidated order book); export revenue now 28% of standalone revenue. ✓ fact
• Private sector 85% of order book vs PSU/Government 15%; strategic pivot away from capital-intensive government orders. ✓ fact
• Isgec Hitachi Zosen JV order book ₹946 crore; nine-month inflow ₹601 crore. ✓ fact

Our read after the latest results, written 17 May 2026.

Fixed-price contracts hedged ~90% via back-to-back supplier quotes; remaining 10% structural steel exposure is the risk pocket, especially if steel + nickel + copper spike simultaneously.

The main risks

• Steel / Commodity Price Spike on Fixed-Price Contracts: Fixed-price contracts hedged ~90% via back-to-back supplier quotes; remaining 10% structural steel exposure is the risk pocket, especially if steel + nickel + copper spike simultaneously. ✓ fact
• Philippines Disposal Fails / Underperforms Book Value: One customer already failed to mobilize funds. ⚠ estimate
• Working Capital Intensity, High Debtor Days and Inventory Build: Debtor days ~161, inventory stock adjustment ₹153 crore; free cash flow conversion estimated at 0.62, manufacturing business is capital-intensive and working capital absorbs growth. ✓ fact
• Capital spending Execution Risk, Phase 1 July 2026 Commissioning: Phase 1 capital spending (₹225 crore, July 2026) is the near-term inflection milestone, delay pushes the machine-building revenue ramp into FY28. ⚠ estimate

Our read after the latest results, written 17 May 2026.

When ISGEC Heavy Engineering reports October to December 2026, these are the 4 checks that show whether the story is still on course. First: Manufacturing EBIT margin to remain within the guided band - check whether capacity ramp and input-cost contingencies preserve delivery.

ISGEC Heavy Engineering is on one of our India lists: Momentum stocks.

ISGEC Heavy Engineering Ltd earned ₹66.0 Cr of net profit in the Sep 2026 quarter, +17.9% on the same quarter a year earlier. That is the 2nd quarter in a row of profit growth. Full-year FY26 profit was ₹154 Cr. Over 10 years profit has grown −2.1% a year on average. That is 3.6% of the quarter's revenue.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

The same quarter a year earlier earned ₹56.0 Cr.

For the full year, FY26 profit was ₹154 Cr (−24.5% on the year before).

Why profit moved: revenue changed +9.4% on a year earlier and the margin moved −1.0 percentage points. Sales did the work, and the margin was about flat.

On average over the last four quarters, profit changed +77.1% and revenue +22.3%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

ISGEC Heavy Engineering Ltd reported ₹1,850 Cr of revenue in the Sep 2026 quarter, +9.4% on the same quarter a year earlier. That is the 5th quarter in a row with growth on the year before. Over 10 years it has grown 4.2% a year on average. The last full year, FY26, came in at ₹6,789 Cr.

Revenue is everything the company billed its customers in the period.

Why this happened. Export revenue is the margin-accretive growth engine: higher-value presses for international markets, boilers and small power plants for export, Hitachi Zosen JV orders (50%+ overseas). The 134% surge is not purely base-effect, Q3 FY26 alone was Rs 378 Cr vs Rs 142 Cr, showing genuine momentum. Export orders comprise Rs 1,629 Cr of the Rs 8,709 Cr consolidated order book (21%). The Skids & Modules facility expansion (Rs 110 Cr capex) was specifically expanded to accommodate larger-size product demand from exports.

The last four reported quarters add to ₹7,617 Cr.

FY26 revenue was ₹6,789 Cr, +5.7% on the year before.

Recent pace: the last four quarters grew +22.3% on average, against 4.2% a year over the longer run, so this year is growing faster than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +21.2%, against +7.9% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +33.2%, against −8.5% a year (accelerating).

ISGEC Heavy Engineering Ltd's operating margin was 8.0% in the Sep 2026 quarter, 1.0 percentage points lower than the same quarter a year ago. Across 13 years it has been between 5.0% and 10.0%. The latest quarter is within that range.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why this happened. Operating leverage is inflecting because: (1) the project mix shift toward private sector (85% of order book, shorter cycles, LC-backed) improves working capital and reduces execution risk; (2) the Isgec Hitachi Zosen JV has moved from 3% margins (FY24) to 21% (Q3 FY26) through efficiency + capacity utilization; (3) the machine-building division generates 15%+ margins vs the group's 8-9% goal. The capex (Rs 361 Cr, Phases 1-2 completing July 2026 and July 2027) adds capacity before the leverage fully plays out, making the next 6-8 quarters the operating leverage sweet spot.

Why the margin moved: operating margin changed −0.8 percentage points on the year while gross margin changed −0.3 points. So the drop came mostly from costs below the gross margin, such as staff and overheads, measured against sales.

Over the last 3 years, 264% of ISGEC Heavy Engineering Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹765 Cr of operating cash against ₹154 Cr of profit. After ₹226 Cr of spending on assets, ₹539 Cr was left over as free cash.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 264% of profit came in as cash: the cash cycle got 100 days longer between FY21 and FY26, so more of each rupee of profit waits in the business before it arrives.

What to look at next: no single use of cash stands out. The next section checks both the cash tied up in daily operations and the spending on assets.

ISGEC Heavy Engineering Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 192 days in FY26, up from 92 days in FY21. It spent ₹730 Cr on assets over the last 3 years. Customers take 148 days to pay, and stock sits for 163 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹6,789 Cr, each day of that cycle ties up about ₹18.6 Cr, so roughly ₹3,571 Cr is tied up in the business at any time.

FY26: customers took 148 days to pay and stock sat for 163 days, about 5.4 months of sales sitting as stock, for a full cycle of 192 days, longer than FY21's 92.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 163 days. Customers pay about 148 days after that. Suppliers are paid at 118 days. Together that makes the 192-day cycle.

Spending on assets: ₹730 Cr over the last 3 years, against ₹554 Cr of depreciation (the yearly wear and tear on existing assets). So it is building a little beyond replacing what wears out. Work still in progress is ₹138 Cr (FY26): assets paid for that are not earning yet.

In short: neither the daily cycle nor new spending is soaking up the cash, so the picture is fairly clean.

ISGEC Heavy Engineering Ltd's P/E is 29.7×, near the high end of its own history: higher than 80% of past readings. Its usual P/E (the middle reading) is 25.2×, over 11 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Sep 2026 add up to ₹28.34.